P2P借貸及股權模式群眾募資(即所謂金融回報型群眾募資)在過去五年間快速地成長，被認為係使中小企業及新創公司可有效率籌資之工具。為維持其制度之功能-籌資之效率性，在對籌資公司或平台之規範強督不宜過高，以降低其法規遵循成本。惟由於投資P2P借貸及股權模式群眾募資伴隨許多種類之風險，故在降低對籌資公司或平台之法規遵循負擔時，投資人保護之問題亦不可忽視，如何在此二者間達成平衡，為監管上之重要議題。 本文首先介紹在P2P借貸或股權模式已有發展或正在發展之美國、英國以及日本之規範概況。其次，在我國法部分，先就我國之股權模式群眾募資規範之發展為介紹，並參照比較法之規範為評析。其後，則就我國若引進P2P借貸制度，在我國既有法制如銀行法上可能碰到之問題及規範方向為分析。 在股權模式部分，櫃買中心在2014年1月開始營運功能相似之創櫃板。於2015年，金管會宣布證券經紀商經主管機關核准後，可經營股權性質群眾募資平台(後稱民營平台)，二者均受櫃買中心所發布之法規命令所規範。創櫃板與民營平台在功能及規範上有其相似之處，當二者在未來採雙軌並行時，可能有市場區隔及風險控制不足與櫃買中心在主導創櫃板同時，亦作為民營平台之監管者之利益衝突等問題。再者，在各自制度之問題上，二者亦有共通之處。關於投資人保護部分，第一，投資人可否適用相關規範為救濟，除證交法之反詐欺條款外，目前尚不明確。其次，關於投資限額之規範，則有計算與驗證限額之方式與轉售限制之規範必要性及周邊問題等之討論。關於籌資公司，則有籌資限額規範之寬嚴問題及僅可發行普通股之規範等之討論。在平台業者之規範，在民營平台部分，有關於平台業者准入規範、名義股東制度之可行性、單一業務經營及重大禁止行為等問題之討論。 在P2P借貸制度部分，關於我國法制，本文認為在各該模式是否使平台甚而借用人有構成銀行法收受存款之問題未能被釐清之前，P2P借貸制度恐無法被順利引進，可能須透過銀行法之修正，並輔以主管機關之解釋始能解決此一問題。關於對P2P借貸平台之規範，P2P借貸平台是否被定位為金融機構之一環，亦可能影響其應遵循之法律或規範為何。惟本文認為為促進P2P借貸平台之發展，即使主管機關將其定位為金融機構之一環，亦需適當設置例外，藉此可避免繁重之法規遵循成本讓使P2P借貸之制度失其設計之原意。關於貸與人之保護，在救濟途徑、投資限額、風險之評估與預告、中間帳戶之監管、資訊揭露、平台是否應提存準備金及設置意外準備基金、貸與人是否適用存款保險制度以及平台倒閉時對流通在外借款之處理機制等，亦應設置相關規範，惟亦應注意貸與人保護與上述平台法規遵循成本之平衡問題。在法規之規範方式上，本文則認為P2P借貸之商業模式可能乃與傳統借貸之商業模式有所落差，而平台之定位亦可能與傳統金融機構有所不同，故認為宜單獨就P2P借貸修訂專法或至少由主管機關單獨訂定法規命令，較為妥適。 / P2P lending and equity crowdfunding (so called “financial return crowdfunding,” FR crowdfunding for short), having grown rapidly in the last 5 years, are considered as an efficient vehicle for funding small and medium enterprises as well as start-ups. For maintaining the function of FR crowdfunding that is the efficiency of raising fund, it’s not appropriate to put strong regulations on the enterprises needing fund and the platforms of FR crowdfunding. However, because investing in FR crowdfunding associates with several types of risks, while reducing the burdens of the enterprises or platforms on compliance with the regulations, the issue of investor protection also cannot be ignored. How to balance between these two topics mentioned above is an important issue on the regulations of FR crowdfunding. Firstly, this article introduces the regulations on FR crowdfunding in U.S., Britain and Japan where P2P lending or equity crowdfunding has developed or is developing. Secondly, in the regulation of Taiwan, the article presents the regulation on equity crowdfunding of Taiwan first and make some comments, referred to the foreign regulations mentioned above. Afterwards, the article analyzes the problems, encountered on the existing laws, such as the Banking Law, and studies how to regulate P2P lending, if P2P lending is introduced to Taiwan. In the section of the equity crowdfunding, Taipei Exchange (GreTai Securities Market) started Incubation Board for Startup and Acceleration Firms (GISA) in January 2014 whose function is similar to that of the equity crowdfunding platforms. In 2015, Financial Supervisory Commission declared that securities brokers are permitted to operate platforms of equity crowdfunding (called private platforms hereinafter) once the securities brokers are authorized by the competent authority. Both GISA and private platforms are regulated by the regulations issued by Taipei Exchange. The functions and the regulation structures of GISA and private platforms are similar. When GISA and private platforms operate in a double-track way in the future, there are some problems like the insufficiency of market segmentation and risk control. Because upon the regulations, Taipei Exchange also supervises the private platforms, there exists a problem of interest conflict. Moreover, the regulations of GISA and private platforms also have common issues. About the protection of investor, firstly, whether the remedy regulations of other laws could apply for the investors of GISA and private platforms, except for the anti-fraud regulation of Securities and Exchange Act, is not clear so far. Secondly, there are also some discussions on the regulation of investment cap like the approach to calculate and verify the cap, the necessity of the measure of resale limitation, etc. About the enterprises raising fund on the GISA or private platforms, there are some discussions on whether the cap of raising fund should be higher and whether those enterprises should be permitted to offer preferred stock to raise fund, etc. About the platform, concerning to the regulations on the private platforms, there are some discussions on the industry access regulation, the feasibility of nominee structure, the operation of single business and the acts prohibited by the regulation, etc. In the section of the P2P lending, the article notes that before the problem, whether the borrowers or the platforms under different business models be considered as doing the business of accepting deposits under the Banking Law, could be clarified, it’s afraid that P2P lending cannot be introduced to Taiwan smoothly. This problem could be solved by the amendment of the current Banking Law or by the legal interpretations issued by the competent authority of Banking Law. About the regulations to the P2P lending platforms, whether the P2P lending platforms are considered as a financial institution affects which laws or regulations the P2P lending platforms might obey. However, for promoting the development of P2P lending, the article thought even if P2P lending platforms are considered as a financial institution, it’s necessary to set exceptions appropriately on it. By doing that, the purpose of P2P lending might not be destroyed by the heavy burden of compliance of regulations. About the protection of lenders, the regulations on P2P lending should include the issues on remedies of P2P lenders, investor investment cap, rating and precaution of risk, the supervision on the account of fund raised from lenders, information disclosure, whether the platforms should deposit reserves and set contingency fund, whether P2P lenders are protected by the deposit insurance, and the mechanism to deal with the loans still outstanding in case of the platform failure. However, the issue of balancing the lenders protection and the cost of regulatory compliance of the platforms still need to be considered. About how to regulate P2P lending, the article thinks that the business model of P2P lending is different from traditional lending model and that the P2P platforms are also different from the traditional financial institutions. Consequently, the article thinks that it’s appropriate to make laws or regulations singly for P2P lending.

