| dc.description.abstract | Although the box office of Chinese films exceeded the 60 billion yuan in 2018, owing to the films’ high investment, high return and long production period, the film studios still face the dilemma of deficient funds, especially for venture companies which are difficult to raise funds from the market. Crowdfunding, developed rapidly, has gradually attracted the attention of small and medium-sized film companies and many participants. However, as there are many problems emerging continuously, like the imperfection of the legal system, the lack of market supervision, the asymmetry of information, moral hazard and illegal fund-raising, Chinese crowdfunding in 2017 entered a bottleneck period and its development speed slowed down.
This paper takes the crowdfunding operation mode of the film industry as the research object. Firstly, it explains the difficulties and causes that China′s film industry has emerged. Then it introduces the development status and characteristics of crowd financing, and elaborates the necessity and innovation of their combinations. By the means of case analysis and comparative analysis, it is found that the reason for the disorder in China′s crowdfunding industry results from the lack of supervision and market norms. Taking example of the laws and regulations of Britain and the United States, the phenomenon of illegal fund-raising and default fraud can be effectively reduced. Besides for strengthening the government′s supervision, the crowdfunding industry should also regulate industry self-discipline. Therefore, this paper puts forward supervision suggestions from the perspectives of crowdfunding platforms, project initiator and individuals. | en_US |