摘要
創業活動需要資金挹注，傳統上係由股東入股或融資來滿足資金需求，然而拜科技創新之賜，隨著社群網路的普及，線上支付機制蓬勃發展，群眾募資方式簡便，逐邁向創業間重要關鍵橋樑，成為替代金融（alternative finance）的一環，募資者透過募資平台及時將資訊傳播並吸引有興趣的贊助者，匯集小額資金，由於市場決定產品的可行性，募資者在投入前透過平台瞭解客戶需求，產品銷售的多寡即時瞭解贊助者對產品的喜好程度，大幅降低募資者風險。此種去中間化籌資模式，逐漸成為新創、微型事業與藝文活動取得資金的主要管道，為世人所知並接受。 櫃買中心基於扶植新興高科技產業與中小企業成長，針對創新、創業與創意的微型企業，在網站建置「創意集資資訊揭露專區」，協助募資者提案曝光機會。同時，櫃買中心適度管理平台，增強業者公信力，強化贊助者信心及意願，達成扶持創意產業發展的目標，並促使產業向上發展，由創櫃版向興櫃、上櫃、上市公司之途邁進。 募資平臺通常僅提供募集資金管道，缺乏商品預售與回饋的擔保機制，一旦創意籌資者無法如期開發出預期產品，勢必蒙上詐欺或至始就是大騙局，讓投資人血本無歸。因此政府有必要建構適當金融監理，確保投資人權益及兼顧產業發展，促使群眾募資成為新的融資管道，關注與支持新創事業，增加可行性與成功機率。 隨著政府監理對群眾募資政策、經濟成長與消費型態結構改變，群眾募資金額逐年擴大，涵蓋面日益擴增。本文將聚焦於募資平台類型發展、檢視台灣股權群眾募資發展脈絡、國內廠商籌資管道及投資人尋求投資管道的沿革，股權融資演進型態及運作狀況、檢視個案研究發展模式、國際及台灣群眾募資監理模式、進而提出台灣群眾募資模式發展方向的建議。
並列摘要
Entrepreneurship activities require capital injection. Traditional ways to meet capital requirements include issuing shares and financing. However, with technological innovation, social networks have popularized, and online payment mechanisms have flourished. Crowdfunding has become an essential way to fundraise and become a part of alternative finance. Fundraisers use the fundraising platform to disseminate information promptly and attract interested sponsors. As the market determines the feasibility of the product, fundraisers can understand customer needs through the platform. The number of product sales can instantly reflect the customers' preference for the product, significantly reducing fundraisers' risk. This de-intermediate financing way has gradually become the main channel for obtaining funds for startups, micro-businesses, and art and cultural activities and is well-known and widely accepted by the population. To foster the growth of emerging high-tech industries and small and medium-sized enterprises, the Taipei Exchange has established a "Creative Fundraising Information Disclosure Zone" on the website to assist exposure of creative proposals. Meanwhile, by appropriately managing the platform, the Taipei Exchange aims to enhance the credibility of the industry, strengthen the confidence and willingness of sponsors, and support the development of the creative industry. Fundraising platforms usually provide fundraising channels only and lack a guarantee mechanism for product pre-sales. Once the creators fail to develop the expected products as scheduled, the developers are bound to be deceived, leaving investors with money loss. Therefore, it is necessary for the government to construct appropriate financial supervision to consider investors' rights and industry development simultaneously. As the amount and coverage of crowdfunding have been grown rapidly, this work focuses on the development of the types of fundraising platforms, reviewing the development and supervision of Taiwan's equity market crowdfunding, inspecting platform development and supervision models in various countries, then proposing the development suggestion of Taiwan's crowdfunding model.
參考文獻
延伸閱讀
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