众筹模式研究外文文献翻译最新翻译

O2O商业模式和团购网站外文文献翻译2014年译文3100字This article discusses the development of O2O (online-to-offline) business models and group purchasing。

O2O refers to the XXX。

Group purchasing。

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involves a group of XXX.XXX the rise of O2O business models in China。

which has been driven by the country's large n。

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O2O platforms have emerged in us industries。

including food delivery。

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XXX.The article then goes on to explain how group purchasing has e a popular feature of many O2O platforms。

as it allows consumers to save money while also increasing the volume of sales for XXX。

Group purchasing also helps to build customer loyalty and generate word-of-mouth marketing.XXX O2O platforms and group purchasing face。

including XXX。

regulatory issues。

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中小企业融资英文文献An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China AbstractAt presentthere are still many constraints in the further development of SMEsmall and medium—sized enterprises in ChinaAnd especially the financing development of SME has become a bottle neckwhich was caused by the unsound credit guarantee system for SMEBased on China’s SME guarantee system and its problemsthe thesis puts forward proposals to perfect guarantee system for China’s SME with norma l analysisIn order to make guarantee system play its due roleit is necessary to establish different modes of credit guarantee institutions in accordance with the actual situationto found SME credit guarantee funds and its supplementary systemto adjust the operation mode of guarantee funds and to improve legal protection of the credit guarantee system 对中国中小企业信用担保体系的分析摘要目前中国中小企业的进一步发展仍然受到很多约束尤其是中小企业融资问题已经成为制约的瓶颈。

