中美众筹行业发展的差距与努力方向概论

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 worlds largest crowdfunding financing platform.The worlds 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. Thenamed time appeared on line in July 2011, which is the earliest crowdfunding financing platform of China . And then crowdfunding financing platforms such as theventure capital circle, the“our investment”, the crowdfunding networkand 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 crowdfunding,however our country just launched a pilot project for it till November 19, 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, from the perspective of the supervision mechanism of crowdfunding financing,The United States introduced the JOBS act in March 2012 and has been introducing a number of rules related.However,in China,the regulations to supervise crowdfunding investment and financing,especially the equity pattern crowdfunding,are still brewing and have not yet been formally introduced.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,from the perspective of the purposes of financiers,the American financiers often use new ideas and new projects to build a platform for raising the initial fund.However the financiers of our country often use some more mature projects to build platform to carry out propaganda and financing,which lost the original intention of crowdfunding to support the creative projects.第五，从融资规模来看，国内众筹平台 2014 年突破100 家，据中国电子商务研究中心（100EC.CN）监测数据显示，2014 年上半年中国众筹行业发生融资事件1423起，募集总金额 1.88 亿元，其中有 1.56 亿元来自股权众筹。而美国在2013 年底就已经有344 个众筹平台，美国众筹模式共发生募资案例近5600起，实际募资金额达到21508.61万美元，募资成功率为206.28%。而美国在2013 年底就已经有344 个众筹平台，美国众筹模式共发生募资案例近5600起，实际募资金额达到21508.61万美元，募资成功率为206.28%。Fifth, from the scale of financing point of view, the domestic crowdfunding platform exceeded 100 in 2014.According to the monitoring data of the China Electronic Commerce Research Center 100EC.CN,in the first half of 2014, there are 1423 crowdfunding financing events occurred in the crowdfunding industry of China, which raised a total amount of 1.88 billion yuan which includes 1.56 billion yuan from the equity pattern crowdfunding.While there had been 344 crowdfunding platform in the United States at the end of 2013.There were nearly 5600 crowdfunding financing events in the American crowdfunding.The actual fund-raising amount reached $21508.61 million , which reach at the success rate of crowdfunding of 206.28%.根据官方数据，美国众筹平台 Kickstarter2013 年有 300 万用户为其接近 2万个项目共筹资 4.8 亿美元，截至 2014 年 3 月，通过该平台实现的额资已超过 10 亿美元。而我国点名时间却在2014年4月结束众筹项目转型做了预售。According to official data, the United States crowdfunding platform Kickstarter had 3 million users financing $480 million totally for its nearly 20,000 projects in 2013.By March 2014, the amount of capital achieved through the crowdfunding platform has been more than $1 billion.While thenamed time of our country made the transition from crowdfunding project to pre-sale project at the end of April 2014.第六，从投资人数来看，我国各众筹网站投资人数总和也就 20 多万人，而美国单从 2014 年上半年数据来看，活跃的投资人数就近 281 万人。另外，由于我国法律的限制，每个项目的投资人参与人数也很少，这样一来再兼顾风险考虑，每个项目的筹资额度也不会很大，所以现在的众筹平台对高科技的研发项目还不是很适用。Sixth,from the perspective of the number of investors,the total number of all investors of our crowdfunding website is about 200,000 people.While in the United States, the number of active investors is close to 281,000,0 only from the data of the first half of 2014.In addition, due to the restriction of our legal , the number of investors to participate in each project is small.Then taking into account the risk considerations,the financing amount of each project is not large,too.So the crowdfunding platform is not very applicable to the high-tech research and development projects now .第七，从项目发布内容来看，美国众筹平台发布的创意项目原创设计的很多，并且涉及的门类也很多，自主创新能力较强，而我国众筹平台发布的项目多是餐饮类、文艺类以及一些低端的产品设计，设计门类较少。Seventh, from the perspective of the content of the projects issued,the creative projects issued by American crowdfunding platform have many original designs, involve various categories,and have a high independent innovation ability.while the majority of the projects issued by our crowdfunding platform often involve catering, entertainment and some low-end product design,whose categories of design are less.二、中国众筹行业发展的困境2.the plight of the development of Chinas crowdfunding industry众筹投融资模式为我国创意项目的发展和青年创业、中小企业融资带来了福音。但由于该模式尚处于发展初期，加上我国还没有相关的监管措施，所以还面临着众多的阻力和风险需要解决。