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"领投+跟投"的股权众筹模式即在众筹过程中由一位经验丰富的专业投资人作为"领投人",众多跟投人选择跟投.这种模式最初发端于国外的股权众筹平台Angelist.AngelList把这种创新性的模式称之为Syndicat (辛迪加),可以翻译为联合投资体模式. 相似文献
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近年来随着互联网金融的发展,众筹也迎来了新的机遇,但其中股权众筹却存在着不少争议,监管者对股权众筹的态度也不够明确,导致中国股权众筹平台大多采取"领投+跟投"的这种规避监管的模式.然而必须看到,股权众筹的发展符合市场的需求,创业者与投资者两方面的力量会共同推动股权众筹的发展. 相似文献
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本文针对股权众筹在我国发展存在的法律和监管问题,基于互联网众筹"开放共享"和"小额多人"的本质,深入探讨股权众筹的立法定位和监管理念,并以此为基础提出对股权众筹的立法供给和制度构建框架,包括建立公开发行小额豁免机制等三项主制度、健全信息披露和数据报备等三项配套制度、倡导"领投+跟投"等三项市场化机制、构建严密协调的三维立体监管架构等,为推动股权众筹发展提供切实可行的系统性政策建议。 相似文献
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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. 相似文献
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在我国经济新常态下,股权众筹对支持小微企业融资、促进经济结构调整及发展动力转换具有重要的意义。本文从股权众筹内在机制及外部约束两方面,分别讨论了股权众筹与小微企业融资、制度环境的匹配性问题,认为股权众筹作为一项创新的互联网金融模式,与小微企业融资具有较好的匹配性,但目前我国的信用基础及制度环境难以满足股权众筹大规模发展的需求。基于以上判断,本文对股权众筹提出了"明确定位、公私分开、分类监管"的发展思路以及相关监管建议。 相似文献
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本文研究了众筹平台与企业家的声誉对预售众筹与股权众筹这两种众筹模式选择的影响及其经济机理,在发现众筹平台和企业家声誉对发起预售众筹与股权众筹的正向促进作用基础上,比较并提出了两种众筹模式的选择条件:(1)当产品质量较好而股权众筹投资者却并不偏好产品时,无论众筹平台声誉如何,预售众筹均占优,而企业家声誉有助于进一步加强预售众筹的优势;(2)当股权众筹投资者偏好产品而启动资金需求小时,若平台声誉弱,起投门槛低的股权众筹占优,若平台声誉高,则预售众筹占优;(3)当股权众筹投资者偏好产品而启动资金需求大时,无论众筹平台与企业家声誉如何,起投门槛低的股权众筹均占优;(4)当股权众筹投资者偏好产品而启动资金需求适中时,若企业家声誉较弱且平台声誉较弱,股权众筹占优;若企业家声誉较弱且平台声誉较强,预售众筹占优;若企业家声誉较强时,无论平台声誉如何变化,股权众筹均占优。 相似文献
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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. 相似文献
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Stephen Kuselias 《Abacus》2020,56(3):407-435
Increasingly, jurisdictions around the world have been enacting standards that formally allow organizations to offer equity using the crowdfunding model. Using the Internet, the crowdfunding model raises capital by soliciting from a large number of people (i.e., the crowd). A key feature of crowdfunding that has been embraced by regulators is the use of social information to inform investors as a safeguard for this type of investing. However, research has not yet explored how investors utilize this information. In this study, I investigate whether social information can shift investors away from financial maximization goals. Social identity theory predicts that people can be provoked to act as representatives of their group, setting aside individual interests. I predict, and find, that positive social information focused on an equity crowdfunding organization can activate the social identity of investors who share an identity with that organization, causing them to invest more in a relatively weak organization. In a moderated mediation analysis, I find that positive social information provokes investors who share an identity with an organization to feel a stronger connection to that organization, leading them to increase investment. In addition, I explore whether investors’ perceptions of negative social information are moderated by their social identity. I find that investors who are deeply committed to an identity shared with an organization experiencing negative social information will defensively invest in that organization. The findings of this study will be of interest to investors, regulators, and crowdfunding organizations. 相似文献
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Fabrice Herv Elodie Manth Aurlie Sannajust Armin Schwienbacher 《Journal of Business Finance & Accounting》2019,46(5-6):762-783
We investigate determinants of investment decisions in investment‐based (equity and bond) crowdfunding campaigns, using a novel investment‐, investor‐ and campaign‐level database, where equity refers to investments in entrepreneurial start‐ups and bonds to large real estate projects. We find that investors who have higher social interactions invest more. Social interactions are important in an equity crowdfunding context but do not affect participation in bond investments. This is consistent with the view that investors' social networks help reduce information asymmetry. Women invest less in the riskiest (equity) investments but more in safer ones (bonds). These findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Overall, the findings contribute to the understanding of how investment‐based crowdfunding can be a viable source of entrepreneurial finance and how entrepreneurs' campaign decisions affect investor participation in this new form of entrepreneurial finance. 相似文献