文献出处标题：The research of Crowd funding business model作者：Schwienbacher A期刊：HANDBOOK OF ENTREPRENEURIAL FINANCE；卷5，期6，页码：31-41. 原文The research of Crowd funding business modelSchwienbacher AAbstractThis paper describes the concept of crowd funding，explores its origin and general history of development, raise business model for the raise of the people, the intermediary agencies and investors trinity, analyzes the structure and process of logical point of view, based on the value from the value discovery, value matching and value for three levels to raise business model has carried on the theoretical analysis, the summary of outstanding to raise the advantage of the business model is to promote the entrepreneurship and innovation. As a new business model, the raise pattern is still in its infancy, the need to explore and perfect, we need to seriously study and guard against legal risks exist in the process of practice.Keywords: Crowd funding; Business model; Value logic1 The overview of crowd funding business modelThe raise business model (crowd funding business model), and for the masses to raise, the offering, or the harmony, is the package (crowd sourcing) business model variation, meaning creative or small micro enterprise project sponsors (raise) in pass intermediary structure (the platform) raise identity, after checking on the website of the raised platform to establish their own page, used to (investor) is introduced to the public project, and to the public to raise microfinance or seek other material support. The cash held by the raised platform at first, not directly to raise hands. If project to raise funds in the target period, the project financing is successful, the cash account, by the raised platform transfer to raise people stay after the successful implementation of the project, financing of project implementation physical or nonphysical result feedback to the investor, and the raised platform is by accepting and audit financingideas, sorting the investor information, monitor the use of the cash, tutoring program operation and value activities, such as public project implementation results drawn from the cash a percentage of the service fee as income. If the target within the time limit to raise funds, not the cash will be the raised platform back to the investor, the project sponsor is need to start a new round of financing activities or abort the financing.As a business model, the raise pattern completely accords with the core of enterprise value creation logic, namely value found (financing) and the investor's investment and financing demand, value matching (cooperation with business partners), value acquisition (with financing into profit).Raise business model at present, the practice was still in the stage of grope and start, domestic and foreign academic circles to raise the study of the theory of the business model is the blank. Therefore, to the system research not only helps to grasp the development and trend of business model, raise more helps to provide a research perspective and methodology. For the corporate world, helps to provide a kind of brand-new commercial logic of thinking, the promotion of business model innovation and practice.2 The origin and development of the raise business modelThe prototype of the raise dates back to the 18th century, when many literary works are all rely on a method called "order" (subscription).Mozart, Beethoven, for example, take this way to raise money, they went to the subscriber, the subscriber to provide them with money, when the work is complete, the subscriber will get a book to write with their name, or a copy of the score of concerto, or can be a concert of the first listeners. A similar situation and church donation, fundraising campaign, etc., but the phenomenon of the raise no complete system, also shall return of investors, is not in conformity with the characteristics of business model.The raise as a business model originating in the United States, it has been more than 10 years of history. In recent years, the mode in Europe and the United States ushered in the golden stage, with the accelerating development speed and outside countries and regions in Europe and the United States also spread quickly. Massolution in 2012, the United States, research institutions around the world carriedout a survey on the raise field. Results showed that the annual global the raised platform financing amount is $2.8 billion, and in 2011 only 14. $700 million. In 2007, fewer than 100 of the world all the raised platform, by the end of 2012 has exceeded 700.On December 27, 2012, Forbes released a report in the United States, the report predicts that: in 2013, the raised platform of the world's total will reach $6 billion; To the second quarter of 2013, the global the raised platform will increase to 1500.In the future, the raise pattern will become the main way of project financing.In European and American countries of the raised platform, was established in April 2009 the Kickstarter most representative. As of 2012, the platform release number 27086, among them, the successful projects in 11836, project a total of $99344382, to participate in a toll on support for the project investment has exceeded 3 million, 2012 annual revenues of more than $5 million. For a enterprises at the start-up stage, the data proved that the raise is a positive and promoting business model.In 2011 started to appear the similar Kickstarter the raised platform. According to incomplete statistics, at present a bit of time, building blocks, JUE. SO wait for all sorts of different direction and the characteristics of more than 10 on the raised platform. The above line in May 2011 call time. By the end of 2011, has been raised for 57 project named time they need the money, the amount from thousands of yuan to hundreds of thousands of yuan, and received $500000 in angel investment from Taiwan.At present, the cultural creativity industry financing raise business platform is the start of the main content. As America's first giant Kickstarter, the raised platform is still in music, movies, cartoons and other related to the project. According to statistics, in 2012, nearly 30% raise successful Kickstarter project belongs to music class. Domestic situation, too, for example, as of August 2012, in "roll call" website successful implementation of the project design class