中美众筹行业发展的差距与努力方向.docx

中美众筹行业发展的差距与努力方向.docx

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中美众筹行业发展的差距与努力方向

中美众筹行业发展的差距与努力方向

ThegapbetweenChinaandAmericainthedevelopmentofthecrowdfundingindustryandourstrivedirection

Or

ThegapinthedevelopmentoftheCrowdfundingindustrybetweenChinaandAmerica:

whereareweandwhattodo?

摘要：

Abstract:

Theformsofcrowdfundingcanbedividedinto4kindsofpatterns:

donationpattern,returnpattern,debtpattern,equitypattern.Itisnotalongtimesincetheconceptofcrowdfundinginvestmentandfinancingwasintroducedintoourcountry.Thecrowdfundingpatternincreasesanewwaytosolvetheproblemofthedifficultfinancingandthehighcostoffinancingofoursmallandmedium-sizedenterprises.Atthesametime,itprovidestheinnovationandentrepreneurshipofallambitiousyoungpeopleafinancingchannel,whichisconducivetothepromotionofscientificandtechnologicalinnovationandtheimplementationofnewideas,andisconducivetoincreasingemploymentsandmaintainingsocialstability.Nevertheless,ourcrowdfundingfinancingisstillintheinitialstage,whichlacksregulatorymeasuresforit.Fromthepointofviewofthepresentsituationinourcountry,duetothelackofthelegalregulationtothisemergingindustrycrowdfunding,thelackofinnovationability,andthelackoftheestablishmentofthecreditsystem,thecrowdfundingfinancingmodestillneedalongertimeofoperationtobuildcommercialatmosphere.

关键词：

众筹投融资、众筹平台、股权模式众筹、众筹融资

Keywords:

crowdfundinginvestmentandfinancing;thecrowdfundingplatform;theequitypatterncrowdfunding;crowdfundingfinancing;

引言

众筹是指筹资人用项目通过互联网平台来吸引普通众多投资者进行投资，从而筹集到所需资金的行为。

众筹按募资形式可以分为捐赠模式、回报模式、债权模式、股权模式四种。

众筹融资起源于美国，ArtistShare公司作为众筹的先锋平台于2001年在美国成立。

在2009年4月，Kickstarter网站建立并发展成今天世界上最大的众筹融资平台。

世界上第一个股权众筹平台Angellist2010年也诞生于美国硅谷。

我国引入众筹投融资概念的时不长，至今只有几年，2011年7月，“点名时间”的上线成为我国第一个众筹模式的融资平台，后来又出现了诸如创投圈、大家投、众筹网、天使汇等融资平台，并且成功为一些创意项目筹得了资金。

众筹模式为我国中小企业融资难、融资成本高问题的解决增加了新的途径，同时为广大有志青年创新创业提供了融资途径，有利于促进科技创新，促进新想法新创意的实现，有利于增加就业岗位，保持社会稳定。

尽管如此，我国的众筹投融资仍处在初级阶段，缺乏对众筹投融资的监管措施，未来发展仍面临许多风险和不确定因素。

TheIntroduction

Crowdfundingisawayinwhichfund-raiserattractsmanyordinaryinvestorsbyaprojectthroughtheInternetplatforminordertoraisethefundsneeded.Theformsofcrowdfundingcanbedividedinto4kindsofpatterns:

donationpattern,returnpattern,debtpattern,equitypattern.

crowdfundingfinancingoriginatedintheUnitedStates.ArtistSharecompanywasestablishedin2001intheUnitedstatesasapioneerofcrowdfundingplatform.InApril2009,Kickstarterestablishedanddevelopedintotheworld'slargestcrowdfundingfinancingplatform.Theworld'sfirstequitycrowdfundingplatformAngellistwasbornintheSiliconValleyofAmericain2010.

Itisnotalongtimesincetheconceptofcrowdfundinginvestmentandfinancingwasintroducedintoourcountry.Itisonlyafewyearssofar.The"namedtime"appearedonlineinJuly2011,whichistheearliestcrowdfundingfinancingplatformofChina.Andthencrowdfundingfinancingplatformssuchasthe"venturecapitalcircle",the“ourinvestment”,the"crowdfundingnetwork"andthe“angelcrowdfunding”andsuccesstosomecreativeprojectstoraisefunds.

Thecrowdfundingpatternincreasesanewwaytosolvetheproblemofthedifficultfinancingandthehighcostoffinancingofoursmallandmedium-sizedenterprises.Atthesametime,itprovidestheinnovationandentrepreneurshipofallambitiousyoungpeopleafinancingchannel,whichisconducivetothepromotionofscientificandtechnologicalinnovationandtheimplementationofnewideas,andisconducivetoincreasingemploymentsandmaintainingsocialstability.Nevertheless,ourcrowdfundingfinancingisstillintheinitialstage,whichlacksregulatorymeasuresforit.Thedevelopmentofourcrowdfundingfinancingstillfacesmanyrisksanduncertaintiesinthefuture.

1、中美众筹发展的差距

1.ThegapbetweenChinaandAmericainthedevelopmentoftheCrowdfundingindustry.

首先，从众筹融资的起源时间来看，美国众筹融资起源于2001年，而我国起源于2011年，落后10年时间。

Firstofall,fromtheperspectiveofthetimeoftheoriginofcrowdfundingfinancing,thecrowdfundingfinancingofAmericaoriginsfrom2001,howeverthecrowdfundingfinancingofChinastartedin2011,whichfellbehind10years.

其次，从众筹融资的类型来看，美国早先也只涉及捐赠与回报式众筹，对股权众筹由于法律的限制鲜有涉及，但由于股权众筹对投资人有很大的吸引力，更易募得资金，这促使国家出台政策将其合法化，于是在2012年3月美国颁了JOBS法案，放开了股权众筹，而我国在2015年11月19日才准备进行试点。

Secondly,fromtheviewofthefinancingpatternofcrowdfunding,theU.S.hasonlyinvolvingthedonationpatternandthereturnpatternandtheequitypatternhadnotbeeninvolvedduetothelimitationofthelawatthebeginning.Buttheequitypatterncrowdfundingisveryattractivetoinvestors,therebyitisalsomorelikelytoraisemoney,whichprompteditslegalizationbytheintroductionofnationalpolicies.SoinMarch2012,theUnitedStatesofAmericaawardedtheJOBSacttopermittheequitypatterncrowdfunding,howeverourcountryjustlaunchedap