股权众筹融资平台研究

众筹是指融资者借助于互联网众筹融资平台为其项目向大众投资者融资,投资者以少量的投资金额获取融资者的实物(如预计产出的产品)或股权的融资方式.文章在已有研究的基础上,首先梳理了股权众筹融资平台的发展历史、不同运行机制及其优缺点,从博弈论的视角来分析影响平台运作机制选择模式的因素,得出中介型平台的理性均衡结果是"柠檬市场","领投+跟投"型平台和管理型平台是相对规范合理的股权众筹融资平台,"领投+跟投"型平台和管理型平台更取决于项目本身的平均质量,最后论述了股权众筹平台的法律风险与监管问题.     

质量信号、投资人参与、项目经济性对农产品众筹融资达成率的影响——基于众筹网884个农业众筹项目的数据

使用众筹网884个农业众筹项目的数据，基于投资者需求的角度，结合农产品特色，从质量信号、投资人参与、项目经济性三个维度对农产品众筹融资达成率进行分析。结果表明：相比质量信号，农产品众筹中的“羊群效应”显著；目标融资额反向影响农业众筹融资达成率。进一步研究发现：发起人有项目经验时，投资人更加注重时间成本，发起人无项目经验时，投资人更加注重货币成本；目标融资额显著负向调节管理质量（项目更新次数）对农业众筹融资达成率的影响。因此，为提高农业众筹融资达成率，发起人应当积累项目经验与社会资本，提高项目经济性；平台方应建立健全优质项目筛选机制，提高平台知名度，引导正向“羊群效应”。     

互联网金融背景下我国众筹融资风险研究

在互联网金融的时代背景下,小微企业开展众筹融资业务面临着不小的风险和挑战。本文考虑到众筹行为的非理性因素,利用风险树搜寻法,从小微企业、出资人、众筹平台三个主体以及法律环境四个方面分别讨论了众筹融资过程中的风险,针对性提出风险防范措施,为小微企业众筹融资风险控制提供有效建议。     

众筹融资模式的风险及防控

互联网时代的到来,传统的融资渠道发生了深刻的变化,众筹融资兴起并得到迅速发展。在中国金融严格管制和中小微企业融资难、融资贵的背景下,众筹逐渐成为中小企业融资和发展的新动力。本文分析了众筹融资模式的内涵及特征、发展现状及其存在的风险。在此基础上,提出应进一步完善监管机制、降低众筹融资风险、保护投资者的利益、引导众筹健康发展的政策建议。     

KickStarter众筹融资特征

众筹融资在飞速发展,但这个新行业的发展动态却鲜为人知。美国沃顿商学院助理教授伊桑·莫里克收集了美国规模最大的众筹网站Kick Starter的融资项目数据,总结了众筹融资发展至今的四大特征。自首家众筹平台Artist Share于2001年成立以来,众筹模式经过了10余年的发展,已经初具规模。据Massolution统计,2012年众筹融资的总规模为27亿美元,比上年增长了81%,成功融资的众筹项目超过100万个。其中。     

产品众筹的法律风险和经营风险的控制

本文对产品众筹的法律风险和经营风险进行了分析,并分别提出相应的防范措施。众筹融资风险主要的控制方是众筹平台与监管部门,众筹平台需要依照相关法律法规不断完善相关制度与基础建设,探索适合的产品众筹运营模式,而监管机构需要继续培育市场,不断完善法律法规。     

羊群效应、融资目标与众筹融资 ——基于"众筹网"的投资行为研究

本文通过抓取国内最有影响力的众筹平台——"众筹网"项目数据和投资人信息,从众筹融资的需求出发研究投资人行为。研究结果表明,众筹市场中存在一定程度的羊群效应。研究还发现:这些羊群效应是"非理性的",即投资人只是单纯地模仿其他人的投资决策,而项目的相关信息对投资人的投资决策影响较小;众筹融资中具有较强的"目标效应",当项目融资目标达成后,潜在投资人虽降低了对项目不确定性的担心,但其行为更多受到责任扩散效应的影响。     

我国众筹融资的模式、运营机制及风险分析

本文介绍了众筹的概念、起源与发展的基本状况,分析了我国众筹融资的模式及其运营机制,进而对我国众筹融资模式存在的风险进行了阐述,最后对众筹融资的监管和未来发展提出了五点建议。     

哪些因素决定在线众筹的成功?——基于京东众筹的实证研究

随着互联网的发展,新兴起的众筹融资方式也迅速得到发展,并逐渐成为一些高科技小微企业融资的新方式。通过以筹资额最大的京东众筹为例,基于京东众筹339个众筹成功项目披露的16项指标,对我国众筹成功的因素进行实证研究。主要采用的研究方法是,通过因子分析和回归分析,建立关于众筹成功率和项目参与人数、项目关注人数和项目目标金额等多项指标的计量统计模型,为我国采用众筹方式的筹资者和众筹平台提供借鉴和参考,为投资人在选择众筹项目时提供依据,从而促进我国众筹市场高效发展。     

我国互联网公益众筹平台的运作及其风险自控机制探析

我国为公益项目进行筹资的互联网众筹平台虽然运作的基本流程相仿,但各平台为避免其运作可能面临的最大风险——被控集资诈骗而设计的相关风险控制机制却不尽相同.通过对我国六大公益众筹平台的十四个维度风控机制运用情况的考察,本文分析了公益众筹平台风险控制机制存在的问题,并提出了相关改善建议.     