has 94, film and television class 32, music class 18, while technology only 13.From the point of absolute number, 60% - 70% of the project can be belong to cultural creativity industry category.3 The raise construction of business modelThe raise in a sense, is a kind of Web3.0, it makes the social network and the majority of people support a few "fundraising way crossing, or P2B platform through the P2P protocol mechanism between different individuals to make the financing ways and means possible. Raise business model to build the project sponsor (raise), public (investor) and intermediary institutions (the platform) raise the three organic component.3.1 The project sponsorProject is to have clear goals, you can do with specific completion time of public welfare activities, such as creating album, publishing books or some kind of electronic products. Project is not in stock, bonds, dividends, interest, and other forms of money in return. Project sponsor must have certain conditions (such as nationality, age, bank accounts, qualifications and record of formal schooling, etc.), with 100% of the autonomy of the project, uncontrolled, completely independent. The project sponsor to sign a contract with agency (the raised platform), clearly the rights and obligations of both sides. Project sponsor is usually need the creative to solve the problem of money or small micro enterprise entrepreneurs, but also have individual companies to strengthen communication and user experience, in achieving financing goals at the same time, strengthen the raise pattern, such as market research, product pre-sales and promote extending function, called on the public as a project sponsor (potential customers) in product research and development, manufacture and popularization, in order to gain better market response.3.2 The public (investor)Public (investor) is often a large number of Internet users, and they use online payment for your interested in creative projects for small investment, every investor has become the "angel". After the successful implementation of the project, the public investment for the investor's return is not a return of funds, and may be a product samples, such as a Pebble watch, may also is a concert tickets or a CD. Investor funding creative process is the process of its consumer funds moved forward, it can not only improve the efficiency of production and sales, produce originally relying on traditional investment and financing mode to launch new products, also meet theinvestor as a user of niche, detailed and personalized consumer demand.3.3 Intermediaries (the raised platform)Intermediaries are the builders of the raised platform and project sponsors supervisors and mentors, guardians or the interests of the investors. The characteristics of multiple identities determine the intermediary institutions (the platform) raise the function of the complex, the responsibility is significant. First of all, the raised platform to have network technical support, according to the relevant laws and regulations, with the method of virtual work, put the project sponsor ideas and the financing needs information in virtual space, the implementation of this process is the premise of a detailed before the project online real-name audit, and ensure that all the raise business model research content integrity, executable and valuable, and make sure no violation of program rules and requirements. Secondly, after the success of the project financing to supervision, coaching and controls the project smoothly. Finally, when the project can't perform, and the raised platform has responsibility and obligation to supervise the project sponsor a refund for the investor.4 The legal risk and prevention of crowd funding business modelAs a kind of brand-new business model, and the raise of business model appears to reduce the difficulty of startup funding, but to the public investors, because they do not have full information of the project, leads to a lack of investment risk forecast, increase the investment risk. For the project sponsor, in order to raise success, they need the project to show to the public via the Internet, the Internet's openness and real-time characteristics make project information spread quickly, once a popular project, will be quickly imitated and mass production, this makes the project sponsors cannot get effective protection of intellectual property rights. To raise business model in the existing in the practice of the legal risks, we need to seriously study and prevention. The author thinks that can from three aspects, avoid and guard against legal risks that may occur:4.1 Suggest risk and disclosure of informationThe platform has the obligation to rise on its web site detailed operation procedure and standard of the project, especially in a prominent position to the public(investor) suggest possible legal risk, clear the legal responsibilities and obligations of the parties and may be some disputes over the treatment method.4.2 Ensure the safety of fundsMoney safe and orderly management of project is not only the raised platform of its obligations, and is an important method of guard against its own legal risk. The link with the raised platform involving money, such as fundraising, deduct a percentage of the service from the public, to the project sponsor or returned to the public funding of advance payment, etc., to strict management, strengthen self-discipline, and external supervision mechanism can be introduced when necessary.4.3 Actively communicate with the government, perfect the legal regulation as soon as possibleThe raise business model is a kind of investment activities involving hundreds of thousands of people, belong to the partnership of relatively loose, the probability of a dispute is very high, and through the network to build the trust of the foundation is weak, once appear, capital use or profit distribution problems, contradictions broke out easily. This requires the raised platform need to actively communicate with the competent department of the government, has obtained the corresponding policy guidance, legal, regulatory or project for the record, and resolving fuzzy zone grope for the legal risks in law.译文众筹商业模式研究Schwienbacher A摘要本文分析了众筹的概念，论述了众筹的起源与发展的基本状况，对众筹商业模式中的筹资人、中介机构和出资人三位一体的结构与流程进行了分析，基于价值逻辑角度，从价值发现、价值匹配和价值获取三个层面对众筹商业模式进行了理论分析，总结出众筹商业模式的优势在于促进微创业和激励创新。

