互联网技术的应用对传统的商业模式产生了颠覆性的影响，萌发了新的金融商业模 式--互联网股权众筹。这一现象发生在我国大力推进“大众创业，万众创新”的大背景下， 发展股权众筹平台具有非常重要的商业利益和社会效益。由清华大学五道口金融学院互 联网金融实验室（Massolution）提供的数据可知，股权众筹行业平台融资数据为，2012 年27亿美元，2013年61亿美元，2014年162亿美元，2015年334亿美元，说明在2012-2015 年，股权众筹每年都是成倍增长的，市场发展空间巨大。但是，随着股权众筹平台的迅 猛发展，近几年国内互联网金融平台乱象频出，严重影响了股权众筹平台的发展和投资 者的积极性，通过各种调查分析，发现目前国内大多数投资者不敢参与股权众筹的原因 主要有以下几个方面，一是国内互联网金融平台非法集资和平台跑路问题严重；二是互 联网股权众筹面临投资者担心的风险控制问题，这是决定互联网股权众筹平台能否带领 投资者赢利的关键；三是投资人自己无法专业的判断股权众筹项目的盈利能力，不能获 取众筹项目退出收益，以及融资项目信息披露的真实性存疑。四是互联网股权众筹平台 找不到有实力的股东作为战略财务投资者，投资人普遍对股权众筹项目的盈利模式不了 解，项目投资价值不确定性影响了行业的健康发展。综上所述，YD 股权众筹平台利用 YD 集团的自身品牌和资源优势，针对以上问题设计出可以解决以上问题的商业模式， 让 YD 股权众筹平台从其他股权众筹平台中脱颖而出，从而迅速占领市场，赢得商机。 本项目的商业计划书首先对互联网股权众筹平台的背景意义、全球以及中国股权众 筹市场的发展环境和中国主流股权众筹平台的运行现状进行了介绍；接着重点介绍了 YD 股权众筹平台的核心商业模式；在此基础上，运用了 STP 方法对目标市场进行了细 分和选择，并制定了组合的营销策略；最后，项目的核心部分--投融资计划，包含退出 方式说明、收入和费用预测、利润表预测、资产负债表预测、现金流量表预测和项目投 资效益评价。从而得出了 YD 股权众筹平台的盈利能力指标，再运用了净现值法、内部 收益法和投资回收期法对 YD 股权众筹平台项目的可行性进行判断，为项目的投资决策 提供了数据参考；通过分析外部环境风险和内部运行机制风险，考虑各种可能出现的极 端情况，对项目可能存在的风险给出了相应的应对措施。本项目依靠 YD 自身强大的平 台信用优势，成立 YD 集团子公司，为了让投资人相信自身的资金实力，平台拟注册资 本为1亿元（实缴资本，作为股权众筹平台的风险备用金），项目前期启动的总投资额为 1亿元，由 YD 集团公司出资8000万元，控股80%。为了快速对接股权众筹项目渠道，AII 轮融资计划引入天使投资人(VC)，占股20%。最后对 YD 股权众筹平台项目进行全面的 分析，本人认为，无论是从平台公司所处的市场环境，还是根据商业模式制定的 YD 股 权众筹市场的市场细分与定位，以及从财务角度来分析，YD 股权众筹平台项目都是具 有风险可控，投资回报高的特点，是一个值得战略财务投资者长期投资，以及具有良好 信用背景的集团企业多元化投资的好项目。 关键词，商业计划书；股权众筹；互联网；领投人；III Abstract The application of Internet technology to the traditional business model had a disruptive influence, the germination of the Internet equity Crown funding in the new financial business model. This phenomenon occurred in big background of our country, to promote the public entrepreneurship, people’s innovation, the development of equity Crown funding platform has a very important business interests and social benefits. From the global data, in 2011 there are 1.4 billion in equity Crown funding funds, is raised through the global public platform to raise, and in 2012 the amount of Crown funding has more than 2.8 billion US dollars. In 2007, the number of the world's public platform is only not more than 100, to the end of 2012, the number has more than 700. However, with the rapid development of Crown funding ownership platform, the Internet financial platform in recent years, the frequency of chaos, a serious impact on the development of equity Crown funding and investors’ enthusiasm, through various surveys and analysis found that the majority of the current domestic Investors dare not participate in the reasons for the public ownership of the following main aspects: First, the domestic Internet financial platform for illegal fund-raising and platform escape serious problem; the second is the Internet Crown funding investors are worried about the risk control issues, it is decided Thirdly, investors cannot judge the profitability of the public ownership project, cannot obtain the withdrawing proceeds from the public financing projects, and doubt the authenticity of the information disclosure of the financing projects. Fourth, the shareholders of the Internet Crown funding platform cannot find the strength of the shareholders as a strategic financial investors, investors generally do not understand the ownership of the project profit model, and the uncertainty of the value of investment projects affected the healthy development of the industry. In summary, YD shares of the public platform to take advantage of YD Group's own brand and resource advantages, in response to the above problems can be designed to solve these problems business model, so that the YD Crown funding platform from the other public ownership platform to stand out, Occupy the market, to win business opportunities. The business plan of this project is based on the Crown funding Internet Crown funding platform for research and analysis. First of all, on the Internet the equity of Crown funding platform background significance, global and China's stake in equity Crown funding market environment and the development of China's mainstream equity of the operation situation of equity Crown funding platform are introduced. Then mainly introduces YD Crown funding in the core business model of equity Crown funding platform; On this basis, the use of the STP method to segmentation and target marketIV selection, and formulate the marketing strategy of combination; Finally, the core part of the project: the investment and financing plans, including exit way, revenues and expenses forecast, profit forecast, forecast the balance sheet, cash flow forecast and project investment benefit evaluation. Thus obtained the YD equity profitability indicators of Crown funding platform, using the net present value method, internal revenue and investment payback period method of YD equity Crown funding platform to judge the feasibility of the project, for the project investment decision-making provides data reference; By analyzing the external environment and internal operating mechanism risk, to reveal project risk, in pursuit of high yield at the same time, also give investors realize the project risk. The project relies on YD itself powerful platform credit advantage, YD group subsidiary, is proposed to the registered