小微企业众筹融资平台风险研究

发布时间：2018-06-18 02:10

本文选题：众筹融资 + 众筹平台　；参考：《沈阳工业大学》2017年硕士论文

【摘要】：众筹融资作为一种近几年出现的网络融资模式,为小微企业融资带来了新思路。但是众筹融资过程中也会面临来自各方面的风险,不但会降低融资的成功率,也有可能对融资者、投资者造成损失。因此研究小微企业众筹融资过程中众筹平台面临的风险,有利于实现小微企业融资与众筹平台更好地对接。目前国内外学者对于众筹融资平台风险的研究还比较分散,多停留在理论分析的层面,因此本文的研究重点在于将众筹融资平台风险进行定性、定量相结合的分析,主要包括以下几个方面:第一,风险识别。利用文献分析法对小微企业在众筹融资过程中可能面临的来自各方面的风险因素进行了识别,并利用风险树搜寻法重点识别了平台方面的风险因素。第二,风险评估。以风险识别为基础展开实证分析,根据系统动力学原理分析了各风险因素之间的相互关系,并绘制了存量流量图。利用基于熵值修正的G1组合赋权方法对风险因素进行赋权,在系统动力学软件Vensim PLE中修正、检验并运行了整个模型,对风险进行量化评估。研究结论为众筹平台风险是一个积累爆发的过程,信用风险是众筹平台可能面临的最大风险,操作风险次之,但安全风险、法律风险也不容忽视。同时本文建立的众筹融资平台风险评估模型具有适用性,使用主体可以根据自身实际增减风险因素、改变赋值赋权,从而估测出更有针对性的风险。借鉴美国的JOBS法案和英国UKCFA协会的经验,提出针对众筹平台风险的改进对策。众筹平台自身需要提高信用水平和运营规范性,从外部环境看需要尽快完善相关的法律法规,优化互联网整体环境。
[Abstract]:As a network financing mode in recent years, crowdfunding has brought new ideas for small and micro enterprises. However, the process of crowdfunding will also face various risks, not only will reduce the success rate of financing, but also may cause losses to the financiers and investors. Therefore, the study of the risks faced by the crowdfunding platform in the process of crowdfunding of small and micro enterprises is beneficial to the realization of better docking between the financing of small and micro enterprises and the crowdfunding platform. At present, domestic and foreign scholars' research on the risk of crowdfunding platform is still scattered, most of them stay at the level of theoretical analysis, so the research focus of this paper is to combine qualitative and quantitative analysis of the risk of multi-financing platform. Mainly include the following aspects: first, risk identification. The paper uses the literature analysis method to identify the risk factors that small and micro enterprises may face in the process of raising public funds, and uses the risk tree search method to identify the risk factors of the platform. Second, risk assessment. On the basis of risk identification, this paper analyzes the relationship between risk factors according to the principle of system dynamics, and draws the inventory flow chart. The G1 combination weighting method based on entropy correction is used to weight the risk factors. The model is tested and run in the system dynamics software Vensim PLE, and the risk is evaluated quantitatively. The research conclusion is that the risk of crowdfunding platform is a process of accumulation and outbreak, the credit risk is the biggest risk that the crowdfunding platform may face, the operational risk is the second, but the safety risk and the legal risk can not be ignored. At the same time, the risk assessment model of crowdfunding platform established in this paper is applicable, the user can change the assignment weight according to their actual risk factors, so as to estimate the more targeted risk. Based on the JOBS Act of the United States and the experience of UKCFA Institute in the United Kingdom, this paper puts forward some countermeasures for improving the risk of crowdfunding platform. The crowdfunding platform itself needs to improve the credit level and the operation standard. From the external environment, we need to improve the relevant laws and regulations as soon as possible, and optimize the overall environment of the Internet.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.3;F275;F832.4

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