摘要2013年是我国互联网金融发展的“元年”，此后，互联网金融在我国得到迅速地发展，如今俨然被崇高地定义为第三种金融模式。无论是互联网企业，还是包括商业银行在内的各类金融机构，都顺势而为，搭乘互联网金融发展的快车道，以期迅速介入。44144

互联网金融可以说是当下我国经济热点问题，李克强总理在2014年《政府工作报告》中首次提出，促进互联网金融健康发展，完善金融监管协调机制，充分说明了对互联网金融这一新兴金融产品的重视。股权众筹作为互联网金融模式下的一种业态，也在2013年完成了国内的一笔股权众筹融资，似乎全民“天使”的时代正向我们走来。但是我国在金融投资领域的普及程度不高，民众对于抵抗金融风险的能力不强，股权众筹还没有完全地与国内的投资者契合。本文通过对股权众筹中融资效率与融资估值的博弈理论的分析，讨论如何从平台建设、投资者筛选、以及项目的筛选与信息披露等方面，来达到博弈的均衡状态。

毕业论文关键词：股权众筹； 融资效率； 融资估值；

Abstract Internet financial in China has been developing since 2013, hereafter, internet financial has developed rapidly, and is defined highly as the third financial pattern. Whether internet enterprises or financial organizations including commercial banks, they entry into the internet financial field because of the fast development.

    Internet financial becomes the hot economic issue. To promote healthy development in internet financial and consummate coordination mechanism in financial supervision, which Prime minister Li Keqiang first put forward in < Government Work Report> in 2014, speak volumes for the importance of this rising economy. As a modality of internet finance, equity-based crowd-funding accomplished a equity financing in 2013, it seems ‘The Angel Ages’ are coming. But financial investment in domestic has a low degree of dissemination, people has little capacity to resist the financial risks, and equity-based crowd-funding has not fitted well with the domestic investors. This page will analyze the gambling between financing efficiency and valuation of financing to discuss how to achieve a balance from the aspects of platform construction, investors screening, project screening and information disclosure.

Keyword: equity-based crowd-funding；financing efficiency；valuation of financing；

目    录

1. 引言 5

1.1 研究背景和意义 5

1.2 研究内容 5

1.2.1 研究的基本内容 5

1.2.2 拟解决的问题 5

1.3 研究方法 5

1.3.1 文献研究法 5

1.3.2 定性研究法 6

1.3.3 案例分析法 6

1.4 本文创新点 6

2.文献综述 6

2.1 国外研究 6

2.2 国内研究 7

3. 股权众筹的初创企业风险 8

3.1 融资效率和融资估值的博弈 8

3.2 初创企业的融资效率风险 8

4. 股权众筹中投资者存在的风险 9

4.1 投资者的融资估值风险 9

4.2 公司持续亏损风险 股权众筹模式的风险与管控研究:http://www.youerw.com/kuaiji/lunwen_45332.html