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| Title: | 群眾募資對傳統金融的衝擊與因應策略
The Impact of Crowdfunding on Traditional Finance and Its Adaptive Strategies |
| Authors: | 藍志雄
Lan, Chih-Hsiung |
| Contributors: | 周冠男
Chou, Robin K.
藍志雄
Lan, Chih-Hsiung |
| Keywords: | 群眾募資
企業融資週期
金融科技
股權式群眾募資
FinTech
Crowdfunding
Startup financing cycle
Equity=based crowdfunding |
| Date: | 2018 |
| Issue Date: | 2018-09-03 15:50:18 (UTC+8) |
| Abstract: | 新創企業及中小型企業受到擔保品不足及現金流量不穩定的影響，不易取得資金的支援，即使有創意的產品或經營模式，也不容易實現。所幸FinTech的出現，促成募資平台的興起，改變了客戶取得資金和金融服務的方式，也顛覆了傳統金融業的營運方式，勢必使得長期扮演中介角色的金融業在產品、服務、流程面臨極大的挑戰。
群眾募資為FinTech 之一，其運用了平台效應，媒合了投資者及募資者的資金，依其回饋標的的不同分為捐贈式、回饋式、借貸式及股權式，而其中的股權式群眾募資因以股權作為提供資金回饋的標的，涉及股票的發行，與證券交易法有關，募資的新創及中小型企業如何在傳統金融與群眾募資平台做選擇，端賴企業的融資週期、資本決策而定。在台灣，捐贈式及回饋式群募平台發展已初具規模，然與企業融資比較相關的股權式群募平台卻發展受阻，法規的限制是主要原因之一。
傳統金融業與群眾募資平台存在著某種程度的競合關係，各自的優點是為了突破對方的缺點，但以目前發展情況來看，由於面對的客群不同，雙方卻存在著合作的空間，而傳統金融業者反倒是可利用龐大客戶群、風險評估的優勢，思索如何利用科技優化作業流程，並以產品/市場二維因子的安索夫矩陣去思考金融業的因應未來的策略。
Start-ups and small and medium-sized enterprises are affected by the shortage of collateral and the instability of cash flow. It is not easy to obtain funding support, even if there are creative products or business models, it is not easy to achieve. Fortunately, the emergence of FinTech has led to the rise of the fundraising platform, which has changed the way customers obtain funds and financial services, and has also subverted the traditional financial industry`s operating methods, which will inevitably make the financial industry, which has long played an intermediary role, face great challenges in products, services and processes.
The Crowdfunding is one of FinTech, which uses the platform effect to match the funds of investors and fundraisers. According to the different feedback criteria, it is divided into donation, rewards, lending and equity. The equity-based Crowdfunding is based on equity as a target for providing financial feedback, involving the issuance of stocks, and is related to the securities trading law. How do Start-ups and small and medium-sized enterprises make choices in traditional financial and Crorwdfunding platforms, relying on enterprises respective financing cycle and capital decision are determined. In Taiwan, the development of donated and rewards-based Crowdfunding platforms has begun to take shape. However, the development of equity-based Crowdfunding platforms that are more relevant to corporate financing has been hindered, and regulatory restrictions are one of the main reasons.
The traditional financial industry and the Crowdfunding platform have a certain degree of competition and cooperation. Their respective advantages are to break through the shortcomings of the other party. Due to the current development situation, there are space for cooperation between the two sides due to different customer groups. However, the traditional financial industry can take advantage of the huge customer base and risk assessment, think about how to use technology to optimize the operation process, and consider the future strategy of the financial industry with the Ansoff’s matrix of the product/market two-dimensional factor. |
| Reference: | 期刊論文:
林瑛珪，(2016)。淺談群眾募資及台灣群眾募資發展現況。
高啟仁，(2014)。我國推動創櫃板與群眾募資之情形。證券及期貨月刊，第32卷，第4期。
黃博怡、賴威仁、遲淑華、張凱君、盧淑惠、張蕙嬿、吳佩珊、黃若瑜、戴郁文，(2015)。群眾募資興起對於小型企業發展與金融業之影響。金融研訓院。
中小企業信用保證基金，2016年年報
經濟部，2017年1月全球早期資金趨勢觀測月報
經濟部中小企業處，2017年中小企業白皮書
創櫃板管理辦法，2017.3
證券櫃檯買賣中心，多層次市場介紹簡報～證券商股權募資平台
姚書容，（2014）。論群眾募資之募資模式與法制。東吳大學法學院法律學系碩士在職專班財經法律組碩士論文。
網際網路:
陳泰谷，從網路創業家角度超級淺談股權群眾募資時代真的不一樣，上網日期107年1月10日，檢自：https://meethub.bnext.com.tw/talk
翁書婷，4張圖！一次搞懂網路金融的商業模式，數位時代，上網日期107年1月10日，檢自：https://www.bnext.com.tw/article/37686/BN-2015-10-17-103750-84
眾籌模式挑戰金融業，上網日期107月1月10日，檢自：https://read01.com/xDDANQ7.html#.Wwp9xC_3WqA
林瓊瀛，金融科技（FinTech）浪潮來襲金融服務力拚轉型，上網日期107年3月8日，檢自：政大金融科技研究中心http://www.ftrc.nccu.edu.tw/wordpresseng/?p=2349
股感知識庫，從融資活動看企業的生命週期-借錢？還是增股份
上網日期107年3月8日，檢自：https://www.stockfeel.com.tw/
策略評析：Fintech金融科技新創公司（八）：OurCrowd-科技產業資訊室
上網日期107年3月8日，檢自：http://iknow.stpi.narl.org.tw/Post/Read.aspx?PostID=13256
PMTone 產品通網站，上網日期107年3月10日，檢自：
https://www.pmtone.com/how-ansoff-matrix-is-suitable-for-both-corporate-and-personal/
Nownews 顏真真 搶攻FinTech 上海商銀投資以色列眾籌平台, 上網日期107年3月10日，檢自：https://www.nownews.com/news/20170215/2407579 |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
105932167 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105932167 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.EMBA.081.2018.F08 |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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