Research On Small And Micro-Enterprises Crowdfunding Platform Risk

As a new way of network financing,crowdfunding brings new ideas for small and micro-enterprises financing which will face many risks in the process of crowdfunding.This situation can not only reduces the rate of successfully financing but also causes losses.Thus,the analysis of risks which platforms face will contribute to the abutment between the small and micro-enterprises and the crowdfunding.The studies on crowdfunding platform risk by domestic and overseas scholars are dispersive at present and most of them stay in the level of theoretical analysis.This thesis focus on analyzing the crowdfunding platform risk by means of quantitative and qualitative methods,and it mainly include the following aspects.Firstly,risk identification.The risk factors which may be encountered in the process of crowdfunding are indentified.The thesis emphases on the identification of the platform risk factors through “Fault Tree Analysis”.Secondly,risk assessment.The empirical analysis was conducted based on the risk identification in this thesis.The interrelation among each risk factors are analyzed by means of system dynamics,and the stock of flow chart was drawn.The risk factors were weighted based on the entropy-revised G1 combination weighting.The whole model was revised,tested and performed in Vensim PLE.It can be concluded after the quantitative evaluation of risk that crowdfunding platform risk is a process of accumulate and break out.Credit risk is the highest risk and the operation risk is the second risk that the crowdfunding platform may encounter.But security and legal risk cannot be ignored.The risk evaluation model of crowdfunding platform has applicability.The user can increase and decrease the risk factors,assign and weight according to own actual situation,thereby estimating the risk with more pertinence.Finally,risk management.The countermeasures about the crowdfunding platform risk were put forward,which takes American JOBSAct and the experience of UKCFA as lessons.The credit level and operation standardization of crowdfunding platform needs to be improved.In the view of outer environment,the laws and regulations need to be perfected and the internet environment needs to be optimized.