네티즌 펀딩에서의 위험분담과 보험의 역할에 대해서

We investigate risk sharing in netizen funding, the funding of films through the Internet, that has become popular along with the recent boom of the Korean films. In a simple model, a "netizen fund paradox" exists, implying that netizen funding cannot exist when the netizen effect, the marketing effect of netizen fund, is constant. When the netizen effect is not constant, netizen funding can exist, but is generally small in size under information asymmetry. When the producer can resolve the information asymmetry problem between the producer and investors, then netizen funding can be great. We investigate two netizen funding cases and find that information asymmetry is a main concern of investors and producers. Producers utilize efficient risk sharing mechanism to reduce the information asymmetry costs. We also emphasize that insurance firms can play an important role in film funding by providing risk sharing mechanism in netizen funding or bank loan. To be successful in this new insurance market, insurance firms should be equipped with risk evaluation systems and proper monitoring systems.