導語：中小企業股(gu)權(quan)眾籌融資風險(xian)控制措施一文來(lai)源于網友(you)上傳，不代表本(ben)站觀點，若需要原創文章可咨詢客服老師(shi)，歡(huan)迎參(can)考。

摘要：我國進入經濟新時代，中小企業是國民經濟中最活躍、最具潛力的組成部分，在穩社會、促就業、推動技術創新等方面發揮巨大作用，然而融資難、融資貴是制約中小企業高質量發展的重要瓶頸。股權眾籌融資是一種新型的融資模式，其具有門檻低、融資效率高以及融資成本低的優勢，是有效破解中小企業融資難、融資貴的主渠道。但是中小企業在實施股權眾籌融資模式也存在諸多風險，影響公司的(de)高質(zhi)量發展(zhan)，因此，本(ben)文針對中小企業(ye)融(rong)資眾(zhong)籌融(rong)資模式的(de)風險(xian)提(ti)出相應的(de)解決措施，以此助力于中小企業(ye)快速發展(zhan)。

關鍵詞：中小企(qi)業；融(rong)資(zi)渠道；股權眾籌(chou)融(rong)資(zi)；風(feng)險(xian)控制

一、引言

大力(li)發(fa)展(zhan)實(shi)體經濟、激活(huo)(huo)各(ge)類市場主(zhu)體活(huo)(huo)力(li)、加快發(fa)展(zhan)現代產業(ye)體系是(shi)新(xin)發(fa)展(zhan)格局(ju)的(de)(de)(de)主(zhu)要(yao)內容(rong)。中小企(qi)(qi)業(ye)是(shi)國民經濟的(de)(de)(de)毛細管，是(shi)建設現代化經濟體系、推動經濟高質量發(fa)展(zhan)的(de)(de)(de)重要(yao)基(ji)礎。近些年中小企(qi)(qi)業(ye)融資(zi)(zi)難、融資(zi)(zi)貴等(deng)問題(ti)逐步有(you)所緩解(jie)，但是(shi)中小企(qi)(qi)業(ye)融資(zi)(zi)渠道(dao)單(dan)一、融資(zi)(zi)成本貴的(de)(de)(de)根(gen)本性(xing)問題(ti)尚未得到解(jie)決。如(ru)何拓(tuo)展(zhan)融資(zi)(zi)渠道(dao)，降低(di)融資(zi)(zi)成本成為中小企(qi)(qi)業(ye)經營發(fa)展(zhan)管理所必須要(yao)面對的(de)(de)(de)問題(ti)。股權眾籌融資(zi)(zi)的(de)(de)(de)發(fa)展(zhan)為中小企(qi)(qi)業(ye)融資(zi)(zi)注入了新(xin)的(de)(de)(de)活(huo)(huo)力(li)，其具有(you)融資(zi)(zi)成本低(di)、融資(zi)(zi)效率高以(yi)及(ji)準入條件寬松的(de)(de)(de)特(te)點，為中小企(qi)(qi)業(ye)提供了良好的(de)(de)(de)資(zi)(zi)金(jin)支持。

二、股權眾籌融資的概述

（一）股權眾籌融(rong)資概念(nian)

股(gu)權眾(zhong)(zhong)籌融資(zi)就(jiu)是(shi)(shi)(shi)面向(xiang)大眾(zhong)(zhong)籌資(zi)并且以(yi)股(gu)權作(zuo)(zuo)為(wei)(wei)回報(bao)的(de)(de)方式。股(gu)權眾(zhong)(zhong)籌融資(zi)的(de)(de)構(gou)成包括：一是(shi)(shi)(shi)項(xiang)目方，項(xiang)目存在(zai)資(zi)金(jin)短缺的(de)(de)問題(ti)。二(er)是(shi)(shi)(shi)投(tou)(tou)資(zi)方，社(she)會投(tou)(tou)資(zi)人(ren)對項(xiang)目感興(xing)趣，認為(wei)(wei)項(xiang)目投(tou)(tou)資(zi)可以(yi)為(wei)(wei)投(tou)(tou)資(zi)人(ren)帶來(lai)理想的(de)(de)回報(bao)。三是(shi)(shi)(shi)平臺(tai)方，股(gu)權眾(zhong)(zhong)籌融資(zi)必(bi)要由互聯網金(jin)融平臺(tai)作(zuo)(zuo)為(wei)(wei)支撐(cheng)，例如人(ren)人(ren)投(tou)(tou)、天使匯等都是(shi)(shi)(shi)股(gu)權眾(zhong)(zhong)籌第三方平臺(tai)。

