A Research On Asymmetric Information And Governance In The Process Of Network Fund-Raising

Since the Wenchuan earthquake in 2008,China's charitable fund-raising and the Internet have become deeply integrated,network fund-raising has gradually become an emerging way of fund-raising.Compared with the traditional way of charitable fund-raising,network fund-raising is based on the Internet,which has more advantages.It has quickly attracts the attention of many public welfare people.With the official recognition of 20 network fund-raising platforms,the promulgation and implementation of the Charity Law of the People's Republic of China(hereinafter referred to as the "Charity Law"),and the formulation of supporting laws and regulations,the legal framework and construction system of network fund-raising in China has become increasingly standardized.However,network fund-raising can not avoid the risk of asymmetric information,whether the fund-raising information is true,whether the use of funds is in line with the donor's willingness to donate have always affected the sensitive nerves of the public.It may induce social trust crisis at any time,threaten the public interest,and affect the development of charity in China.Based on the theory of Principal-agent theory and governance theory,as well as three stages of information transfer:application,publicity and feedback in network fund-raising,this paper analyzes the status,causes and corrective strategies of asymmetric distribution of information among participants.At present,the main research perspectives of network fund-raising in China include legal perspective,government governance perspective,etc.The research content mainly focuses on the function and the value of network fund-raising,current situation problems and regulatory measures;Foreign related research regards the construction of the network fund-raising platform as an important entry point.Therefore,this paper takes case analysis as the main research method,chooses the relevant data of "Charity China" information platform,and some classical cases of network donation as the basics,and choose 11 network donation platforms recognized by the Ministry of Civil Affairs as the main research object.The main contents of this paper are as follows.Firstly,this paper combines the relevant sample data,combs the information transmission in the process of application,publicity and feedback of network fund-raising,analyzing the participants,processes,rules and constraints of information transmission.The application of network fund-raising mainly involves the participantssuch as fundraisers,network platform,civil affairs departments,etc.The main process is that the public fund-raising institution submits the fund-raising application plan to the civil affairs department and the civil affairs department's filing review,the fundraiser submits the fund-raising application and platform's review.The rules and constraints mainly include ethical,factual and charitable spiritual constraints,legal constraints and platform review rules.The publicity of network fund-raising mainly involves the participants such as online fund-raising platforms,the official website of charitable organizations,donors,the public,the media and the government.The main process is that the fund-raising platform release the fund-raising list and donors' selection of fund-raising projects,the fund-raising platform release the fund-raising information and the supervision of the public,the media and the government.The rules and constraints mainly include legal constraints,the restrictions on project management rules of network fund-raising platform and the capacity constraints of donors,the public,the media,the government,etc.The feedback of network fund-raising mainly involves the participants such as network donation platform,donors,government,society and media.The main process is that the fundraiser provides project progress and platform tracking to the network fundraiser platform,the fund-raising platform provides feedback to donors,the government,the society,etc.,and the supervision of the government and society.The rules and constraints mainly include legal constraints,constraints of platform feedback rules,responsibility consciousness and supervision capability.Secondly,based on the principal-agent theory and asymmetric information theory,this paper expounds the principal-agent relationship and the logic mechanism of asymmetric information in the network fund-raising operation,analyzes the asymmetric information in the principal-agent relationship,and discusses the causes of asymmetric information.The asymmetric information of fund-raising applications is mainly reflected between public fund-raising agencies and civil affairs departments,fundraisers and online fund-raising platforms.The main reasons are the opportunism of fundraisers,the complicated affairs and the unprofessional review of civil affairs departments,and the invalidation of the examination rules of the donation platform.The asymmetric information of fund-raising applications is mainly reflected in the online fund-raising platform and donors,online fund-raising platforms and fundraisers.The main reasons are the speculation of the fund-raising platform,the low project management technology,the rationality and insufficient ability of the donors.The asymmetric information of fund-raising feedback is mainly reflected in the network fund-raising platform andfundraiser,fund-raising platform and donors,government,society,etc.The main reasons are the lack of responsibility awareness and supervision ability,lack of relevant legal constraints,and the lack of a complete incentive and feedback mechanism.Finally,based on the theory of governance,the article clarifies that the government is not the only subject of governance network fund-raising,and proposes specific countermeasures and suggestions for the asymmetric information in the process of network fund-raising.In the application stage,we should guide and regulate the behavior of donors,optimize the governance ability of civil affairs departments,and improve the audit team of the network fund-raising platform.In the stage of fund-raising publicity,we should cultivate the independent judgment ability of donors,at the same time,we should give priority to the construction of network fund-raising platform,demand-oriented,technological innovation,consolidate the credibility of the platform and promote the fair and equitable construction of the platform.In the stage of fund-raising feedback,we should improve and implement relevant laws and regulations,construct an incentive and feedback mechanism of network fund-raising platform,and establish a multi-agent communication mechanism,so as to promote the Co-governance of fund-raising feedback.