文献出处标题：The research of Crowd funding business model作者：Schwienbacher A期刊：HANDBOOK OF ENTREPRENEURIAL FINANCE；卷5，期6，页码：31-41. 原文The research of Crowd funding business modelSchwienbacher AAbstractThis paper describes the concept of crowd funding，explores its origin and general history of development, raise business model for the raise of the people, the intermediary agencies and investors trinity, analyzes the structure and process of logical point of view, based on the value from the value discovery, value matching and value for three levels to raise business model has carried on the theoretical analysis, the summary of outstanding to raise the advantage of the business model is to promote the entrepreneurship and innovation. As a new business model, the raise pattern is still in its infancy, the need to explore and perfect, we need to seriously study and guard against legal risks exist in the process of practice.Keywords: Crowd funding; Business model; Value logic1 The overview of crowd funding business modelThe raise business model (crowd funding business model), and for the masses to raise, the offering, or the harmony, is the package (crowd sourcing) business model variation, meaning creative or small micro enterprise project sponsors (raise) in pass intermediary structure (the platform) raise identity, after checking on the website of the raised platform to establish their own page, used to (investor) is introduced to the public project, and to the public to raise microfinance or seek other material support. The cash held by the raised platform at first, not directly to raise hands. If project to raise funds in the target period, the project financing is successful, the cash account, by the raised platform transfer to raise people stay after the successful implementation of the project, financing of project implementation physical or nonphysical result feedback to the investor, and the raised platform is by accepting and audit financingideas, sorting the investor information, monitor the use of the cash, tutoring program operation and value activities, such as public project implementation results drawn from the cash a percentage of the service fee as income. If the target within the time limit to raise funds, not the cash will be the raised platform back to the investor, the project sponsor is need to start a new round of financing activities or abort the financing.As a business model, the raise pattern completely accords with the core of enterprise value creation logic, namely value found (financing) and the investor's investment and financing demand, value matching (cooperation with business partners), value acquisition (with financing into profit).Raise business model at present, the practice was still in the stage of grope and start, domestic and foreign academic circles to raise the study of the theory of the business model is the blank. Therefore, to the system research not only helps to grasp the development and trend of business model, raise more helps to provide a research perspective and methodology. For the corporate world, helps to provide a kind of brand-new commercial logic of thinking, the promotion of business model innovation and practice.2 The origin and development of the raise business modelThe prototype of the raise dates back to the 18th century, when many literary works are all rely on a method called "order" (subscription).Mozart, Beethoven, for example, take this way to raise money, they went to the subscriber, the subscriber to provide them with money, when the work is complete, the subscriber will get a book to write with their name, or a copy of the score of concerto, or can be a concert of the first listeners. A similar situation and church donation, fundraising campaign, etc., but the phenomenon of the raise no complete system, also shall return of investors, is not in conformity with the characteristics of business model.The raise as a business model originating in the United States, it has been more than 10 years of history. In recent years, the mode in Europe and the United States ushered in the golden stage, with the accelerating development speed and outside countries and regions in Europe and the United States also spread quickly. Massolution in 2012, the United States, research institutions around the world carriedout a survey on the raise field. Results showed that the annual global the raised platform financing amount is $2.8 billion, and in 2011 only 14. $700 million. In 2007, fewer than 100 of the world all the raised platform, by the end of 2012 has exceeded 700.On December 27, 2012, Forbes released a report in the United States, the report predicts that: in 2013, the raised platform of the world's total will reach $6 billion; To the second quarter of 2013, the global the raised platform will increase to 1500.In the future, the raise pattern will become the main way of project financing.In European and American countries of the raised platform, was established in April 2009 the Kickstarter most representative. As of 2012, the platform release number 27086, among them, the successful projects in 11836, project a total of $99344382, to participate in a toll on support for the project investment has exceeded 3 million, 2012 annual revenues of more than $5 million. For a enterprises at the start-up stage, the data proved that the raise is a positive and promoting business model.In 2011 started to appear the similar Kickstarter the raised platform. According to incomplete statistics, at present a bit of time, building blocks, JUE. SO wait for all sorts of different direction and the characteristics of more than 10 on the raised platform. The above line in May 2011 call time. By the end of 2011, has been raised for 57 project named time they need the money, the amount from thousands of yuan to hundreds of thousands of yuan, and received $500000 in angel investment from Taiwan.At present, the cultural creativity industry financing raise business platform is the start of the main content. As America's first giant Kickstarter, the raised platform is still in music, movies, cartoons and other related to the project. According to statistics, in 2012, nearly 30% raise successful Kickstarter project belongs to music class. Domestic situation, too, for example, as of August 2012, in "roll call" website successful implementation of the project design class