capital is 100 million Yuan (paid-in capital, as a stake in equity Crown funding platform risk reserve fund), the early stage of the project launched a total investment of 100 million Yuan, from YD group company invested 80 million Yuan, holding 80%. A round of funding plans to introduce angel investors (VC), 20% of the shares. Finally YD equity Crown funding platform project for comprehensive analysis, I think, whether from the platform of the company's market environment, and according to the business model of YD equity Crown funding of market segmentation and positioning, and from the financial Angle to analyze, YD stake all Crown funding platform project is risk control, the characteristics of high return on investment is a long-term investment strategy financial investors, and have good credit background of conglomerate diversification of good projects. Key words: A business plan. Equity Crown funding; Internet; Single person;V 目 录 摘要...........................................................................................................................................I ABSTRACT ............................................................................................................................. III 图表目录...............................................................................................................................VIII 第一章 绪论..............................................................................................................................1 1.1 研究的背景与研究的意义.............................................................................................. 1 1.1.1 研究的背景............................................................................................................... 1 1.1.2 研究的意义............................................................................................................... 1 1.1.3 问题的提出............................................................................................................... 2 1.2 文献综述.......................................................................................................................... 3 1.2.1 股权众筹的运营模式研究....................................................................................... 3 1.2.2 股权众筹投资风险研究........................................................................................... 3 1.3 YD 公司股权众筹平台的研究方法及技术路线............................................................ 4 1.3.1 研究目的................................................................................................................... 4 1.3.2 研究内容................................................................................................................... 4 1.3.3 解决的关键问题....................................................................................................... 4 1.3.4 研究的方法及技术路线........................................................................................... 5 第二章 项目环境分析..............................................................................................................6 2.1 全球股权众筹市场发展状况分析.................................................................................. 6 2.1.1 全球的股权众筹市场的政策环境........................................................................... 6 2.1.2 全球的股权众筹市场发展状况............................................................................... 6 2.1.3 美国股权众筹市场的发展状况............................................................................... 6 2.2 中国股权众筹市场的发展环境...................................................................................... 7 2.3 本章小结.......................................................................................................................... 8 第三章 YD 公司股权众筹平台商业模式设计.......................................................................9 3.1 YD 股权众筹平台概述.................................................................................................... 9 3.1.1 YD 集团公司背景介绍 ............................................................................................. 9 3.1.2 YD 股权众筹融资模式简介 ................................................................................... 10 3.2 YD 股权众筹模式的运作流程...................................................................................... 11VI 3.3 YD 股权众筹融资模式的构建...................................................................................... 12 3.3.1 项目发起人（筹资人）概述................................................................................. 12 3.3.2 项目领投人概述..................................................................................................... 12 3.3.3 项目跟投人概述..................................................................................................... 13 3.3.4 YD 股权众筹平台概述 ........................................................................................... 14 3.4 YD 股权众筹模式的核心运行模式.............................................................................. 14 3.5 众筹平台规划、技术服务和内部控制........................................................................ 15 3.5.1 项目阶段规划......................................................................................................... 15 3.5.2 项目平台团队建设方案......................................................................................... 