Evaluation of Crowdfunding Effectiveness in Import Substitution of Agricultural Products

DOI

10.2991/aebmr.k.200423.016How to use a DOI?

Keywords

import substitution, agriculture, crowdfinancing, crowdfunding, online platforms, financing

Abstract

This article analyses the findings of the research aimed at study of crowdfunding application in agricultural industry subject to priority of this economic activity for import substitution policy. Within the investigation framework theoretical and practical aspects of crowdfunding application in current Russian conditions were studied, as well as crowdsourcing components as a tool of an alternative bank funding were considered. Besides, authors’ interpretation of crowdfunding is given and the conclusions concerning more effective application of this tool by small enterprises in agriculture of Russia are provided. In addition, the projects being implemented on Boomstarter and Planeta.ru online platforms were considered; conclusions and recommendations pertaining expansion of the crowdfunding range in domestic agriculture were made. Cobb-Douglas production function was applied to perform a study to identify contribution of influence effectiveness of main production factors on agricultural output. The resulting linear model of multiple regression showed an increasing effect from the production scale, with an insufficiently high impact of labour resources quantity and scientific and technological progress. The findings allow us to consider crowdfunding one of the tools of alternative financing of agricultural projects for small enterprises and job creation in rural areas.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Elena Andreevna Vitsko
AU  - Iuliia Nikolaevna Zhuzhoma
PY  - 2020
DA  - 2020/04/24
TI  - Evaluation of Crowdfunding Effectiveness in Import Substitution of Agricultural Products
BT  - Proceedings of the III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020)
PB  - Atlantis Press
SP  - 69
EP  - 73
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200423.016
DO  - 10.2991/aebmr.k.200423.016
ID  - Vitsko2020
ER  -