The Comparative Research On Crowdfunding Financing Efficiency Of Smes Between China And America

In the upsurge of entrepreneurship,the rapid and healthy development of SMEs is becomingmore and more important,and become the main driving force to promote the development of national economy.However,there is a shortage of funds in the early stage of the development of SMEs.As the decisive factor of the growth of SMEs,the capital has affected the success of the enterprise to a great extent.Because of the SMEs qualification examination through the traditional financing channels is more stringent,the financing threshold for SMEs set is higher,so it is more and more difficult to meet the needs of SMEs development funds.The emergence of Internet banking just solve this problem,the crowdfunding as a typical financial model of the Internet banking,with a low threshold of financing,wide range of financing,high financing efficiency and other advantages which are traditional financial model can not be compared.Crowdfunding can effectively solve the problem of shortage of funds for SMEs,not only provides a new financing channel for them,but also become one of the driving forces to promote the economic development of SMEs in China.At present,the equity-based crowdfunding as the largest and strongest development potential financing mode,has become the first choice of SMEs,but because of the equity-based crowdfunding process is complex,the relevant laws are not perfect,there are a large number of risks in the financing process,which will affect the efficiency of SMEs financing.Therefore,how to solve these problems and improve the crowdfunding financing efficiency of SMEs has become the key to this article.The United States as the birthplace of the crowdfunding pattern,the development of the crowdfunding pattern experience and theory are more advanced.IV Therefore,based on the two equity-based crowdfunding platforms of China and America in thispaper,to compare the specific results of empirical analysis,to find out the financing efficiency gap between the SMEs of the two countries,in order to improve the financing efficiency of SMEs in china.Firstly,this paper summarized research the literature of SMEs financing efficiency and evaluation methods of SMEs financing efficiency,clear the definition of SMEs financing efficiency,and found that most scholars to evaluate the financing efficiency through qualitative analysis and quantitative analysis method.In addition by summarizing the relevant literature of current domestic and foreign scholars on the crowdfunding financing mode,found this new financing model can help solve the financing problem and help to improve the financing efficiency of SMEs,which leads to the theme of this paper.Then,this paper introduces the crowdfunding especially equity-based crowdfunding mode in the theoretical part,and elaborates the influencing factors of equity-based crowdfunding financing efficiency and the usability of DEA evaluation theory,which lays a theoretical foundation for the empirical research.After this,the paper summarizes the equity-based crowdfunding development present situation of China and America,from the macro perspective analysis the differences between Chinese and American equity-based crowdfunding market,and draws the conclusion that the comparative study on equity-based crowdfunding financing efficiency of SMEs in China and the United States has practical guiding significance.Finally,based of the above results,this paper construct a evaluation index system of financing efficiency,select the financing costs,the number of teams and the financing period as input indicators,and select the finance completion rate,the number of investors and the number of transmissions as output indicators,using Data Envelopment Analysis model to evaluate the financing efficiency of the SMEs on “Da Jiatou” and “Angel List”equity-based crowdfunding platforms of China and the United States.The results show that the overall situation of Chinese SMEs’ equity-based crowdfunding financing efficiency is poor,technical efficiency and scale efficiency are lower than that of the United States,most of them have insufficient output or input redundancy situation.In addition,according to the projection analysis results shows that the unreasonable financing period and the size of the team will greatly affect the equity-based crowdfunding financing efficiency.According to the above research conclusions,this paper puts forward some suggestions to improve the equity-based crowdfunding efficiency of Chinese SMEs,which should be improved the relevant laws and regulations,established a professional examination system of lead investors,that ensure the rapid development of the equity-based crowdfunding mode.In addition,the SMEs should set up reasonable team sizeand financing period according to their own situation,and effectively use the spread effect of the network,thereby improving the equity-based crowdfunding financing efficiency of SMEs of China.