has 94, film and television class 32, music class 18, while technology only 13.From the point of absolute number, 60% - 70% of the project can be belong to cultural creativity industry category.3 The raise construction of business modelThe raise in a sense, is a kind of Web3.0, it makes the social network and the majority of people support a few "fundraising way crossing, or P2B platform through the P2P protocol mechanism between different individuals to make the financing ways and means possible. Raise business model to build the project sponsor (raise), public (investor) and intermediary institutions (the platform) raise the three organic component.3.1 The project sponsorProject is to have clear goals, you can do with specific completion time of public welfare activities, such as creating album, publishing books or some kind of electronic products. Project is not in stock, bonds, dividends, interest, and other forms of money in return. Project sponsor must have certain conditions (such as nationality, age, bank accounts, qualifications and record of formal schooling, etc.), with 100% of the autonomy of the project, uncontrolled, completely independent. The project sponsor to sign a contract with agency (the raised platform), clearly the rights and obligations of both sides. Project sponsor is usually need the creative to solve the problem of money or small micro enterprise entrepreneurs, but also have individual companies to strengthen communication and user experience, in achieving financing goals at the same time, strengthen the raise pattern, such as market research, product pre-sales and promote extending function, called on the public as a project sponsor (potential customers) in product research and development, manufacture and popularization, in order to gain better market response.3.2 The public (investor)Public (investor) is often a large number of Internet users, and they use online payment for your interested in creative projects for small investment, every investor has become the "angel". After the successful implementation of the project, the public investment for the investor's return is not a return of funds, and may be a product samples, such as a Pebble watch, may also is a concert tickets or a CD. Investor funding creative process is the process of its consumer funds moved forward, it can not only improve the efficiency of production and sales, produce originally relying on traditional investment and financing mode to launch new products, also meet theinvestor as a user of niche, detailed and personalized consumer demand.3.3 Intermediaries (the raised platform)Intermediaries are the builders of the raised platform and project sponsors supervisors and mentors, guardians or the interests of the investors. The characteristics of multiple identities determine the intermediary institutions (the platform) raise the function of the complex, the responsibility is significant. First of all, the raised platform to have network technical support, according to the relevant laws and regulations, with the method of virtual work, put the project sponsor ideas and the financing needs information in virtual space, the implementation of this process is the premise of a detailed before the project online real-name audit, and ensure that all the raise business model research content integrity, executable and valuable, and make sure no violation of program rules and requirements. Secondly, after the success of the project financing to supervision, coaching and controls the project smoothly. Finally, when the project can't perform, and the raised platform has responsibility and obligation to supervise the project sponsor a refund for the investor.4 The legal risk and prevention of crowd funding business modelAs a kind of brand-new business model, and the raise of business model appears to reduce the difficulty of startup funding, but to the public investors, because they do not have full information of the project, leads to a lack of investment risk forecast, increase the investment risk. For the project sponsor, in order to raise success, they need the project to show to the public via the Internet, the Internet's openness and real-time characteristics make project information spread quickly, once a popular project, will be quickly imitated and mass production, this makes the project sponsors cannot get effective protection of intellectual property rights. To raise business model in the existing in the practice of the legal risks, we need to seriously study and prevention. The author thinks that can from three aspects, avoid and guard against legal risks that may occur:4.1 Suggest risk and disclosure of informationThe platform has the obligation to rise on its web site detailed operation procedure and standard of the project, especially in a prominent position to the public(investor) suggest possible legal risk, clear the legal responsibilities and obligations of the parties and may be some disputes over the treatment method.4.2 Ensure the safety of fundsMoney safe and orderly management of project is not only the raised platform of its obligations, and is an important method of guard against its own legal risk. The link with the raised platform involving money, such as fundraising, deduct a percentage of the service from the public, to the project sponsor or returned to the public funding of advance payment, etc., to strict management, strengthen self-discipline, and external supervision mechanism can be introduced when necessary.4.3 Actively communicate with the government, perfect the legal regulation as soon as possibleThe raise business model is a kind of investment activities involving hundreds of thousands of people, belong to the partnership of relatively loose, the probability of a dispute is very high, and through the network to build the trust of the foundation is weak, once appear, capital use or profit distribution problems, contradictions broke out easily. This requires the raised platform need to actively communicate with the competent department of the government, has obtained the corresponding policy guidance, legal, regulatory or project for the record, and resolving fuzzy zone grope for the legal risks in law.译文众筹商业模式研究Schwienbacher A摘要本文分析了众筹的概念，论述了众筹的起源与发展的基本状况，对众筹商业模式中的筹资人、中介机构和出资人三位一体的结构与流程进行了分析，基于价值逻辑角度，从价值发现、价值匹配和价值获取三个层面对众筹商业模式进行了理论分析，总结出众筹商业模式的优势在于促进微创业和激励创新。