（二）股權眾籌(chou)融資的特征

股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)具有(you)以下特征：一(yi)是(shi)準入(ru)門檻(jian)低(di)(di)(di)。相比(bi)傳統(tong)的(de)(de)(de)(de)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式而言，股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)依托(tuo)與互聯網(wang)金融(rong)(rong)(rong)平(ping)臺(tai)(tai)(tai)有(you)效(xiao)降(jiang)低(di)(di)(di)了融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)企業(ye)的(de)(de)(de)(de)條件(jian)。例如任何企業(ye)或者(zhe)(zhe)(zhe)有(you)創(chuang)(chuang)業(ye)需求(qiu)(qiu)的(de)(de)(de)(de)人(ren)(ren)員都可以通過(guo)股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌平(ping)臺(tai)(tai)(tai)申請，只(zhi)要在平(ping)臺(tai)(tai)(tai)規(gui)定(ding)的(de)(de)(de)(de)30天內達到融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)目標(biao)金額就算成(cheng)功(gong)；二是(shi)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)本低(di)(di)(di)。股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)是(shi)面(mian)向大(da)眾的(de)(de)(de)(de)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式，融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)企業(ye)發出(chu)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)需求(qiu)(qiu)后，社(she)會(hui)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)(zhe)可以根(gen)據自己(ji)的(de)(de)(de)(de)意愿決定(ding)是(shi)否投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)，而融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)方(fang)以公司的(de)(de)(de)(de)股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)作(zuo)為(wei)回報，這(zhe)樣相比(bi)其(qi)它融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式具有(you)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)本低(di)(di)(di)、融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)效(xiao)率高(gao)的(de)(de)(de)(de)優勢；三(san)是(shi)股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)對(dui)人(ren)(ren)才要求(qiu)(qiu)高(gao)。股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)是(shi)以股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)作(zuo)為(wei)回報的(de)(de)(de)(de)，但是(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)方(fang)是(shi)否獲利還要看項(xiang)目方(fang)的(de)(de)(de)(de)實際運(yun)營情況，因此股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)完(wan)成(cheng)需要對(dui)項(xiang)目進行初(chu)步的(de)(de)(de)(de)調查、分析，所(suo)以相比(bi)傳統(tong)的(de)(de)(de)(de)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式，股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)對(dui)人(ren)(ren)才的(de)(de)(de)(de)要求(qiu)(qiu)比(bi)較高(gao)；四是(shi)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)金額小。股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌時的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金有(you)一(yi)定(ding)的(de)(de)(de)(de)設置，不(bu)能超過(guo)一(yi)定(ding)的(de)(de)(de)(de)額度，我國(guo)在私(si)募股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌時，對(dui)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)(zhe)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)、以及(ji)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)(zhe)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)最(zui)大(da)金額、個人(ren)(ren)資(zi)(zi)(zi)(zi)(zi)(zi)產和近三(san)年的(de)(de)(de)(de)收入(ru)進行了規(gui)定(ding)，從而限定(ding)了投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)(zhe)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)格(ge)要求(qiu)(qiu)。另外股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌能夠在很大(da)程度上防止投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)(zhe)與創(chuang)(chuang)業(ye)者(zhe)(zhe)(zhe)之間出(chu)現(xian)(xian)信息不(bu)對(dui)稱的(de)(de)(de)(de)問題，更加避免了因信息不(bu)對(dui)稱導致的(de)(de)(de)(de)廉(lian)價拋售股(gu)(gu)(gu)份的(de)(de)(de)(de)現(xian)(xian)象。通過(guo)股(gu)(gu)(gu)權(quan)(quan)(quan)(quan)眾籌，創(chuang)(chuang)業(ye)企業(ye)可以獲取更為(wei)公道的(de)(de)(de)(de)估值與融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)金額。