The crowdfunding financing pattern brings gospel to the development of Chinas creative projects, and to the financing of youth entrepreneurship and minor enterprises.However, the pattern is still in the early stages of development, and China has not yet the relevant regulatory measures,so it is also facing a lot of resistance and risk to be resolved.（一）众筹投融资本土化存在阻力(1)There is resistance to the localization of the crowdfunding investment and financing. 首先，来自国家政策的阻力。我国尚没有关于众筹融资的相关法律政策，很容易让人们将众筹联想为非法集资，最高人民法院关于审理非法集资刑事案件具体应用法律若干问题的解释规定，违反国家金融管理法律规定，向社会公众（包括单位和个人）吸收资金的行为，同时具备下列四个条件的，除刑法另有规定的以外，应当认定为“非法吸收公众存款或者变相吸收公众存款”：未经有关部门依法批准或者借用合法经营的形式吸收资金；通过媒体、推介会、传单、手机短信等途径向社会公开宣传；承诺在一定期限内以货币、实物、股权等方式还本付息或者给付回报；向社会公众即非特定对象吸收资金。First of all, the resistance is from the national policy. China has not yet the relevant legal policies to the crowdfunding investment and financing,which is easy to be associated with the illegal fund-raising.The “Interpretation of the Supreme Peoples Court on Several Issues concerning the application of law in the trial of criminal cases of illegal fund-raising”stipulates that the act of raising money from the public(including units and individuals)by violating national laws and regulations concerning financial management,with the following four conditions at the same time,and except the otherwise prescription in the criminal law, shall be recognized as illegal absorbing of public deposits or absorbing public deposits in a disguised way :To absorb funds without the approval of the relevant departments in accordance with the law or by borrowing the form of legitimate business;to propagandize openly to the public through media, promotion, leaflets,text messages of mobile phone and other means;to promise to repay capital with interest or to return on payment within a certain period in the manners of money, material object, equity and so on;to absorb funds to the public,that is to say,not to a specific object.另据公司法规定，成立股份有限公司的股东人数不能超过200 人，成立有限合伙制的股东人数不能超过50人。上述规定，无疑给众筹投融资在推广方面、筹资回报方面、投资人选方面设定了限制，让更能激励投资者的股权不能作为众筹的砝码。In addition, the company law stipulates that the number of shareholders to establish a incorporated corporation can not exceed 200,and the number of shareholders to set up a limited partnership can not be more than 50.There is no doubt that the above provisions set a limit to the crowdfunding investment and financing in terms of promotion, financing, investment return,and the candidate of investor,which results in that the equity that is more incentive to investors can not be used as a stake to raise money.其次，来自众筹平台的阻力。我国众筹融资刚刚兴起，为了能够获得更强的竞争力，众筹平台更愿意接受一些成熟的且有一定规模和成就的项目进行融资，以提高其在行业的公信力。这让一些处于初创期的创意性项目得到较少的融资机会，不利于我国自主创新的发展，尤其是在科技领域的创新。众筹平台缺乏完善的信用体系以及管控机制，存在欺诈风险，无法取信于众多的投资者，在一定程度上阻碍了我国众酬投融资的发展。Secondly, the resistance is from the crowdfunding platform.The crowdfunding investment and financing of our country is just emerging. In order to get stronger competitiveness,a crowdfunding platform is more willing to accept some mature projects which have a certain scale and achievement to finance so as to improve its credibility in the industry.This provides less financing opportunities to some creative projects in the start-up period,which is not conducive to the development of our countrys independent innovation, especially the innovation in the field of science and technology.The crowdfunding platforms lack a perfect credit system and a management mechanism, which has risk of fraud and can not win the trust of many investors.This hinders the development of the crowdfunding investment and financing of our country to a certain extent.最后，来自潜在投资者的阻力。我国虽然人口众多，但是参与众筹投资的人还很少，一方面是由于众筹平台的限制，另一方面是由于我国普通大众比较保守，还不能够接受这种新兴的融资舶来品，对其风险性还不太了解，要使我国投资者接受还需要一个过程。Finally, the resistance is from potential investors.Although China has a large population, the people who participate in the crowdfunding investment is few.That is due to the limitations of the crowdfunding platform on the one hand.On the other hand,that is due to the more conservation of the general public in China.They are not able to accept the new exotic of financing and understand little of its risk.It needs a process to make our investors accepting it.（二）众筹投融资面临的风险(2)The risks faced by the crowdfunding investment and financing从环境层面来看，众筹投融资的风险主要来源于市场环境、经济环境、法律环境、信用环境、社会环境、政治环境等。市场环境方面的风险主要有项目市场不景气、恶性竞争、市场欺诈等导致的风险。法律环境风险主要涉及合同设计是否合法合规合理、知识产权纠纷、市场监管等；来自政治环境方面的风险主要有政策的干预、国民经济重心的调整力度。宏观政策的变化会直接影响众筹平台的运作，国民经济重心的调整会影响项目的景气程度，从而影响众筹的风险程度，不过，一般情况下来自政治方面的风险很小。