摘要：受害消费者对虚假投资产品的信任是其“被套路”的关键心理机制，但目前鲜有研究对其生成的源头与内在机制进行清晰的解构。文章基于信任转移理论构建了虚假投资产品信任生成机制的理论模型，并运用情景实验法实证分析了信息源操纵情景下信任的链式生成过程。实验结果表明：(1)受害消费者对虚假投资产品的信任正向影响其购买意愿，是导致受害消费者“被套路”的核心因素；(2)诈骗分子的专业能力伪装和关系强度强化分别能显著提升受害消费者的认知信任和情感信任，成为受害消费者被“被套路”的重要源头诱因；(3)受害消费者“被套路”的路径相对复杂，呈现链式机制，即受害消费者信息源感知(专业能力感知与关系强度感知)首先影响受害消费者人际信任(认知信任与情感信任),再通过虚假投资产品信息可信度感知转移为虚假投资产品信任。上述结果揭示了受害消费者虚假投资产品信任的多重链式生成机制，为受害消费者提供了防范盲目信任、自觉切断可疑信任链的实用参考，并为政府和相关部门提供了加强投资信息监管、助力受害消费者切断信任链以规避诈骗风险的有针对性的建议。

Abstract: The trust in fake investment products serves as a critical psychological mechanism for understanding why victimized consumers fall for such schemes. However, there is a scarcity of studies that have clearly explained the origins and intrinsic mechanisms of this trust. To address these research gaps, this study constructs a theoretical model of the mechanism of trust formation in fake investment products based on trust transfer theory. To empirically analyze the chain generation process of trust, the experimental vignette method(EVM) was employed to simulate situations where fraudsters manipulate information sources. The experiment results indicated that:(1) Victims' trust in fraudulent investment products positively influenced their purchase intention, serving as a core factor leading to their vulnerability to deception.(2) Fraudsters' manipulation of perceived professional competence and the strengthening of tie strength significantly enhanced victims' cognitive and affective trust, respectively, acting as key initial triggers of deception.(3) The pathway of victim deception was relatively complex, following a chain-like mechanism whereby victims' perceptions of information sources(specifically, perceived professional competence and tie strength) first influenced their interpersonal trust(cognitive trust and affective trust), which then translated into trust in fake investment products through increased perceived credibility of the product information. These findings reveal the chain mechanism of trust formation in fake investment products. Based on this, this study proposes countermeasures for victimized consumers to avoid blind confidence and break the trust formation chain. Furthermore, this study offers targeted intervention strategies for the government and relevant departments to block the transfer of trust by enhancing supervision of investment information, thereby mitigating the risks arising from the generation of victimized consumers' trust.