As the marketplace for crowdfunding grows to an estimated $5 billion dollars in 2013, academic research exploring the second largest platform Indiegogo has been largely overlooked. This research identifies causal characteristics that differentiate content and social spread strategies across ten technology campaigns on Indiegogo, covering a wide pledge fundraising range from $13,417 to $1,960,503. The researcher’s central hypothesis that better content and spread strategy executions would generate more campaign activity and higher pledges was proven to be generally true, but also an oversimplification of complex variables. Successful campaigns can be defined by both the pledge amount raised and the percent of goal reached, whereas all campaigns surveyed reached over 100% of their set goal. All campaigns selected met three key criteria in that they: launched by April 1st, 2013 and ended before October 15th, 2013, lasted between 31 and 51 days and used a Vimeo video player with open statistics. A five tier framework was designed to classify Blockbuster, Intermediate and Base level performance. Close watch was given to mainly the campaign pitch video followed by page content and social media channels. The pitch video content analysis examines narrative content tactics, technical triggers and pledge participation prompts and found that higher performing campaigns generally aligned with the optimized content analysis units, with some exceptions. There was a strong connection between more video views, especially at the frontend of the campaign, raising greater pledge amounts. Campaigns with more page content comments leveraged higher audience participation and pledges. Social media activity mainly through Facebook Likes had the most impact on pledge participation across campaigns. Video source traffic arrived mostly to the Indiegogo page from social media, email marketing and to a lesser extent from referral blogs and website links. In summary, the characteristics that defined better content and spread strategy executions were certainly related to increased campaign activity and higher pledges, but exhibited complex behaviors requiring more data to comprehensively understand the direct impact on a campaign’s performance. / text

