Research On The Problems Of Matching,Trust And Risk Of Crowdfunding In The Small And Micro Enterprises

Crowdfunding appeared in China later than in Europe and other developed countries.Benefit from Chinese Internet economy prosperity and "national entrepreneurship,people innovation' development guideline,its development speed exceeded Europe and the United States.The number of sites and financing scale of crowd funding showed a rapid growth trend,and its field expanded from the initial creative industries and performing arts industry to other industries.Crowdfunding fills the vacancy in the traditional banking services and broke the traditional financial barriers;at the same time,it provided a channel for the spread of private capital flowing to find a reasonable legal investment and solving the financing problem of small and micro enterprises.Currently the academic research of crowdfunding is still in primary stage,it only focuses on the qualitative analysis of operation mode of crowdfunding and participant characteristics and motivation,the research about applicable enterprise scale,trust mechanism and benefit distribution of crowdfunding is still lacking.The essence of crowdfunding is finance,while the core of finance is the problem of trust and risk.Only clear its scope of application and establish trust and risk prevention mechanism,we can promote the development of crowdfounding.It also lays the foundation for the prosperity of small and micro enterprises in our country and the transformation of economic structure.On the basis of relevant theory and research,this paper applies the methods and techniques of bilateral matching model,structural equation model and analytic hierarchy process to research public matching problem;trust and risk problem of small and micro enterprise;clear crowd funding's role in alleviating the financing difficulties of small and micro enterprises;identify the impact factors of small and micro enterprises to raise public trust and build public trust mechanism of small and micro enterprises and evaluation the main risk of small and micro enterprises in crowdfunding and develop appropriate risk prevention strategies.The main research contents and conclusions are as follows:(1)Research on the operation characteristics of small and micro enterprises in crowdfunding.Firstly analyse financing demand characteristics of small and micro enterprises,finding the crowdfunding of small and micro enterprises have limited financing path,high cost of financing,the contradiction between supply and demand prominent problems,the difficulty of crowdfunding has become the bottleneck of small and micro enterprises development.Secondly discuss features and advantages of crowdfunding of small and micro enterprises and its effect in alleviating the financing problem of small and micro enterprises.Finally analyse the present situation of crowdfunding development of small and micro enterprises,constructs participation people diagram and s public operation process of crowdfunding of small and micro enterprises,laying the foundation for the following research.(2)Research on the matching of small and micro enterprises and crowdfunding.Firstly analyse the matching relation between small and micro enterprises and crowdfunding in theory,secondly on the basis of in the two-sided matching theory,constructing two-sided matching models between small and micro enterprises and crowdfunding,changing the matching problem between types of enterprises and crowdfunding method into the satisfaction of both maximization problem,and the fuzzy multiple attribute decision making method,theoretical model is transformed into a linear multi objective decision making problems.Finally,through the empirical research to verify the matching of small and micro enterprises and the crowdfunding.The study found that small and micro enterprises and the crowdfunding mode has good matching,crowdfunding for those by traditional financial channels is difficult to obtain funds to support the start-up companies,small and micro businesses and innovative projects opened a new financing channel,help to alleviate our country small and micro enterprise development financing difficulties and to promote the development of small and micro enterprises.(3)Research on the trust mechanism of small and micro enterprises in crowdfunding.The research divide the trust into three phases of production,transmission and security,each phase in the analysis of the characteristics of trust,found small and micro enterprises crowdfunding trust in the development and evolution of relations;Analysis of the influencing factors on small and micro enterprises crowdfunding from four aspects of the subject,the object,the interaction and the system.And analyze the mutual relation of influencing factors on the trust,to build structural equation model of influencing factors on the trust,the empirical data obtained by questionnaire survey were analyzed by statistical software,found that the propensity to trust the investor,the characteristics of the small and micro enterprises has an important influence on the establishment of the trust in small and micro enterprises crowdfunding;Based on the above building trust mechanism of small and micro enterprises crowdfunding from the subject factors,objective factors and system factors.(4)Research on the issue of risk of small and micro enterprises in crowdfunding.Risk can not be avoided in the process of crowdfunding.This paper has a research on the issue of risk in small and micro enterprises crowdfunding,according to risk management,fuzzy decision theory,identification of different sources of risk in small and micro enterprises,investors,crowdfunding platform law and the environment,to build a small and micro enterprises crowdfunding risk assessment model,using the analytic hierarchy process to evaluate the main risk,found all of the key risk points,puts forward prevention recommendations of the main risk,to provide support for the steady development of the crowdfunding.This paper has a research on the matching,trust,risk issues of small and micro enterprises crowdfunding through the quantitative method,making up for the part of the theoretical research gaps,expanding the methods and ideas of crowdfunding research,to provide support for the continuous development of the crowdfunding.