Construction Scheme Design And Evaluation On An Equity Crowdfunding Exchange

After the financial crisis in 2008,due to the credit reluctance of the traditional financial institutions such as banks,the equity crowdfunding got great development.However,there is no equity crowdfunding in a real sense in China now,with the special rectification work of equity crowdfunding' s risk being carried out in 2016,the domestic equity crowdfunding platform has only left the experimental units,Alibaba,Jingdong and Pingan.Construction of equity crowdfunding exchange will help improveing China's multi-level capital market system,help solving the small enterprises,start-up enterprises financing problems and Cultivating reserve of listed companies in Hunan.The development of equity crowdfunding is imperative.At the same time,Hunan is in a new stage of economic development,the proportion of start-up enterprises and small and micro enterprises will be greatly increased,the entire social resource allocation mechanism will be in a greatly change.The construction of equity crowdfunding exchange have the right place based on the rich local resources of Hunan,.This paper explores the future forms of equity crowdfunding by designing the equity crowdfunding exchange and assessing its profitability.Because there is a natural monopoly in the early development of the industry,and equity crowdfunding is special,so the equity platform should be set up franchise,limiting the number to ensure quality.After reference to the mode of operation of the stock exchange and the regional equity trading center,establishing equity crowdfunding exchange in the form of company.Listed management fees,equity registration fees and other management fees,financing intermediary service commission and related professional services fee will be the main profit point of the exchange.In this paper,the trading products,transaction participants,trading rules and related processes,the system of the equity crowdfunding exchang was initially designed,it both has the commonality of all itself features.The income,cost and profit of the exchange were forecast on the basis of the design.The net future value of the After-tax net present value was RMB 760.078 million(10 years),the internal rate of return after tax was 75.57%The payback period is about 2.514 years,and these figures fully demonstrate the profitability of the Equity Exchange.Through the single factor sensitivity analysis of several factors influencing the After-tax net present value,it is found that the net present value of the exchange after the positive and negative 20%change is always far greater than zero,and its profitability is stable.In this paper,the equity crowdfunding exchange is committed to creating a primary and secondary market for the crowdfunding equity in Hunan and its surrounding areas,and the efficient and convenient financing of equity crowdfunding financing.This is an exploration of the future direction of the development of China's equity crowdfunding,it is feasible in theory,and need more national legal policy to adjust to support.It is hoped that this paper will provide some ideas for the development of China's equity crowdfunding exchange.