從台灣證券櫃台買賣中心創櫃版看群眾募資之發展

The Prospects of Crowdfunding – The case of Go Incubation Board for Startup and Acceleration Firms (GISA)

黃于娟(Yu-Chuan Huang)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融組/碩士(2015年)

https://doi.org/10.6342/NTU.2015.01048

摘要

在網路迅速發展的年代，人们的消費型態及習慣跟著網路產生變化，網路金融的趨勢是明顯的： PayPal Asset Management Inc於1999年成立專營貨幣型基金；首個社交借貸(social lending)起源於英國的Zopa於2005開始營運；美國首家peer to peer lending的公司Prosper於2006年成立；中國大陸阿里小貸公司於2010年成立，扶持小企業和創業者，滿足其擴大經營的融資需求。
群眾募資為網路金融的一環，其主要的商業模式為捐款、酬謝、借貸型及股權群眾募資。2012年美國JOBS法案為群眾募資發展的分水嶺。2013年英國完成群眾募資相關法案，為全球群眾募資發展留下扉頁。2014年台灣的創櫃版管理辦法為台灣的群眾募資立下了新紀元。 本文將以時間為縱面，串聯各國群眾募資法令的制定及內容，同時以群眾募資三大參與者：提案者、群眾募資平台、投資者的角度為剖面，分析法令規定限制及新興商業模式對參與者的影響。
不管是美國的JOBS法案、台灣的創櫃版管理辦法、英國及歐盟所制定的法案，股權群眾募資因以微型產業為主，投資風險高於其他投資工具，各國的立法重心以投資者保護為主─限制提案者透過募資平台可募得之金額，制定專業投資人及非專業投資人投資的金額，群眾募資同時要監督提案者是否依所提之計畫書執行。歐盟甚至將「Know your Customer」應審核的項目詳細列出。
在各國法令相繼確定後，群眾募資平台如雨後春筍出現，透過平台募得的金額也年年締造高峰。平台仍與其他網路平台社群網站相似，有大者恆大的趨勢，比較具代表性的平台如Kickstarter， crowdfunder，台灣的Flying V，櫃買中心的創櫃版；成功募集的項目有Pebble Watch，齊柏林的『看見台灣』首映會等募資活動。
隨著已開發國家法令的制定，開發中國家的群眾募資平台也悄悄出現。群眾募資平台極適合開發中國家農、林、漁、牧產業的開發，在非洲，即出現以群眾募資發展肥料公司的活動項目。群眾募資並非新創事業，而是人類最原始需求的表徵，在未有網路資訊不透明的時代，人是主要的傳輸溝通工具，現在社會網路提供了另一個媒介來達成人們的需求。台灣對於股權群眾募資平台業者，應可進一步由櫃買中心開放至一般平台業者，對借貸型群眾募資平台，可參考英美兩國的法令，突破現行金融法令的限制，聰明具彈性的立法將是群眾募資發展的關鍵。

關鍵字

群眾募資 ； 創櫃版 ； 微型企業 ； 新創事業 ； 眾籌

並列摘要

The tendency of Internet financing is apparent nowadays.　In the era of rapid development of the Internet, people's consumption patterns and habits change along with the Internet generation tremendously, not only for on-line shopping, but also for internet financing. For instance, PayPal Asset Management Inc set up a money market fund in 1999; the pioneered Peer-to-Peer Lending website (social lending ) originated in the United Kingdom Zopa began operating in 2005; the first US peer to peer lending company Prosper was founded in 2006; Chinese mainland Ali small loan company was established in 2010 to support small businesses and entrepreneurs to meet their expanding business financing needs.
Crowdfunding, as part of internet financing, grows rapidly with four main business models, donation-based, rewards-based, debt or loans-based and equity-based Crowdfunding. US JOBS Act 2012 is the landmark of the whole development. Followed by US JOBS Act, UK FCA (Financial Conduct Authority) finalized the regulatory approach to crowdfunding over the internet in 2013, while Taiwan set Regulations Governing the Go Incubation Board for Startup and Acceleration (GISA) Firms for crowdfunding in the island in 2014. This article will introduce relevant crowdfunding laws in the above countries, contents of the main four business models, and future development within three players, the fundraisers, the sponsors, and the platforms.
The main focus of the US JOBS Act, or laws set by Taiwan, UK, or EU is mainly to protect sponsors. The investment risk of Equity-typed crowdfunding, due to micro-industries as the main investment targets, is quite high, compared to other investment vehicles. Amount of fundraisers raised through crowdfunding platform has been restricted. Qualification and investment limitation of non-professional investors and professional investors to invest are also set in the regulations. Crowdfunding platforms, not just platforms, shall take responsibility in supervising the proposal contents by fundraisers and how they have been executed. The EU even includes detailed items of "Know your Customer" for platforms to review the fundraisers and sponsors.
Similar to the other products or industries, the new business grows rapidly at this moment. The fund raised in 2014 achieves USD 10 billion. Kickstarters, Seeders and Crowdfunder, FlyingV and GISA in Taiwan are main platforms. These platforms bring successful campaigns such as US Pebble Watch, Taiwan Zeppelin's "see Taiwan" premiere, and etc.
With the finalization of national laws, developing countries have quietly emerged crowdfunding platform. Crowdfunding is very suitable for the development of national agriculture, forestry, fisheries, animal husbandry in developing countries. Africa appears to help a fertilizer company by a crowdfunding campaign. Crowdfunding is definitely a new main trend for society development. It is very exciting to see global crowdfunding and intrastate crowdfunding expanding at a fast and successful rate. It is also expected to introduce more flexible legislation to lead the growth.

並列關鍵字

Crowdfunding ； JOBS ； EGC ； FlyingV ； Kickstarter ； Crowdfunder

參考文獻

戰課題，台灣經濟研究月刊，第36卷第3期 2013.03，98-105

4.楊智翔(2014)，創意櫃檯─創櫃版專題介紹，證券暨期貨月刊，第32卷第4期

5.張書瑋 (2014)，微型創新企業成長的好所在，會計研究月刊，第339期，60-65

6.張書瑋 (2014)，群眾募資，創意與夢想的實踐平台，會計研究月刊，第339期，

8.陳佑寰 (2014)，從讚到贊，群眾募資v.s. 微型新創事業，會計研究月刊，第339