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Research On Development And Risk Of Chinese Crowdfunding Under The Socialist Market Economy Environment

Posted on:2017-10-24Degree:MasterType:Thesis
Country:ChinaCandidate:T WangFull Text:PDF
GTID:2349330488978564Subject:Theory and Practice of Socialist Market Economy
Abstract/Summary:PDF Full Text Request
The investment model of crowdfunding is relatively simple in our country,independent investors invest directly on reward crowdfunding platform,and the investment mode is a part of “leading investment and following investment” on equity crowdfunding platform.In terms of the industry involved in the crowdfunding,almost all sectors will be covered by the crowdfunding projects.Crowdfunding activities will expand and enrich constantly in the future.With respect to the real economy,crowdfunding not only fills service gaps of traditional financial institutions effectively,but also promotes healthy competition in the financial markets.It brings an opportunity to deepen financial reform,improve the multi-level capital market system and improve the socialist market economy for China.In the current situation of China,The problem that how to make full use of the development opportunities brought by crowdfunding,allow financial instruments to serve the real economy more efficiently and meet the financing needs of small-micro businesses and innovative start-ups constantly is an important strategic proposition faced with China's socialist market economy.Firstly,this article reviews the relevant literature of crowdfunding from the three aspects of operating mode,risks and regulatory at home and abroad,then it summarizes the shortcomings of the current research and the innovation of this paper.Secondly,this paper digs four outstanding theoretical basis behind the production and development of crowdfunding.According to the enterprise's financial growth cycle theory,crowdfunding can fill the funding gap between personal venture capital and main external capital effectively.In terms of the perspective of the bilateral market theory,crowdfunding has the typical characteristics of bilateral market,it is a bilateral market connecting investors and fund-raisers.From the view of the long tail theory,crowdfunding has a comparative advantage to provide funds for the small and micro start-ups in specific growth stage,so it can make benefit for the financial long tail market.According to the asymmetric information theory,as a new financing model,crowdfunding has exacerbated the information asymmetry between investors and fund-raisers,there is necessity and urgency to upervise.Thirdly,this paper begins the deep study from operating principle,causes and the social welfare improvement based on the definition and pattern classification of crowdfunding.Fourthly,this paper employs induction and deduction constantly using grounded theory through open coding,axial coding and selective coding,then it sets up a key risk system of crowdfunding that takes “model innovation risk” as the core from state,crowdfunding platforms and investors.Fifthly,on the basis of analysis on regulatory policy at home and abroad at this stage,this paper proposes to improve the standardization of crowdfunding during the development of regulatory proposals from three participants as crowdfunding platform,fund-raisers and investors.
Keywords/Search Tags:crowdfunding, crowdfunding platform, risk, regulation
PDF Full Text Request
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