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Crowdfunding - zjawisko, problemy, regulacja

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  • Maria Lissowska

Abstract

Celem artykułu jest przedstawienie crowdfundingu, nowej metody dostarczania funduszy tym, którzy ich potrzebują, oraz określenie potrzeby jego regulacji. Analiza wykorzystuje podejście teoretyczne rynków dwustronnych (two sided markets - Rochet i Tirole [2004]) i podejście ekonomii instytucjonalnej. Analizując zalety i ryzyka crowdfundingu podkreślono, że fundatorzy ponoszą znaczne ryzyko, a często, z powodu modelu biznesowego, w którym ich decyzje są całkowicie zastępowane przez platformę, nie są w stanie się przed nim zabezpieczyć. Jeśli chodzi o MSP, nie negując zalet łatwiejszego i prawdopodobnie tańszego dostępu do funduszy, podkreślono jednak znaczenie negatywnej selekcji i nielojalności po zawarciu transakcji, co jest szkodliwe nie tylko dla fundatorów, lecz również dla otrzymujących fundusze. Dodatkowo niektóre cechy fundatorów (często emocjonalne podejmowanie przez nich decyzji) i platform (ryzyko płynności i ryzyko upadłości platformy) zwiększają ryzyko uczestników tego typu biznesu, zarówno MSP jak i fundatorów. Znaczna przewaga siły negocjacyjnej platformy nad pozostałymi uczestnikami i rozbieżność interesów, biorąc pod uwagę, że platforma jest znacznie mniej narażona na ryzyko finansowe niż fundatorzy, tworzy specyficzną sytuację instytucjonalną, która nie pozwala na spontaniczne dostosowanie reguł działania platformy do rozbieżnych interesów uczestników. W tym kontekście rozważono możliwą przyszłą zharmonizowaną regulację crowdfundingu w sytuacji, kiedy obecnie nie podlega on specyficznej legislacji Unii Europejskiej. Podkreślono zwłaszcza potrzebę regulacji crowdfundingu pożyczkowego, która jest najmniej rozwinięta na poziomie poszczególnych państw. Poza ochroną fundatorów, która jest już brana pod uwagę w legislacji krajowej, Autorka artykułu sądzi, że również powinno się zapewnić odpowiednie miejsce ochronie otrzymujących fundusze.

Suggested Citation

  • Maria Lissowska, 2018. "Crowdfunding - zjawisko, problemy, regulacja," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 59-86.
  • Handle: RePEc:sgh:gosnar:y:2018:i:1:p:59-86
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    References listed on IDEAS

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    Cited by:

    1. Piotr Majewski, 2020. "Crowdfunding – cechy i typologia," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 139-152.

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    More about this item

    Keywords

    crowdfunding; rynki dwustronne; bankowość; rynki finansowe;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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