【正文】 set foot in all the chips in the risk of credit circumstance means that the national quality needs to be improved, and the national credit system needs to be the circumstance in which credit is not high, investors and financiers tend to do fraud,which raises the risk of risk of economic circumstance mainly refers to the risk of the slowdown of macroeconomic,that is to say, the economic downturn brings a greater uncertainty to the development of crowdfunding.從治理層面來看，眾籌投融資面臨的風(fēng)險(xiǎn)源主要包括眾籌平臺(tái)的治理和融資人的治理。市場(chǎng)環(huán)境方面的風(fēng)險(xiǎn)主要有項(xiàng)目市場(chǎng)不景氣、惡性競(jìng)爭(zhēng)、市場(chǎng)欺詐等導(dǎo)致的風(fēng)險(xiǎn)。上述規(guī)定，無疑給眾籌投融資在推廣方面、籌資回報(bào)方面、投資人選方面設(shè)定了限制，讓更能激勵(lì)投資者的股權(quán)不能作為眾籌的砝碼。The crowdfunding financing pattern brings gospel to the development of China39。Fifth, from the scale of financing point of view, the domestic crowdfunding platform exceeded 100 in to the monitoring data of the China Electronic Commerce Research Center ,in the first half of 2014, there are 1423 crowdfunding financing events occurred in the crowdfunding industry of China, which raised a total amount of billion yuan which includes billion yuan from the equity pattern there had been 344 crowdfunding platform in the United States at the end of were nearly 5600 crowdfunding financing events in the American actual fundraising amount reached $ million , which reach at the success rate of crowdfunding of %.根據(jù)官方數(shù)據(jù)，美國眾籌平臺(tái) Kickstarter2013 年有 300 萬用戶為其接近 2萬個(gè)項(xiàng)目共籌資 億美元，截至 2014 年 3 月，通過該平臺(tái)實(shí)現(xiàn)的額資已超過 10 億美元。s first equity crowdfunding platform Angellist was born in the Silicon Valley of America in 2010.It is not a long time since the concept of crowdfunding investment and financing was introduced into our country. It is only a few years so far. Thenamed time appeared on line in July 2011, which is the earliest crowdfunding financing platform of China . And then crowdfunding financing platforms such as theventure capital circle, the“our investment”, the crowdfunding networkand the “angel crowdfunding”and success to some creative projects to raise funds.The crowdfunding pattern increases a new way to solve the problem of the difficult financing and the high cost of financing of our small and mediumsized the same time,it provides the innovation and entrepreneurship of all ambitious young people a financing channel,which is conducive to the promotion of scientific and technological innovation and the implementation of new ideas,and is conducive to increasing employments and maintaining social , our crowdfunding financing is still in the initial stage,which lacks regulatory measures for development of our crowdfunding financing still faces many risks and uncertainties in the future. 中美眾籌發(fā)展的差距 gap between China and America in the development of the Crowdfunding industry . 首先，從眾籌融資的起源時(shí)間來看，美國眾籌融資起源于2001年，而我國起源于2011年，落后10年時(shí)間。眾籌融資起源于美國，Artist Share公司作為眾籌的先鋒平臺(tái)于2001 年在美國成立。the crowdfunding platform。我國引入眾籌投融資概念的時(shí)不長，至今只有幾年，2011年7月，“點(diǎn)名時(shí)間”的上線成為我國第一個(gè)眾籌模式的融資平臺(tái)，后來又出現(xiàn)了諸如創(chuàng)投圈、大家投、眾籌網(wǎng)、天使匯等融資平臺(tái)，并且成功為一些創(chuàng)意項(xiàng)目籌得了資金。