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Author: 鄭淳玉
Chen-Yu Cheng
Thesis Title: 群眾募資之個案研究
A Case Study of Business Strategy on Crowdfunding
Advisor: 劉代洋
Day-Yang Liu
Committee: 陳俊男
Chun-Nan Chen
曾盛恕
S. Tsang
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2017
Graduation Academic Year: 105
Language: 中文
Pages: 73
Keywords (in Chinese): 群眾募資贊助者提案者經營策略
Keywords (in other languages): Crowdfunding, Backer, Proposer, Business Strategy
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  • 群眾募資的歷史最早可以追溯至18世紀愛爾蘭的農村地區,近代則是在經歷2008年金融海嘯之後,群眾募資再度成為目前最受注目的籌資方式。群眾募資平台不但提供中小企業和微型企業在創業初期的資金管道,更提供了一個讓中小企業和微型企業與客戶溝通、產品曝光的機會。近幾年逐漸興起的原因大致上可分為:1.受到全球經濟不景氣影響個人創業、新創公司與中小企業因缺乏信用等級,較不易取得傳統金融機構的融資。2. 2005年Youtube興起,帶動網路影片分享的熱潮,使募資者能以更生動活潑的多媒體影音介紹其新穎想法與創意計畫,讓募資者跨越地域的限制,直接與潛在資金贊助者接觸,不僅降低交易成本,也擴大了與人的連結,增加募資成功的可能性。
    整體而言,本論文以深度訪談法進行研究,研究群眾募資產業的經營策略。最後,根據研究結果提出結論。本論文的研究結論包括下列重點:根據訪談內容,平台業者需要導正提案者與贊助者之觀念,並且協助提案者完成提案的發布以及產品的製作,建立一個對於提案者友善的創作環境。除此之外,群眾募資平台的業者也需要去開發贊助者市場,除了能讓群眾募資平台獲得更多的營收,對於提案者來說亦能獲得較多資金去完成提案。


    The history of crowdfunding has been traced back to 18th century in Ireland. Not until financial crisis did people rethink about crowdfunding. Crowdfunding not only gives small and medium enterprises a way to collect money but also provides them with a platform to communicate to their customer. The reason why crowdfunding gradually spring up is because the risen of internet and Youtube, people can easily share their thought by making a film and uploading it on Youtube, which can contact with their potential backers and most importantly, increase the possibility of fundraising success.
    Overall, this thesis based on in-depth interview. In this thesis include the following points: According to the interview, to a crowdfunding company, they should correct the concept of crowdfunding to backers and startup company. Also, the platform company should establish a friendly environment for startup company to create projects. Most important, crowdfunding company should develop backer’s market in order to get more profit and offer startup company more funds to bring their project out to the market.

    摘要 Abstract 誌謝 目錄 表目錄 圖目錄 第壹章 緒論 第一節 研究背景與動機 第二節 研究目的 第三節 研究範圍與流程 第四節 研究限制 第貳章 相關研究文獻 第一節 群眾募資相關定義 第二節 群眾募資運作模式與型態 第三節 提案者與贊助者之觀點 第參章 研究方法 第一節 研究設計 第二節 個案訪談 第肆章 產業分析與個案公司介紹 第一節 產業介紹分析 4.1.1群眾募資發展歷程 4.1.2群眾募資發展現況 4.1.3各國群眾募資法規發展 4.1.4我國現況發展 第二節 平台簡介 第三節 個案公司介紹 第伍章 個案分析 第一節 個案公司關鍵管理決策 第二節 經營策略之具體作法 第三節 群眾募資經營的困難與挑戰 第四節 未來規劃 第陸章 結論與建議 第一節 研究結論 第二節 建議 第柒章 參考文獻 一、中文部分 二、英文部分 三、網路部分

