【摘要】：近年來,我國小微企業(yè)面臨著融資難和融資貴的難題。而股權(quán)眾籌具有公開、小額和大眾化等特征,股權(quán)眾籌的出現(xiàn)拓寬了企業(yè)的融資渠道,為小微企業(yè)的融資難題帶來了新的解決方案,與此同時(shí),股權(quán)眾籌的發(fā)展也加快了我國金融體系向多層次和深層次方向發(fā)展。因此,股權(quán)眾籌的產(chǎn)生和發(fā)展受到了社會的廣泛關(guān)注。2016年李克強(qiáng)總理在全國兩會政府工作報(bào)告中提出要著重打造眾創(chuàng)、眾包、眾扶和眾籌平臺。在國家的大力支持下,中國的股權(quán)眾籌行業(yè)將會迎來又一次新高。拒不完全統(tǒng)計(jì),截止2016年2月底,全國各類型眾籌平臺數(shù)共有300多家,其中以股權(quán)眾籌平臺數(shù)量最為多,共128家。股權(quán)眾籌有著作為新興融資模式的顯著優(yōu)勢,但是股權(quán)眾籌融資過程十分復(fù)雜,各環(huán)節(jié)都存在著諸多風(fēng)險(xiǎn)隱患,在缺乏有效的監(jiān)督和管理的時(shí)候,股權(quán)眾籌的融資模式將會侵害投資人的利益,甚至于制約整個(gè)行業(yè)的發(fā)展,導(dǎo)致我過金融體系的不穩(wěn)定。因此,有效控制股權(quán)眾籌的各方面風(fēng)險(xiǎn)顯得尤為重要。本文在分析方法上主要采取案例分析法和文獻(xiàn)研究法,以“人人投”股權(quán)眾籌平臺為研究對象。人人投在實(shí)體股權(quán)眾籌模式上多次取得優(yōu)秀的成績,在行業(yè)內(nèi)具有典型代表。通過人人投與排骨諾米多的全國首例股權(quán)眾籌案發(fā)現(xiàn)我國現(xiàn)行的股權(quán)眾籌行業(yè)存在極大的風(fēng)險(xiǎn),通過對人人投公開資料和數(shù)據(jù)的分析,描述了人人投的業(yè)務(wù)模式和運(yùn)作流程,再從人人投眾籌平臺內(nèi)部和外部兩個(gè)方面闡述了“人人投”股權(quán)眾籌平臺存在的風(fēng)險(xiǎn),人人投內(nèi)部風(fēng)險(xiǎn)包括人人投風(fēng)控體系風(fēng)險(xiǎn)和平臺運(yùn)作風(fēng)險(xiǎn),人人投外部風(fēng)險(xiǎn)包括監(jiān)管政策、信用體系和實(shí)際股東權(quán)利等風(fēng)險(xiǎn)。最后,針對人人投平臺運(yùn)作過程中存在的問題提出改進(jìn)建議,防止各參與主題在融資過程中面臨的風(fēng)險(xiǎn)。同時(shí),本文也對監(jiān)管當(dāng)局的監(jiān)管策略提出了一些建議,監(jiān)管當(dāng)局需在監(jiān)管與投資者保護(hù)之間找到平衡點(diǎn),為股權(quán)眾籌的未來發(fā)展提供更好的外部環(huán)境。從總體出發(fā),股權(quán)眾籌組成了互聯(lián)網(wǎng)金融體系中的重要的一部分,在我國進(jìn)一步推動股權(quán)眾籌還面臨著諸多風(fēng)險(xiǎn),我國不僅需要鼓勵股權(quán)眾籌的發(fā)展,還需要加強(qiáng)風(fēng)險(xiǎn)控制,穩(wěn)步發(fā)展股權(quán)眾籌,穩(wěn)定我國金融體系。
[Abstract]:In recent years, small and micro enterprises in China are faced with the difficulty of financing and expensive financing. The emergence of crowdfunding broadens the financing channels of enterprises and brings a new solution to the financing problems of small and micro enterprises, at the same time, The development of stock-raising has also accelerated the development of our financial system to multi-level and deep-level direction. As a result, the emergence and development of crowdfunding has received wide attention in the society. In his 2016 report on the work of the National people's Congress and the National people's Congress, Prime Minister Li Keqiang proposed to focus on creating a platform for public innovation, crowdsourcing, crowdsupport and crowdfunding. With the state's strong support, China's equity crowdfunding industry will usher in another new high. Despite incomplete statistics, by the end of February 2016, there were more than 300 crowdfunding platforms of various types in the country, with the largest number of crowdfunding platforms in stock, with 128. Crowdfunding has a significant advantage as a new mode of financing, but the process of raising funds is very complex, and there are many hidden risks in each link. When there is a lack of effective supervision and management, The financing model of crowdfunding will impair the interests of investors and even restrict the development of the whole industry, which will lead to instability in the financial system. Therefore, it is very important to control the risk of stock raising. In this paper, case analysis method and literature research method are mainly adopted in the analysis method, and the research object is "everyone cast" stock rights crowdfunding platform. Everyone in the real-equity crowdfunding model has made many outstanding achievements in the industry has a typical representative. Through the first case of crowdfunding in China between Renren and Normido, we found that there is a great risk in the current stock raising industry in China. Through the analysis of the public information and data on the investment of everyone, this paper describes the business model and operation process of the investment by everyone. Then from the internal and external aspects of the platform, the paper expounds the risks of the platform. The internal risks include the risks of the system and the operation of the platform. External risks include regulatory policies, credit systems and actual shareholder rights. Finally, suggestions are put forward to solve the problems in the operation of the platform, and to prevent the risks faced by the participating themes in the process of financing. At the same time, this paper also puts forward some suggestions on the regulatory strategy of the regulatory authority, which needs to find a balance between supervision and investor protection, so as to provide a better external environment for the future development of shareholding crowdfunding. As a whole, shareholding crowdfunding has become an important part of the Internet financial system. In China, there are still many risks in further promoting crowdfunding. Our country not only needs to encourage the development of equity crowdfunding, but also needs to strengthen risk control. Steady development of equity financing, stability of our financial system.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F724.6;F832.4

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