Journal of Industrial Convergence (산업융합연구)

DAEHAN Society of Industrial Management (대한산업경영학회)
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A Study on the Influence Factor on the Achievement Rate of Domestic Equity-based Crowdfunding : Focusing on the Moderation Effect of the Number of General Investors

국내 증권형 크라우드펀딩의 달성률에 관한 영향요인 연구 : 일반 투자자 수의 조절효과를 중심으로

  • Shin, Yeon-Dong (Dept. of Consulting, Kumoh National Institute of Technology) ;
  • Lee, Seung-Hee (Dept. of Business Adminisytaration, Kumoh National Institute of Technology)
  • Received : 2017.11.16
  • Accepted : 2017.12.01
  • Published : 2017.12.31
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Abstract

The purpose of this study is to analyze the influence of the number of investors influencing the achievement rate of domestic securities type crowdfunding, to find out why the general investors need to participate and to suggest measures to increase the participation of general investors. The results of this study are as follows. First, the effect of the recruitment amount, the target amount, the recruitment period and the business training is confirmed as factors affecting the achievement rate of domestic securities type crowdfunding. And it was confirmed that the influence factors on achievement rate could have a greater effect as the number of general investors increased. Therefore, the government should make more effort to relax regulations on general investors, and the investor of capital should strengthen the public disclosure of KSM through the KSM market in order to recover the funds of general investors, Crowd funding will be able to attract enough funds.

본 연구의 목적은 국내 증권형 크라우드펀딩의 달성률에 영향을 주는 투자자 수의 영향력을 분석하여, 일반 투자자의 참여가 필요한 이유에 대해 알아보고 일반 투자자의 참여를 높이는 방안을 제시함에 목적이 있다. 이를 위해 증권형 크라우드펀딩에서 실제 진행된 190개의 진행결과를 분석하였고, 국내 증권형 크라우드펀딩의 달성률에 영향을 주는 요인으로는 선행연구와 같이 모집금액, 목표금액, 모집기간과 사업연수의 영향력을 확인할 수 있었으며, 달성률에 대한 영향요인이 일반 투자자의 수가 증가함에 따라 더욱 더 큰 영향을 줄 수 있음을 확인하였다. 따라서, 정부에서는 일반 투자자에 대한 규제를 보다 더 완화하는 노력을 기울여야 하며 자금수요자는 일반 투자자의 자금 회수를 위하여 KSM시장을 통한 기업공개에 대한 노력을 강화하고 공시해야만 일반 투자자의 참여를 이끌어 낼 수 있으며 크라우드 펀딩을 통하여 원할한 자금 확보를 이끌어 낼 수 있을 것이다.

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