Research On Risk Governance Of Equity Crowdfunding

With the development of Internet technology,Internet finance has developed rapidly.As a new financing model,equity crowdfunding has attracted more and more attention.Under the general environment of “mass entrepreneurship and innovation”,equity crowdfunding is an important way for small and medium-sized enterprises to finance.However,the development of equity crowdfunding is not long.And the supporting laws,regulations and supervision systems are still not perfect.There are still major risks.This paper defines the concept of equity crowdfunding risk,to point out the three characteristics of risk of equity crowdfunding: complexity,diversity and weak contagiousness.And this paper describes the process of equity crowdfunding risk.Then,by collecting a large amount of data,using the grounded theory method to analyze the data,the risk map of equity crowdfunding is drawn.On this basis,the equity crowdfunding risk evaluation index system and the SEM ofrisk evaluation are constructed.The questionnaire survey method is used to collect data and empirically analyze the relationship between equity crowdfunding risks.Then,the mechanism design of equity crowdfunding risk governance is carried out from the perspectives of synergy,combination,legal constraints and risk compensation.Among them,the synergy mechanism includes government-self-regulatory organization,government platform-financial enterprise,enterprise innovation-scientific research institution innovation;Combined mechanism uses risk prevention,risk transfer,risk avoidance,risk dispersion and risk retention to manage the risks;The legal restraint mechanism is designed from three aspects: promoting the micro-exemption system,establishing a qualified investor access mechanism,and defining the regulatory obligations of the equity crowdfunding platform;The risk compensation mechanism includes compensation for investors,compensation for financing enterprises,compensation forplatform and compensation for insurance.Based on the in-depth analysis of equity crowdfunding risk and the proposed risk management mechanism,the SD model of equity crowdfunding risk governance mechanism was constructed.At the same time,the RenRenTou equity crowdfunding platform was used as an example for empirical analysis.The effect simulation is carried out,and the optimization strategies of each risk management mechanism are given respectively.This paper has the two innovations.First,it proposes four governance mechanisms: synergy,combination,legal constraints and risk compensation for equity crowdfunding risk governance.The second is to construct a system dynamics model of equity crowdfunding risk governance mechanism.