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Title: The nature of crowdfunding in China: Initial evidence
Authors: Huang, Zaiyu 
Chiu, Candy L. 
Mo, Sha 
Marjerison, Rob K. 
Issue Date: 2018
Publisher: Emerald Publishing
Source: Huang, Z., Chiu, C. L., Mo, S., & Marjerison, R. (2018). The nature of crowdfunding in China: initial evidence. Asia Pacific Journal of Innovation and Entrepreneurship, 12(3), 300-322.
Journal: Asia Pacific Journal of Innovation and Entrepreneurship 
Abstract: Purpose: The purpose of this paper is to develop initial evidence about the nature and features of crowdfunding in China, given it is largely unregulated regulatory frameworks.
Design/methodology/approach: The paper used extensive desk research using data collected from the public and private sectors, after which the data was analyzed parallel to existing academic literature, that is, institutional context by Bruton et al. (2014). This paper uncovered patterns of development, profiling crowdfunding platforms, examining the regulatory landscape and providing antecedents of successful crowdfunding projects in China.
Findings: When the traditional financial markets are hard to reach, micro, small and medium enterprises (MSMEs) were starved for capital. Crowdfunding can play a major role in funding and risk sharing. It is an innovative and dynamic vehicle for MSMEs as well as enthusiastic investors in China. Since its initial introduction to China in 2009, crowdfunding has gained substantial popularity in a relatively short period. Currently, there is still not an identifiable guideline on how to delineate the significance of the crowdfunding platform. The development of crowdfunding in China faces a few unresolved key issues. As researchers exploring this phenomenon in new ways, crowdfunding platforms can be enhanced in a manner that benefits the capital seeker, investors and society as a whole.
Originality/value: There is a dearth of information on start-up crowdfunding in Asia. With little data available to analyze, so this paper hopes to contribute to knowledge and provide valuable information to researchers and industry representations. Crowdfunding represents a potentially disruptive change in the way that new ventures are funded. This paper represents an initial analysis in the study of new ventures in China. Finally, the authors provide recommendations for entrepreneurs, investors and policymakers as well as researchers and practitioners with suggestions about yet unexplored avenues of research.
DOI: 10.1108/APJIE-08-2018-0046
Appears in Collections:Scholarly Publications

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