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Ra-Pee Pattanapanyasat 《Journal of Accounting and Public Policy》2021,40(3):106799
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. 相似文献
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为规范商业银行理财业务投资运作,中国银行业监督管理委员会对外发布了《关于规范商业银行理财业务投资运作有关问题的通知》,从非标准化债权资产的界定、理财产品与投资资产的对应、信息披露、规模控制、管理流程等不同角度,防范化解理财业务风险。该文件的出台对商业银行、非银行金融机构及投资者产生了多方面影响,可能导致银行强弱的进一步分化,促进理财产品的研发创新,以券商为主的非银行金融机构将长期受益。各银行、非银行金融机构及投资者应积极寻求应对措施,充分利用新规的利好空间。 相似文献
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In digital finance markets, investors can withdraw their non-binding bids within a cooling-off period. As the bids are visible online, we argue that this option can be used to manipulate the information available to investors. Previous research indeed shows that early bids attract later investors and trigger information cascades, thereby enhancing the chances of success of the offerings. Using a dataset of 3564 investment lines, we observe frequent (10.2%) investment withdrawals before the end of the offerings. Platform members invested in 64% and later withdrew from 30% of the offerings listed in their portal, being 1.85 times more likely to withdraw than the average crowdfunding investor. We document that their investments take place predominantly in low-quality offerings and influence the campaign dynamics, increasing the number of subsequent bids. 相似文献
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We set out in this study to examine whether investors can improve their investment opportunity sets through the addition of an IPO index portfolio into various sets of benchmark portfolios. Using the IPOX indices from the years 1980–2006, we find that adding an IPO index portfolio does lead to a statistically significant enlargement of the investment opportunity set for investors. Our empirical findings are robust, demonstrating that there is scope for the further development of financial products relating to IPO stocks, since investors can gain diversification benefits through investing in such IPO-related products. 相似文献
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ABSTRACTSome European countries offer tax incentive schemes to investors and companies in crowdfunding. On one hand, they could be seen as a tool to reduce the system’s dependence on banks and increase the availability of credit for start-ups and Small and Medium Enterprises (SMEs). On the other hand, there is the counterweight of disadvantages that investors may face by investing in crowdfunding (i.e. complex and incomplete laws, and weak protection). This paper is primarily intended as a primer on the use of tax incentives for crowdfunding in Europe. In this study, we first examine the implementation of tax incentive schemes in the United Kingdom, France, Italy, Spain, and Belgium. Then, we analyse and compare the characteristics of such schemes along three dimensions: the incentives structure; the business characteristics; and the type of investor. We find that tax incentive schemes for crowdfunding vary widely in their form and other features of their design. Moreover, the most used forms of tax incentives are those that provide for an up-front tax credit on the amount invested in early-stage ventures. These incentives have an immediate effect on the annual income tax of the investor. A central implication is that the more tax incentive schemes are properly designed and tailored for crowdfunders, the more investors, start-ups and other firms with low liquidity could use crowdfunding as a source of funding. 相似文献
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We examine whether investors can improve their investment opportunity sets through the addition of volatility-related assets into various groupings of benchmark portfolios. By first analyzing the weekly returns of three VIX-related assets over the period 1996-2008 and then applying mean-variance spanning tests, we find that adding VIX-related assets does lead to a statistically significant enlargement of the investment opportunity set for investors. Our empirical findings are robust and have two implications. First, there is scope for the further development of financial products relating to volatility indexes. Second, hedge fund managers can utilize VIX futures contracts or VIX-squared portfolios to enhance their equity portfolio performance, as measured by the Sharpe ratio. 相似文献