Research On The Model Selection Of Crowdfunding For Small And Medium-sized Enterprises

Small and medium-sized enterprises as the backbone of China's national economy,made great contribution for China's GDP growth,tax and provide employment,but due to a variety of small and medium-sized enterprise internal macro economy and the influence of external factors,the short-term financing required for the start-up and innovation project to get through the traditional financing channels.With the rapid development of Internet information technology,the integration of the traditional financial industry and the emerging Internet has led to the emergence of crowdfunding.The mode of financing development in promoting technological innovation and rational allocation of resources at the same time,breaking the traditional financing barriers,open channel docking of private capital and the real economy,provides a new perspective for public investment and financing of small and medium-sized enterprises,promote private finance through the Internet platform has become an important source of funding for small and medium sized enterprises the initial and innovative project financing needs.This paper raise four modes of financing are discussed in three aspects and release mechanism,the wind from the selection of control feedback mechanism and pricing mechanism of the return to raise crowdfunding and operation mechanism,and through the financing of SMEs in the cause analysis and comparative analysis of the current situation of the development of the congregation to raise financing in home and abroad clearly,raise crowdfunding in reward for the public to raise financing and equity financing is the solution of new ideas and new modes of financing of small and medium enterprises in china.Then,by using game theory to build mathematical models,this paper analyzes how to choose two modes to raise the success rate of crowd financing and maximize their profits.By establishing the expected return model of fundraisers and investors under different financing modes,we find that the tendencies of the two main bodies' optimal strategies are directly related to the success rate of SMEs' crowdfunding initiative projects.In the small and medium-sized enterprise chooses one kind of crowdfunding model for financing,investors can disclose information and financial situation of small and medium-sized enterprises according to the project to calculate the success rate of the project threshold,investors according to the different interval of the threshold division and decide whether to participate in the crowdfunding mode,so as to maximize their own funds to minimize the risk of investors or return.Also small and medium-sized enterprises is not the initiator of the project to raise the crowdfunding mode selection when the blind,which can be estimated on their own understanding of the situation and the subsequent action of choice for investors.If the small and medium-sized enterprises can ensure the success rate of the project will be launched in a certain range,making enterprises and investors to choose the raise of pattern matching,then investors maximize the expected return at the same time also make the small and medium-sized enterprises raise the success rate and expected return of financing to achieve the most high,double game to achieve a win-win state.This calls for small and medium-sized enterprises to fully tap the consumer demand,optimize the project quality,highlight the comparative advantages to initiate projects,standardize the financing process,so as to improve the party to raise public interest,the crowdfunding is more rapid and healthy development,in order to better services for small and medium enterprises and investors.Finally,we select samples and set up indicators in Jingdong crowd raising platform and everyone investment platform,through data envelopment analysis,we empirically study the financing efficiency of small and medium-sized enterprises that choose different financing modes,which support the game theory model,and give the analysis and suggestion to the empirical results.