Equity crowdfunding: Forecasting market development, platform evolution, and regulation
通过国际德尔菲研究，预测未来5至10年股权众筹市场将显著增长，但不会颠覆其他融资方式，平台将加强要求并创新模式，政府可能部分放开市场。
In this study, we explore the development of equity crowdfunding (ECF) over the next 5 to 10 years by conducting an international Delphi study. Our results indicate that the ECF market is expected to grow significantly. However, it is unlikely to disrupt other forms of financing and will not cover all SME financing needs. ECF will remain a funding technique for SMEs and small investors; it is unlikely to attract large corporations or institutional investors. Platforms will impose stricter requirements for capital raisers, expand their services, and innovate their business models. National governments will probably partly liberalize the ECF market.