From the perspective of circumstance, the risk of the crowdfunding investment and financing is mainly from the market circumstance,the economic circumstance,the legal circumstance,the credit circumstance,the social circumstance,the political circumstance and so on.The risk of market circumstance is mainly a risk result from the downturn of project market, the vicious competition,and the market fraud.The risk of legal circumstance is mainly related to the legal compliance and the reason compliance of the contract design, the intellectual property disputes,and the market regulation and so on;The risk of political circumstance is mainly from the policy intervention and the adjustment of national economy center.The changes of macro policy will directly affect the operation of the crowdfunding platform.The adjustment of the national economic center will affect the level of the boom of the project, thus affect the level of the risk of crowdfunding.However, in general, the risk from the political side is very small.社会环境的风险主要指媒体大众对众筹的挤兑风险，即当众筹投融资发生失败案件或丑闻时，媒体会大肆宣传，以致给大众留下不好的印象，让更多的潜在投资者不敢涉足众筹领域。信用环境风险是指国民素质有待提高、国民信用体系有待完善。信用度不高环境下的投资人和融资人往往会发生欺诈行为，从而给众筹带来风险。经济环境风险主要是宏观经济增速放缓，经济下行给众筹的发展带来较大的不确定性。The risk of social circumstance mainly refers to the risk of wringing from the mass media.When the scandals or failure cases of the crowdfunding investment and financing occurred, the media often hypes up them so that the crowdfunding investment and financing left a bad impression to the public, let more potential investors dare not set foot in all the chips in the field.The risk of credit circumstance means that the national quality needs to be improved, and the national credit system needs to be improved.In the circumstance in which credit is not high, investors and financiers tend to do fraud,which raises the risk of crowdfunding.The risk of economic circumstance mainly refers to the risk of the slowdown of macroeconomic,that is to say, the economic downturn brings a greater uncertainty to the development of crowdfunding.从治理层面来看，众筹投融资面临的风险源主要包括众筹平台的治理和融资人的治理。从平台治理来说，存在监管风险、人力资源带来的职业风险、道德风险、制度风险；从融资人的治理来说，存在股权结构风险、董事会风险、制度风险等。这些风险都是相辅相成的，不是单独存在的，项目审核人员审核不到位或者不道德行为（比如融资人与审核人员勾结）有可能带来监管风险，使得有问题的项目进入融资平台。而融资人的股权结构的变动会带来一定的风险性，因为股权纠纷容易导致投资人面临无法收回投资和获益的风险；还有就是制度风险包括众筹平台的制度和融资人的内部管理制度的漏洞所带来的风险。From the perspective of governance,the risk of the crowdfunding investment and financing mainly includes the governance of crowdfunding platform and the governance of financier.From the governance of crowdfunding platform,there are regulatory risk, occupational risk brought by human resources, moral risk,and system risk.From the governance of financier, there are a risk of ownership structure,a risk of the board,and the risk of the system, etc.These risks are complementary to each other rather than alone.Audit staff of project have audit failures or unethical behaviors (such as the collusion between finance and audit staff) may bring regulatory risk,which makes the project with problem coming into the crowdfunding platform.And the changes in the ownership structure of the financiers will bring a certain risk,because the equity disputes is easy to lead to the risk of investors that the investment and benefit can not be recovered.In addition,there is the system risk which includes the risks brought by the vulnerability of the system of the Crowdfunding platform and of the internal management system of financiers.三、中国众筹行业发展的努力方向3.The strive direction of the crowdfunding industry of China众筹投融资在我国的良性发展需要克服以上阻力和风险。首先，应在法律法规上予以支持和约束，以确保众筹投融资向着正确的方向发展。应在严格投资者准入条件的同时放开投资者数量限制，这样有利于风险的分散。其次，成立众筹平台行业协会，进行行业自律，制定行业规章制度，严格规范项目审核，保证项目质量，提高众筹融资信用度。再次，加强投资教育，使更多的投融者了解众筹投融资的意义和项目风险，增强投资者的风险防范意识。The healthy development of the crowdfunding investment and financing of China needs to overcome the obstacles and risks above.First of all, it should be supported and bound by laws and regulations to ensure that the crowdfunding investment and financing is on the right direction of development.We should strictly restrict the access conditions of investors, at the same time release the limit of the number of investors,which is conducive to the spread of risk.Secondly, We should establish industry associations of the crowdfunding platform to do the self-regulation of the industry,to develop the rules and regulations of the industry,to regulate the project audit strictly, to ensure the quality of the project, and to raise the credit.We should strictl