    一、中文部分
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    3. 林秀英;陳勇志(2013)。圓夢推手的理想與現實-群眾募資平台的發展現況與挑戰課題。臺灣經濟研究月刊。36卷3期,頁98–105。
    4. 林家生、楊智翔(2015)。開放民間業者經營股權性質群眾募資專題介紹,證券櫃檯月刊,第177期,頁12-20。(第四章)
    5. 林雅燕(2014)。新興募資方式-群眾募資行為之初探。經濟研究。14期, 頁152-172。
    6. 林瑛珪(2016)。淺談群眾募資及台灣群眾募資發展現況。臺灣金融服務業聯合總會。
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    9. 徐驍睿(2015)。眾籌中的信息不對稱問題研究。金融法苑。91期,頁201-212。
    10. 唐子婕(2016)。群眾募資專案成效之探討。碩士論文,國立台灣科技大學管理學系。
    11. 郭思偉(2013)。台灣群眾募資網站商業模式初探。國立台北大學企業管理學系碩士論文
    12. 陳加樺(2013)。金融創新成功因素之研究-以台灣群眾募資平台FlyingV為例。東吳大學會計學系碩士論文。
    13. 陳采青(2016)。探討消費價值對群眾募資使用者資助意圖之影響-以flyingV為例。國立臺灣大學資訊管理學研究所碩士論文
    14. 陳倩、李思明、秦二娃(2016)。美國AngelList股權眾籌聯合投資模式的經驗與啟示。中國證券金融研究院,創業風險投資論壇(2016/3/11)。
    15. 陳錦村、蔡宗志與杜玠瑤(2012)。中小和微型企業的授信管理指標與授信政策—批次信保案件的應用。台灣金融財務季刊,十三輯第一期,頁25-56。
    16. 陳毓峰、林翠芳(2016)。群眾募資、文創產業發展與政府角色之探討。財稅研究。45券5期,頁139–165。
    17. 張紹勳(2000)。研究方法。台北:滄海書局。
    18. 張書瑋(2015)。群眾集資力量大,下一步股權群募。會計研究月刊,360期,頁60-67。
    19. 張嘉玲(2016)。案以群分:大數據解析回饋型群眾募資成功關鍵要素。臺灣經濟研究月刊。39卷2期,頁27–37。
    20. 黃于娟(2016)。從台灣證券櫃檯買賣中心創櫃版看群眾募資之發展。國立台灣大學管理學院碩士在職專班財務金融組碩士論文
    21. 程凱(2016)。影響群眾募資成功可能性的因素。國立臺灣師範大學管理學院全球經營與策略研究所碩士論文
    22. 趙毓馨(2015)。群眾募資法治之研究-以P2P借貸及股權模式群眾募資平頹中心。國立政治大學法律學系碩士論文
    23. 楊智翔(2015)。股權群眾募資之制度與管理。會計研究月刊,360期,頁68-75。
    24. 謝孟珊(2014)。群眾募資法治障礙與發展。科技法律透析,26卷8期,頁8-16。
    25. 資誠會計師事務所 (2016)。PwC全球金融科技調查報告。台北:資誠。
    26. 蔡金宏(2013)。群眾募資的美麗與哀愁。經濟前瞻。149期,頁103-107。
    27. 鄧瑞清(2016)。以群眾募資方式行銷新創產品- 印表機碳粉濾網案例研究。國立清華大學高階經營管理碩士在職專班論文
    28. 羅莫席(2013),群眾募資之比較研究。輔仁大學國際創業與經營管理學程碩士在職專班碩士論文
    29. 臺灣經濟研究院(2015)。群眾募資為新創企業的融資管道另闢途徑。臺灣經濟研究月刊。38卷7期,頁6–7。
    二、英文部分
    1. Agrawal, A. K., Christian C., Goldfarb, A. (2015), “Some Simple Economic of Crowdfunding”, NBER Working Paper.
    2. Ahlers, G., Cumming, D., Gunther, C., & Schweizer, D. (2015). “Signaling in Equity Crowdfunding”.
    3. Arner, D. W., Barberis, J. N., Buckley, R. P. (2015), “The Evolution of Fintech: A New Post-Crisis Paradigm?”, University of Hong Kong Faculty of Law Research Paper No. 2015/047, UNSW Law Research Paper No. 2016-62.
    4. Bandura, A. (1986), “The Explanatory and Predictive Scope of Self-Efficacy Theory”, Journal of Social & Clinical Psychology, vol.4, no. 3, pp. 359-373.
    5. Belleflamme, P., Lambert, T., Schwienbacher, A. (2014), “Crowdfunding: Tapping the right crowd”, Journal of Business Venturing, 29(5), 585-609.