文献出处:Aronson J. The research of P2P model of financial [J] Value Creation in E-Business Management, 2016,12(5):85-95.原文The research of P2P model of financialAronson JAbstractThe development of the Internet financial, constantly create new financial model, P2P is one of the new financial model, the development of rapid direct threat to the commercial Banks in the financial world's dominance. In P2P explosive savage growth process, however, there are regulatory or incomplete system, risk control measures is not mature, P2P financial platform collapse would happen often, this leads to the development of P2P is in trouble Based on this, this paper introduces the P2P concepts and the reasons on the basis of the financial model, analyzes the difficulties faced by the current P2P financial model, and accordingly put forward the development of P2P financial model.Keywords: P2P financial mode; The theoretical analysis; Measures1 IntroductionThe wide application of Internet technology, when science and technology combined with financial, gives rise to some emerging Internet model, P2P has greatly reduced the transaction cost, satisfy the customer demand for financial, especially the working class and the small and medium-sized enterprise loan demand. But so far, due to the lack of innovation mode of financial supervision, to information asymmetry, imperfect credit system construction, and low security of adverse effect caused by funds, hindered the healthy and orderly development of P2P.For Internet financial can inject vigor, continuing for the financial sector to the real economy better service, we must strengthen the industry regulation, establish effective credit evaluation system and P2P platform to establish effective risk control system.So-called peer-to-peer (P2P), is the abbreviation of English Peer to Peer, meaning "person-to-person", refers to the directly by third-party Internet platform of money lending financing behavior, is a kind of direct financing behavior of individualto individual. It originated in Britain, and later to the United States, Germany and other countries, China introduced in 2007.In our country, its typical model is: the network credit companies provide a platform, by borrowing free bids, brokered transactions. Money lenders to obtain interest income with the risk; Money borrowed people due to repay the principal, the network credit charge intermediary company.Peer-to-peer (P2P) the causes of financial mode mainly lies in the fact that Internet technology rapidly Exhibition. With the development of Internet, the scope of its popularization in our country is more and more widely, new technology and new business forms appear constantly, and gradually extended to the financial sector, the financial and the Internet fusion degree in the process of deepening, the financial industry got the booming development, at the same time, also produced a P2P financial mode; Fill the shortcoming in traditional financial business function in our country at present. Let those be bank financial products and loan threshold shut out of the working class and the small and medium-sized enterprises can also have the opportunity to enjoy the financial services. Working class a large body of demand for money have great demand; Other small and medium-sized enterprises (SEM) in many places the arrested development, mainly due to small and medium-sized enterprises (smes) in bank loans difficult, loans due to the high cost. In order to promote the development of their own, small and medium-sized enterprises to seek other financing mode, which promote the generation of the P2P financial model.2 The status quo of P2P financial model2.1 P2P financial models lack of effective supervisionRelative to the early start of online banking, online securities and so on in the form of financial regulatory policy relatively incomplete, relatively mature management framework. But P2P financial mode in 2012 entered the blowout outbreak period. But the Internet financial regulatory agencies and related regulatory policy did not keep up with the pace of its rapid development, for the development of P2P is also hinder the role. Should be further follow relevant regulations to meet the constantly enrich and expand the urgent needs of the emerging financial forms. The lack of regulation for a long time, has been out of the grey zone and regulatory gap,there are low barriers to entry, lending money monitoring vacancy, credit evaluation system is not sound, and many other problems.The industry has been in a savage growth state, run, capital chain rupture and collapse phenomenon appeared frequently. ack of legal norms, unclear regulatory policy, business operation is not standard to causes such as the chaos of industry management.2.2 Domestic credit system construction is not perfectThe Internet in the financial, financial credit system is the basis of the healthy and standardizing development of the financial industry, the Internet. But the current construction of credit system is not perfect, personal credit record includes only with bank lending behavior and maintain within the Banks, other financial institutions can't call society.P2P network platform loan borrowers can only through an indirect way to verify information and the judgment through the subjective experience of auditors. Abroad in the implementation of a P2P financial model, the comparison of perfect personal credit system construction, when making loans, personal credit can achieve effective query, which leads the P2P financial mode constantly development and improvement. Internet financial enterprise credit reporting database is not perfect in our country, is not included in the central bank credit reporting system, for both the management difficulty is big, no effective mechanism and discipline and punishment.2.3 Information asymmetry cause malicious default riskOf the Internet financial transactions, payments and services are completed on the Internet, virtualization of trading, trading process is not transparent and so on have made the financial risk more diversified and uncontrolled. Of new