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众筹模式具有典型的双边市场特征。本文在双边市场理论框架下考察中国众筹融资市场特征,揭示众筹行业的经济学内涵和竞争策略,并提出关系到中国众筹行业未来发展的不同于传统单边市场的适应性监管思路。自2011年以来,众筹融资在中国得到了迅速发展,便捷了小微经济体的融资活动,成为国内关注的热点。与欧美等发达国家相比,中国社会融资体系依旧是一种非均衡结构,间接融资占据融资总额绝对比重,而众筹作为一种直接融资模
Crowdfunding models have typical bilateral market characteristics. This paper examines the characteristics of China’s crowdfunding financing market under the framework of bilateral market theory, reveals the economics connotation and competitive strategy of the crowdfunding industry and puts forward the adaptive regulatory thinking that is different from the traditional unilateral market that is related to the future development of China’s crowdfunding industry. Since 2011, crowdfunding finance has enjoyed rapid growth in China, facilitating the financing activities of small and micro-sized economies and has become a hot spot of concern in China. Compared with the developed countries such as Europe and the United States, China’s social financing system is still a non-equilibrium structure. Indirect financing accounts for the absolute share of total financing while crowdfunding as a direct financing model