三、經濟新時代環境下中小企業股權眾籌融資設計

（一）中小企業股權眾籌(chou)融資(zi)的動(dong)因

隨著互(hu)聯網金(jin)(jin)融(rong)(rong)(rong)的(de)(de)(de)(de)(de)(de)(de)(de)發(fa)展，股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)為(wei)(wei)大眾(zhong)(zhong)(zhong)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)的(de)(de)(de)(de)(de)(de)(de)(de)重(zhong)要(yao)(yao)理(li)(li)財方式(shi)(shi)(shi)(shi)，同時(shi)無(wu)數(shu)案例(li)表明股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)對(dui)于(yu)(yu)緩解中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)難、融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)貴問(wen)(wen)題具(ju)(ju)有(you)(you)(you)(you)巨大的(de)(de)(de)(de)(de)(de)(de)(de)推(tui)動作用(yong)。結合實踐調查(cha)中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)選擇股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式(shi)(shi)(shi)(shi)，其動因(yin)主(zhu)要(yao)(yao)包括：1.基(ji)(ji)于(yu)(yu)公(gong)司(si)(si)(si)業(ye)(ye)(ye)務發(fa)展需求隨著國(guo)家對(dui)中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)發(fa)展的(de)(de)(de)(de)(de)(de)(de)(de)不(bu)(bu)斷(duan)支持，尤其是(shi)(shi)(shi)(shi)在(zai)(zai)(zai)經濟新(xin)時(shi)代環境下，大力(li)發(fa)展中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)成(cheng)為(wei)(wei)國(guo)家經濟發(fa)展的(de)(de)(de)(de)(de)(de)(de)(de)重(zhong)要(yao)(yao)因(yin)素(su)。可見(jian)(jian)中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)在(zai)(zai)(zai)市(shi)場經濟中(zhong)(zhong)(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)地(di)位越(yue)(yue)(yue)來越(yue)(yue)(yue)高(gao)(gao)，業(ye)(ye)(ye)務規(gui)模(mo)(mo)越(yue)(yue)(yue)來越(yue)(yue)(yue)大。然(ran)而為(wei)(wei)了占據更(geng)為(wei)(wei)廣闊的(de)(de)(de)(de)(de)(de)(de)(de)市(shi)場就必須要(yao)(yao)加(jia)快技(ji)術(shu)更(geng)新(xin)速度(du)，技(ji)術(shu)更(geng)新(xin)的(de)(de)(de)(de)(de)(de)(de)(de)前(qian)提必須要(yao)(yao)擁有(you)(you)(you)(you)足(zu)夠的(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)作為(wei)(wei)保障。但(dan)是(shi)(shi)(shi)(shi)中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)短缺問(wen)(wen)題較(jiao)(jiao)為(wei)(wei)突出，因(yin)此(ci)中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)需要(yao)(yao)通過(guo)股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)用(yong)于(yu)(yu)技(ji)術(shu)更(geng)新(xin)研發(fa)投(tou)入。2.提升(sheng)公(gong)司(si)(si)(si)品牌(pai)知(zhi)名(ming)度(du)的(de)(de)(de)(de)(de)(de)(de)(de)需求基(ji)(ji)于(yu)(yu)市(shi)場競爭的(de)(de)(de)(de)(de)(de)(de)(de)不(bu)(bu)斷(duan)加(jia)劇，擴(kuo)大企(qi)(qi)業(ye)(ye)(ye)品牌(pai)影響(xiang)(xiang)力(li)成(cheng)為(wei)(wei)提升(sheng)企(qi)(qi)業(ye)(ye)(ye)市(shi)場核心競爭力(li)的(de)(de)(de)(de)(de)(de)(de)(de)關鍵。與國(guo)內(nei)大型龍頭企(qi)(qi)業(ye)(ye)(ye)相(xiang)比(bi)，中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)存(cun)(cun)在(zai)(zai)(zai)市(shi)場知(zhi)名(ming)度(du)不(bu)(bu)高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)問(wen)(wen)題，尤其是(shi)(shi)(shi)(shi)在(zai)(zai)(zai)行業(ye)(ye)(ye)中(zhong)(zhong)(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)品牌(pai)影響(xiang)(xiang)力(li)不(bu)(bu)高(gao)(gao)。因(yin)此(ci)為(wei)(wei)了提升(sheng)品牌(pai)在(zai)(zai)(zai)全國(guo)的(de)(de)(de)(de)(de)(de)(de)(de)影響(xiang)(xiang)力(li)，中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)需要(yao)(yao)采(cai)取股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式(shi)(shi)(shi)(shi)，借助股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)(de)方式(shi)(shi)(shi)(shi)，讓社會投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)人關注(zhu)并且(qie)了解企(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)品牌(pai)文化及管理(li)(li)理(li)(li)念等(deng)，從而增(zeng)加(jia)公(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)社會關注(zhu)度(du)。同時(shi)通過(guo)與社會投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)的(de)(de)(de)(de)(de)(de)(de)(de)互(hu)動可以及時(shi)了解到(dao)相(xiang)關行業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)發(fa)展趨(qu)(qu)勢(shi)等(deng)信(xin)息(xi)，根據社會投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)(zhe)的(de)(de)(de)(de)(de)(de)(de)(de)意見(jian)(jian)等(deng)不(bu)(bu)斷(duan)優(you)化公(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)產(chan)品性能，以此(ci)提升(sheng)公(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)整(zheng)體發(fa)展能力(li)。3.基(ji)(ji)于(yu)(yu)傳(chuan)統融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)渠(qu)(qu)道限制需求目前(qian)中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)(de)渠(qu)(qu)道主(zhu)要(yao)(yao)是(shi)(shi)(shi)(shi)通過(guo)內(nei)部(bu)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)與金(jin)(jin)融(rong)(rong)(rong)信(xin)貸的(de)(de)(de)(de)(de)(de)(de)(de)模(mo)(mo)式(shi)(shi)(shi)(shi)。內(nei)部(bu)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)主(zhu)要(yao)(yao)是(shi)(shi)(shi)(shi)向員工進(jin)行融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)，其具(ju)(ju)有(you)(you)(you)(you)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)本高(gao)(gao)、融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)穩定(ding)性差的(de)(de)(de)(de)(de)(de)(de)(de)缺陷。在(zai)(zai)(zai)金(jin)(jin)融(rong)(rong)(rong)信(xin)貸上由于(yu)(yu)公(gong)司(si)(si)(si)缺乏(fa)可抵押物(wu)，獲得金(jin)(jin)融(rong)(rong)(rong)部(bu)門支持的(de)(de)(de)(de)(de)(de)(de)(de)比(bi)例(li)較(jiao)(jiao)小(xiao)(xiao)，而且(qie)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)時(shi)間比(bi)較(jiao)(jiao)長，影響(xiang)(xiang)公(gong)司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)戰(zhan)略投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)。隨著國(guo)家對(dui)科(ke)技(ji)型中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)支持力(li)度(du)的(de)(de)(de)(de)(de)(de)(de)(de)不(bu)(bu)斷(duan)增(zeng)加(jia)，公(gong)司(si)(si)(si)業(ye)(ye)(ye)務規(gui)模(mo)(mo)不(bu)(bu)斷(duan)擴(kuo)大，項(xiang)目建設呈(cheng)現逐漸增(zeng)加(jia)的(de)(de)(de)(de)(de)(de)(de)(de)趨(qu)(qu)勢(shi)。但(dan)是(shi)(shi)(shi)(shi)由于(yu)(yu)缺乏(fa)可抵押物(wu)、信(xin)用(yong)體系建設不(bu)(bu)完善等(deng)問(wen)(wen)題制約，存(cun)(cun)在(zai)(zai)(zai)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)難、融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)貴的(de)(de)(de)(de)(de)(de)(de)(de)問(wen)(wen)題導致公(gong)司(si)(si)(si)項(xiang)目建設存(cun)(cun)在(zai)(zai)(zai)較(jiao)(jiao)大的(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)缺口(kou)。債券(quan)市(shi)場是(shi)(shi)(shi)(shi)企(qi)(qi)業(ye)(ye)(ye)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)(de)主(zhu)要(yao)(yao)市(shi)場，但(dan)是(shi)(shi)(shi)(shi)由于(yu)(yu)大部(bu)分中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)沒(mei)有(you)(you)(you)(you)達(da)到(dao)《證券(quan)法》規(gui)定(ding)的(de)(de)(de)(de)(de)(de)(de)(de)有(you)(you)(you)(you)限公(gong)司(si)(si)(si)凈資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)達(da)到(dao)6000萬元的(de)(de)(de)(de)(de)(de)(de)(de)標準，因(yin)此(ci)大部(bu)分中(zhong)(zhong)(zhong)(zhong)(zhong)小(xiao)(xiao)企(qi)(qi)業(ye)(ye)(ye)沒(mei)有(you)(you)(you)(you)達(da)到(dao)發(fa)行債券(quan)的(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)格，股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)具(ju)(ju)有(you)(you)(you)(you)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)效率高(gao)(gao)、門檻準入條件低的(de)(de)(de)(de)(de)(de)(de)(de)優(you)勢(shi)，因(yin)此(ci)需要(yao)(yao)選擇采(cai)取股(gu)(gu)(gu)(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)模(mo)(mo)式(shi)(shi)(shi)(shi)。

