This diploma thesis aims to discover, how crowdfunding influences traditional distributional structures. There are many possibilities, how to approach the problem. I have decided to compare the role of the intermediary in different forms of financing. This means, that by "distributional structures", I understand forms of financing. I compare five forms of financing, that altogether define all important kinds of financial transactions between two subjects: The bilateral model, Crowdfunding, Venture Capital, Market and Banks. As a tool for comparing all the forms, I created "Intermediate chain", that describes the way from one demanding subject, who realises his needs, through finding offering subject, to making and fulfiling a contract. I use the intermediate chain, that analyses this way, to describe all the forms of financing. The outcome of this process is a very detailed description. I describe all the models to verify, how crowdfunding takes over the function of other models. The theoretical frame of the analysis is disintermediation. Only by putting the analysis into this theoretical frame, the whole thesis becomes reasonable: The point is not to describe all the models, how people trade with each other. By the question about the influence of crowdfunding on traditional distributional structures, I...

The main topic of this diploma thesis is the capital allocation. I focus on crowdfunding and study how the development of crowdfunding during the last years influenced options and effectiveness of the capital allocation. I compare crowdfunding with other distributional models. Under the term of "distributional models", I understand funding models, namely bilateral model, banks, stock markets and venture capital. I choose start-ups or arising projects as a medium of exploration. The hypothesis of this thesis is as follows: "Crowdfunding is better model for funding arising projects than venture capital, banks, stock market or bilateral model." To answer the main hypothesis, I analyze two supporting hypothesis. The first hypothesis studies the principle of crowdfunding. It says, that crowdfunding is able to recognize funding-worthy projects better than other models. I want to know, what makes crowdfunding an innovative concept, I study, how the new media manifest themself in the concept of crowdfunding. I analyze, how crowdfunding eliminates individual errors by using the "crowd". And above all, I study how each model addresses the role of an intermediary in the relation between surplus and scarce subjects. The second hypothesis observes, whether crowdfunding provides more money to the arising projects than...