不对称信息条件下中小企业股权众筹问题研究

A Study of Equity-based Crowd-funding of SMEs under the Condition of Asymmetric Information

不对称信息条件下企业融资存在逆向选择、道德风险及不可验证性等低效率问题。中小企业普遍面临融资难困境,股权众筹虽然可为其提供资金来源和渠道,但不对称信息条件下信用风险、信息披露风险、众筹平台建构风险、法律和政策性风险等因素也制约中小企业股权众筹的效率优化,可通过完善相关法律法规和制度机制、给予众筹参与人适当激励与约束、不断完善信用市场机制等提高中小企业股权众筹的融资效率。

It is inefficient that the enterprises have the problems such as the adverse selection,moral hazard and un-verifiability in the process of financing under the condition of asymmetric information. The Small and Medium-sized Enterprises（ SMEs） generally faced the difficulties of financing,while the equity-based crowd-funding can provide financial resources and channels. However,some potential problems such as credit risk,risk of information disclosure,policy risk etc. still restraint the possible efficiency optimization. Hence,in order to improve SMEs financing efficiency,it is necessary to perfect the laws and regulations,establish incentive and restraint mechanisms,and consummate the credit market.