我国股权众筹平台运作模式研究——以“天使汇”为例-research on the operation mode of chinas public equity financing platform - taking.docxVIP

万方数据 万方数据 摘 要 股权众筹平台，是众筹和股权融资相结合的金融服务网站，主要为初创企业、中小微 企业与投资者牵线搭桥。作为一种新型的互联网金融模式，股权众筹因其门槛低、快速高 效和融资成本低等优点而在全世界蓬勃发展。从 2011 年中国首家股权众筹平台天使汇成立 以来，国内股权众筹平台不断涌现。然而，由于不符合《证券法》和《公司法》的监管要 求、涉嫌“非法集资”、没有合法地位，且运作模式尚未成熟，经过三年多的发展，我国 股权众筹平台仍存在不少问题。 基于此，本文选取我国发展最为典型的股权众筹平台天使汇为研究案例，试图通过分 析这个案例来挖掘其对我国股权众筹平台发展的启示与意义。通过收集和整理相关资料， 本文首先对股权众筹发展现况和天使汇案例进行了详细的介绍。然后，通过收集天使汇的 公开数据，深入分析了天使汇的运作环境、运作情况及其风险性。最后，本文综合上述分 析结果，总结了我国股权众筹平台在运作中存在的问题，并提出了一些针对性的政策建议， 以期促进该新兴融资平台在我国良性发展。 关键词：股权众筹；互联网金融；运作模式 III Abstract Equity-based Crowdfunding platform is a financial services site with the combination of Crowdfunding and equity financing, mainly for start-ups, small and micro enterprises and investors. As an innovative financing model, the Equity-based Crowdfunding has low threshold、 efficient and low-cost financing characteristics, therefore become very popular over the world. Since Chinas first Equity-based Crowdfunding platforms AngelCrunch was established in 2011, many domestic Equity-based Crowdfunding platforms are emerging. However, because they do not meet the Securities Act and the Company Law of regulatory requirements, on suspicion of illegal fund-raising、no legal status, and they operating mode is not yet mature, after three years of development, Chinese Equity-based Crowdfunding platform is still have many problems. Based on this situation, the thesis select the most typical development Equity-based Crowdfunding platform, as the research subject, trying to dig into its inspiration and significance. By searching and researching all kinds of related information, the essay first gives an introduction of the structure of “AngelCrunch”. Then, with closely researches on the related data of “AngelCrunch” ,the article further analyzed the development environment, operating mode of “AngelCrunch” and its risks. Finally, In order to promote the healthy development of the new financing platform in our country,with a comprehensive analysis of the results of the above-mentioned article, discovered the exi