| As the most innovative and energetic growth point, Small and micro enterprises play a significant role in increasing employment, booming market, maintaining social stability and promoting technological innovation. While small and micro enterprises, the disadvantaged groups, face difficulties in development and find themselves stuck in trouble especially after the global financial crisis in2008, financial difficulties becoming the bottleneck of their development.With the development of Internet Finance, Crowdfunding, a new kind of online financing mode, is born and presents an explosive growth. Compared with the traditional financing, crowdfunding features covenant-lite, high efficiency, low cost and strong platform effect, which breaks off the shackles of the traditional financing and provides a new channel for to alleviate the financing difficult problem. Crowdfunding matches well with small and micro enterprises and becomes the impetus of fundraising. However, entering China for less than4years, crowdfunding is still in the initial stage of exploration and has lots of shortage and deficiency.First, this paper describes the background of the birth and analyzes the status of crowdfunding of small and micro enterprises. By means of "Fault Tree Analysis", this paper identifies the risks from the perspective of the three main agents namely the small and micro enterprises, the public investors, platform and external legal environment based on the theory of asymmetric information, bilateral market and enterprise growth cycle, and then uses fuzzy analytical hierarchy process (FAHP) to assess the risks. Finally, by virtue of theory combined with model, countermeasures and suggestions are proposed from inside and outside of small and micro enterprises, which include optimizing project design, building incentive mechanism for public investors, improving executive force, accelerating platform construction, establishing sound legal system and so on. |
PDF Full Text Request