Social Innovation and Crisis in the Third Sector in Spain. Results,Challenges and Limitations of ‘Civic Crowdfunding’

Based on the evolution and institutional transformation of the Welfare State and its relationship with the Third Sector of Social Action, the present article describes and analyzes the aspects of the financial crisis and resources that the sector is currently suffering. In regards of these structural transformations the evolution, characteristics, limitations and opportunities offered by ‘civic crowdfunding’ in Spain between the years 2011 and 2015 as an innovative social practice for the increase of the own funding between the entities of the Third Sector of Social Action and the changes that must be experienced by the sector in order to optimize and improve its self-funding ratios through this mechanism are examined. The high index of success of financing social projects (96.5%) through this tool, and the annual growth during the analyzed period shows the potential of civic crowdfuding. On the other hand, the small size of the bankable projects (95.2% less than 10,000 euros), as well as the low total amount collected (2,665,384 euros) indicates that civic crowdfunding is still an insufficient mechanism to mitigate the severe public resource cuts suffered by the entities of the Third Sector of Social Action and also to bring these entities closer to the objective of self-financing. Finally, we formulated a series of recommendations aimed at improving the self-financing ratios of the Third Sector of Social Action, including a more efficient and cooperative use of civic crowdfunding.     

股权众筹“入法”：监管与豁免之平衡

作为一种新型互联网金融模式,股权众筹具有融资成本低、效率高优势的同时面临投资者保护不足的风险。为了充分发挥股权众筹的优势,拓宽小微企业尤其是初创企业融资渠道、降低融资成本,完善我国多层级资本市场,同时兼顾投资者保护,应树立适度监管理念,打破现行法律制度障碍,实现监管与豁免之平衡,构造我国股权众筹监管法律制度。     

Critical Review of the Equivalence between P2P Lending and Debt-Based Crowdfunding

The equivalence theory between P2P lending and debt-based crowd-funding mistakenly equates the debt-based crowd-funding that recognized by itself and that in the JOBS Act, which has misled the Chinese regulators in terms of regulatory timing and strategy, distorted the credit risk control system in relation to risk prevention, and kicked off many regulatory conundrums concerned with the P2P lending participants’ role in the context of securities regulation. The rules and regulations concerning debt-based crowd-funding in the JOBS Act are not transplantable for P2P lending regulation in China,nor is the securities regulatory regime. In order to avoid the negative effects caused by the equivalence theory, we should abandon it.     

论股权众筹差异化信息披露义务

信息披露权利义务如何分配,信息披露出现瑕疵的责任如何承担,需要结合学理和实践的互动进行研究。在股权众筹信息披露不足的现实背景下,围绕投资者利益保护的核心,厘清股权众筹不同参与者法律主体之间的法律关系,完善基于责任承担的信息披露权利义务分配,通过推定平台过错,督促平台履行勤勉责任,减轻投资者举证责任。通过设定平台与融资方不真正连带责任保证,优化平台和投资者之间信义义务联动,促使信息披露从形式规范迈向实质有效。     

Digital mediations of everyday humanitarianism: the case of Kiva.org

Abstract

The proliferation of Web 2.0 platforms that aim to facilitate social action, often connected to international development or environmental sustainability, has contributed to the ongoing popularisation of development. In this article, I argue that it has resulted in the digitally-enabled constitution of everyday humanitarians, who are everyday people supportive of poverty alleviation. Kiva.org, a US-based online microlending platform that invites everyday humanitarians to make US$25 loans to Kiva entrepreneurs around the world, is a prime site to study these processes. I show how Kiva cultivates supporters through the mediated production of affective investments, which are financial, social and emotional commitments to distant others. This happens through the design of an affective architecture which in turn generates financial and spatial mediations. While these result in microloans and attendant sentiments of affinity, they also lead to financial clicktivism and connections that obscures the asymmetries and riskscapes resulting from Kiva’s microlending work.     

P2P网贷与债权众筹等同论之批判

P2P网贷与债权众筹等同论将其所谓的债权众筹与《JOBS法案》中的债权众筹相等同的做法，犯了混淆了其所谓的债权众筹与《JOBS法案》中债权众筹的概念的逻辑错误，误导了我国监管者介入P2P网贷的时机和策略，扭曲了P2P网贷风控制度供给与风险防范需求，引发了被监管者在《证券法》中的身份界定难题。《JOBS法案》中关于债权众筹的监管规则对我国P2P网贷来说不具有可移植性，证券监管体制也不适合我国P2P网贷的监管。为了避免等同论继续起不良作用，应抛弃该理论。