1、 4000英文单词， 2.2万英文字符， 6950汉字 文献出处： Turan S S. Financial Innovation - Crowdfunding: Friend or Foe? J. Procedia - Social and Behavioral Sciences, 2015, 195:353-362. Financial Innovation - Crowdfunding: Friend or Foe? Semen Son Turan Abstract A phenomenon with a considerable past, and with new conspicuo
2、us investment models and financial products and services proliferated through the Internet; financial innovation seems to be almost ubiquitous these days. While there are numerous advantages, especially nowadays through the exploitation of easily accessible, low cost and convenient e-commerce platfo
3、rms, innovation in the finance sector does not come without its perils. Banks and traditional financial institutions are losing chunks of market share to virtual intermediaries and investors are operating in relatively less regulated and, consequently, less secure environments. Furthermore, from the
4、 perspective of all stakeholders, there is a Knightian uncertainty component of the long-term ramifications in investing in and through newly developed products and platforms. As such, it is only recently that economic history witnessed the outbreak of the sub-prime mortgage crisis caused by the unr
5、aveling of a chain of events interlinked through the imprudent use of “innovative” derivative transactions involving credit default swaps backed by the insatiable appetite of the “irrationally exuberant” investor and the easement of regulation paving the leeway for predatory lending. This paper inve
6、stigates whether and to what extent innovative investment models such as crowdfunding, as the game-changer, forcing the tightly regulated securities markets to adapt to the rules of the WEB 3.0 era and relieved through the provision, Title III, of the JOBS Act, could be a potential peril. To that end, it discusses the evolution of the equity crowdfunding model in the realm of the technology push - demand pull framework and analyzes the current situation of the market. Keywords: Innovati
