中文摘要：

众筹融资符合完全自由竞争金融市场的条件,其项目完成期望成本要小于传统的银行制度;众筹融资制度选择＂好＂项目的概率高于单人决策的金融制度。如果法律制度成本较高,则众筹融资更容易选择准确的项目信息、投资更好的项目。在发展水平较低时,所有项目一般都是营利性好项目,银行制度的运行成本更低、效率更高;但当经济发展到一定阶段时,多人决策的众筹融资模式成为推动技术有效创新和转化的金融制度。众筹融资严重依赖于充分覆盖的互联网、完善的征信体系、公正高效的法律体系等条件。

英文摘要：

Crowdfunding is a different financial institution in many aspects compared with the conventional financial system,such as the principle of decision- making,information disclosed,financial markets stratification and others. The cost of finance through crowdfunding is lower than banking; the probability of selection good projects is higher than the financial institution of single person decision. The better law system,the better project is selected through crowdfunding. At lower levels of development,all projects are generally good project for profit,the efficient of bank institution is higher. With economic development to a certain stage,a high knowledge level of reserves,the project became mixed,individuals have no longer the ability to collect and process information,and it is difficult to choose the right project,crowdfunding is a better financing institution for promoting technological innovation.Crowdfunding system relies heavily on the full coverage of the internet,the perfect credit system,fair and efficient legal system and so on.