Financing Strategies Of Technology-based SME(Small And Medium Enterprises) On Online Crowdfunding Platforms

SME(Small and Medium Enterprises),especially Technology-based ones,have always been the important support of economic development and social stability in both developed and developing countries due to its unique technological value and vibrant nature.Especially in China,SME(especially Technology-based ones)act as an essential part of national economy.However meanwhile,its financing difficulty becomes the bottleneck of its development.Enslaved to the current bank credit market in our country,the vast financing demand of SME greatly surpassed the supply,which hastened the online crowdfunding market.As a popular form of online crowdfunding platforms,reward-based crowdfunding orients cultural and creative SME which produces technological products,it starts comparatively late yet very fast.Its appearance adjusts not only the produce-sale process but also the roles of both the producers and investors,some investors transfer into half producers.From the main idea,based on the theory of mechanism design,this paper firstly developed an theoretical model based on universal hypothesizes,this article simplifies the crowdfunding programmes' product-sale process to pre-sale pattern,and divide different investors into three categories-high valuations type,low valuations type and tourists type,then analyze the pricing mechanism based on the internal requirement of the manufacturer's profit maximization.Secondly,on the basis of the original model,this paper then ran a model testing with actual statistics in China,and achieved a model adjusting after results analysis of the model testing which is more fitful to China's actual situation by adding an factor categorized as tourists investors.Finally,this paper then ended with putting forward the policy recommendations from four aspects regarding to four participants on the crowdfunding platforms to improve the enterprise' financing strategies and conditions.