2012年4月5日,美國前總統歐巴馬簽署了《促進創業企業融資法案》(簡稱《JOBS法案》),群眾募資成為一種新興的融資方式,近年來逐步進入人們的視野,並得到了快速發展,成為國內外理論和實踐研究開始關注的焦點。本研究借鏡Hardy(2013)模型,假設群眾募資投資者的效用函數加以分析推導。其研究結果顯示,群眾募資模式的出現對傳統的融資方式將會產生深遠的影響,特別是對初創公司和立足未穩的小型企業來說,群眾募資緩解了創業初期的融資難題。群眾募資融資與「非法集資」對台灣公眾造成的陰影會影響公眾對群眾募資的參與程度,因此,建立群眾募資融資法律監管體系對於群眾募資模式在台灣的應用推廣具有深遠的意義。
After the former American President Barack Obama signed the Jumpstart Our Business Startups Act (JOBS Act) on April 5, 2012, crowdfunding has become an emerging financing method. In recent years, it has gradually entered people’s field of vision and developed rapidly, becoming the focus of theoretical and practical studies over the world. By the model of Hardy (2013), this study hypothesized a utility function of crowdfunding investors for analysis and deduction. According to the results, crowdfunding has profound effects on traditional financing modes and eases financing problems in the early stage of entrepreneurship, especially for startups and shaky small enterprises. The shadow of private financing and “illegal fund-raising” on the Taiwan public will affect public participation in crowdfunding. Therefore, a legal regulatory system for crowdfunding and financing is of profound significance for the application and promotion of crowdfunding in Taiwan.