（二）中小企業股權眾籌融資方(fang)案實(shi)施流程

1.股(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)投(tou)(tou)前(qian)階段為(wei)了(le)(le)獲(huo)得資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)，達(da)到融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)需求(qiu)，中(zhong)小(xiao)企業首先(xian)對(dui)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)進(jin)行(xing)(xing)估(gu)值，采取資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產法的(de)(de)(de)(de)(de)(de)(de)評估(gu)方(fang)式(shi)確(que)定(ding)(ding)公(gong)司(si)(si)(si)(si)(si)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)前(qian)的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)產價值，結合(he)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)缺口(kou)情(qing)況(kuang)(kuang)選擇融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)額。確(que)定(ding)(ding)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)額之后，公(gong)司(si)(si)(si)(si)(si)選擇相(xiang)應的(de)(de)(de)(de)(de)(de)(de)股(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)，發(fa)布(bu)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)，向(xiang)眾(zhong)(zhong)(zhong)籌(chou)(chou)平臺(tai)(tai)提(ti)交申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)。申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)的(de)(de)(de)(de)(de)(de)(de)內容(rong)主(zhu)要(yao)是(shi)介紹融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)相(xiang)關信(xin)(xin)息(xi)(xi)以(yi)及項目(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)優(you)勢、投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)的(de)(de)(de)(de)(de)(de)(de)回報率等(deng)信(xin)(xin)息(xi)(xi)，其中(zhong)重點是(shi)對(dui)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)未來發(fa)展前(qian)景(jing)以(yi)及融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)預期收(shou)益(yi)進(jin)行(xing)(xing)闡述。融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)收(shou)到公(gong)司(si)(si)(si)(si)(si)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)后會對(dui)申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)項目(mu)(mu)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)料進(jin)行(xing)(xing)嚴格的(de)(de)(de)(de)(de)(de)(de)審(shen)查，尤其是(shi)對(dui)項目(mu)(mu)申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)計劃(hua)的(de)(de)(de)(de)(de)(de)(de)完(wan)整性(xing)以(yi)及真實(shi)(shi)性(xing)等(deng)進(jin)行(xing)(xing)調查，以(yi)此防(fang)止出現(xian)紕漏(lou)。例(li)如股(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)在(zai)(zai)收(shou)到公(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)后，委托眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)考察(cha)團隊深入(ru)到公(gong)司(si)(si)(si)(si)(si)進(jin)行(xing)(xing)調查，分析公(gong)司(si)(si)(si)(si)(si)提(ti)交申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)料的(de)(de)(de)(de)(de)(de)(de)真實(shi)(shi)性(xing)，當判定(ding)(ding)公(gong)司(si)(si)(si)(si)(si)申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)料符合(he)相(xiang)關要(yao)求(qiu)后才會允許在(zai)(zai)眾(zhong)(zhong)(zhong)籌(chou)(chou)平臺(tai)(tai)進(jin)行(xing)(xing)展示(shi)。2.股(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)投(tou)(tou)中(zhong)階段完(wan)成(cheng)前(qian)期的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)料審(shen)查之后，公(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)申(shen)(shen)(shen)(shen)請(qing)(qing)(qing)方(fang)案(an)會在(zai)(zai)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)平臺(tai)(tai)中(zhong)進(jin)行(xing)(xing)“預先(xian)展示(shi)”，融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)方(fang)通過平臺(tai)(tai)與投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)人進(jin)行(xing)(xing)見面，了(le)(le)解市場(chang)(chang)(chang)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)對(dui)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)關注(zhu)程度(du)，并(bing)且及時(shi)(shi)統計市場(chang)(chang)(chang)反(fan)饋信(xin)(xin)息(xi)(xi)，結果(guo)市場(chang)(chang)(chang)反(fan)饋信(xin)(xin)息(xi)(xi)的(de)(de)(de)(de)(de)(de)(de)意(yi)見及時(shi)(shi)完(wan)善項目(mu)(mu)計劃(hua)及流程，重新(xin)定(ding)(ding)位融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)項目(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)發(fa)展方(fang)向(xiang)。完(wan)成(cheng)“預先(xian)展示(shi)”之后，中(zhong)小(xiao)企業融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)計劃(hua)開(kai)始正式(shi)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)，平臺(tai)(tai)將(jiang)(jiang)公(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)計劃(hua)進(jin)行(xing)(xing)披(pi)露(lu)，并(bing)且將(jiang)(jiang)所有社會投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)的(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)委托給第三方(fang)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)管理平臺(tai)(tai)管理，接(jie)受大眾(zhong)(zhong)(zhong)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)對(dui)整個融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)過程的(de)(de)(de)(de)(de)(de)(de)監督。完(wan)成(cheng)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)后成(cheng)立新(xin)的(de)(de)(de)(de)(de)(de)(de)公(gong)司(si)(si)(si)(si)(si)，按(an)照市場(chang)(chang)(chang)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)的(de)(de)(de)(de)(de)(de)(de)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)比例(li)確(que)定(ding)(ding)股(gu)份，然后由第三方(fang)支付管理部門(men)定(ding)(ding)期向(xiang)新(xin)成(cheng)立的(de)(de)(de)(de)(de)(de)(de)公(gong)司(si)(si)(si)(si)(si)注(zhu)入(ru)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)。同(tong)時(shi)(shi)為(wei)了(le)(le)防(fang)范財務風險，提(ti)升股(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)透明度(du)，公(gong)司(si)(si)(si)(si)(si)構建多(duo)種信(xin)(xin)息(xi)(xi)披(pi)露(lu)渠道，例(li)如定(ding)(ding)期在(zai)(zai)公(gong)司(si)(si)(si)(si)(si)網站中(zhong)發(fa)布(bu)關于(yu)公(gong)司(si)(si)(si)(si)(si)利潤等(deng)信(xin)(xin)息(xi)(xi)，以(yi)便股(gu)權(quan)(quan)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)可以(yi)及時(shi)(shi)了(le)(le)解公(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)運營情(qing)況(kuang)(kuang)。另外(wai)公(gong)司(si)(si)(si)(si)(si)也建立實(shi)(shi)地(di)調研制度(du)，鼓(gu)勵股(gu)權(quan)(quan)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)深入(ru)到企業實(shi)(shi)地(di)調研，以(yi)此獲(huo)得公(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)相(xiang)關信(xin)(xin)息(xi)(xi)。3.股(gu)權(quan)(quan)眾(zhong)(zhong)(zhong)籌(chou)(chou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)投(tou)(tou)后階段股(gu)權(quan)(quan)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)者(zhe)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)行(xing)(xing)為(wei)的(de)(de)(de)(de)(de)(de)(de)最終目(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)就是(shi)為(wei)了(le)(le)獲(huo)得收(shou)益(yi)，因此中(zhong)小(xiao)企業為(wei)了(le)(le)實(shi)(shi)現(xian)盈利加強對(dui)投(tou)(tou)后的(de)(de)(de)(de)(de)(de)(de)管理工作。明確(que)股(gu)權(quan)(quan)回購方(fang)案(an)。

四、經濟新時代環境下中小企業股權眾籌融資面臨的風險

雖然股權眾籌融資方案的實施(shi)有效解決了(le)中小(xiao)企業資金缺口(kou)問題(ti)，但是其在實施(shi)中存(cun)在一定(ding)的風(feng)險，具(ju)體(ti)表現為以下(xia)幾(ji)方面。

