【作者】 孙斌；

【导师】 马良华；

【作者基本信息】 浙江大学 ， 金融（专业学位）， 2018， 硕士

【摘要】 自2011年互联网众筹在中国发端以来,其经历了一个快速发展期。相比于传统的银行贷款、风险投资基金和其他类型的各类金融机构,互联网众筹的融资形式更为多样,融资规模更为灵活,尤其适合小微创业企业。目前,互联网众筹已经帮助十几万小微企业主完成了创业梦想。而众多投资者在帮助融资者完成项目的同时,亦收获了各种形式的回报。可以说,互联网众筹开创了一种新的投融资渠道,大大提升了社会投融资效率,是互联网时代一种有益的金融创新。本文通过文献研究和实证数据分析,对互联网众筹的内涵、分类及其特点、融资者和投资者的行为模式、国内外的发展现状、法律监管情况等进行了详细研究。本文根据回报形式将互联网众筹划分为捐赠众筹、奖励众筹、债权或物权众筹以及股权众筹。同时,由于法律适用性、技术特点、社交性等特殊原因,本文认为互联网众筹应视为一种独立的投融资渠道。随着互联网众筹的体量不断扩大,与其他传统金融机构的竞争关系渐渐凸显。因此,探讨互联网众筹在目前已经较为成熟的金融体系下的作用和地位,以及与其他金融机构之间的竞争关系有着重要的意义。本文基于生态位理论,提出了一种全新的竞争分析方法。该分析方法的核心是对被分析对象及其竞争者的关键生态位宽度进行测度,进而绘制出相应的生态位重叠图,或/和计算出相应的生态位重叠度值。根据生态位重叠图或/和生态位重叠度值可以判断被分析对象与其竞争者在关键资源上的竞争情况,结合自身优势分析,可选择采用相应的竞争策略。本文提出的常用竞争策略包括:竞争排斥、特征替位、寻找新生态位、构建生态圈等。基于本文提出的分析方法,笔者对互联网众筹及其主要竞争者进行了生态位重叠分析。分析结果表明,互联网众筹在融资规模和成本这两个生态位上优势并不明显,且与银行、小额贷款公司、P2P平台和股权创业投资基金之间存在较多的生态位重叠,竞争较为激烈。但是在融资企业的生命周期和规模上,互联网众筹有着较为明显的生态位优势。同时,互联网众筹在科技、农业、文化、娱乐等领域有着比较优势。通过对京东众筹平台这一典型案例的分析,验证了上述分析结果。京东众筹平台的案例还表明,特征替位和构建生态圈是一个非常行之有效的竞争策略。结合理论分析和案例研究,本文最终得出了互联网众筹需要进行错位竞争,维持目前所在生态位优势,并与其他组织协同进化、合作共生,同时应该充分利用互联网技术不断拓展新的生态位空间的结论。文章还指出,互联网众筹降低了信息不对称性,是一种廉价的投行服务,同时还拥有交易成本低等诸多独特优势,因此短期内其占据的生态位较为稳固。最后,本文对互联网众筹的行业发展、投融资方、政府和互联网众筹平台等都提出了相应的建议。更多还原

【Abstract】 Since Crowdfunding began in China in 2011,it has experienced a period of rapid development.Compared with traditional bank loans,venture capital funds,and other types of financial institutions,crowdfunding is a more varied and flexible way of financing,which is particularly suitable for small enterprises.At present,crowdfunding has helped hundreds of thousands of small business owners to complete their entrepreneurial dreams.While many investors have helped financiers to complete projects,they have also received various forms of returns.It can be said that crowdfunding has created a new investment and financing channel,which has greatly improved the efficiency of social investment and financing and is a kind of beneficial financial innovation in the Internet era.Based on literature and data analysis,this paper conducts detailed research on the connotation,classification and its characteristics,the behavior patterns of financiers and investors,the development status,and the legal supervision of crowdfunding.This paper divides the crowdfunding into donation-based crowdfunding,reward-based crowdfunding,equity-based crowdfunding,and lending-based crowdfunding.At the same time,this paper argues that due to special reasons such as legal applicability,technical characteristics,and sociability,crowdfunding should be viewed as an independent investment and financing channel.As crowdfunding continues to expand,this unique financing way has become increasingly competitive with other traditional financial institutions.Therefore,it is of great significance to explore the role and status of crowdfunding under the currently mature financial system and the competitive relationship with other financial institutions.Based on the niche theory,this paper proposes a brand-new competitive analysis method.The core of the analysis method is to measure the key niche breadths of the objects to be analyzed and their competitors,and then draw the corresponding niche overlap map,or/and calculate the niche overlapping degree value.According to the niche overlap diagram and/or the niche overlapping degree value,the competition between the analyzed object and its competitors on key resources can be judged,and through the analysis of its own advantages,competitive strategies should be selected.Effective competitive strategies including competitive exclusion,character displacement,searching for new niche,and building ecosystems.Based on the analysis method proposed in this paper,the author analyzed the niche overlap of crowdfunding and its main competitors.The analysis results show that the advantages of crowdfunding in the niches of the scale and cost of financing are not obvious,and there are more niche overlaps with banks,small loan companies,P2P platforms,and equity venture capital funds.The competition is fierce.However,in the life cycle and scale of financing companies,crowdfunding has a more obvious niche advantage.At the same time,it has comparative advantages in science and technology,agriculture,culture,entertainment and other fields.And the analysis of Jingdong crowdfunding verified the above analysis results.The case of Jingdong Crowdfunding also shows that the character displacement and building ecosystems are very effective competitive strategies.Combining theoretical analysis and case studies,this paper finally concludes that the crowdfunding needs to carry out dislocation competition,maintain the current niche advantage,and co-evolve with other organizations and co-exist in cooperation.At the same time,it should make full use of Internet technology to continuously develop new niches.This paper also pointed out that the crowdfunding has reduced information asymmetry,is a cheap investment banking service,and also has many other advantages such as low transaction costs,and therefore its niche is stable in short-term.Finally,this article puts forward corresponding suggestions for the development of the crowdfunding industry,investors and financiers,the government,and the crowdfunding platform.更多还原