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ThegapbetweenChinaandAmericainthedevelopmentofthecrowdfundingindustryandourstrivedirectionOrThegapinthedevelopmentoftheCrowdfundingindustrybetweenChinaandAmerica: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。TheIntroductionCrowdfundingisawayinwhichfund-raiserattractsmanyordinaryinvestorsbyaprojectthroughtheInternetplatforminordertoraisethefundsneeded.Theformsofcrowdfundingcanbedividedinto4kindsofpatterns:donationpattern,returnpattern,debtpattern,equitypattern.crowdfundingfinancingoriginatedintheUnitedStates.ArtistSharecompanywasestablishedin2001intheUnitedstatesasapioneerofcrowdfundingplatform.InApril2009,Kickstarterestablishedanddevelopedintotheworld'slargestcrowdfundingfinancingplatform.Theworld'sfirstequitycrowdfundingplatformAngellistwasbornintheSiliconValleyofAmericain2010.Itisnotalongtimesincetheconceptofcrowdfundinginvestmentandfinancingwasintroducedintoourcountry.Itisonlyafewyearssofar.ThenamedtimeappearedonlineinJuly2011,whichistheearliestcrowdfundingfinancingplatformofChina.Andthencrowdfundingfinancingplatformssuchastheventurecapitalcircle,the“ourinvestment”,thecrowdfundingnetworkandthe“angelcrowdfunding”andsuccesstosomecreativeprojectstoraisefunds.Thecrowdfundingpatternincreasesanewwaytosolvetheproblemofthedifficultfinancingandthehighcostoffinancingofoursmallandmedium-sizedenterprises.Atthesametime,itprovidestheinnovationandentrepreneurshipofallambitiousyoungpeopleafinancingchannel,whichisconducivetothepromotionofscientificandtechnologicalinnovationandtheimplementationofnewideas,andisconducivetoincreasingemploymentsandmaintainingsocialstability.Nevertheless,ourcrowdfundingfinancingisstillintheinitialstage,whichlacksregulatorymeasuresforit.Thedevelopmentofourcrowdfundingfinancingstillfacesmanyrisksanduncertaintiesinthefuture.一、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,howeverourcountryjustlaunchedapilotprojectforittillNovember19,2015.第三，从众筹融资的监管机制来看，美国在2012年3月出台了JOBS法案，还陆续地在出台一些细则，而我国对于众筹投融资尤其是股权众筹的监管法规还在酝酿之中，尚未正式出台。Third,fromtheperspectiveofthesupervisionmechanismofcrowdfundingfinancing,TheUnitedStatesintroducedtheJOBSactinMarch2012andhasbeenintroducinganumberofrulesrelated.However,inChina,theregulationstosupervisecrowdfundinginvestmentandfinancing,especiallytheequitypatterncrowdfunding,arestillbrewingandhavenotyetbeenformallyintroduced.第四，从融资人目的来看，美国融资人多利用新创意、新项目构筑平台募得启动资金，而我国筹资人则多利用一些比较成熟的品牌项目构筑平台进行宣传筹资。失去了众筹支持创意项目的初衷。Fourth,fromtheperspectiveofthepurposesoffinanciers,theAmericanfinanciersoftenusenewideasandnewprojectstobuildaplatformforraisingtheinitialfund.Howeverthefinanciersofo