Model Types of Crowdfunding: a Comparative Analysis of the Russian and European Experience

Kuvaeva, Yu. V.; Chudinovskikh, Marina; Sedunova, Elena A.

doi:10.34020/2073-6495-2021-4-121-134

Cited by 3 publications

(1 citation statement)

References 7 publications

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“…Сдерживающий эффект оказывают комплаенс-риски, вызванные несоблюдением требований и правил работы платформы -убытки по причине мошенничества и обмана, организации финансовых пирамид и нелицензионных операций, невыполнения договорных обязательств, отсутствия контроля за целевым использованием средств, потерей прав на цифровой актив, нарушением прав акционеров, неблагонадежностью участников платформы и изменением законодательства [1; 2; 4; 9]. Куваева Ю. В. и соавторы [3], Г. Т. Папаскуа [5] обращают внимание на высокие риски недостоверности информации, размещаемой на цифровой инвестиционной платформе и низкого уровня информированности участников транзакций.…”

Section: Introductionunclassified

Audit as a Tool for Reducing Compliance Risks of Digital Investment Ecosystem Participants

Yakimova¹

2023

I.I.I

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The article is devoted to the problem of developing mechanisms to increase the sustainability of the digital investment ecosystem, in which the main participants are investors, borrowers or other persons attracting investments, the Bank of Russia as a regulator, a professional organization. The purpose of this study is to identify ways to trust the system of digital investment platforms by developing financial compliance methods for ecosystem participants. In the course of the study, methods of statistical analysis, generalization and grouping of compliance risk assessment, ecosystem modeling with the allocation of functions and actions of its participants were used. The ecosystem approach was used as a basic approach, which allows revealing interactions and assessing the impact of the risks of one participant on the stability of the ecosystem as a whole. The study found that participants are exposed to high compliance risks that can lead to a system default and cause systemic risks of a chain of bankruptcies due to defaults, changes in rules and restrictions. The level of compliance risk for crowdfunding participants was 27%, and the analysis of operators’ declarations identifies 23 types of risks that an investor takes on and which carry the threat of loss of invested capital. High risks and their diversification led to the conclusion that it is necessary to build investment compliance control procedures into the investment ecosystem, which can be carried out by audit organizations as assurance tasks. The results of the study are of practical importance for the development of the methodological apparatus of compliance in the process of carrying out activities by audit organizations and the development of a system for regulating the activities of investment ecosystems by the Bank of Russia.

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Section: Introductionunclassified

Audit as a Tool for Reducing Compliance Risks of Digital Investment Ecosystem Participants

Yakimova¹

2023

I.I.I

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Crowdfunding as a Tool of Financing: a Conceptual Analysis

Kotlyarov

2024

WEIR

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Crowdfunding has become a popular tool of financing for commercial and non-commercial projects. However the existing literature does not clearly demonstrate the difference between crowdfunding and other models of financing. It leads to confusion and incorrect assumptions that may hinder use of crowdfunding and development of crowdfunding-specific legislation. The goal of the present paper is to identify the distinctive features of crowdfunding and to position it within the system of direct financial interactions. Research methodology: method of strategic matrices, continuum approach. The paper contains a list of criteria that could be used to distinguish standard (typical) crowdfunding from other forms of financing. A continuum of forms of collective finance is proposed. This continuum is based on the criterion of formality. Crowdfunding can be described as a novel form of collective finance that offers a higher level of flexibility in comparison with other models of collective financing and better corresponds to requirements of entrepreneurs and investors. Difference between crowdfunding and P2P finance is explained. The paper introduces the concept of two-level centralization as a key distinctive feature of crowdfunding. This concept is used to build up a holistic taxonomy of collective direct financial interactions. The paper also describes a novel form of crowdfunding – stock exchange crowd game. The existence of this form of crowdfunding is supported by the GameStop case. The paper makes a distinction between standard crowdfunding (that has both levels of centralization) and non-standard crowdfunding (which has only one level of centralization).

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Global transformation of crowdfunding model types: Experience for Russia and practical recommendations

CHUDINOVSKIKH,

KUVAEVA

2023

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Subject. This article examines the issues of development of crowdfunding and the transformation of its model types in world practice and in Russia. Objectives. Based on the analysis of foreign practices, the article aims to trace the evolution of the global transformation of model types of crowdfunding from 2007 to 2023, as well as determine the prospects for the development of crowdfunding in Russia. Methods. For the study, I used the logical and systems approaches, analysis and synthesis, comparative analysis, and classification. Results. The article finds that the number of model types of crowdfunding in the global economy is constantly increasing, which reflects the demand for alternative sources of financing. In the Russian Federation, there are two developed types of crowdfinancing only, namely, the provision of loans and the purchase of equity securities placed using the investment platform. Conclusions and Relevance. In the context of sanctions pressure, the problem of developing own independent crowdfunding platforms is becoming more and more urgent. This will contribute to increasing the level of financial stability and ensure a certain financial sovereignty in attracting and allocating resources. The results can be used by participants in the Russian financial market, public authorities, as well as research and educational organizations when considering options for the development of alternative sources of financing.

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Model Types of Crowdfunding: a Comparative Analysis of the Russian and European Experience

Cited by 3 publications

References 7 publications

Audit as a Tool for Reducing Compliance Risks of Digital Investment Ecosystem Participants

Audit as a Tool for Reducing Compliance Risks of Digital Investment Ecosystem Participants

Crowdfunding as a Tool of Financing: a Conceptual Analysis

Global transformation of crowdfunding model types: Experience for Russia and practical recommendations

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