Crowdfunding as a Tool for Financing: A Review of Theoretical Approaches

V. M. Pargachevskaya (), Y. K. Parshina, E. A. Troyan and V. D. Pushkareva
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V. M. Pargachevskaya: Tomsk State University
Y. K. Parshina: Tomsk State University
E. A. Troyan: Tomsk State University
V. D. Pushkareva: Czech Technical University in Prague

Chapter Chapter 13 in Global Economics and Management: Transition to Economy 4.0, 2019, pp 141-154 from Springer

Abstract: Abstract The paper analyzes the different approaches of researchers to the concept of crowdfunding as a tool to attract investments. In the process of studying the various points of view, the main characteristics of this financing instrument and its distinctive features have been detected that made it possible to form our own definition of crowdfunding. Based on several existing classifications, we have drawn up our classification. It divided crowdfunding into the appropriate types depending on the chosen classification features. We specified the various risks of crowdfunding, which exist among investors and sponsors of projects that use crowdfunding to attract investment. The paper covered the legislative regulation of crowdfunding activities and compared the regulation in Russia with European countries, which allowed identifying the weaknesses of crowdfunding in Russia. The authors considered the risks for investors and project creators in crowdfunding. In this work, we presented SWOT analysis of the instrument under consideration. In addition, we have conducted a comparative analysis of collective sources of funding and crowdfunding, highlighting the advantages of the latter relative to other mechanisms for attracting financial resourcesFinancial resources..

Keywords: Financial instrument; Entrepreneurship; Alternative finance; Collective investment; Risk taking; Financial resources (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-26284-6_13

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DOI: 10.1007/978-3-030-26284-6_13

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