+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
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


  1. Filippov D.I. [About influence of financial technologies on the financial market development]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2018, vol. 19, no. 5, pp. 1437–1465. URL: Link (In Russ.)
  2. Makaretskaya T.D., Morozova N.N. [The influence of modern financial technologies on the labor market]. Ekonomika. Biznes. Finansy = Economics. Business. Finance, 2020, no. 2, pp. 38–42. (In Russ.)
  3. Motovilov O.V. [Crowdfunding phenomenon: Investigation of features]. Vestnik Sankt-Peterburgskogo universiteta. Ekonomika = Saint Petersburg University Journal of Economic Studies, 2018, vol. 34, no. 2, pp. 298–316. URL: Link (In Russ.)
  4. Plyusnina L.K. [Crowdfunding as a social phenomenon of information society]. Teoriya i praktika obshchestvennogo razvitiya = Theory and Practice of Social Development, 2017, no. 6, pp. 18–21. URL: Link (In Russ.)
  5. Kvashnina N.A., Karmanova D.A. [Crowdfunding as a new tool of venture financing: A terminological approach]. Genezis ekonomicheskikh i sotsial'nykh problem sub"ektov rynochnogo khozyaistva v Rossii, 2017, no. 11, pp. 30–32. (In Russ.)
  6. Popov S.O. [Capabilities and advantages of modern types of crowdfunding]. European Science, 2018, no. 4, pp. 43–47. URL: Link (In Russ.)
  7. Gambeeva Yu.N., Kozhukhova N.N. [Crowdfunding as an innovative financial instrument of the digital economy: National models]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2019, no. 77, pp. 6–27. (In Russ.) URL: Link
  8. Khestanov R. [Creative industries – models of development]. Sotsiologicheskoe obozrenie, 2018, vol. 17, no. 3, pp. 173–196. URL: Link (In Russ.)
  9. Zelentsova E.V. [From creative industries to creative economy]. Upravlencheskoe konsul'tirovanie. Aktual'nye problemy gosudarstvennogo i munitsipal'nogo upravleniya = Administrative Consulting, 2009, no. 3, pp. 190–199. URL: Link (In Russ.)
  10. Voskanyan R.O., Vashchenko T.V. [Financial innovations as an element of the development of the financial sector of the economy]. Azimut nauchnykh issledovanii: ekonomika i upravlenie = Azimuth of Scientific Research: Economics and Administration, 2017, vol. 6, no. 4, pp. 75–78. URL: Link (In Russ.)
  11. Ziegler T., Shneor R., Zhang B.Z. The Global Status of the Crowdfunding Industry. In: Shneor R., Zhao L., Flåten BT. (eds) Advances in Crowdfunding. London, Palgrave Macmillan, 2020, 531 p. URL: Link
  12. Gabov A.V., Khavanova I.A. [Crowdfunding: Legislative regulation of the financing web-model in the context of legal doctrine and foreign experience]. Vestnik Permskogo universiteta. Yuridicheskie nauki = Perm University Herald. Juridical Sciences, 2020, no. 47, pp. 28–44. URL: Link (In Russ.)
  13. Lapidus L.V. [Crowdsourcing and crowdfunding. Marketing promotion of projects, products and services]. Vestnik Finansovogo universiteta = Bulletin of the Financial University, 2016, vol. 20, no. 4, pp. 32–41. URL: Link (In Russ.)
  14. Huang Z., Chiu C.L., Mo S., Marjerison R. The Nature of Crowdfunding in China: Initial Evidence. Asia Pacific Journal of Innovation and Entrepreneurship, 2018, vol. 12, no. 3, pp. 300–322. URL: Link
  15. Shvaigert D.V. [Problems of restructuring fast-growing companies in their preparation to enter the IPO market]. Baikal Research Journal, 2015, vol. 6, no. 3, pp. 26. URL: Link (In Russ.)
  16. Ivanov I.N., Luk'yanova T.V., Orlova L.V. [Problems and prospects of small and medium businesses in Russia]. Vestnik Universiteta, 2020, no. 2, pp. 126–133. URL: Link (In Russ.)
  17. Nikanorov R.O., Ivanchenko L.A. [Attracting the financial resources of the State to SMEs]. Aktual'nye problemy aviatsii i kosmonavtiki, 2013, vol. 2, no. 9, pp. 336–337. URL: Link (In Russ.)
  18. Antonova V.G., Kisedobrev V.P. [Functioning of creative industries in the circumstances of digitalization of economy: Problems and solutions]. Evraziiskii soyuz uchenykh = Eurasian Union of Scientists, 2020, no. 11-5, pp. 12–17. URL: Link (In Russ.)
  19. Yasar B. The New Investment Landscape: Equity Crowdfunding. Central Bank Review, 2021, vol. 21, iss. 1, pp. 1–16. URL: Link
  20. Lin L. Managing the Risks of Equity Crowdfunding: Lessons from China. Journal of Corporate Law Studies, 2017, vol. 17, iss. 2, pp. 327–366. URL: Link
  21. Ol'shevskii D. [Social media marketing as an effective tool of digital marketing]. Nauka i innovatsii = Science and Innovations, 2017, no. 9, pp. 59–63. URL: Link (In Russ.)
  22. Medvedeva E.M., Khabibrakhmanova R.R. [Social responsibility of business – part of the corporation development strategy]. Mezhdunarodnyi nauchno-issledovatel'skii zhurnal = International Research Journal, 2020, no. 1-2, pp. 12–15. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 27, Iss. 12
December 2021