Research: In recent years the concept of crowdfunding, fundraising through social communities, has risen as an alternative for launching new creations and projects. The aim of this study was to explore the non-financial aspects of how interactive value is created through the social networks on a reward-based crowdfunding platform. This was done through investigating how creators on Kickstarter perceive value, approaching the social network from three different levels: the context, structure and practices. This study had a qualitative approach and 13 interviews were performed with key actors on the crowdfunding platform. A secondary study was performed gathering information about Kickstarter through their website. Findings: The result of this study suggests that there are non-financial benefits of being connected with an innovation network. The findings further indicate that the creators are utilizing the digital platforms to gain attention from the crowd and to connect with other networks. The study concludes that collective value is created through interactions on the crowdfunding platform. Further, the general attitude of authenticity within the crowdfunding context implies that the creators’ personal values and motives might play role for the rate success rates of new ventures.

Crowdfunding is a relatively new addition to the entrepreneurial range of funding options. It has been considered a “game changer’ and an “equalizer” for entrepreneurs seeking to finance new ventures. However, it shares several attributes with traditional funding methods as well as many of the same investor concerns. Since research is still scant on both crowdfunding as whole and on its fast-developing sub-categories this study endeavored to analyze two related topics in this area. Understanding how close this new paradigm is to the old is a focus of new research. In the case of this study perceived self-confidence of the crowdfunding project founder to the successful outcomes is examined. Additionally, to see if gender bias plays a part in this new era it is included as a control to determine if women need to project greater confidence than men to overcome these and achieve the same goals. Kickstarter.com is one of the oldest and most successful rewards based crowdfunding sites in the world. A sample of 9050 completed campaigns from here were used for this analysis. In the methodology qualitative coding was used to identify the linguistic symbols of confidence. To empirically investigate the research questions statistical analysis was carried out to seek the relationships between confidence signaling and successful crowdfunding performance as well as if gender bias has a moderating effect. The two hypotheses were not supported by the results of this study. Self-confidence was not a predictor of crowdfunding success and gender did not have a significant influence on the outcomes.

