股权众筹是全民盛宴吗？.pdf

Finance 金融, 2016, 6(1), 1-11 Published Online January 2016 in Hans. /journal/fin /10.12677/fin.2016.61001 Is Equity-Based Crowdfunding a Feast of the Public? Jing Nie, Ronghua Ju College of Economics and Management, China Agricultural University, Beijing th th th Received: Oct. 18 , 2015; accepted: Jan. 12 , 2016; published: Jan. 15 , 2016 Copyright © 2016 by authors and Hans Publishers Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). /licenses/by/4.0/ Abstract Equity-based crowdfunding develops rapidly in China, but it is still private or half public in nature. On the basis of the risks and problems that the equity-based crowdfunding is facing, the study tries to find an appropriate strategic positioning for equity-based crowdfunding through analyz- ing the data of crowdfunding platforms at home and abroad statistically. The study shows that eq- uity-based crowdfunding is not suitable for a lower threshold and the public investors because start-ups usually have high risks. To solve the problem of financing, start-ups can’t rely solely on equity-based crowdfunding. Keywords Equity-Based Crowd Funding, Crowdfunding Model, Risk, Investor Protection 股权众筹是全民盛宴吗？ 聂 婧，鞠荣华 中国农业大学经济管理学院，北京 收稿日期：2015年10月18 日；录用日期：2016年1月12 日；发布日期：2016年1月15 日 摘 要 股权众筹近年来在国内快速发展，但实质上是互联网 + 私募或半公募的性质。本文在探讨股权众筹模 文章引用: 聂婧, 鞠荣华. 股权众筹是全民盛宴吗?[J]. 金融, 2016, 6(1): 1-11. /10.12677/fin.2016.61001 聂婧，鞠荣华 式面临的风险和问题的基础上，通过对国内外平台数据的统计分析，对股权众筹融资进行恰当的战略定 位，认为初创企业本身具有高风险性，其股权众筹并不适合降低门槛向公众投资者融资，股权众筹一定 程度能够缓解但难以解决初创企业融资难问题。 关键词 股权众筹，众筹模式，风险，投资者保护 1. 引言