trading patterns of this for the disclosure of the information has the certain difficulty, in P2P financial mode, due to information asymmetry, P2P platform there may be a risk, the truth of the borrower to provide information due to the master of P2P platform borrowing history data is limited, its credit rating system is also unable to grasp the situation of the borrowers, the condition of the fake information or the borrower. Once appear, default or delay balance, due to recover the cost is higher, lenders are hard to take back the principal and interest of the person failed to perform its obligations due to lending and lead to potential financial damage is one of the reasons that hinder thedevelopment of P2P.3 The implement measures3.1 Encourage innovation to strengthen the basis of industry regulationDue to P2P long-term financial platform is in a state of lack of regulation, resulting in a variety of financial risk problems occur unceasingly, serious impact on the development of P2P financial, based on this, as soon as possible, perfect the construction of Internet financial regulation legal system in our country, should provide a clear and transparent legal environment, including the market access supervision, operation supervision and exit regulatory measures to standardize the development of the P2P network platform. But don't like management of traditional financial institutions, so as not to stifle financial innovation. Perfect financial market system, pratt &whitney financial development, encourage financial innovation, rich level financial markets and products. Regulators want reasonable grasp the boundaries of innovation and strength, not to hinder the sustainable development of financial innovation, whether it be a financial product innovation, and financial service innovation. To strengthen management and ensure that financial security is very necessary, cut can not manage, weaken the vitality of financial innovation.3.2 promoting the construction of credit evaluation systemA severe credit system can restrain people daily financial activity. Therefore, in a constantly enrich financial transaction way to meet the demand of investment and financing of all social strata at the same time, the credit system construction also needs to be perfect and connectivity. At present, the central bank has started the construction of personal credit system, however, the central bank alone is not enough to build personal credit system, and will result in incomplete information system, therefore, in the process of building the personal credit system in the future, should attract more participants, to establish the perfect credit system, make scientific evaluation to the borrower's credit rating, for P2P platform provides necessary judgment. In addition, P2P financial platform should also set up its own credit system, establish a customer database, regular update of customer information in a database, at the same time, guarantee the comprehensiveness and accuracy of the new customerinformation, and effective to evaluate the customer's credit.3.3 P2P platform to strengthen risk control abilityP2P business at the core of the pricing power is in the team's own risk, the risk management ability is the core of the P2P company competitiveness. establish a risk control function is clear, for policy making, the characteristics of customer data mining, overdue customers, study and so on carries on the effective management, to standardize the front-end marketing, China audit, background collection each work orderly. At the same time, digital risk control model is established and the score card system is the effective measure to standardize P2P scientific management, with a complete set of scientific management methods, to cure it to risk control examination and approval decision engines and business process, to guide the business for examination and approval of risk control. Second, compared with the traditional financial institutions such as Banks, Internet financial firms can take advantage of big data analytics, cloud computing technology to manage customer credit evaluation and customer information, above is actually a credit evaluation system and risk control measures of innovation. Third, should attach importance to small and scattered plays important role in reducing risk, network platform, in the face of the large capital demand loan can be systemic forced to spread risk, is more than a sum of money into different sum, scattered the people who need loans to lend, risk can be effectively diluted. Fourth, guarantee qualification can be introduced with a third party professional guarantee companies provide guarantee, in case of bad debts by guarantee company compensation, in order to ensure safe operation, to ensure the safety of information and capital of investors. by using the combined risk of internal and external control means, in view of information asymmetry and capital safety is low in the strong guarantee.Era development is irreversible, the subversion and innovation of the Internet continues, because the P2P financial pattern in the global new things, the speed of development and the construction of the corresponding system is not perfect, resulting in the development of P2P financial face a lot of trouble. despite the difficulties, the game between the various arms intensified, but it's true that the development of P2Pinjected new vitality into the financial sector, in order to promote the healthy and orderly development of P2P, needs to explore the path to promote the development of P2P financial, P2P platform in the process of operation gradually improve risk control ability, ensure the safety of the funds. These efforts will make P2P financial mode gradually towards standardization and legalization, make it effectively fill the shortcoming in traditional financial business function at present, the future will be better able to make the financial service for the real economy, support the national strategic transformation of the economic structure.译文P2P金融模式研究Aronson J摘要互联网金融的发展，不断地创新出新型的金融模式，P2P就是其中一种新型金融模式，其发展的迅速直接威胁到商业银行在金融界的主导地位。