O crowdfunding (financiamento coletivo) é uma nova espécie contratual em que, por meio da internet, pessoas buscam angariar valores valendo-se de diversas contribuições individuais, normalmente de pequenos valores. No presente estudo, buscou-se explicar, primeiramente, os principais fundamentos e características do crowdfunding, para, a seguir, traçar as linhas gerais das quatro espécies de financiamento coletivo hoje conhecidas (doações, recompensas, participação societária e empréstimos). Destas espécies, representaram o objeto de estudo do presente trabalho somente o crowdfunding baseado em doações e o baseado em recompensas. Na segunda parte, a responsabilidade civil dos financiadores, dos financiados e dos intermediários foi detidamente abordada. Por fim, as tentativas de legislação sobre o tema no Brasil, bem como algumas experiências estrangeiras, foram tratadas, bem como foi realizada uma análise sobre a pertinência e a necessidade de uma legislação específica sobre o tema, concluindo no sentido de que os Projetos de Lei criados no Brasil foram inadequados e não merecem ser aprovados. / Crowdfunding is a new kind of contract that people use to raise money, through the internet, by collecting a variety of small contributions, usually small amounts. The present study sought to explain, first, the main basis and characteristics of crowdfunding, and then determine the main objectives of the four crowdfunding modalities now known (donations, rewards, equity and debts). Of the modalities listed, represented the labor of this study only the types based in donations and based in rewards. In the second part, the civil liability of financers, financed and intermediaries at crowdfunding relations was carefully investigated. Finally, attempts of legislation on this issue in Brazil, as well as some foreign experiences, was handled. In the end, an analysis was done of the relevance and the need of specific legislation on this matter, concluding that the Law Projects created in Brazil were inadequate and do not deserve to be approved.

Traditional investment practices have been revamped with more and more modern methodsto fit entrepreneurial settings. The evolution of equity crowdfunding has created an alternative to venture capital,bank loans and business angels. Due its novelty, recent studieshave onlyfocusedon its mechanisms and financial regulations. We draw from crowdfunding concept and social theories to develop an understandingonthe connection between social media networkand equity crowdfunding success.Utilizingdata from LinkedIn and a leading equity crowdfunding platform in the Nordics, we explore the impact of social media network to funding campaigns’ success. We collected data on every company on the platform, and we collected data on the key members’ LinkedIn connections. The results propose that it is possible to predict certain types of success in equity crowdfunding based on the number of LinkedIn connections. This study contributes to existing literature by providing better understanding on another social network, LinkedIn, which is often connected to project pages on crowdfunding platforms. We contribute even for improved insight in decision making processes behind the investments; which is in high interest of entrepreneurs, investors and platforms

Las nuevas tecnologías han implicado un cambio en nuestras conductas dentro de la sociedad, dentro de ello la forma como utilizamos el mercado financiero. Así, actualmente las nuevas figuras como el Dinero Electrónico y Crowdfunding plantean nuevos retos a considerar.Al respecto, en nuestro país tenemos una reciente ley de Dinero Electrónico y la Superintendencia de Banca y Seguros emitió una alerta referida al uso de la figura del Crowdfunding como mecanismo de financiemiento, así el Dr. Morachimo nos explica la naturaleza de las presentes figuras y sus implicancias en nuestra legislación.

Only a few cultural organizations in the country are devoted to development and continual work with individual fundraising. Many other cultural NGOs stands at the beginning of creating a strategy and planning individual fundraising in general. For this reason, this diploma thesis deals with potential and usable strategies in individual fundraising, donors motivation based on Czech surveys, case studies of cultural organizations with the potential in individual giving and other aspects. The summary should provide basic knowledge framework for the creation of strategies for cultural organizations that may find out desire and motivation to pursue potential of individual fundraising in the future. This thesis seeks to change stereotypes in thinking about individual fundraising as a way of raising funds without the potential and historical context.

The topic of this thesis is reward based crowdfunding as a way of how to partly finance a documentary film. The aim of this work is to show crowdfunding as one of the methods that a documentary film producer can use. One case study and three other descriptions of Czech documentary films show how to use this phenomena in practical life.

