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Disruptive potential of real estate crowdfunding in the real estate project finance industry A literature review

机译:房地产群体在房地产项目金融业中众所周兴的潜力进行了文献综述

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Purpose - The purpose of this paper is to review the literature on the Disruptive Innovation Theory and on the disruptive potential of real estate crowdfunding (RECF) in the real estate finance industry, assessing whether RECF constitutes a potentially disruptive innovation to the real estate finance industry. Based on a review and synthesis of the literature, the paper advances an initial conceptual framework of core characteristics of disruptive innovations. This framework is used to examine the disruptive potential of RECF in the real estate finance industry. Design/methodology/approach - This paper is a systematic literature review that synthesizes and analyzes relevant extant research articles retrieved from online databases. Findings - Findings suggest that according to the theory of disruptive innovations, and the core characteristics of disruptive innovations, RECF is a potentially disruptive innovation to the real estate finance industry. RECF seems to generally align with the classic characteristics of disruptive innovations. A more comprehensive and systematic analysis, supported by empirical data, is necessary to evaluate whether and to what extent RECF constitutes a disruptive innovation to the real estate finance industry. Research limitations/implications - This study has only captured and reviewed articles published and available in database searches. RECF is a nascent field that has recently begun receiving academic attention. Practical implications - Real estate plays an integral part in the economy, and the way it is financed has become an increasingly important issue following the Global Financial Crisis. This paper provides useful insights for assessing whether and to what extent RECF may be disruptive to the real estate finance industry. Social implications - RECF may potentially improve accessibility and affordability of real estate finance, thereby helping to address the problem of shortage of real estate project finance. Originality/value - While RECF is portrayed in the academic and gray literature as a disruptive innovation, its disruptive potential is yet to be determined. This paper advances an initial conceptual framework of defining characteristics of disruptive innovations. This framework is used to evaluate RECF as a potentially disruptive innovation in the real estate project finance industry. This study forms a basis for future empirical examination of the disruptive potential of RECF in the real estate finance industry.
机译:目的 - 本文的目的是审查破坏性创新理论的文献,并在房地产金融业中房地产众筹(RECF)的破坏性潜力,评估RECF是否构成了对房地产金融业的潜在破坏性创新。基于文献的审查和综合,本文推进了破坏性创新的核心特征初步概念框架。该框架用于检查房地产金融业中RECF的破坏性潜力。设计/方法/方法 - 本文是一个系统的文献综述,合成和分析从在线数据库检索的相关的现存研究文章。调查结果表明,调查结果表明,根据破坏性创新理论,以及破坏性创新的核心特征,RECF是房地产金融业的潜在破坏性创新。 RECF似乎通常与破坏性创新的经典特征对齐。通过经验数据提供的更全面和系统的分析,是评估RECF对房地产金融业的破坏性创新是否有必要的。研究限制/含义 - 本研究刚刚捕获并审查了数据库搜索中发表和可用的文章。 Recf是最近开始接受学术关注的新生领域。实际意义 - 房地产在经济中发挥不可或缺的一部分,融资的方式已成为全球金融危机之后越来越重要的问题。本文提供了有用的见解,用于评估RECF是否可在房地产金融业中破坏的程度。社会影响 - RECF可能会潜在地提高房地产金融的可访问性和可承受能力,从而有助于解决房地产项目融资短缺问题。原创性/价值 - 虽然RECF在学术和灰色文学中被描绘成具有破坏性创新,但其破坏性潜力尚未确定。本文推进了定义破坏性创新特征的初步概念框架。该框架用于评估RECF作为房地产项目金融业的潜在破坏性创新。本研究形成了未来对房地产金融业中遭受破产的颠覆性潜力的实证审查的基础。

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