O desenvolvimento do mercado de crowdfunding de investimento no Brasiluma análise do processo regulatório e seus efeitos

Resumo

This dissertation aims to contribute to a better understanding of the regulatory role of public administration in the promotion of national economic development. To do so, the present work analyses what motivated and guided the adoption of a regulatory framework for investment crowdfunding, as well as the effects implementation for the development of this market in Brazil. This includes investigating the goals of the regulatory authority in choosing to regulate it; the potential failures and positive results associated with this process; and the effectiveness of regulation to achieve broader benefits, such as the expansion of the functionality of the markets in financing entrepreneurship. After showing how the emergence and diffusion of investment crowdfunding occurred in response to credit rationing and the traditional difficulties faced by relatively small companies and start-ups to obtain long-term financing, a robust analysis of this process is presented in Brazilian scope. To this end, mixed research methods are adopted to analyze both quantitative data and qualitative material collected in interviews with representatives of Brazilian platforms. These interviewees were part of the transition from an erratic regulatory environment to one organized by a regulatory framework. The theoretical framework on regulation from the perspective of different schools of economics was used to guide a critical analysis of the regulatory process. The qualitative analysis highlights that, on the one hand, the balance reached by the regulator between restrictions and freedoms was a point corroborated by the presented testimonies. The quantitative analysis also indicates that the increased the volume of funds raised since the implementation of the regulatory framework are related to the positive impact of the new regulation. On the other hand, the ban on the organization of a secondary market stands as one of the main weaknesses of the new framework, as it tends to affect investors’ appetite and limit offers in the long-term.

Ficha do documento

Tipo

Tese

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/30496

Temas

Desenvolvimento EconômicoAdministração Pública

Palavras-chave

Investment-crowdfundingRegulationFundingPlataformsCrowdfunding de investimentoRegulaçãoFinanciamentoPlataformasAdministração públicaCrowdfundingInvestimentos - RegulamentaçãoAdministração pública - Brasil