Submitted by Leilani Mendes (leilani.mendes2014@gvmail.br) on 2016-06-06T15:54:08Z No. of bitstreams: 1 Leilani Dian Mendes_Dissertação (06.06.2016).pdf: 919119 bytes, checksum: 908668f9d8b983546e97c3207a07c620 (MD5) / Approved for entry into archive by Letícia Monteiro de Souza (leticia.dsouza@fgv.br) on 2016-06-06T16:01:43Z (GMT) No. of bitstreams: 1 Leilani Dian Mendes_Dissertação (06.06.2016).pdf: 919119 bytes, checksum: 908668f9d8b983546e97c3207a07c620 (MD5) / Made available in DSpace on 2016-06-06T17:30:58Z (GMT). No. of bitstreams: 1 Leilani Dian Mendes_Dissertação (06.06.2016).pdf: 919119 bytes, checksum: 908668f9d8b983546e97c3207a07c620 (MD5) Previous issue date: 2016-04-25 / Crowdinvesting consists on raising capital by the entrepreneurs through an online platform on the internet, in which the investors receive in return of their financial contribution securities of the startup invested. The main object of this research is to identify elements in order to think about the legal status of the online platform of crowdinvesting, from the description of its activities concerning the public offers of securities. In such order, the online platform chosen to provide such description was Broota Brasil, as a sole object of analysis, specially because is the pioneer in the crowdinvesting activity. The identification of the elements that shall provide a discussion regarding the online platform’s legal status is important, because enables: (i) the discussion regarding its possible legal status; and (ii) to assure if there is legal certainty of the activities processed in the online plataform. To guide this research, two hypothesis were elected considering that the online platform is a virtual place that provides space to publicly offer securities, such as: (i) organized over-the-counter; and (i) non-organized over-the-counter. Thereby, is enacted the description of Broota Brasil online platform’s activities under the public offer of securities. After such description, it was provided based on the legislation and legal literature, a description of the characteristics that legally defines such hypothesis. Next, it was analyzed if such characteristics were on the activities developed by Broota Brasil online platform. Lastly, it was verified that such characteristics were not identified on the online platform. In such case it is suggested a research agenda concerning possible legal status of the online platform, mostly because of its objective of joining entrepreneurs and investors regarding the buy and sell of securities.Crowdfunding is an alternative to raise capital that has been emerging both in the international and national setting and basically regards raising capital through the internet, in which small amounts are raised from a large number of people. / Crowdinvesting consiste na captação de recursos financeiros por empreendedores, por meio de uma plataforma online na internet, em que os investidores recebem em troca de seus aportes financeiros uma participação na empresa nascente investida. Trata-se de uma modalidade de financiamento peculiar, uma vez que usualmente realiza a oferta pública de valores mobiliários. O objetivo deste trabalho é identificar elementos para se pensar na qualificação jurídica da plataforma online de crowdinvesting, a partir da descrição de suas atividades realizadas no âmbito da oferta pública de valores mobiliários. Para tanto, foi escolhida a plataforma online da Broota Brasil como objeto único de análise, pois é a empresa pioneira na atividade. Identificar os elementos que propiciam uma reflexão acerca da qualificação jurídica que a plataforma online de crowdinvesting é importante, pois permite a (i) reflexão acerca do seu possível tratamento jurídico; e (ii) verificar se há segurança jurídica nas atividades cursadas no âmbito da plataforma online. Para nortear o presente trabalho, foram eleitas duas hipóteses de pesquisa, considerando que a plataforma online consiste em um ambiente virtual que disponibiliza espaço para a realização de ofertas públicas de valores mobiliários, sendo reputada como (i) mercado de balcão organizado; ou (ii) mercado de balcão não organizado. Assim, é realizada a descrição das atividades da plataforma online da Broota Brasil no âmbito da realização de oferta pública de valores mobiliários. Após, com base na legislação e doutrina específica, foi efetuada a descrição das características que conceituam juridicamente as referidas hipóteses. Em seguida, foram identificadas se tais características estavam presentes nas atividades desenvolvidas pela plataforma online da Broota Brasil. Por fim, não sendo reveladas tais características, sugere-se uma agenda de pesquisa apontando as possíveis qualificações jurídicas da plataforma online, em razão de sua aproximação de empreendedores e investidores no âmbito do negócio jurídico de compra e venda de oferta pública de valores mobiliários.