众筹模式及其案例分析一、内容综述众筹这个词儿听起来好像离我们很远，但实际上它已经深入我们生活的方方面面了。

今天我们就来聊聊众筹模式以及它的实际应用情况，咱们先从众筹的基本概念入手，然后结合实际案例，看看它是怎么运作的，以及它的魅力所在。

说到众筹其实它的核心理念就是汇聚大众的力量，支持一个项目的发起者实现他们的目标或梦想。

简单来说就是大家齐心协力，一起帮助某个项目或想法往前走。

这种模式的出现，给了很多有创意但缺乏资金支持的人一个实现梦想的舞台。

我们可以看到一个想法从零开始，慢慢得到大众的认可和支持，最后真的变成了一个实实在在的成果。

这个过程就像见证一个孩子的成长一样，充满了期待和惊喜。

当然这里面也有风险和不确定性，但正是这种未知和挑战，让众筹更加充满魅力。

接下来我们就通过几个具体的案例来详细了解一下众筹模式是如何运作的。

1. 众筹的发展历程及其背景一提到众筹，大家可能并不陌生，它已经成为现代生活中一种重要的筹款方式。

今天我们就来聊聊众筹的发展历程和它背后的故事。

众筹并不是一夜之间突然冒出来的概念，回想一下其实很早以前就有类似的形式存在。

比如我们小时候，在校园里经常听到谁需要帮助，同学们就伸出援手捐款捐物。

这种方式虽简单，但却透露出了众筹的核心思想——集中大家的资源帮助一个人或者一个项目。

不过后来这种形式渐渐扩大并更加多样化，逐步演变成如今的众筹模式。

它的背景可谓是根植于人们的热情与关爱之心，在全球化的浪潮下，每个人的梦想都得到了更大的舞台。

越来越多的人希望用自己的努力创造东西，不仅仅是物质上的产品，还有艺术、音乐等文化领域的创作。

但是梦想往往需要资金支持，众筹正好提供了这样一个平台。

在这个平台上，你可以将自己的创意、想法展示给大众，吸引他们投资支持你的项目。

这样一来不仅梦想得以实现，还能让更多的人参与到创新的过程中来。

说起众筹的发展历程，它可以说是互联网时代的产物。

随着网络的普及和社交媒体的兴起，众筹开始进入大众的视野并逐渐发展壮大。

[键入文档标题][键入文档副标题]2013/9/9摘要近年来，股权众筹作为新兴的互联网金融商业模式，在世界范围内取得迅速发展。

本文以英国的网络股权众筹平台crowdcube为例，深入分析了其商业模式、运作过程、竞争优势及潜在缺陷，提出了可能的改进策略，并对股权众筹风险管理、市场监管问题进行了深入探究。

最后，论文探讨了股权众筹在中国发展的现实问题，给出了可能的发展路径。

关键词：股权众筹crowdcube 案例分析目录第一章、前言 .................................................................................................................一、互联网金融的兴起 .................................................................................................二、众筹的概况 .............................................................................................................第二章、股权众筹的商业模式及优化改进 .................................................................一、股权众筹商业模式 .................................................................................................二、crowdcube具体运作流程 ......................................................................................三、股权众筹模式的细节及优缺点 .............................................................................四、股权众筹的优化策略 .............................................................................................第三章、股权众筹的风险控制 .....................................................................................一、众筹平台的一般风险 .............................................................................................二、股权众筹平台的特有风险 .....................................................................................三、加强风险控制——立法和监管..............................................................................第四章、股权众筹的机遇和挑战 .................................................................................一、股权众筹的机遇 .....................................................................................................二、股权众筹面临的挑战 .............................................................................................第五章、股权众筹落地中国——潜在的障碍与可能的路径......................................一、国内众筹网站发展现状 .........................................................................................二、股权众筹的国内需求分析 .....................................................................................三、股权众筹在国内的发展阻力 .................................................................................四、股权众筹的中国化——借鉴与建议......................................................................第一章、前言一、互联网金融的兴起随着信息技术和移动通讯业务的发展，互联网金融正潜移默化地改变着传统金融业在市场中的定位。

众筹商业模式研究，不少于1000字众筹是指通过互联网平台集合个人或组织资金，在项目、产品、服务等领域实现共同投资的商业模式。

目前，众筹已成为创业、创新、文化等领域的融资方式之一，也受到越来越多的关注。

本文将从众筹的定义、特点和类型入手，分析众筹的商业模式，探讨其优势和挑战。

一、众筹的定义和特点众筹最早起源于美国，指利用互联网平台将许多人小额投资汇集起来，为项目、产品或服务筹集资金的行为。

众筹模式的特点是把传统的融资模式转换为“大众众筹小额投资”，把多个参与者的小额投资组合成一个大的融资份额。

众筹的另一个特点是它的双重目的性质。

一方面，众筹作为一种融资方式，能够为创业者或创新者提供必要的启动资金或发展资金，以进一步推动项目的发展。

另一方面，众筹也作为一种市场营销手段，能够在融资与市场营销之间取得平衡，通过营造关注度和影响力，最终为产品或服务开拓市场和用户。

二、众筹的类型一般来说，众筹可以分为4种类型：赞助型、奖励型、股权型和债权型。

1.赞助型众筹赞助型众筹是一种支持艺术、文化、教育、慈善等活动的众筹。

支持者通常是因为对相关事物所抱有的热爱、信仰、人情等各种因素而选择支持。

赞助型众筹的回报通常是表现形式上的，如公开感谢、票务折扣、会员资格等。

2.奖励型众筹奖励型众筹适用于各种创新、产品和服务的推广。

通常，项目方将产品或服务赠送给支持者，以回报对项目的支持。

奖励型众筹的回报通常是实物或服务的形式，如产品前沿购买资格、量身定制、内部测试等。

3.股权型众筹股权型众筹是指投资者通过网站，以低成本的方式购买初创公司的股份，并获得由该公司的利润和价值创造所产生的回报。

这种众筹方式通常适用于初创企业，特别是在无法获得传统银行机构融资的情况下。

4.债权型众筹债权型众筹是指投资者与借款者之间互相借款的商业模式。

这种众筹方式通常适用于企业的融资需求，如加大营销投入、扩大生产或资本运营等。

三、众筹的商业模式众筹的商业模式主要包括三个方面：平台模式、受益方模式和资金模式。

中小企业融资中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking OrderTheory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financialintermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers.Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view offinancial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier maybe able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangibleassets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the e xpected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, thatproposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。