（一）容易觸(chu)及公開發行證券或“非法(fa)集資”紅線的風險

雖然通過股(gu)(gu)權(quan)(quan)眾籌(chou)(chou)融(rong)(rong)資(zi)能(neng)(neng)夠為中小(xiao)企(qi)業(ye)帶來巨大(da)的(de)(de)(de)(de)資(zi)金(jin)，降低企(qi)業(ye)的(de)(de)(de)(de)融(rong)(rong)資(zi)成本(ben)。但是由(you)于(yu)(yu)股(gu)(gu)權(quan)(quan)眾籌(chou)(chou)融(rong)(rong)資(zi)采(cai)取的(de)(de)(de)(de)是線上融(rong)(rong)資(zi)的(de)(de)(de)(de)模式，是針對大(da)眾群體的(de)(de)(de)(de)，是借助互(hu)聯(lian)網(wang)(wang)金(jin)融(rong)(rong)平臺與大(da)眾投資(zi)者建立投資(zi)關系的(de)(de)(de)(de)。基(ji)于(yu)(yu)金(jin)融(rong)(rong)風險(xian)防控的(de)(de)(de)(de)要求，近(jin)些年國家加大(da)了對互(hu)聯(lian)網(wang)(wang)金(jin)融(rong)(rong)平臺的(de)(de)(de)(de)監(jian)管(guan)力度。而公(gong)司(si)的(de)(de)(de)(de)股(gu)(gu)權(quan)(quan)眾籌(chou)(chou)融(rong)(rong)資(zi)會涉足到(dao)傳(chuan)統的(de)(de)(de)(de)“公(gong)募”領域，這樣可(ke)能(neng)(neng)會導致股(gu)(gu)權(quan)(quan)眾籌(chou)(chou)融(rong)(rong)資(zi)觸(chu)及法律紅線。例如我國《證券法》規(gui)定(ding)對外(wai)公(gong)開(kai)發行(xing)股(gu)(gu)份只(zhi)能(neng)(neng)針對指(zhi)定(ding)對象進(jin)行(xing)開(kai)展，控制人(ren)員要在200人(ren)以(yi)內，超(chao)出此標準就視為對外(wai)公(gong)開(kai)發行(xing)，而公(gong)開(kai)發行(xing)需(xu)要證監(jian)會等部門的(de)(de)(de)(de)批準。因此中小(xiao)企(qi)業(ye)在眾籌(chou)(chou)平臺融(rong)(rong)資(zi)時，由(you)于(yu)(yu)融(rong)(rong)資(zi)平臺的(de)(de)(de)(de)不(bu)規(gui)范操作(zuo)可(ke)能(neng)(neng)導致公(gong)司(si)的(de)(de)(de)(de)股(gu)(gu)權(quan)(quan)眾籌(chou)(chou)融(rong)(rong)資(zi)行(xing)為觸(chu)犯法律的(de)(de)(de)(de)規(gui)定(ding)。

（二）對(dui)投資者的保護力(li)度不夠，存在(zai)投資合同欺詐的風(feng)險

隨著國(guo)(guo)家對股權眾(zhong)(zhong)籌平臺(tai)(tai)監管力(li)(li)度的(de)(de)(de)增加，股權眾(zhong)(zhong)籌平臺(tai)(tai)倒閉、跑路現象突(tu)出(chu)。例(li)如(ru)僅2016年我(wo)國(guo)(guo)眾(zhong)(zhong)籌平臺(tai)(tai)就停運32家之多，而我(wo)國(guo)(guo)眾(zhong)(zhong)籌平臺(tai)(tai)始于2013年。可見(jian)股權眾(zhong)(zhong)籌平臺(tai)(tai)是將高風險(xian)資產匹(pi)配給了低風險(xian)承受能(neng)力(li)(li)大(da)眾(zhong)(zhong)投(tou)(tou)(tou)(tou)資者。結果導致在(zai)股權眾(zhong)(zhong)籌融(rong)資中忽視(shi)對投(tou)(tou)(tou)(tou)資者的(de)(de)(de)有效保護(hu)。例(li)如(ru)目前中小(xiao)企(qi)業股權眾(zhong)(zhong)籌融(rong)資普遍采取的(de)(de)(de)是“領(ling)(ling)投(tou)(tou)(tou)(tou)+跟投(tou)(tou)(tou)(tou)”的(de)(de)(de)模式(shi)，由(you)富有成熟(shu)投(tou)(tou)(tou)(tou)資經驗的(de)(de)(de)專業投(tou)(tou)(tou)(tou)資人(ren)(ren)(ren)(ren)作為領(ling)(ling)投(tou)(tou)(tou)(tou)人(ren)(ren)(ren)(ren)，普通投(tou)(tou)(tou)(tou)資人(ren)(ren)(ren)(ren)針對領(ling)(ling)投(tou)(tou)(tou)(tou)人(ren)(ren)(ren)(ren)所選中的(de)(de)(de)項目跟進投(tou)(tou)(tou)(tou)資。但是，如(ru)果領(ling)(ling)投(tou)(tou)(tou)(tou)人(ren)(ren)(ren)(ren)與融(rong)資人(ren)(ren)(ren)(ren)之間存(cun)在(zai)某種利益關系，便(bian)很容(rong)易(yi)產生道德風險(xian)問題，領(ling)(ling)投(tou)(tou)(tou)(tou)人(ren)(ren)(ren)(ren)帶領(ling)(ling)眾(zhong)(zhong)多跟投(tou)(tou)(tou)(tou)人(ren)(ren)(ren)(ren)向融(rong)資人(ren)(ren)(ren)(ren)提供融(rong)資，若(ruo)融(rong)資人(ren)(ren)(ren)(ren)獲取大(da)量融(rong)資款后便(bian)存(cun)在(zai)極大(da)的(de)(de)(de)逃匿(ni)可能(neng)或以投(tou)(tou)(tou)(tou)資失(shi)敗等借口讓(rang)跟投(tou)(tou)(tou)(tou)人(ren)(ren)(ren)(ren)嘗下“苦果”。

