[雙語翻譯]眾籌融資外文翻譯--金融創(chuàng)新——眾籌融資是朋友還是敵人？

1、4000 英文單詞， 英文單詞，2.2 萬英文字符， 萬英文字符，6950 漢字 漢字文獻(xiàn)出處： 文獻(xiàn)出處：Turan S S. Financial Innovation - Crowdfunding: Friend or Foe? ☆[J]. Procedia - Social and Behavioral Sciences, 2015, 195:353-362. Financial Innovation - Crowdfundin

2、g: Friend or Foe?Semen Son Turan AbstractA phenomenon with a considerable past, and with new conspicuous investment models and financial products and services proliferated through the Internet; financial innovation seem

3、s to be almost ubiquitous these days. While there are numerous advantages, especially nowadays through the exploitation of easily accessible, low cost and convenient e-commerce platforms, innovation in the finance sec

4、tor does not come without its perils. Banks and traditional financial institutions are losing chunks of market share to virtual intermediaries and investors are operating in relatively less regulated and, consequently,

5、 less secure environments. Furthermore, from the perspective of all stakeholders, there is a Knightian uncertainty component of the long-term ramifications in investing in and through newly developed products and plat

6、forms. As such, it is only recently that economic history witnessed the outbreak of the sub- prime mortgage crisis caused by the unraveling of a chain of events interlinked through the imprudent use of “innovative” deri

7、vative transactions involving credit default swaps backed by the insatiable appetite of the “irrationally exuberant” investor and the easement of regulation paving the leeway for predatory lending. This paper investiga

8、tes whether and to what extent innovative investment models such as crowdfunding, as the game-changer, forcing the tightly regulated securities markets to adapt to the rules of the WEB 3.0 era and relieved through the

9、 provision, Title III, of the JOBS Act, could be a potential peril. To that end, it discusses the evolution of the equity crowdfunding model in the realm of the technology push - demand pull framework and analyzes the

10、current situation of the market.Keywords: Innovative Investment Models; Crowdfunding; Technology Push Demand Pull; Financial Innovation; JOBS Act1. IntroductionCrowdfunding (“CF”), also called crowdinvesting, represents

11、 a fairly new source of early stage venture funding, where a large number of people are virally mobilized through an online donation-or investment-based model, to contribute during a given time period, relatively small

12、 portions of funds with the aim of supporting a cause, project or business venture. Donation-based models are either set up to facilitate philanthropic giving or to provide non- material rewards to the donors, whereas

13、 investment- based models offer a claim to a debt or a share of equity (or a portion of profit or revenue) in exchange for the contribution of the investor (also referred to as the backer).Though the history of collecti

14、ve fundraising goes back as far as the 18th century subscription or “praenumeration” model used to finance the printing of books (Corsten, 1991), the morphed practice of raising capital through online communities forme

15、d by “sheer strangers”, who may or may not be sophisticated investors depending on the legal restrictions of their home country, are rooted in the donation-based model spearheaded by a rock band’s fan funded reunion to

16、ur in 1997 (Feinberg, 2013). With its tremendous growth worldwide, CF increased from 21% to 143% from 2007 to 2011, and the equity crowdfunding (“EC”) share of the CF pie increased threefold, reaching 15% during the sa

17、me period (Statista, 2014). The rapid evolutionary pace of today’s social network engines that facilitate investors and loose regulatory control, in its aftermath, created a more challenging lending environment, or a “

18、funding gap”, especially for SMEs and new ventures in need for these funds (the “demand pull” factor). Business angels, and, at latter stages, venture capitalists partially served as remedy, however, only to the lucky

19、few of entrepreneurs who had the awareness of their existence, the communication skills to access them and make their “pitch” to these organized groups of investors. On the contrary, online investment platforms (the “t

20、echnology push” factor) relieve both investors and entrepreneurs from the burdens of the traditional early stage investment process by providing quick, easy and low cost access to a variety of projects, in a transparen

21、t setting facilitated by a third party.The importance of angel investors has increased in recent years given the difficulties young innovative firms face in securing finance from other channels (Wilson, 2011). Meanwhile

22、, venture capital firms are paying more attention to later-stage investments, and, coupled with the post-2008 crisis growing demand for cheap and accessible funds, have left a significant funding gap at the seed and ea

23、rly stage. Angel investors, operate in this investment segment and thus help to fill this increasing gap. EC departs from the models of traditional angel investors and venture capital firms since transactions are inter

24、mediated by an online platform. Some platforms are more active in screening and evaluating companies than others. Also, their role during the investment and post-investment stages can vary significantly. EC platforms,

25、in general, follow the phases described in this paper.3. Stakeholder RisksThere are three direct stakeholders to the EC model: the entrepreneur, the investor, and the EC platform. These players may not be fully aware o

26、f the immediate and long-term risks they have to bear prior to, during, and in the aftermath of the EC process. Some entrepreneurs do not fully comprehend the unique challenges that going down the EC route can bring. I

27、nvestors, especially unsophisticated ones, may underestimate the risks associated with high-risk investments or misread signals. EC platforms, on the other hand, carry the burden of acting, both, as an investment bank

28、and an auditor.From a legal standpoint, the investor buys a stake in the company, where the value of the venture must be estimated in advance, a task extremely difficult for a company with no track record. Many more co

29、mplexities pose problems that are distinct and more fundamental than those of other CF models. And while, there is an increasing amount of papers discussing the benefits of EC, little is known about the risks, most pro

30、bably attributable to data scarcity and short historical records of EC projects. However, the market is expanding quickly and is likely to become larger with JOBS Act becoming effective in the US.Fig. 1. shows how much

31、 risk each immediate stakeholder is exposed to during the lifecycle of the EC process. While the investor and the EC platform carry relatively higher risk during the pre-launch period, this risk changes in intensity an