Research On Equity Crowdfunding Operation Mechanism-based On Perspective Of Small Micro Enterprise Innovation

As the most dynamic part of the Chinese economy,small micro enterprises are important factor in the development of the market economy in our country.The development of small micro enterprises promote the growth of national strategic industries,and improve the capability of independent innovation as well.However,the development of small enterprises in China is not optimistic,for a long time,difficult and expensive become obvious characteristics during the development of small micro enterprises,and restrict their development.On the one hand,there is a higher risk among small micro enterprises,and their collateral is insufficient,credit rating is low,lack of financial data;on the other hand,the support from traditional financing channels for small micro enterprises is not enough.Therefore,looking for an effective financing way to provide venture capital support for small micro enterprises is really critical.Based on a network platform,and the folk capital,equity crowdfunding may be the important way to solve the above problem.Equity crowdfunding is a new financing method,project sponsors share a certain proportion equity to investors,in order to obtain funding,it's rely on Internet platform.There are many advantages of equity crowdfunding,for one thing,it connect the connect the public investors and financing enterprises,provide new financing channel for small micro enterprises;for another,the application of Internet technology in equity crowdfunding,is able to reduce information asymmetry between financiers and investors,reduce financing cost.At present,equity crowdfunding platforms set up a series of operation mechanism,the mechanism is important for operation of equity crowdfunding and improvement of the resource allocation efficiency.On the basis of the existing research both at home and abroad,this paper put forward the research hypothesis from the aspects of influence factors of financing projects and the relationship between innovation ability and information release mechanism,threshold mechanism,investment mechanism,capital management mechanism respectively.And this paper also analyzed evaluation system of financing enterprises and operation mechanism in detail.In this paper,we selected projects on DaJiatou,Angel Club and other platforms as sample,to study the efficiency of operation mechanism from perspective of small micro enterprise innovation ability.Results suggest that,enterprise's innovation ability improve the rate of financing,sufficient interaction,large amount of lead investment has similar effect,the rate of successful financing is decline in turn.Enterprise's innovation ability has positively correlated with the feedback amount of the community communication,the number of dynamic updates,and the amount of lead investment.Enterprise's innovation ability has negative correlation with the frequency of funds into account,and irrelevant with financing threshold.