Краудфандинг как инструмент инвестиционных возможностей и демократизации финансирования малого и среднего бизнеса - стр. 6

It is worth-noting that at the moment there are practically no studies that would study the approach to choosing an investee in the process of crowdinvesting, based on the fundamental value of issuing companies. The concept of value-based management is based on the fact that the purpose of the company is to maximize value for its owners. Shareholder value is created when the return on investment exceeds its opportunity cost. Investor expectations are reflected in the current indicators of the investment attractiveness of the crowdfunding campaign, but the issuers on the platforms are not public companies, it is difficult to assess their market value based on comparison with their peers and determine the opportunity cost. The fundamental value of companies thus becomes the main tool for evaluating the value of investments. In this regard, the question arises as to how much this value reflects the perception of investors about the market value of the issuing company, and how the characteristics of the issuing companies are related to the expectations of future benefits from investment. Currently, the market for shares on crowdfunding platforms is not developed and transparent, therefore investors should rely upon other factors in their assessment of future prospects and benefits from investing, other than on the current market situation. An important research and practical objective is to analyze the sensitivity of the fundamental value, which can be assessed on the basis of financial statements, to those characteristics of the company that are observed in the process of preparing and conducting the crowdfunding campaign.

This analytical report provides a comprehensive analysis of equity crowdfunding as a contemporary alternative financing and investment mechanism. The problems studied by the authors are considered from perspective of the value that is created for issuers and investors in the process of raising funds and investing capital on crowdfunding platforms. The main limitations of the study are difficult access to information about ongoing crowdfunding campaigns and the issuers themselves, the lack of a transparent secondary market for shares being placed, information asymmetry between platforms, issuers and investors, arising from the lack of strict regulation of this area. All this complicates the study of the development of the crowdfunding market. This report will be useful for investors, issuers, platforms, and regulators participating in the process of equity crowdfunding.