（三）項目(mu)信息披露(lu)不全，存在核心數據(ju)泄露(lu)風險

股(gu)權(quan)眾籌融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)是(shi)(shi)基于(yu)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)項(xiang)(xiang)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)未(wei)來(lai)收益而言的(de)(de)(de)(de)(de)(de)(de)，市(shi)場(chang)投(tou)資(zi)(zi)(zi)(zi)者(zhe)投(tou)資(zi)(zi)(zi)(zi)項(xiang)(xiang)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)就是(shi)(shi)看(kan)中(zhong)項(xiang)(xiang)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)未(wei)來(lai)收益。目(mu)(mu)(mu)前(qian)社會(hui)投(tou)資(zi)(zi)(zi)(zi)者(zhe)對于(yu)項(xiang)(xiang)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)投(tou)資(zi)(zi)(zi)(zi)主要(yao)是(shi)(shi)通過(guo)對公司(si)(si)(si)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)計劃的(de)(de)(de)(de)(de)(de)(de)相(xiang)關資(zi)(zi)(zi)(zi)料(liao)進行分析，雖然(ran)股(gu)權(quan)眾籌平臺(tai)會(hui)對融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)項(xiang)(xiang)目(mu)(mu)(mu)進行調查，但是(shi)(shi)其存在一(yi)定(ding)(ding)程度(du)的(de)(de)(de)(de)(de)(de)(de)缺陷，甚至(zhi)部分融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平臺(tai)為(wei)了(le)(le)(le)達到(dao)高盈(ying)利的(de)(de)(de)(de)(de)(de)(de)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)，對于(yu)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)項(xiang)(xiang)目(mu)(mu)(mu)沒(mei)有嚴格的(de)(de)(de)(de)(de)(de)(de)審查，結果導(dao)致融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)申請(qing)資(zi)(zi)(zi)(zi)料(liao)存在失真問題。中(zhong)小(xiao)企(qi)業為(wei)了(le)(le)(le)滿(man)足融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)平臺(tai)要(yao)求需要(yao)提(ti)供更為(wei)全面的(de)(de)(de)(de)(de)(de)(de)數(shu)據信(xin)息(xi)，但是(shi)(shi)在競爭(zheng)日(ri)益激(ji)烈的(de)(de)(de)(de)(de)(de)(de)市(shi)場(chang)環境下，公司(si)(si)(si)在融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)計劃中(zhong)披露(lu)過(guo)多的(de)(de)(de)(de)(de)(de)(de)財務(wu)數(shu)據，會(hui)導(dao)致公司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)一(yi)些核(he)(he)心信(xin)息(xi)被競爭(zheng)對手所掌握。例如中(zhong)小(xiao)企(qi)業在融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)計劃中(zhong)通過(guo)發布(bu)融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)需求以及融(rong)(rong)(rong)資(zi)(zi)(zi)(zi)目(mu)(mu)(mu)的(de)(de)(de)(de)(de)(de)(de)之后，被同(tong)行業競爭(zheng)對手認識到(dao)公司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)未(wei)來(lai)發展重點(dian)，使得競爭(zheng)對手開始布(bu)局與本公司(si)(si)(si)相(xiang)同(tong)的(de)(de)(de)(de)(de)(de)(de)產(chan)品性(xing)能(neng)研(yan)發工作，一(yi)定(ding)(ding)程度(du)上(shang)降(jiang)低了(le)(le)(le)公司(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)市(shi)場(chang)核(he)(he)心能(neng)力。

（四）股權(quan)管理不到位(wei)，增加(jia)企業(ye)經營風險(xian)

股(gu)(gu)權(quan)(quan)眾(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資的(de)(de)(de)(de)(de)顯著特點就是(shi)(shi)(shi)以(yi)公司(si)的(de)(de)(de)(de)(de)股(gu)(gu)權(quan)(quan)作為融(rong)(rong)(rong)資回報(bao)，由于我(wo)國(guo)股(gu)(gu)權(quan)(quan)眾(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資退出機制(zhi)還(huan)不(bu)完善(shan)，尤(you)其(qi)(qi)是(shi)(shi)(shi)相關法(fa)律(lv)體系還(huan)不(bu)成熟，因此公司(si)在實(shi)(shi)施股(gu)(gu)權(quan)(quan)眾(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資中(zhong)存在較(jiao)大的(de)(de)(de)(de)(de)經(jing)營風(feng)險：一方面由于采取的(de)(de)(de)(de)(de)是(shi)(shi)(shi)給予投資者(zhe)一定的(de)(de)(de)(de)(de)股(gu)(gu)份，雖然在融(rong)(rong)(rong)資協議中(zhong)對社(she)會投資者(zhe)的(de)(de)(de)(de)(de)股(gu)(gu)權(quan)(quan)進行了約束性規定，但是(shi)(shi)(shi)在實(shi)(shi)踐中(zhong)卻容易出現(xian)股(gu)(gu)份轉讓的(de)(de)(de)(de)(de)經(jing)濟糾(jiu)紛(fen)，增加(jia)公司(si)的(de)(de)(de)(de)(de)運營管(guan)理(li)風(feng)險；另一方面股(gu)(gu)權(quan)(quan)眾(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資一定程度上會弱化公司(si)的(de)(de)(de)(de)(de)管(guan)理(li)權(quan)(quan)，導致公司(si)的(de)(de)(de)(de)(de)諸多決(jue)策(ce)無(wu)法(fa)及時(shi)有效(xiao)地推(tui)進。例如中(zhong)小企業往(wang)往(wang)是(shi)(shi)(shi)以(yi)股(gu)(gu)權(quan)(quan)作為回報(bao)的(de)(de)(de)(de)(de)，其(qi)(qi)對公司(si)的(de)(de)(de)(de)(de)決(jue)策(ce)不(bu)會產生較(jiao)大影響(xiang)(xiang)，但是(shi)(shi)(shi)根據實(shi)(shi)際運行情況看，實(shi)(shi)施股(gu)(gu)權(quan)(quan)眾(zhong)(zhong)籌(chou)融(rong)(rong)(rong)資后，公司(si)的(de)(de)(de)(de)(de)各項決(jue)策(ce)都會受到一定的(de)(de)(de)(de)(de)干擾，導致一些(xie)決(jue)策(ce)錯(cuo)失最(zui)佳的(de)(de)(de)(de)(de)實(shi)(shi)施時(shi)機，引發(fa)經(jing)營糾(jiu)紛(fen)，最(zui)終(zhong)使得(de)公司(si)的(de)(de)(de)(de)(de)運營效(xiao)率受到影響(xiang)(xiang)。

