人人投股权众筹平台风险分析

发布时间：2018-08-01 15:43

【摘要】：近年来,我国小微企业面临着融资难和融资贵的难题。而股权众筹具有公开、小额和大众化等特征,股权众筹的出现拓宽了企业的融资渠道,为小微企业的融资难题带来了新的解决方案,与此同时,股权众筹的发展也加快了我国金融体系向多层次和深层次方向发展。因此,股权众筹的产生和发展受到了社会的广泛关注。2016年李克强总理在全国两会政府工作报告中提出要着重打造众创、众包、众扶和众筹平台。在国家的大力支持下,中国的股权众筹行业将会迎来又一次新高。拒不完全统计,截止2016年2月底,全国各类型众筹平台数共有300多家,其中以股权众筹平台数量最为多,共128家。股权众筹有着作为新兴融资模式的显著优势,但是股权众筹融资过程十分复杂,各环节都存在着诸多风险隐患,在缺乏有效的监督和管理的时候,股权众筹的融资模式将会侵害投资人的利益,甚至于制约整个行业的发展,导致我过金融体系的不稳定。因此,有效控制股权众筹的各方面风险显得尤为重要。本文在分析方法上主要采取案例分析法和文献研究法,以“人人投”股权众筹平台为研究对象。人人投在实体股权众筹模式上多次取得优秀的成绩,在行业内具有典型代表。通过人人投与排骨诺米多的全国首例股权众筹案发现我国现行的股权众筹行业存在极大的风险,通过对人人投公开资料和数据的分析,描述了人人投的业务模式和运作流程,再从人人投众筹平台内部和外部两个方面阐述了“人人投”股权众筹平台存在的风险,人人投内部风险包括人人投风控体系风险和平台运作风险,人人投外部风险包括监管政策、信用体系和实际股东权利等风险。最后,针对人人投平台运作过程中存在的问题提出改进建议,防止各参与主题在融资过程中面临的风险。同时,本文也对监管当局的监管策略提出了一些建议,监管当局需在监管与投资者保护之间找到平衡点,为股权众筹的未来发展提供更好的外部环境。从总体出发,股权众筹组成了互联网金融体系中的重要的一部分,在我国进一步推动股权众筹还面临着诸多风险,我国不仅需要鼓励股权众筹的发展,还需要加强风险控制,稳步发展股权众筹,稳定我国金融体系。
[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.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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