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類別：研究分析報告
出版品名稱：促進中小企業財務環境健全發展計畫102-104年全程執行成果總報告
研究人員：鄭緯琦,謝文瑋,游雅君,董瑞斌,許世璋,施冠莓,簡淑綺,劉育昇,黃信閔,許元潔
出版年月：201512
頁數：189
關鍵字：中小企業財務融通,股權型群眾募資,兩岸貿易
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在股權型群眾募資平台的研究，目前各國的作法均以放寬利害關係人限制，來活絡股權型群眾募資平台的交易。而我國的「創櫃版」即為股權型群眾募資平台的型式，目前亦有民間版的股權型群眾募資平台將要營運；只是，相關的限制可能降低籌資者與投資者參與的誘因。因此，本研究建議可以參考不同國家的作法來增加籌資者與投資者參與的誘因，如Angellist平台依投資人經驗來增加投資幅度、Angellist平台的領投人 (syndicate) 制度可降低非專業投資人的投資風險、英國給予投資者支助微型企業的資金有減稅誘因，及Seedrs的名義股東 (nominee) 機制改善過多股東的困境。
在兩岸貿易的研究，本研究檢視一個完整的貿易流程，包括物流、支付制度，及貨幣兌換的內容；並進一步區分為傳統貿易與電子商務兩個層面來分析。在傳統貿易方面，由於強勢的買方市場，使得記帳的型式成為主流的支付制度，這將使我國出口商有資金週轉的壓力。在電子商務方面，由於電商平台業者都有寄賣的模式，此延後支付貨款的方式，亦是我國出口商有資金週轉的壓力。據此，本研究建議，可以採行「應收帳款承購」證券化，相關機制可以參考C2FO的做法，如此可以減緩我國出口商資金的週轉壓力。
In the study of an equity-based crowdfunding platform, presently, every country relaxes the restrictions of different kinds of participants, such as investors, the people asking for money, and platform companies, to increase the trading volume and frequency on the platform. "Go Incubation Board for Startup and Acceleration Firms (GISA)" is a kind of equity-based crowdfunding platform in Taiwan, and we will have a private equity-based crowdfunding platform as well. However, the restrictions of this equity-based crowdfunding platform in Taiwan will reduce the incentive of investors and the fund seekers. As a result, in this study we’ve learned several ways from different countries to lessen the problem. For instance, the Angellist platform increases investment limits for more experienced investors, the syndicate mechanism in Angellist could reduce the risk for less-experienced investors, UK funds give investors tax breaks to support micro-enterprise incentives, and the nominee mechanism in Seedrs could love the problem of having to many stockholders.
In the study of trading between Mainland China and Taiwan, we discuss a complete trading process, including logistics, payment system, and currency exchange; furthermore, we analyze traditional trade and e-Commerce separately. For traditional aspects, based on the dominance of the buyer market, an "open account" becomes the major payment system that will give financial pressure to exporters. With respect to e-Commerce, exporters have financial pressure since the platform company will pay the money later. In summary, we suggest that factoring securitization could solve the problem with the financial pressure of exporters, and we could learn from the mechanism of C2FO.
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