Why is crowdfunding so red? Yao Yudong, director of the Financial Research Institute of the People's Bank of China, Yang Dong, deputy dean of the Law School of Renmin University of China, and Liu Wenwen, chairman of the Guiyang Crowdfunding Financial Exchange, and other experts and scholars, *** with the interpretation of financial crowdfunding in the era of big data.
Crowdfunding finance is the financial ecology in the information age
Yao Yudong: In the post-global financial crisis era, the search for new bright spots for recovery and economic growth has become the focus of attention of all countries. At the same time, the rapid development of new technologies has also led to fundamental changes in the mechanism of information collection, processing and transmission, bringing about economic and financial changes in the era of "Internet Plus".
The separation of traditional financial development from the real industry and the dominance of the financial sector over the industrial sector have plunged the financial industry into a "self-play". The "*** enjoyment of finance" can help alleviate or even eradicate the main shortcomings of the existing financial system. On the one hand, it focuses on solving the service "short boards" of the mainstream financial system, and serves the financial services of residents (consumer finance and wealth management) and small enterprises (financing and credit); on the other hand, it prompts the financial industry to get rid of its "grandeur" and step down from the "altar of the gods", and promotes distributed, decentralized financial services. The second is to promote finance to get rid of the "lofty" and come down from the "altar", to promote the construction of distributed, standardized, self-regulatory, open and transparent financial "soft rules", and to seek for a new type of low-cost and high-efficiency financial transaction market; the third is to consolidate the **** enjoyment of the financial model in the P2P era, and gradually expand to the field of B2B, B2P, P2B, and so on.
Yang Dong: the technology of the Internet, information technology or IT, DT technology revolution, will certainly form a new financial system of change, or even a new social relations of change. I personally believe that the crowdfunding system is the core of this change in social relations of production, or financial change.
On July 18 this year, the People's Bank of China and other ministries and commissions jointly issued the "Guiding Opinions on Promoting the Healthy Development of Internet Finance", which really blew the horn of the Internet era of financial services to small and micro-enterprises, services to the general public, services to the real economy, and the realization of financial inclusion. Because current China does not lack large enterprises and large financial institutions, the lack of the total amount of GDP, but the development of small and micro-enterprises, innovation and entrepreneurship, is the foundation of mass entrepreneurship, innovation, but also the real service of the ordinary people's demand for financial management, the fundamental demand for financial services. These bottom, including small and micro enterprises, innovation and entrepreneurship, the bottom of the ordinary people's needs, in fact, only by vigorously developing Internet finance, "Internet + finance", can be satisfied.
Crowdfunding financial innovation to activate the Chinese economy under the new normal
Yao Yudong: In the next five years from 2016, China has already stood at a new high point, a new starting point. Currently, China's economy is more innovation-driven and more reliant on consumption-driven. And to adapt to the new economic normal, the innovative development of finance is an important support and support. During the "13th Five-Year Plan" period, the Internet and finance will show a deep integration trend.
Equity crowdfunding is an important supplement to the multi-level capital market and an important area of financial innovation, while serving the real economy and controlling the level of macro leverage has a crucial role. After the wave of entrepreneurship if paired with equity crowdfunding may create us a large number of enterprises with good development prospects. Here, to quote a phrase, the early stage is the sky, through the equity crowdfunding may be the top of the sky later.
Literature Liu: crowdfunding in China's economic development is increasingly influential, become the real world, industry, people's investment and finance, the financial sector, the crossroads of innovation, intersection, hotspot, and become the best path to private capital markets, small business development of a good model.
Crowdfunding finance relies on mobile Internet, big data, cloud computing, to realize the essential functions of finance such as payment and clearing, capital financing, risk prevention, etc., and has the advantages of fast, convenient, efficient, low-cost, as well as the characteristics of off-site, crowd-involved, and mixed. At the same time, the crowdfunding financial platform relies on the Internet and online and offline *** with the mode of promoting the development of fund-raising to the masses, to support the project initiated by the individual or enterprise financing, and has a low threshold, diversity, relying on the power of the masses, focusing on the characteristics of creativity.
Guiyang development of crowdfunding financial focus on top-level design risk prevention
Yang Dong: to prevent the risk of Internet finance, from the government's point of view, but also need to solve the following problems: First, what kind of platform is qualified to set a threshold, the introduction of regulatory policies to clarify the requirements for the platform to enter. Secondly, various protection measures for investors and consumers must be put in place to give strong protection to the various private information and data of financial consumers. Third, the disclosure of information about the projects on the platform must be more efficient and timely. Fourthly, regulatory thinking should be changed, and an effective big data monitoring system should be established for financial regulation in the Internet era to cope with the highly conductive risks of Internet finance. Fifth, should increase the education of investors.
Yao Yu Dong: under the wave of mass entrepreneurship and innovation, equity crowdfunding is very important to serve the real economy and control the level of macro leverage. It should enrich the level of the capital market through financial innovation, move towards large private equity, reserve space for the future development of small public equity, strictly abide by the bottom line, do not touch the red line, and moderate supervision, escorting the future sustained and healthy development of equity crowdfunding.
The People's Bank of China's Institute of Finance's Internet finance research group put forward a set of "five, four, three, two, one" program. "Five" is the definition of equity crowdfunding - the new five boards, according to the stage of helping enterprises grow, equity crowdfunding is the kindergarten or elementary school stage, so that enterprises in the new three boards before entering the middle school stage there is a process of cultivation. "Four" is the traditional financial sector is mainly divided into public and private equity, but there are still many gaps in the middle. The "three" is to divide the crowdfunding into three grades, large, medium and small. "Two" is that crowdfunding platforms should not touch money or engage in capital pooling; platforms should not carry out guarantees or implicit guarantees. "One" is a red line can not be touched.
Liu Literature: Guiyang from the beginning of the establishment of big data, Internet finance as the direction of development, focusing on the top-level design, from the mechanism, institutional prevention of crowdfunding financial risks, to ensure that crowdfunding finance in accordance with the law. Guiyang crowdfunding financial exchange has formulated regulations on investor appropriateness management, the requirements of crowdfunding investors, analogous to the requirements of private funds for investors to formulate, and at the same time, according to the investor's annual income, the guidance of the investment funds do not exceed the corresponding proportion of annual income.
The exchange is currently operating strictly on wind control. Before the chip, strict project review, the leader of the chip and the third-party professional consultant service organizations to assume the function of sponsorship. In the fundraising, using the "lead + follow" mechanism, the institutional investors to lead a project, and then by individual investors to follow the investment, to reduce the risk of information asymmetry. Post-investment management and exit system, including the requirement for enterprises to regularly disclose financial data, the Exchange on the implementation of post-chip management regulatory responsibilities and information disclosure; the development of the customer return system, regular visits to the founding team, ongoing assessment and so on.