16 3.6 本章小结........................................................................................................................ 19 第四章 项目营销计划............................................................................................................20 4.1 营销战略 STP 分析....................................................................................................... 20 4.1.1 市场细分................................................................................................................. 20 4.1.2 目标市场选择......................................................................................................... 23 4.1.3 市场定位................................................................................................................. 24 4.2 营销组合策略................................................................................................................ 24 4.2.1 个性化的产品策略（product) ............................................................................... 24 4.2.2 价格的快速渗透策略(price) .................................................................................. 25 4.2.3 多渠道营销策略（plac） ...................................................................................... 25 4.2.4 组合促销策略（promotion） ................................................................................ 26 4.3 本章小结........................................................................................................................ 27 第五章 项目财务计划............................................................................................................28 5.1 投融资计划以及退出方式............................................................................................ 28 5.1.1 投融资计划............................................................................................................. 28 5.1.2 退出方式................................................................................................................. 28 5.2 项目经营测算................................................................................................................ 30 5.2.1 前期资金使用预算................................................................................................. 31 5.2.2 项目收入预估......................................................................................................... 32 5.2.3 项目经营成本预估................................................................................................. 34 5.2.4 固定资产折旧预估................................................................................................. 35VII 5.2.5 利润表预估............................................................................................................. 35 5.2.6 资产负债表预估..................................................................................................... 36 5.2.7 现金流量表预估..................................................................................................... 38 5.2.8 营运及盈利能力分析............................................................................................. 39 5.3 项目投资决策分析........................................................................................................ 40 5.3.1 净现值法................................................................................................................. 40 5.3.2 内部收益率法（IRR） .......................................................................................... 41 5.3.3 投资回收期法......................................................................................................... 41 5.4 本章小结........................................................................................................................ 42 第六章 项目风险分析............................................................................................................43 6.1 外部环境风险分析........................................................................................................ 43 6.1.1 监管备案细则未确定风险..................................................................................... 43 6.1.2 创新模式风险......................................................................................................... 43 6.1.3 声誉受损风险......................................................................................................... 44 6.1.4 市场波动风险......................................................................................................... 44 6.1.5 市场竞争加剧风险................................................................................................. 44 6.2 内部运营机制风险分析................................................................................................ 44 6.2.1 核心人员流失风险................................................................................................. 44 6.2.2 实际控制人不当控制风险..................................................................................... 45 6.2.3 管理控制风险......................................................................................................... 45 6.3 本章小结........................................................................................................................ 45 结 论........................................................................................................................................46