Research On The Financing Channel Of SMEs Based On Crowdfunding Model

Small and medium?sized enterprises occupy an absolutely important position in the number of Chinese enterprises,play an important role in China's economic development,employment stability and social harmony.However,despite the importance of SMEs have repeatedly been recognized,in the capital market,they apparently do not get the proper treatment,Being in the doghouse.Difficult in access to funds for SMEs has been a problem plaguing the world,China is no exception.Although the government has tried to implement a series of new initiatives to alleviate the dilemma of SMEs,such as the pilot private debt of SMEs,expansion of National Equities Exchange and Quotations and other channels.But in the actual operation,all kinds of attempts did not achieve the desired results.At this point,the blowout of Internet banking has aroused the attention of all sectors of society,with the crowd-funding as a representative opening up a new way for SMEs to raise funds,which can reduce the financing threshold and costs of SMEs.As a kind of innovative practice,the crowd-funding mode effectively alleviates the information asymmetry and shortage of financing mode in the capital market by using the characteristics of the Internet,and the application of big data greatly improves the efficiency and precision of capital matching.Crowd-funding connects the demand side and supply side of spare cash using Internet as a bridge,which reduces time cost.It helps to solve the financing dilemma of SMEs,so the systematic research of this financing mode is very necessary.Based on the literatures of China and foreign countries,this paper will research and analyze refunding as a new financing mode of SMEs,elaborating the related concepts,background,comparison with traditional financing methods of SMEs,to find out its merits,demerits and significance to the development of SMEs.In addition,with the empirical analysis of project data collected from crowd-funding platform,this article will analyze the impact of rationality of project design on the success rate of crowd-funding,and find out the problems and risks that SMEs should pay attention the project design,hoping to have enlightenment for the development of SMEs and crowd-funding.