五、經濟新時代環境下控制中小企業股權眾籌融資風險的具體措施

針對經濟新(xin)時代發展要求，基(ji)于中小企業(ye)股權眾(zhong)籌融資所存在(zai)的風險，主要采取以下措(cuo)施。

（一）做好新項目孵化，規避項目融(rong)資法律風險

為提高融(rong)(rong)(rong)資項目的(de)(de)(de)成(cheng)功率(lv)，避免發生觸及法律(lv)紅(hong)線(xian)，中(zhong)(zhong)小企業要從融(rong)(rong)(rong)資項目管理入手：一是做好融(rong)(rong)(rong)資項目的(de)(de)(de)孵化工作，增強項目的(de)(de)(de)成(cheng)功率(lv)。由(you)于股權(quan)(quan)眾(zhong)籌(chou)融(rong)(rong)(rong)資需要在(zai)30天內(nei)完成(cheng)，因此(ci)為了保證融(rong)(rong)(rong)資需求可以在(zai)眾(zhong)多的(de)(de)(de)融(rong)(rong)(rong)資項目中(zhong)(zhong)脫穎而出，公(gong)(gong)司(si)(si)在(zai)選擇融(rong)(rong)(rong)資項目時必(bi)須要經過嚴格的(de)(de)(de)論證，尤(you)其是需要公(gong)(gong)司(si)(si)財務人員、高管的(de)(de)(de)嚴格審(shen)查(cha)，并且聘請第三(san)方會(hui)計律(lv)所對公(gong)(gong)司(si)(si)的(de)(de)(de)融(rong)(rong)(rong)資項目資料(liao)進行(xing)審(shen)查(cha)，讓社會(hui)投資者認識到(dao)(dao)融(rong)(rong)(rong)資項目的(de)(de)(de)商業價值，看到(dao)(dao)其未來盈利(li)的(de)(de)(de)空間；二是要合(he)理選擇股權(quan)(quan)眾(zhong)籌(chou)融(rong)(rong)(rong)資平(ping)臺(tai)。某(mou)種程度上股權(quan)(quan)眾(zhong)籌(chou)平(ping)臺(tai)對公(gong)(gong)司(si)(si)的(de)(de)(de)融(rong)(rong)(rong)資成(cheng)敗(bai)具有直(zhi)接的(de)(de)(de)影響，如(ru)果眾(zhong)籌(chou)融(rong)(rong)(rong)資平(ping)臺(tai)不(bu)規(gui)范(fan)必(bi)然會(hui)導致公(gong)(gong)司(si)(si)的(de)(de)(de)融(rong)(rong)(rong)資項目容易觸及到(dao)(dao)法律(lv)紅(hong)線(xian)，為此(ci)中(zhong)(zhong)小企業要加強調查(cha)分析(xi)，找到(dao)(dao)最適合(he)公(gong)(gong)司(si)(si)融(rong)(rong)(rong)資需求的(de)(de)(de)眾(zhong)籌(chou)融(rong)(rong)(rong)資平(ping)臺(tai)。

（二）構建投(tou)資者權益保護機制，完善信(xin)(xin)用征(zheng)信(xin)(xin)體(ti)系

基于信息不對(dui)等因(yin)(yin)素的(de)(de)制約(yue)，企業(ye)與(yu)社(she)會(hui)(hui)投(tou)資(zi)(zi)者(zhe)存(cun)在信息交流(liu)的(de)(de)阻礙(ai)因(yin)(yin)素，因(yin)(yin)此(ci)為了(le)有效保(bao)(bao)護社(she)會(hui)(hui)投(tou)資(zi)(zi)者(zhe)的(de)(de)合法權(quan)益，維護融(rong)(rong)(rong)資(zi)(zi)項目(mu)的(de)(de)利益，我國要(yao)參(can)照國外管理經(jing)驗，構(gou)建投(tou)資(zi)(zi)者(zhe)權(quan)益保(bao)(bao)護機(ji)制：一是加(jia)強對(dui)股(gu)權(quan)眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)的(de)(de)監(jian)管，保(bao)(bao)證融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)可(ke)以規(gui)范化經(jing)營(ying)。近些年股(gu)權(quan)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)“跑路”現象突(tu)出，給投(tou)資(zi)(zi)者(zhe)和融(rong)(rong)(rong)資(zi)(zi)企業(ye)造成(cheng)巨(ju)大的(de)(de)損失(shi)，因(yin)(yin)此(ci)國家(jia)要(yao)加(jia)大對(dui)股(gu)權(quan)眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)的(de)(de)監(jian)管力度(du)，規(gui)范眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)平(ping)(ping)臺(tai)的(de)(de)運營(ying)；二是要(yao)建立完善的(de)(de)信用征信體系(xi)，所有投(tou)資(zi)(zi)人可(ke)以利用該系(xi)統分(fen)享融(rong)(rong)(rong)資(zi)(zi)企業(ye)的(de)(de)信用信息，供其(qi)他想要(yao)了(le)解企業(ye)的(de)(de)投(tou)資(zi)(zi)人參(can)考。當然(ran)最重要(yao)的(de)(de)是要(yao)加(jia)大宣傳，提升社(she)會(hui)(hui)投(tou)資(zi)(zi)者(zhe)的(de)(de)安全意(yi)識。由于我國資(zi)(zi)本市場(chang)還(huan)不完善，因(yin)(yin)此(ci)社(she)會(hui)(hui)投(tou)資(zi)(zi)者(zhe)對(dui)眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)模式(shi)還(huan)存(cun)在認(ren)(ren)知誤(wu)區(qu)，導致公(gong)(gong)司(si)融(rong)(rong)(rong)資(zi)(zi)項目(mu)的(de)(de)成(cheng)功(gong)率不高(gao)。因(yin)(yin)此(ci)我國在加(jia)大對(dui)社(she)會(hui)(hui)投(tou)資(zi)(zi)者(zhe)保(bao)(bao)護的(de)(de)基礎上，要(yao)加(jia)大宣傳，讓公(gong)(gong)眾(zhong)了(le)解眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)的(de)(de)優勢，認(ren)(ren)識到眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)的(de)(de)風險(xian)，以此(ci)形成(cheng)良好的(de)(de)股(gu)權(quan)眾(zhong)籌(chou)(chou)(chou)融(rong)(rong)(rong)資(zi)(zi)氛圍，助力于解決中小(xiao)企業(ye)融(rong)(rong)(rong)資(zi)(zi)難問題。

