摘要：目前，很多国家都面临着经济发展滞缓、就业率下降等问题。股权众筹可为存 在资金缺口的中小微企业提供融资，鼓励创新、创业和创意项目，有助于提高就业 率，促进经济增长。本文选取具有代表性的股权众筹平台天始汇和 AngelList 作为分 析对象，从平台现状、业务范围、操作流程、盈利来源、风险防控这五个方面分析 归纳中美股权众筹平台运营模式。通过对比分析股权众筹平台运营模式的差异，本 文为股权众筹平台的本土化发展提出借鉴性建议，如明确股权众筹的合法性、加强 投后管理、完善平台操作流程等。

关键词：股权众筹；互联网金融；运营模式

Comparative study on equity-based crowdfunding operation modes in China and America------Taking “AngelCrunch” and “AngelList” as examples

Abstract

At present, many countries are faced with challenges, such as slow economic growth, low employment rates and other problems. Equity-based crowdfunding can provide funds for small and medium-sized enterprises with funding gaps. Also, equity-based crowdfunding encourages innovative, entrepreneurial and creative projects. It is good at improving employment and promoting economic growth. This paper will select “AngelCrunch” and “AngelList” as examples. It analyzes and summarizes equity-based crowdfunding platforms’ operation modes, respectively from present situation, the  scope of business, operating procedures, profit source and risk control between the above two platforms. By revealing the differences of operating modes, this paper makes references for the localization of the equity-based crowdfunding platforms’ development, such as clarifying the legitimacy of the equity-based crowdfunding, strengthen the management of post-investment to improve operation process of platforms and so on.

Keywords: equity-based crowdfunding; internet finance; operation modes

目 录

0 引言 1

1 股权众筹概述 1

1.1 股权众筹的含义 1

1.2 股权众筹的意义 2

2 中美股权众筹发展现状 3

2.1 美国股权众筹发展现状 3

2.2 中国股权众筹发展现状 4

3 美国股权众筹平台运营模式研究——以 AngelList 为例 4

3.1 平台现状 4

3.2 业务范围 5

3.3 操作流程 6

3.4 盈利来源 7

3.5 风险防控 7

4 中国股权众筹运营模式研究——以天使汇为例 9

4.1 平台现状 9

4.2 业务范围 10

4.3 操作流程 11

4.4 盈利来源 13

4.5 风险防控 13

5 天始汇和 AngelList 运营模式对比分析 14

5.1 风险防控对比 15

5.2 投资模式的操作流程对比 15

5.3 盈利能力比较 16

6 改善我国股权众筹运营模式的启示 17

6.1 明确股权众筹的合法性