实时的社会信息与互联网产品众筹的动态性——基于大数据的采集与挖掘研究

本文使用互联网大数据实时采集工具,针对我国三家典型的互联网产品众筹平台逐日抓取了2015年10月至2016年2月共130天的在线产品众筹项目的实时大数据,基于实时的社会信息探索了产品众筹过程中的动态性。本文依据社会责任扩散效应与目标梯度效应构建了理论预期,经检验发现,在产品众筹的起始阶段,新增的支持金额(人数)与累计支持金额(人数)的回归系数显著为正且呈明显的下降趋势,而在结束阶段,两者的回归系数又重新显著为正且呈上升的趋势,但上升趋势不够明显。此外,随着日趋接近于众筹的目标金额,新增的支持金额(人数)存在显著的加速过程。这种产品众筹中体现出来的动态性意味着,众筹的起始阶段和结束阶段由实时的社会信息所决定的筹资状况以及尽快实现众筹目标金额过半的筹资是决定产品众筹成败的关键。     

Entrepreneurs' facial trustworthiness,gender, and crowdfunding success

This study examines whether and how entrepreneurs' facial trustworthiness is associated with the success of their crowdfunding campaigns. We adopt a novel dataset extracted from the Kickstarter crowdfunding platform and employ machine learning-based facial detection techniques to construct a comprehensive index that measures facial trustworthiness for our investigation. Our results suggest that entrepreneurs' facial trustworthiness is positively associated with crowdfunding campaign success. Specifically, trustworthy-looking entrepreneurs receive a 13.1% greater pledge amount and attract 4.8% more backers in their crowdfunding campaign as compared to those who are untrustworthy-looking. We also find that the facial trustworthiness of female entrepreneurs plays a more prominent role in determining project success than that of male entrepreneurs. Our results are robust to a series of additional analyses and sensitivity checks. Overall, the results of our study suggest that entrepreneurs' facial trustworthiness is an important factor that affects funders' decision-making process in reward-based crowdfunding.     

Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors

This paper provides evidence that equity crowdfunding has implications for firms long after the capital raised through the campaign is injected. Using a unique dataset of 290 firms that successfully fundraised via the two most prominent UK equity crowdfunding portals, we examine how different shareholder structures, namely the nominee vs. the direct shareholder structure, affect the attraction of venture capital financing. From the comparison with a control group of twin firms that did not receive any external seed financing, we find that a successful equity crowdfunding campaign facilitates the attraction of VC financing. This association is stronger for equity crowdfunding campaigns with a nominee shareholder structure, while it results weaker when the direct shareholder structure is chosen. Compared to a different control sample of angel-backed firms, receiving equity crowdfunding through a nominee structure facilitates the attraction of VC financing.     

Do conventional financial disclosures matter in alternative financing? Evidence from equity crowdfunding

As a novel form of external financing, equity crowdfunding enables small and early stage firms to raise capital from the public through an online platform. There has been criticism of the benefits and costs of mandating financial statements to promote this alternative form of financing. Using a setting where disclosure of financial statements is optional, this study provides evidence that financial statements influence investors’ decisions and facilitate borderless capital formation. The provision of financial statements appears to enhance how investors view other aspects of disclosure, suggesting a positive reporting externality. These market-wide benefits provide important insights on the role of financial disclosures for market participants, policymakers, and academics.     

Crowdfunding: The collaborative economy for channelling institutional and household savings

The financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in several countries. This competitive investment and finance vehicle is already well established in the US and British markets.By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with traditional investment vehicles such as investment funds, equities or pension funds.The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.     

Does Consumer Protection Enhance Disclosure Credibility in Reward Crowdfunding?

We study how the interplay of disclosure and regulation shapes capital allocation in reward crowdfunding. Using data from Kickstarter, the largest online reward crowdfunding platform, we show that, even in the absence of clear regulation and enforcement mechanisms, disclosure helps entrepreneurs access capital for their projects and bolsters engagement with potential project backers, consistent with the notion that disclosure mitigates moral hazard. We further document that, subsequent to a change in Kickstarter's terms of use that increases the threat of consumer litigation, the association between project funding and disclosure becomes stronger. This evidence suggests that consumer protection regulation enhances the perceived credibility of disclosure. We find the effect of the change in terms of use to be more pronounced in states with stricter consumer protection regulations. Taken together, our findings yield important insights on the role of disclosure, as well as on the potential effects of increased regulation on crowdfunding platforms.     

股权众筹在中国的合法化研究

股权众筹作为一种新型的融资方式在中国迅速崛起,它打破融资渠道限制、降低时间成本,具有传统融资方式难以比拟的优势,有效解决了小微企业及初创企业融资难的问题。同时,这种新型互联网金融模式冲击着现有金融法制,实际运行中存在诸多不适应性,亟需使其合法化并纳入监管。我们需要顺应时代潮流,结合现实状况,准确界定股权众筹的法律地位、特征以及证券的范围,并借鉴域外小额豁免的经验,重新定义公开发行与非公开发行之“特定对象”的概念。与此同时,妥善地协调融资与投资者保护的关系,对股权众筹的监管作出相应的制度回应。     

众筹融资模式的发展探析

众筹融资作为一种科技融资创新的新模式,不仅使互联网金融具有传统投资银行的融资功能,也为金融业带来了突破性的商业模式。本文在分析了众筹融资的概念及基本模式的基础上,对全球众筹融资情况进行了阐述。并在此基础上．对众筹融资的未来发展方向进行了探讨和研究,并提出了相应的政策建议。     

地方融资与政策性融资中的风险共担和风险规避机制

我国存在的地方融资平台产生的大量政策性融资已是不争的事实,也是客观现实的需求。现在我们关注的问题不在于地方债的多少,而应更多地关注债务风险,这一债务风险是商业性风险和政策性风险的组合,因此需要建立一套风险共担机制,即由财政、银行、企业共同通过合理而有度的方式进行风险的规避和防范。