金融发展、融资约束与创新型小微企业众筹--以众筹网为例

创新型小微企业的成长是中国向创新驱动增长方式转变的重要因素,但在传统融资模式下却面临较强的融资约束,众筹在一定程度上缓解了这一融资难题。然而,实证结果显示,金融发展水平正向影响众筹资金的可得性,同时,具有较强融资约束的科技类企业更倾向于众筹参与。研究进一步发现,有效利用多维社会网络资本可以提高众筹资金的可得性。由此,本文认为应重视金融发展水平对众筹融资的影响,缩小创新型小微企业融资的区域差异,打造良好的众筹生态环境,并进一步探索社会网络资本对众筹的作用机制,为创新型小微企业成功众筹提供行为指导。

The growth of innovative small and micro enterprises is an important factor for China＇s transformation to innovation-driven mode. But they face strong financing constraints under traditional financing mode. Research shows that crowdfunding can alleviate the financing puzzles to certain extent for small and micro enterprises. However, empirical result shows that financial development level has a positive effect on the capital availability of crowdfunding. In the meantime, technology enterprises with strong financing constraints are more inclined to crowclfunding. Further research finds that effective use of multidimen- sional social network capitals can increase the capital availability of crowdfunding. Thus, this paper suggests that we should pay attention to the influence of financial development level on crowdfunding, narrow the area difference of financing for innovative small and micro enterprise, cultivate good ecological environment for crowdfunding and further explore the mechanism of social network on crowdfunding in order to provide guidance for innovative small and micro enterprises.