| AKNOWLEDGEMENT | 第4-5页 |
| LIST OF PUBLISHED PAPERS | 第5-6页 |
| Abstract | 第6-7页 |
| 摘要 | 第8-14页 |
| LIST OF ABBREVIATIONS | 第14-15页 |
| Chapter 1 Background of the Study | 第15-28页 |
| 1.1 Introduction | 第15-18页 |
| 1.2 Background of Crowdfunding as Modern Source of Financing | 第18-20页 |
| 1.3 Background of the Problem | 第20-26页 |
| 1.3.1 Research Problems | 第21-23页 |
| 1.3.2 Research Objective | 第23-24页 |
| 1.3.3 Research Methodology | 第24-25页 |
| 1.3.4 Research Framework Arrangement | 第25-26页 |
| 1.4 Significance of the Thesis (Innovation Points) | 第26-28页 |
| Chapter 2 Literature Review | 第28-44页 |
| 2.1 Sources of Entrepreneurial Financing | 第28-31页 |
| 2.2 Theoretical Background of Crowdfunding | 第31-35页 |
| 2.3 Motivation in Collective Work | 第35-36页 |
| 2.4 Characteristics of Funders | 第36-38页 |
| 2.5 Motivation of Crowdfunding Participation | 第38-40页 |
| 2.6 Crowdfunding Challenges and Disadvantages | 第40-42页 |
| 2.7 Comment on Literature | 第42-44页 |
| Chapter 3 Features of Crowdfunding and Characteristics ofCrowdfunding Models | 第44-83页 |
| 3.1 Nature and Features of Crowdfunding | 第44-69页 |
| 3.1.1 Definitions of Crowdfunding | 第44-46页 |
| 3.1.2 How Does Crowdfunding Work? | 第46-51页 |
| 3.1.3 Crowdfunding Typology And Applications | 第51-54页 |
| 3.1.4 Ecosystem Of Crowdfunding: Actors &Stakeholders And Their Goals | 第54-61页 |
| 3.1.5 Crowdfunding Platforms and Payout (Business) Models and Their Typology | 第61-69页 |
| 3.2 Crowdfunding Models and Their Characteristics | 第69-83页 |
| 3.2.1 Equity-Based Crowdfunding | 第71-73页 |
| 3.2.2 Royalty-Based Crowdfunding | 第73-75页 |
| 3.2.3 Lending-Based Crowdfunding (or Microfinancing) | 第75-77页 |
| 3.2.4 Peer-to-Peer-Based Crowdfunding | 第77-79页 |
| 3.2.5 Reward-Based Crowdfunding | 第79-82页 |
| 3.2.6 Donation-Based Crowdfunding | 第82-83页 |
| Chapter 4 Tendencies and Issues of Crowdfunding in the Present World | 第83-105页 |
| 4.1 Development trends of crowfunding | 第83-85页 |
| 4.2 Development Trend Based On Experience Of Different Countries And Regions | 第85-93页 |
| 4.3 Development Issues of Crowdfunding Platforms | 第93-97页 |
| 4.4 Development Of Crowdfunding in The Republic of Armenia | 第97-105页 |
| 4.4.1 Country Profile And The Economic Background Of Armenia | 第97-100页 |
| 4.4.2 Importance of SME in the Republic of Armenia | 第100-101页 |
| 4.4.3 The Benefits Of Crowdfunding for Armenia's Business Environment | 第101-105页 |
| Chapter 5 Focus Group Analysis on Crowdfunding Application in TheRepublic of Armenia | 第105-120页 |
| 5.1 The Description Of Focus Group Discussions | 第105-108页 |
| 5.2 Attitudes Towards Financial Donation And Its Perception | 第108-115页 |
| 5.3 Attitude Towards Crowdfunding | 第115-118页 |
| 5.4 Main Motives Of Donation-Based Crowdfunding | 第118-120页 |
| Chapter 6 Conclusion and Suggestions | 第120-128页 |
| 6.1 Conclusion | 第120-123页 |
| 6.2 Suggestions | 第123-128页 |
| References | 第128-140页 |
