网络股权众筹平台的关键风险因素——基于扎根理论和层次分析法的研究  

The Key Risk Factors of Equity Crowdfunding Platforms——A Study Based on Grounded Theory and Analytical Hierarchy Process

作　　者：冯彦杰[1] 孙传超 张超亿 齐佳音[1] FENG Yanjie;SUN Chuanchao;ZHANG Chaoyi;QI Jiayin

机构地区：[1]上海对外经贸大学,上海201620

出　　处：《上海立信会计金融学院学报》2018年第4期29-46,共18页Journal of Shanghai Lixin University of Accounting and Finance

基　　金：国家自然科学基金重大研究计划(项目编号91546121);国家社科重大研究项目(16ZDA055);教育部人文社会科学研究规划基金项目(项目编号16YJA630011)

摘　　要：股权众筹作为一种新型的互联网金融模式,在国内外得以迅速发展,而处于股权众筹产业链核心的股权众筹平台也层出不穷,并伴随着种种风险。本文以16家股权众筹平台为研究对象,通过扎根理论方法识别出了股权众筹平台在现行的金融监管情境下和实际业务过程中的46个风险因素并形成风险指标体系,再利用层次分析法(AHP)对各层指标的相对重要性进行排序,提炼出15个关键的风险因素。最后基于研究结论,对股权众筹平台的风险控制提出了相应的政策建议。As a new type of Internet Finance model, equity crowdfunding has been rapidly developing both at home and abroad. Equity crowdfunding platforms, which are at the core of the equity crowdfunding industry chain, emerge in endlessly with risks exploding here and there. We take 16 equity crowdfunding platforms as the research objects, use the qualitative research method of grounded theory to identify 46 risk factors and form the risk-index system of the equity crowdfunding platforms in the current financial regulatory environment and its actual business process. After that we use Analytical Hierarchy Process（AHP） to rank these factors according to its relative importance and then extract 15 key risk factors. Finally, based on the conclusion of the study, we put forward corresponding policy recommendations to control the risk of equity crowdfunding platforms.

关 键 词：股权众筹 扎根理论 层次分析法 风险因素 指标体系 

分 类 号：F832.5[经济管理—金融学]