Development of alternative forms of financing for projects using digital technologies

• Savaley V.V.

  V. V. Savaley. Vladivostok State University of Economics and Service Vladivostok. Russia

The active development of digital technologies increases the demand for businesses in alternative orms of financing, such as project financing and crowdfunding. The purpose of the article is to determine the distinctive features of project financing and crowdfunding, assessment
of the state and prospects of using crowdfunding technologies in the investment practice of domestic business. The essence and features of the use of instruments for hybrid financing of investment projects are considered. Shows the possibilities and limitations in the use of such instruments by business as the issue of convertible bonds and warrants for shares, mezzanine lending, venture financing. Particular attention is paid to the classification of the general and distinctive characteristics of such types of hybrid financing as project and crowdfunding financing.
The main differences of the currently used crowdfunding technologies such as crowdfunding, crowdinvesting and traditional crowdfunding are shown. Based on the statistics of crowdfunding transactions in Russia and in the world in the period 2017–2019, it was concluded that the
do-mestic market was significantly lagging behind global trends. The main reasons that hinder the widespread use of crowdfunding financing in Russian practice have been identified. Among them: a low level of financial literacy and awareness of businesses and the population about alternative financing instruments, a high level of mistrust in non-contact methods of investment. The interest of the banking sector in crowdfunding technologies was stated, which can significantly expand the opportunities for investment cooperation of credit institutions with small and mediumsized businesses subject to the creation of the necessary regulatory protection for investors and borrowers. The main functions of the Bank of Russia in the field of regulation of the activities of digital investment platforms, provided for by the recently adopted federal law. Proposals have been formulated to improve the regulatory framework for the application of crowdfunding technologies with an emphasis on supporting innovative projects.
Keywords: hybrid financing, project financing, crowdfunding, investment platform, investment
project.