基于股权众筹融资机制的小微企业团体融资模式创新

Equity-Based Crowdfunding Mechanism:An Innovative Approach to Micro and Small Enterprises Group Lending

小微企业由于自身经营的特点,难以进行可靠的资信评估,与银行之间存在着严重的信息不对称问题,出于风险合规的考虑,银行向小微企业提供贷款的意愿较低。团体融资的出现为解决小微企业融资困境提供了新的渠道。但是连带责任机制下横向监督成本过高和团体成员产出水平不均使得企业选择策略性违约的概率较高。引入股权众筹融资机制可以进一步降低风险,降低企业策略性违约概率。

Micro and small enterprises find it difficult to achieve reliable credit rating due to their own management characteristics and the asymmetric information between them and the bank. Commercial banks are unwill- ing to lend loans to micro and small enterprises due to compliance risks. Group lending provides a new channel for micro and small enterprises to solve their financing difficulties. However, under the joint supervision, the high cost of peer monitor mechanism and different production outputs give rise to strategic defaults. Introducing equity-based crowdfunding to group lending would be able to reduce the credit risk and lower the probability of strategic default.