科研管理

科研管理 ›› 2018, Vol. 39 ›› Issue (8): 19-25.

• 论文 • 上一篇    下一篇

反锁定效应：小微企业网络众筹的路径选择与风险甄别

张荣刚1,徐京平2   

  1. 1.西北政法大学商学院，陕西 西安710063;
    2.上海财经大学会计学院，上海200433
  • 收稿日期:2018-01-09 修回日期:2018-04-10 出版日期:2018-08-20 发布日期:2018-08-21
  • 通讯作者: 张荣刚
  • 基金资助:

    国家社会科学基金项目：“社会资本与文化资源协同发展机制研究”（12xyj002，起止时间：2013-2018）；西北政法大学青年学术创新团队项目（起止时间：2017-2020）。

An analysis of SMEs’ path selection and risks screening through crowdfunding

Zhang Ronggang 1, Xu Jingping2   

  1. 1. School of Business, Northwest University of Political Science and Law, Xi'an 710063, Shaanxi, China;
    2. School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433, China
  • Received:2018-01-09 Revised:2018-04-10 Online:2018-08-20 Published:2018-08-21

摘要： 信息技术高速发展背景下，互联网金融对小微企业支持的路径、效应值得深入探究。本文依托信息不对称和金融反锁定效应，以网络众筹为例，构建模型分析发现网络众筹主要通过规模反锁定、结构反锁定和技术反锁定支持小微企业。在信息不对称的情况下，网络众筹可以通过采集信息、增大违约成本等机制有效甄别小微企业风险；通过规模经济，降低信息成本实现反锁定效应。基于此，本文从完善平台认证机制、构建网络信用体系、引入对赌机制以及强化风险背书等方面提出对策建议。

关键词: 网络众筹, 小微企业, 反锁定效应, 风险甄别

Abstract: In the context of the rapid development of information technology, the path and the effect of internet financial supporting S&MEs, is worth exploring. Based on the information asymmetry and anti-locking effect, this paper analyzes and finds that internet crowdfunding supports S&MEs is mainly through scale anti-locking, structural anti-locking and technical anti-lock. In the case of asymmetric information, internet crowdfunding can effectively identify the risk of S&MEs through collecting information and increasing default cost. It can reduce the cost of information through the economies of scale to achieve the anti- lock effect. Based on this, this paper puts forward some countermeasures and suggestions from the aspects of improving the platform authentication mechanism, constructing the network credit system, introducing the gambling mechanism and strengthening the risk endorsement.

Key words: internet crowdfunding, SME, anti-locking effect, risks screening