Huiru Zhang, Xuecong Yu

(School of Economics and Management, Yunnan Normal University)

Abstract：

In the context of China's economy entering the new normal and innovation leading development, crowdfunding is essentially an inclusive Internet finance. Crowdfunding is not groundless. Marx's theory of division of labor and cooperation, modern sharing economy theory, Schumpeter's innovation theory, and Anderson's long tail theory are its theoretical foundations. The development of crowdfunding in our country is conducive to solving the financing difficulties of small and micro enterprises, activating social capital vitality, developing multi-level capital markets, and promoting inclusive growth. However, at the same time, we must be highly vigilant about the various risks and hidden dangers contained in crowdfunding, such as legal, credit, technological, operational, market, financial, and regulatory risks. Therefore, to promote the standardized development of crowdfunding in China, it is necessary to revise and improve the laws and regulations related to crowdfunding, implement a market access system for crowdfunding platforms, provide differentiated policy support based on classification, build and gradually improve a credit system, assign corresponding regulatory responsibilities to relevant institutions, formulate unified technical standards for crowdfunding platforms, establish crowdfunding industry associations to promote industry self-discipline, and do a good job in popularizing financial knowledge and investment knowledge.

Key Words：

crowdfunding; internet finance; standardized development