    6. Brabham, D. C. (2008), “Crowdsourcing as a Model for Problem Solving”, Vol 14, Issue 1, 76-90.
    7. Bruton,G., Khavul, S., Siegel, D., & Wright, M. (2015), “New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer-to-peer innovations”. Entrepreneurship Theory and Practice, 39(1): 9-26.
    8. Collins, Liam and Pierrakis, Yannis (2012), “The venture crowd: crowdfunding equity investments into business”. Retrieved from Kingston University London Research Repository website: http://www.nesta.org.uk/publications/venture-crowd
    9. Cosh, A., Cumming, D., Hughes, A. (2009), “Outside entrepreneurial capital”. The Economic Journal, 119(540): 1494-1533.
    10. Cumming, D. J., Johan, S. (2013), “Demand Driven Securities Regulation: Evidence from Crowdfunding”, Venture Capital: An International Journal of Entrepreneurial Finance 15, 361-379.
    11. Cumming, D. J., Leboeuf, G., Schwienbacher, A. (2015), “Crowdfunding Models: Keep-It-All vs. All-Or-Nothing”, (May 31, 2015).
    12. Damiano, E., Hao, L. (2008), “Competing matchmaking”. Journal of the European Economic Association, 6(4): 789-818.
    13. Denzin, NK, Lincoln, YS. (1994). "Introduction: Entering the field of qualitative research." In NK Denzin and YS Lincoln (Eds.) Handbook of Qualitative Research (pp. 1-17). Thousand Oaks: Sage Publications.
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    15. Everett, C. R. (2014), “Origins and Development of Credit-Based Crowdfunding”. Pepperdine University.
    16. Gerber, Elizabeth M., Hui, J. S., Kuo, P. I. (2013), “Crowdfunding Why People Are Motivated to Post and Fund Projects on Crowdfunding Platforms”. ACM Conference on Computer Supported Cooperative Work.
    17. Giudici, G., Guerini, M., Rossi Lamastra, C. (2013), “Why Crowdfunding Projects Can Succeed: The Role of Proponents’ Individual and Territorial Social Capital”. Retrieved from Social Science Research Network website: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2255944
    18. Griffin, Z.J. (2012), “Crowdfunding: Fleecing the American Masses”, Working paper.
    19. Hildebrand, T., Prui, M., Rocholl, J. (2013), “Adverse Incentives in Crowdfunding”, Working paper.
    20. Hobbs, J., Grigore, G., Molesworth, M. (2016), “Success in the management of crowdfunding projects in the creative industries”. International Marketing Review, 26(1), 146-166.
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    22. Hornuf, L. and Schwienbacher, A. (2014), “Which Securities Regulation Promotes Crowdinvesting?” Working paper
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    24. Huili, Y., Yaodong, Z. (2014), “Research on influence factors of crowdfunding” , International business and management, 9(2), 27-31.
    25. Kaplan, K. (2013), “Crowd-funding: cash on demand”. Nature.;497:147–149.
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    27. Kleemann, F.,Vo ß, G.G., Rieder, K., (2008), “Un(der)paid innovators: the commercial utilization of consumer work through crowdsourcing”. Sci.Technol. Innov. Stud. 4, 5-26.
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    35. Vanacker, T. R., Manigart, S. (2010), “Pecking order and debt capacity considerations for high-growth companies seeking financing”. Small Business Economics, 35(1): 53-69.
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    三、網路部分
    1. SEC
    https://www.sec.gov/news/pressrelease/2015-249.html
    2. 美國全國群眾募資協會
    https://zh-tw.facebook.com/NLCFA/
    3. Massolution (2015), 2015CF THE CROWDFUNDING INDUSTRY REPORT
    http://crowdexpert.com/crowdfunding-industry-statistics/#
    4. Report: Global Crowdfunding Market 2016-2020
    http://crowdfundbeat.com/2016/02/03/report-global-crowdfunding-market-2016-2020/
    5. The Global Crowdfunding Industry Raised $34.4 Billion In 2015, And Could Surpass VC In 2016
    https://dazeinfo.com/2016/01/12/crowdfunding-industry-34-4-billion-surpass-vc-2016/
    6. Trends Show Crowdfunding To Surpass VC In 2016
    https://www.forbes.com/sites/chancebarnett/2015/06/09/trends-show-crowdfunding-to-surpass-vc-in-2016/#545a9c304547

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