Development of the Crowdfunding Financial Mechanism in the Framework of the Digital Economy

Abstract

The article is devoted to the problems and prospects of development of the financial mechanism of crowd platforms in Russia. The purpose of the study is to consider alternative models of enterprise financing in the context of the overall digitalization of the economy. The methodological base of the study is based on the theoretical principles of the finances of organizations, which allows us to consider modern sources of financing using IT platforms in various aspects. The authors applied a set of methods – deductive and structural-logical analysis, which allows us to move from formulating a common problem to comparing and identifying the advantages of each alternative source of financial resources – crowdfunding, crowdinvesting and crowdlending. The results of the study include a comparative analysis and systematization of the experience of using crowd technologies in foreign countries, identifying the most used alternative financial models in the world in 2017–2018, and considering the features of the bill being introduced in the field of crowdfunding in the Russian Federation. As recommendations, the authors formulated and logically substantiated conclusions about the importance for the national Russian economy, and in particular for small business, of improving digital financing technologies. The authors also developed and logically substantiated an algorithm for the formation of a financial and investment mechanism through crowdinvesting, which allows sharing functions and areas of responsibility between all participants in the process – the developer of an investment project (innovative small business), an information and analytical portal, an independent organization for evaluating projects, crowdinvesting platforms, and also investors. The introduction of the author’s algorithm will contribute to the development of financing in the Russian Federation through crowd platforms and accelerate the digitalization of the economy in the field of finance.