2008年金融海嘯後，群眾募資因經濟環境改變而逐漸在世界各地萌芽。台灣則於2011年興起並快速成長，近年來蔚為風潮。2014年，政府成立類似股權群眾募資平台之創櫃板，並於隔年推出相關法規，正式開啟了股權群募在台之發展。然而，投資人、企業及平台業者至今仍對此抱持觀望態度。為發掘台灣股權群眾募資所面臨之問題及狀況，本研究將先參考文獻以了解群眾募資、股權群眾募資之定義及發展狀況，並針對英國及台灣股權群眾募資市場，研究其現行法律規範及平台商業模式。最後，以英國為基準與台灣市場進行分析比較、提出相關建議。
研究發現，與英國對股權群眾募資所採取的寬鬆管理相比，台灣以保護投資人、限縮投資風險為主要考量，因此訂出較為嚴格且涉及廣泛之法規。不僅限縮了可能的潛在投資人及募資企業，更造成投資人因諸多限制而對此投資方式缺乏興趣，企業也無法感受到利用股權群眾募資之優點。本研究建議能以放寬投資限額、建立適性測驗、取消募資資格及籌資限額，並推動發展資源整合之股權群眾募資平台，以吸引投資人及募資企業。

Due to the changes of the economic environment caused by the financial crisis of 2008, crowdfunding became popular around the world. In Taiwan this concept was adopted in 2011 and has become a growing trend of the country’s financing industry. Nevertheless, the trend of equity crowdfunding has not yet been taken over by Taiwanese investors, enterprises and platforms. In order to get an understanding for the underlying issue, a profound literature review about the terminology, concepts as well as current developments of crowdfunding was carried out. Subsequently, contemporary business models and legal norms of platforms in Taiwan and the United Kingdom were studied. With the aim of finding out differences between the two systems of the countries, a comparison and analysis was done. Based on that, recommendations for Taiwan on how to adapt its approach to crowdfunding were figured out.
Results of the study show that a major difference between the UK and Taiwan lies in the Taiwanese government’s main concern of minimizing investment risks in order to protect investors. Consequently, it reduces the number of potential investors and fund-raising companies. In addition to that, it restricts investors’ and enterprises’ willingness to invest or fund by using equity crowdfunding. Building on the findings of the study, higher number of investors and enterprises refer to loosening the regulations on invest and funding limitations, launching appropriateness tests and developing resource integration platform are seen as the most promising recommendations on how to attract potential investors and enterprises to the concept of equity crowdfunding in Taiwan.

論文審定書 ii
論文公開授權書 iii
摘要 iv
Abstract v
目錄 vi
圖次 vii
表次 viii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機及目的 1
第三節 研究流程及方法 3
第二章 文獻參考 5
第一節 群眾募資 5
第二節 股權群眾募資 10
第三章 英國股權群眾募資 17
第一節 市場概述 17
第二節 相關法規 18
第三節 商業模式 23
第四章 台灣股權群眾募資 32
第一節 市場概述 32
第二節 相關法規 32
第三節 商業模式 37
第四節 創櫃板 41
第五章 比較分析 48
第一節 相關法規 48
第二節 商業模式 54
第六章 結論與建議 62
第一節 研究結論 62
第二節 研究建議 64
參考文獻 67

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