中美众筹行业发展的差距与努力方向概论.doc

中美众筹行业发展的差距与努力方向The gap between China and America in the development of the crowdfunding industry and our strive direction OrThe gap in the development of the Crowdfunding industry between China and America:where are we and what to do?摘要：Abstract: The forms of crowdfunding can be divided into 4 kinds of patterns:donation pattern, return pattern, debt pattern, equity pattern.It is not a long time since the concept of crowdfunding investment and financing was introduced into our country.The crowdfunding pattern increases a new way to solve the problem of the difficult financing and the high cost of financing of our small and medium-sized enterprises.At the same time,it provides the innovation and entrepreneurship of all ambitious young people a financing channel,which is conducive to the promotion of scientific and technological innovation and the implementation of new ideas,and is conducive to increasing employments and maintaining social stability.Nevertheless, our crowdfunding financing is still in the initial stage,which lacks regulatory measures for it.From the point of view of the present situation in our country, due to the lack of the legal regulation to this emerging industry crowdfunding,the lack of innovation ability,and the lack of the establishment of the credit system, the crowdfunding financing mode still need a longer time of operation to build commercial atmosphere.关键词：众筹投融资、众筹平台、股权模式众筹、众筹融资 Key words:crowdfunding investment and financing;the crowdfunding platform;the equity pattern crowdfunding; crowdfunding financing; 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，Artist Share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Angellist 2010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。The IntroductionCrowdfunding is a way in which fund-raiser attracts many ordinary investors by a project through the Internet platform in order to raise the funds needed.The forms of crowdfunding can be divided into 4 kinds of patterns:donation pattern, return pattern, debt pattern, equity pattern.crowdfunding financing originated in the United States.Artist Share company was established in 2001 in the United states as a pioneer of crowdfunding platform.In April 2009, Kickstarter established and developed into the world's largest crowdfunding financing platform.The world's first equity crowdfunding platform Angellist was born in the Silicon Valley of America in 2010.It is not a long time since the concept of crowdfunding investment and financing was introduced into our country. It is only a few years so far. The"named time " appeared on line in July 2011, which is the earliest crowdfunding financing platform of China . And then crowdfunding financing platforms such as the"venture capital circle", the“our investment”, the "crowdfunding network"and the “angel crowdfunding”and success to some creative projects to raise funds.The crowdfunding pattern increases a new way to solve the problem of the difficult financing and the high cost of financing of our small and medium-sized enterprises.At the same time,it provides the innovation and entrepreneurship of all ambitious young people a financing channel,which is conducive to the promotion of scientific and technological innovation and the implementation of new ideas,and is conducive to increasing employments and maintaining social stability.Nevertheless, our crowdfunding financing is still in the initial stage,which lacks regulatory measures for it.The development of our crowdfunding financing still faces many risks and uncertainties in the future.1、 中美众筹发展的差距1.The gap between China and America in the development of the Crowdfunding industry . 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。First of all, from the perspective of the time of the origin of crowdfunding financing,the crowdfunding financing of America origins from 2001, however the crowdfunding financing of China started in 2011, which fell behind 10 years .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, from the view of the financing pattern of crowdfunding, the U.S. has only involving the donation pattern and the return pattern and the equity pattern had not been involved due to the limitation of the law at the beginning.But the equity pattern crowdfunding is very attractive to investors,thereby it is also more likely to raise money, which prompted its legalization by the introduction of national policies.So in March 2012, the United States of America awarded the JOBS act to permit the equity pattern crowdfu