Crowdinvesting – Angel Investing for the Masses?
Crowdinvesting – Angel Investing for the Masses?
复制标题
众筹——面向大众的天使投资？
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
Armin Schwienbacher
中科院分区：
文献类型：
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作者：
Lars Hornuf;Armin Schwienbacher
本章回顾了众筹(或股权众筹)的知识。在过去的十年里，众筹作为一种新的、很有前途的新企业融资方式出现了。众筹包括广泛的活动，如捐赠、预购和群众以奖励为基础的其他形式的筹资，以及债务和股权融资。两位作者将重点放在众筹的一个子类别上，它可以被定义为“众筹”--人群通过互联网对新企业进行投资，目的是获得对企业未来现金流的一些剩余索取权。作为市场的一个新发展，它对大众投资者和商业天使之间的界限提出了质疑。本章的目的是描述众筹投资的功能，并分析众筹投资与天使投资的异同。作者认为，在许多情况下，大众投资者可能会补充而不是取代商业天使和风险投资基金。
The chapter reviews knowledge of crowdinvesting (or equity crowdfunding). Crowdfunding has emerged over the past decade as a new and promising means of financing new ventures. Crowdfunding includes a broad range of activities, such as donations, pre-purchase and other reward-based forms of funding by the crowd as well as debt and equity financing. The authors focus on a sub-category of crowdfunding that can be defined as ‘crowdinvesting’ – Internet-based investment in new ventures by the crowd with the intention to obtain some residual claim on future cash flow of a venture. As a new development in the market it raises questions regarding the boundaries between crowdinvestors and business angels. The aims of the chapter are to describe the function of crowdinvesting and to analyze the similarities and differences between crowdinvesting and angel investing. The authors argue that in many cases, crowdinvestors are likely to complement rather than substitute business angels and venture capital funds.