Краудфандинг как инструмент инвестиционных возможностей и демократизации финансирования малого и среднего бизнеса. Коллектив авторов
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countries, respectively. Startups have raised significant funds to increase their presence in the global market and raise investments in research and development. This rise in startups is expected to further boost the crowdfunding market as a more attractive funding mechanism for such firms. Alternative methods of financing, such as crowdfunding, allow such companies to raise funds from a large number of both individual and institutional investors, professional and non-professional investors. Potential investors put money in those companies and projects that they trust. This is especially true during periods of crisis when traditional sources of financing are practically unavailable. The lack of liquidity affects all participants, including governments, financial institutions, and companies. A typical example of such a situation was a pandemic. During the COVID-19 pandemic, most traditional investors in non-traded companies, such as venture capitalists, have reduced their investments and the number of companies in their portfolios by at least half, while the volume of equity crowdfunding has increased, spreading the amount of investments among a large number of investors.
The study of the motives of issuers using the equity crowdfunding mechanism, the reasons why investors choose the shares of companies on crowdfunding platforms, factors of success of companies at crowdfunding platforms is important, both from an academic and practical perspective. Risks for investors and ways to reduce them are also relevant to study. These issues are in the focus of attention of both regulators and market participants in different countries. The subject of many studies is the specifics of the regulation of crowdfunding, the approaches of regulators to the establishment of rules and regulations regarding this financial instrument.
The motives of investors buying shares of companies on crowdfunding platforms include the intention to support entrepreneurship and innovation, social and innovative projects that the issuing companies plan to implement, participation in governance of issuing companies, getting control with the opportunity to propose their representatives to the boards of directors. However, the main motivating factors are the growth of the future value and return on investment of the companies, through the development and promotion of high-tech products. Investors may view these investments as long-term investments aimed at increasing the value of the firm.
It is worth-noting that at the moment there are practically no studies that would study the approach to choosing an investee in the process of crowdinvesting, based on the fundamental value of issuing companies. The concept of value-based management is based on the fact that the purpose of the company is to maximize value for its owners. Shareholder value is created when the return on investment exceeds its opportunity cost. Investor expectations are reflected in the current indicators of the investment attractiveness of the crowdfunding campaign, but the issuers on the platforms are not public companies, it is difficult to assess their market value based on comparison with their peers and determine the opportunity cost. The fundamental value of companies thus becomes the main tool for evaluating the value of investments. In this regard, the question arises as to how much this value reflects the perception of investors about the market value of the issuing company, and how the characteristics of the issuing companies are related to the expectations of future benefits from investment. Currently, the market for shares on crowdfunding platforms is not developed and transparent, therefore investors should rely upon other factors in their assessment of future prospects and benefits from investing, other than on the current market situation. An important research and practical objective is to analyze the sensitivity of the fundamental value, which can be assessed on the basis of financial statements, to those characteristics of the company that are observed in the process of preparing and conducting the crowdfunding campaign.
This analytical report provides a comprehensive analysis of equity crowdfunding as a contemporary alternative financing and investment mechanism. The problems studied by the authors are considered from perspective of the value that is created for issuers and investors in the process of raising funds and investing capital on crowdfunding platforms. The main limitations of the study are difficult access to information about ongoing crowdfunding campaigns and the issuers themselves, the lack of a transparent secondary market for shares being placed, information asymmetry between platforms, issuers and investors, arising from the lack of strict regulation of this area. All this complicates the study of the development of the crowdfunding market. This report will be useful for investors, issuers, platforms, and regulators participating in the process of equity crowdfunding.
Раздел 1
Краудфандинг как инновационный инструмент современного финансового рынка
1.1. Понятие краудфандинга и его виды. Краудфандинговые платформы
Краудфандинг – инновационный финансовый инструмент, появление которого относят к середине 2000-х годов. Его становлению и развитию способствует активное внедрение современных цифровых технологий в финансовой сфере. Краудфандинг позволяет фирмам и частным лицам организовывать кампании по сбору средств в интернете и получать финансовую поддержку от большого числа инвесторов[2]. Для стартапов краудфандинг, кроме того, становится способом продвижения новых продуктов, так как участие в краудфандинговой кампании, помимо всего прочего, делает фирму известной, а продвигаемый ею продукт – узнаваемым.
От традиционных методов финансирования краудфандинг отличается гибкостью и эффективностью, которые достигаются за счет того, что, во-первых, упрощается процесс взаимодействия всех участников, во-вторых, уменьшаются издержки как по привлечению финансирования, так и по инвестированию. Как показала практика, получение инвестиций от бизнес-ангелов или венчурных капиталистов занимает как минимум несколько месяцев, краудфандинг позволяет привлечь инвестиции уже за несколько недель[3].
В процессе краудфандинга задействованы три участника: лицо, привлекающее финансирование, инвестор и посредник[4]. В качестве первых двух могут выступать как физические
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