Third, from the perspective of the supervision mechanism of crowdfunding financing,The United States introduced the JOBS act in March 2012 and has been introducing a number of rules ,in China,the regulations to supervise crowdfunding investment and financing,especially the equity pattern crowdfunding,are still brewing and have not yet been formally introduced.第四，從融資人目的來看，美國融資人多利用新創(chuàng)意、新項(xiàng)目構(gòu)筑平臺(tái)募得啟動(dòng)資金，而我國籌資人則多利用一些比較成熟的品牌項(xiàng)目構(gòu)筑平臺(tái)進(jìn)行宣傳籌資。另外，由于我國法律的限制，每個(gè)項(xiàng)目的投資人參與人數(shù)也很少，這樣一來再兼顧風(fēng)險(xiǎn)考慮，每個(gè)項(xiàng)目的籌資額度也不會(huì)很大，所以現(xiàn)在的眾籌平臺(tái)對(duì)高科技的研發(fā)項(xiàng)目還不是很適用。First of all, the resistance is from the national policy. China has not yet the relevant legal policies to the crowdfunding investment and financing,which is easy to be associated with the illegal “Interpretation of the Supreme People39。這讓一些處于初創(chuàng)期的創(chuàng)意性項(xiàng)目得到較少的融資機(jī)會(huì)，不利于我國自主創(chuàng)新的發(fā)展，尤其是在科技領(lǐng)域的創(chuàng)新。From the perspective of circumstance, the risk of the crowdfunding investment and financing is mainly from the market circumstance,the economic circumstance,the legal circumstance,the credit circumstance,the social circumstance,the political circumstance and so risk of market circumstance is mainly a risk result from the downturn of project market, the vicious petition,and the market risk of legal circumstance is mainly related to the legal pliance and the reason pliance of the contract design, the intellectual property disputes,and the market regulation and so on。而融資人的股權(quán)結(jié)構(gòu)的變動(dòng)會(huì)帶來一定的風(fēng)險(xiǎn)性，因?yàn)楣蓹?quán)糾紛容易導(dǎo)致投資人面臨無法收回投資和獲益的風(fēng)險(xiǎn)；還有就是制度風(fēng)險(xiǎn)包括眾籌平臺(tái)的制度和融資人的內(nèi)部管理制度的漏洞所帶來的風(fēng)險(xiǎn)。On the basis of the above, the crowdfunding investment and financing of our country should continue to developing towards the direction of more specialization and more specialization development can weaken the risk and be more professional,because the crowdfunding platforms are more easier to carry out the audit of the project and more able to determine whether the project has the development potential and the size of the risk of the project after an indepth understanding of a certain industry,which can protect the interests of investors better.同時(shí)，這樣可以容納更多的眾籌平臺(tái)交錯(cuò)發(fā)展，減少不良競(jìng)爭(zhēng)的產(chǎn)生。在眾籌風(fēng)險(xiǎn)控制中，做好載體的風(fēng)險(xiǎn)控制工作非常重要，主要包括：完善相關(guān)的法律、政策，控制信息傳播，增強(qiáng)技術(shù)能力，保護(hù)網(wǎng)絡(luò)安全，控制資金使用，加強(qiáng)相關(guān)人員素質(zhì)教育，謹(jǐn)慎運(yùn)作等，尤其要注意防止風(fēng)險(xiǎn)的滋生與耦合作用的產(chǎn)生。s Bank should take charge of the regulation of the toplevel design and development planning of all kinds of Internet financial China Securities Regulatory Commission is responsible for the supervision of the equity pattern crowdfunding,The China Insurance Regulatory Commission is responsible for the supervision of the insurance linked to investment,The Ministry of Industry and Information Technology is responsible for the record of the qualification of the crowdfunding platform, the Ministry of public security is responsible for the supervision of the network fraud and illegal it es to the crosssector and interdepartmental regulation, the people39。股權(quán)類平臺(tái)需披露項(xiàng)目的融資范圍、投資風(fēng)險(xiǎn)、投資人資質(zhì)要求，定期公布項(xiàng)目融資總額、股東變動(dòng)狀況以及公司財(cái)務(wù)報(bào)表。s real economy.31 / 31