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ИД «Финансы и кредит»






Finance and Credit

The role of crowdfunding as an instrument of innovative transformation of capital markets

Vol. 27, Iss. 12, DECEMBER 2021

Received: 23 July 2021

Received in revised form: 23 August 2021

Accepted: 6 September 2021

Available online: 27 December 2021

Subject Heading: Financial system

JEL Classification: E58, G15, G24, O31

Pages: 2872–2896


Subject. The article investigates crowdfunding as a new element of the capital market.
Objectives. The purpose is to identify the role of crowdfunding in the modern capital market and in the financial market in general, systematize the ideas of what crowdfunding is and classify them, suggest possible future areas for its development.
Methods. The study employs methods of logical and statistical analysis, systematization, and deduction.
Results. The paper offers a classification of crowdfunding based on three main characteristics, i.e. purposes, geographic model, and financial nature. The performed statistical analysis proved that the main recipients of funds on the crowdfunding platforms are enterprises involved in creative activities, since they either do not have any access to traditional financing instruments or the financing is expensive. I identify a number of directions for the development of crowdfunding, like auction, innovation, and social.
Conclusions. The research has practical and theoretical significance. It can be used for further investigation of crowdfunding and its social role. Government agencies may apply the main findings of this study when developing programs for the introduction of crowdfunding as a financial instrument in Russia. Furthermore, the paper may be interesting for crowdfunding platforms both in the new markets, as it enables to identify their target audience, and in developed markets, as the result of the study is to reveal new directions for crowdfunding development.

Keywords: crowdfunding, capital market, financial market, development, SWOT analysis


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