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[{"key": "dc.contributor.advisor", "value": "Hyytinen, Ari", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Lastikka, Kaspar", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2019-04-29T08:47:23Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2019-04-29T08:47:23Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2017", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/63648", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Rahoituksen tarjoajien ep\u00e4t\u00e4ydellinen informaatio rahoitusta tarvitsevien luot-\ntokelpoisuudesta hankaloittaa pk-yrityksien lainarahoituksen saantia. T\u00e4ss\u00e4 tut-\nkimuksessa tarkastellaan lainapohjaista joukkorahoitusta ja erityisesti sit\u00e4, \nkuinka lainanhakijoiden luottoluokitus on yhteydess\u00e4 siihen, saako luottoa ha-\nkenut lainan ja maksetaanko my\u00f6nnetty laina takaisin. Aineistona k\u00e4ytet\u00e4\u00e4n lai-\nnapohjaista joukkorahoitusta v\u00e4litt\u00e4v\u00e4lt\u00e4 alustalta saatua aineistoa. Aineisto k\u00e4-\nsitt\u00e4\u00e4 yhteens\u00e4 1477 lainahakemusta, joista 722 on my\u00f6nnetty. Laina-ajaltaan \np\u00e4\u00e4ttyneit\u00e4 lainoja (\u201drahoituskampanjoita\u201d) on yhteens\u00e4 103 kappaletta, joista 69 \nprosenttia on maksettu takaisin ja loput kirjattu luottotappioiksi. Tutkimuksen \nteoreettinen viitekehys keskittyy tarkastelemaan ep\u00e4t\u00e4ydellisen informaation \nongelmia rahoitusmarkkinoilla, erityisesti lainapohjaisen joukkorahoituksen \nkontekstissa. Aikaisemmat tutkimukset osoittavat, ett\u00e4 taloudellisiin tunnuslu-\nkuihin perustuvat mittarit eiv\u00e4t v\u00e4ltt\u00e4m\u00e4tt\u00e4 kuvaa pk-yrityksen riskisyytt\u00e4 hy-\nvin. Tutkimukset my\u00f6s osoittavat, ett\u00e4 lainan my\u00f6nt\u00e4j\u00e4n ja hakijan v\u00e4linen in-\nformaatiokuilu on joukkorahoituksessa huomattava. T\u00e4t\u00e4 informaatiokuilua \nvoidaan tosin pienent\u00e4\u00e4 haalimalla kvalitatiivista informaatiota lainan hakijasta. \nT\u00e4m\u00e4n tutkielman tulokset pohjautuvat perusotokseen, joka muodostuu hyl\u00e4-\ntyist\u00e4 ja hyv\u00e4ksytyist\u00e4 lainahakemuksista. Lainanmaksuun vaikuttavien muut-\ntujien tarkastelu edellytt\u00e4\u00e4, ett\u00e4 huomioon otetaan my\u00f6s se, keille laina my\u00f6n-\nnet\u00e4\u00e4n. Menetelm\u00e4ksi tutkielmassa on valittu Heckmanin valikoitumismalli. Es-\ntimoidun mallin avulla muodostetaan my\u00f6s in-sample ennustetarkkuutta ku-\nvaavat ROC-kuvaajat. Tulokset viittaavat siihen, ett\u00e4 pk-yritysten lainapohjai-\nnen joukkorahoitus on informaatiok\u00f6yh\u00e4 ymp\u00e4rist\u00f6. Osoittautuu, ett\u00e4 lainaso-\npimuksen keskeiset ominaisuudet, kuten korko, luoton koko ja laina-aika, aut-\ntavat mallintamaan luoton takaisinmaksua. Johtuen luoton my\u00f6nt\u00e4misprosessin \nluonteesta, t\u00e4m\u00e4n voidaan tulkita tarkoittavan, ett\u00e4 ko. muuttujiin sis\u00e4ltyy kva-\nlitatiivista tietoa, jota luottoluokitus ei sis\u00e4ll\u00e4. Ennustemalli, joka sis\u00e4lt\u00e4\u00e4 tiedon \nlainan maturiteetista ja luottoluokituksesta, kykenee 28 prosenttia tarkempaan \nennustetarkkuuteen kuin pelkk\u00e4 luottoluokitus.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Miia Hakanen (mihakane@jyu.fi) on 2019-04-29T08:47:22Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2019-04-29T08:47:23Z (GMT). No. of bitstreams: 0\n Previous issue date: 2017", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "72", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "fin", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "ep\u00e4t\u00e4ydellinen informaatio", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "valikoivat markkinat", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "pehme\u00e4 informaatio", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Heckmanin malli", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "ROC-kuvaaja", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Joukkorahoitus ep\u00e4t\u00e4ydellisen informaation markkinoilla", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-201904292318", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "pienet ja keskisuuret yritykset", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "joukkorahoitus", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "yritykset", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "rahoitus", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "rahoitusmarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "informaatio", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
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