中国股权众筹运作模式及风险研究

Research on operation mode and risk of crowd-funding in China

近年来,互联网金融凭借着运营风险低、交易成本低、运作效率高的特点成为各地经济发展的重要手段,为世界金融发展注入了新的活力。从分析股权众筹概念入手,研究国内股权众筹运作模式的发展和创新,采用二元Logit模型分析"领投+跟投"模式对股权众筹运营的促进作用,同时从法律风险和项目运营风险两方面对股权众筹运作模式进行风险分析并提出相应的防范措施,以便于更好地保护投资者的利益,促进股权众筹模式的发展。

In recent years,internet finance has become an important means of local economic development owing to its lower operational risk,lower transaction costs and higher efficiency,which has injected newvitality into the world financial development. Starting from the analysis of the definition of stock crowd-funding,the development and innovation of the operation mode of stock crowd-funding are researched. The binary Logit model is used to analyze the promoting effect of the mode of ＂leader ＋ follower＂on the operation of stock crowd-funding. At the same time,the risk analysis is carried out from the perspectives of legal risk and project operational risk,and the corresponding preventive measures are proposed,so as to better protect the interests of investors,and promote the development of stock crowd-funding.