| Since Crowdfunding began in China in 2011,it has experienced a period of rapid development.Compared with traditional bank loans,venture capital funds,and other types of financial institutions,crowdfunding is a more varied and flexible way of financing,which is particularly suitable for small enterprises.At present,crowdfunding has helped hundreds of thousands of small business owners to complete their entrepreneurial dreams.While many investors have helped financiers to complete projects,they have also received various forms of returns.It can be said that crowdfunding has created a new investment and financing channel,which has greatly improved the efficiency of social investment and financing and is a kind of beneficial financial innovation in the Internet era.Based on literature and data analysis,this paper conducts detailed research on the connotation,classification and its characteristics,the behavior patterns of financiers and investors,the development status,and the legal supervision of crowdfunding.This paper divides the crowdfunding into donation-based crowdfunding,reward-based crowdfunding,equity-based crowdfunding,and lending-based crowdfunding.At the same time,this paper argues that due to special reasons such as legal applicability,technical characteristics,and sociability,crowdfunding should be viewed as an independent investment and financing channel.As crowdfunding continues to expand,this unique financing way has become increasingly competitive with other traditional financial institutions.Therefore,it is of great significance to explore the role and status of crowdfunding under the currently mature financial system and the competitive relationship with other financial institutions.Based on the niche theory,this paper proposes a brand-new competitive analysis method.The core of the analysis method is to measure the key niche breadths of the objects to be analyzed and their competitors,and then draw the corresponding niche overlap map,or/and calculate the niche overlapping degree value.According to the niche overlap diagram and/or the niche overlapping degree value,the competition between the analyzed object and its competitors on key resources can be judged,and through the analysis of its own advantages,competitive strategies should be selected.Effective competitive strategies including competitive exclusion,character displacement,searching for new niche,and building ecosystems.Based on the analysis method proposed in this paper,the author analyzed the niche overlap of crowdfunding and its main competitors.The analysis results show that the advantages of crowdfunding in the niches of the scale and cost of financing are not obvious,and there are more niche overlaps with banks,small loan companies,P2P platforms,and equity venture capital funds.The competition is fierce.However,in the life cycle and scale of financing companies,crowdfunding has a more obvious niche advantage.At the same time,it has comparative advantages in science and technology,agriculture,culture,entertainment and other fields.And the analysis of Jingdong crowdfunding verified the above analysis results.The case of Jingdong Crowdfunding also shows that the character displacement and building ecosystems are very effective competitive strategies.Combining theoretical analysis and case studies,this paper finally concludes that the crowdfunding needs to carry out dislocation competition,maintain the current niche advantage,and co-evolve with other organizations and co-exist in cooperation.At the same time,it should make full use of Internet technology to continuously develop new niches.This paper also pointed out that the crowdfunding has reduced information asymmetry,is a cheap investment banking service,and also has many other advantages such as low transaction costs,and therefore its niche is stable in short-term.Finally,this article puts forward corresponding suggestions for the development of the crowdfunding industry,investors and financiers,the government,and the crowdfunding platform. |
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