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ICO와 크라우드펀딩에 대한 재무 문헌연구와 고찰

Financial Literature Review and Study on Crowdfunding and ICO

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키워드

주제분류경영학

초록

본 소고는 기존문헌들을 고찰하면서 크라우드펀딩(CF)과 ICO가 초기벤처기업의 자금조달을가능하게 한 근거 및 극심한 정보비대칭으로 발생하는 문제를 극복한 방법을 재무적인 관점에서 논의한다. 사업의 불확실성에도 불구하고 초기벤처기업은, 보상형 CF를 통해 비재무적 효용을 추구하는후원자들을 찾을 수 있었고, 투자형 CF를 통해 거래비용을 낮추고 승자의 저주를 제거하면서 소액주주를유치할 수 있었고, ICO를 통해 익명성이 보장되면서 변동성과 유동성이 큰 투자기회를 찾는 투자자를유인할 수 있었다. 한편, 정보비대칭의 극복 방법으로, 행사의 모든 참여자가 기여하는 온라인 실사, 이로 인해 형성되는 집단지성, CF 플랫폼의 실사기능 확대, ICO 시장에서 사전판매의 활용, IEO의등장, 코인거래소와 교차상장을 통한 품질선택 등이 발견되었다. 위의 고찰은 온라인 기반의 벤처기업을재무적으로 연구할 때는 복권형 투자 등 새로운 연구요소가 첨가되거나 기존의 이론과 가설이 수정되어야함을 보여주고 있다

Abstract

In this article, I review the financial literature on crowdfunding and ICO, investigate how they enable early startups to finance even when their future returns are uncertain, and examine how the problems of extreme informational asymmetry are dealt with. Reward-based crowdfunding links backers seeking non-financial utility to startups. Equity-based crowdfunding invites small equity-holders by reducing transaction cost and the possibility of winner’s curse. ICO offers to investors investment opportunities guaranteeing anonymity, liquidity and volatility. On the other hand, online due-diligence, wisdom of the crowd, platform’s engagement, pre-sale in ICO, advent of IEO, and selection process through cross-listing, are identified as solutions to overcoming informational asymmetry. This study proposes that new theoretical elements like lottery-type investment need to be introduced, and the established theories should be altered when applied to online firms.

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