CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

Ukraine. The structural and logical analysis was used to build a model of the process of performing crowdfunding projects. The graphic method was used to visually display the results of the study. The information base of the research is scientific, informational, educational and methodological literature of domestic and foreign authors, materials of periodicals, statistical reports and reviews, Internet sources, research data conducted by the authors, results of expert research, economic reviews, regulatory acts of Ukrainian state authorities, foreign countries and bodies regulating crowdfunding. The practical significance of the results obtained is the developed theoretical and practical recommendations for improving state regulation of crowdfunding in the conditions of reengineering. In particular, there is proposed a model of the process of implementing a crowdfunding project that defines the main stages of its implementation with the specification of participants and their functions at each stage aimed to manage qualitatively implementation process of crowdfunding projects. The typology of factors in the development of crowdfunding activities was improved, which provides for the allocation of two key groups of factors: general and special. The instruments for assessment of the crowdfunding systems by the authorities were enhanced. That tools use structural absolute and relative indicators for the implementation of the comparative analysis (at macro-, meso- and micro-level) and analyze the dynamics of the crowdfunding systems at both the regional and state levels. The provisions on state regulation of the crowdfunding system were improved; they indicate the tools with which the impact on the crowdfunding activities is conducted by the authorities. The conceptual and terminological apparatus of the crowdfunding system was developed according to the method of attracting financial resources and the peculiarities of their activity. It also allows us to highlight crowdfunding apart from other financial instruments and crowdtechnologies, and reduces the possibility of assimilation to investment, fundraising, lending, and other related concepts. Furthermore, a typology of crowdfunding projects was developed. It involves the definition of the types of crowdfunding projects by the level of innovation and channels of information about the project, which creates prerequisites for effective implementation of researches of the state of crowdfunding activities and the peculiarities of each type of crowdfunding in the formation of the regulatory framework. 7