股权众筹是全民盛宴吗？ Is Equity-Based Crowdfunding a Feast of the Public?

股权众筹近年来在国内快速发展，但实质上是互联网 + 私募或半公募的性质。本文在探讨股权众筹模式面临的风险和问题的基础上，通过对国内外平台数据的统计分析，对股权众筹融资进行恰当的战略定位，认为初创企业本身具有高风险性，其股权众筹并不适合降低门槛向公众投资者融资，股权众筹一定程度能够缓解但难以解决初创企业融资难问题。 Equity-based crowdfunding develops rapidly in China, but it is still private or half public in nature. On the basis of the risks and problems that the equity-based crowdfunding is facing, the study tries to find an appropriate strategic positioning for equity-based crowdfunding through analyzing the data of crowdfunding platforms at home and abroad statistically. The study shows that equity-based crowdfunding is not suitable for a lower threshold and the public investors because start-ups usually have high risks. To solve the problem of financing, start-ups can’t rely solely on equity-based crowdfunding.