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Crowdfunding as a Tool for Financing: A Review of Theoretical Approaches

In: Global Economics and Management: Transition to Economy 4.0

Author

Listed:
  • V. M. Pargachevskaya

    (Tomsk State University)

  • Y. K. Parshina

    (Tomsk State University)

  • E. A. Troyan

    (Tomsk State University)

  • V. D. Pushkareva

    (Czech Technical University in Prague)

Abstract

The paper analyzes the different approaches of researchers to the concept of crowdfunding as a tool to attract investments. In the process of studying the various points of view, the main characteristics of this financing instrument and its distinctive features have been detected that made it possible to form our own definition of crowdfunding. Based on several existing classifications, we have drawn up our classification. It divided crowdfunding into the appropriate types depending on the chosen classification features. We specified the various risks of crowdfunding, which exist among investors and sponsors of projects that use crowdfunding to attract investment. The paper covered the legislative regulation of crowdfunding activities and compared the regulation in Russia with European countries, which allowed identifying the weaknesses of crowdfunding in Russia. The authors considered the risks for investors and project creators in crowdfunding. In this work, we presented SWOT analysis of the instrument under consideration. In addition, we have conducted a comparative analysis of collective sources of funding and crowdfunding, highlighting the advantages of the latter relative to other mechanisms for attracting financial resourcesFinancial resources..

Suggested Citation

  • V. M. Pargachevskaya & Y. K. Parshina & E. A. Troyan & V. D. Pushkareva, 2019. "Crowdfunding as a Tool for Financing: A Review of Theoretical Approaches," Springer Proceedings in Business and Economics, in: Mikhail Kaz & Tatiana Ilina & Gennady A. Medvedev (ed.), Global Economics and Management: Transition to Economy 4.0, chapter 0, pages 141-154, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-26284-6_13
    DOI: 10.1007/978-3-030-26284-6_13
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    Citations

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    Cited by:

    1. V. Yu. Anikin & O. Yu. Patlasov, 2022. "Analysis of crowdfunding business models: key advantages of crowdfunding platforms," Russian Journal of Social Sciences and Humanities, Omsk Humanitarian Academy, vol. 16(4), pages 177-187, December.
    2. Skare, Marinko & Gavurova, Beata & Polishchuk, Volodymyr, 2023. "A decision-making support model for financing start-up projects by venture capital funds on a crowdfunding platform," Journal of Business Research, Elsevier, vol. 158(C).

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