中文摘要：

本文提出了众筹融资机制革新的场分层为视角，探讨了众筹融资对股权市场理论框架，在分析其运作模式的基础上，以金融市分层的影响，进而借鉴Wojciech（2013）的模型深入阐述了众筹融资克服信息不对称风险的方法和激励各方积极参与的措施。众筹融资，对于生产者来讲，可以帮助他们获得项目融资、降低资金成本，但也需要他们保持良好的声誉，披露项目信息，真正做出满足市场需求的创新；对于消费者来讲，不仅可以使其投资范围不再受到限制，而且可以让他们根据自己对项目的判断，成为早期股东，但同时也需要他们承担项目失败的机会成本和回报降低的风险；对于平台来讲，不仅可以由此获取项目的成交费用，而且可以根据平台客户的需求，获得提供证实融资过程、监督项目执行、提供融资建议等服务的费用；对于三方来讲，各方都希望能最大限度地提高项目成交比例，因而可以实现激励相容。此外，众筹融资也需要通过声誉、规则、人群的尽职调查和阈值等机制，来规范市场行为。众筹融资虽然具有诸多优点，但在中国仍处于萌芽状态，其发展状况还取决于国内的信用体系、法律制度和大数据分析的发展情况。

英文摘要：

This paper presents a theoretical framework about crowdfunding mechanism. We analyze the models, processes and characteristics of crowdfunding, and discusse its impacts on equity markets stratification, as well as methods to overcome the risk of asymmetric information and the incentives to encourage all parties to participate. For the producers, they can get project funding, lower capital costs while maintain a good reputation, disclosure the project information, and be truly innovative to meet the market demands. For consumers, they not only have more investment opportunities, and the chance to become early shareholders, but also bear the risk of project failure and the possibility of reduced returns. For platforms, they not only get the project transaction fees, but also can get income through providing services such as cerifications of financing, monitoring the project implementations, and providing financing proposals. For the three parties, crowdfunding achieves the incentive compatibility. At the same time, crowdfunding regulates the market behaviors through four mechanisms： public reputation, rules, due diligence, and threshold mechanisms. Although crowdfunding has many advantages, it is still in its infancy stage in China and its development depends on the development of the credit system, legal system and large data analysis.