（三）完善信(xin)息披露制度，加(jia)強核心信(xin)息保護

基于(yu)股權眾籌融(rong)資(zi)方案實施會(hui)導致中(zhong)(zhong)小(xiao)企(qi)業(ye)(ye)(ye)(ye)(ye)核心(xin)數(shu)據被披露的(de)(de)(de)(de)(de)(de)(de)風險(xian)，中(zhong)(zhong)小(xiao)企(qi)業(ye)(ye)(ye)(ye)(ye)必(bi)須要(yao)(yao)在現(xian)有的(de)(de)(de)(de)(de)(de)(de)制(zhi)(zhi)度(du)上做好(hao)相關信(xin)(xin)息(xi)的(de)(de)(de)(de)(de)(de)(de)披露工(gong)(gong)作：一方面企(qi)業(ye)(ye)(ye)(ye)(ye)要(yao)(yao)建立(li)完(wan)善的(de)(de)(de)(de)(de)(de)(de)信(xin)(xin)息(xi)披露制(zhi)(zhi)度(du)，以此保(bao)護(hu)市(shi)場(chang)投(tou)資(zi)者(zhe)的(de)(de)(de)(de)(de)(de)(de)合法權利。企(qi)業(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)信(xin)(xin)息(xi)是社(she)(she)會(hui)投(tou)資(zi)者(zhe)了(le)解(jie)企(qi)業(ye)(ye)(ye)(ye)(ye)運(yun)營(ying)情況(kuang)的(de)(de)(de)(de)(de)(de)(de)主要(yao)(yao)渠道，因(yin)此中(zhong)(zhong)小(xiao)企(qi)業(ye)(ye)(ye)(ye)(ye)為了(le)吸引(yin)社(she)(she)會(hui)投(tou)資(zi)者(zhe)必(bi)要(yao)(yao)盡可能全面的(de)(de)(de)(de)(de)(de)(de)披露融(rong)資(zi)項(xiang)目的(de)(de)(de)(de)(de)(de)(de)信(xin)(xin)息(xi)，以便可以快速地吸引(yin)社(she)(she)會(hui)投(tou)資(zi)者(zhe)的(de)(de)(de)(de)(de)(de)(de)關注；另一方面中(zhong)(zhong)小(xiao)企(qi)業(ye)(ye)(ye)(ye)(ye)要(yao)(yao)加(jia)大(da)對核心(xin)數(shu)據，尤其是關系到核心(xin)主營(ying)業(ye)(ye)(ye)(ye)(ye)務(wu)工(gong)(gong)作信(xin)(xin)息(xi)的(de)(de)(de)(de)(de)(de)(de)保(bao)密。由于(yu)公(gong)司融(rong)資(zi)項(xiang)目主要(yao)(yao)是為了(le)解(jie)決(jue)核心(xin)業(ye)(ye)(ye)(ye)(ye)務(wu)資(zi)金缺口問(wen)題，由于(yu)中(zhong)(zhong)小(xiao)企(qi)業(ye)(ye)(ye)(ye)(ye)核心(xin)業(ye)(ye)(ye)(ye)(ye)務(wu)為企(qi)業(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)“生命”，因(yin)此如(ru)果信(xin)(xin)息(xi)披露過多就(jiu)增加(jia)了(le)企(qi)業(ye)(ye)(ye)(ye)(ye)項(xiang)目被抄襲的(de)(de)(de)(de)(de)(de)(de)風險(xian)，不利于(yu)知識產(chan)權的(de)(de)(de)(de)(de)(de)(de)保(bao)護(hu)，導致企(qi)業(ye)(ye)(ye)(ye)(ye)喪失市(shi)場(chang)主動性。因(yin)此中(zhong)(zhong)小(xiao)企(qi)業(ye)(ye)(ye)(ye)(ye)要(yao)(yao)主動尋求(qiu)既保(bao)護(hu)社(she)(she)會(hui)投(tou)資(zi)者(zhe)利益又保(bao)護(hu)公(gong)司核心(xin)技術(shu)信(xin)(xin)息(xi)的(de)(de)(de)(de)(de)(de)(de)信(xin)(xin)息(xi)披露制(zhi)(zhi)度(du)體(ti)系，達到高效融(rong)資(zi)的(de)(de)(de)(de)(de)(de)(de)目的(de)(de)(de)(de)(de)(de)(de)。

（四(si)）加(jia)大股權管理(li)力度，規范融資協議

為(wei)了(le)避免融(rong)(rong)資(zi)后(hou)期出(chu)(chu)(chu)現(xian)的(de)(de)各種問題，一(yi)是要加大對(dui)股(gu)權(quan)的(de)(de)管理力(li)度，建(jian)立(li)合理的(de)(de)虧(kui)損分(fen)(fen)(fen)攤(tan)機制(zhi)和企(qi)業退(tui)出(chu)(chu)(chu)機制(zhi)。為(wei)了(le)降低(di)融(rong)(rong)資(zi)風(feng)(feng)險(xian)，公司(si)要建(jian)立(li)完善的(de)(de)股(gu)權(quan)退(tui)出(chu)(chu)(chu)機制(zhi)，這樣可(ke)以(yi)有效避免股(gu)權(quan)眾(zhong)籌融(rong)(rong)資(zi)過程中(zhong)出(chu)(chu)(chu)現(xian)的(de)(de)經(jing)營糾(jiu)(jiu)紛問題。例(li)(li)如(ru)公司(si)規(gui)定(ding)當融(rong)(rong)資(zi)項(xiang)(xiang)目出(chu)(chu)(chu)現(xian)風(feng)(feng)險(xian)時(shi)，要求給企(qi)業一(yi)段時(shi)間采取補救措施(shi)來(lai)降低(di)項(xiang)(xiang)目風(feng)(feng)險(xian)，在(zai)這段時(shi)期內投(tou)(tou)(tou)資(zi)人不能退(tui)出(chu)(chu)(chu)，等(deng)企(qi)業采取完措施(shi)后(hou)投(tou)(tou)(tou)資(zi)人再考慮是否轉讓股(gu)權(quan)；二是規(gui)范(fan)融(rong)(rong)資(zi)協議。例(li)(li)如(ru)為(wei)避免出(chu)(chu)(chu)現(xian)經(jing)營權(quan)過于分(fen)(fen)(fen)散的(de)(de)情況，可(ke)將一(yi)般投(tou)(tou)(tou)資(zi)者與戰略投(tou)(tou)(tou)資(zi)者加以(yi)區分(fen)(fen)(fen)，向(xiang)一(yi)般投(tou)(tou)(tou)資(zi)者僅賦予(yu)其(qi)分(fen)(fen)(fen)紅權(quan)與知情權(quan)，向(xiang)戰略投(tou)(tou)(tou)資(zi)者則一(yi)同(tong)(tong)賦予(yu)其(qi)經(jing)營權(quan)；三是明(ming)確(que)法律(lv)糾(jiu)(jiu)紛解決途徑。為(wei)了(le)避免投(tou)(tou)(tou)融(rong)(rong)資(zi)雙方因為(wei)合同(tong)(tong)事(shi)項(xiang)(xiang)產生糾(jiu)(jiu)紛，在(zai)簽(qian)訂股(gu)權(quan)眾(zhong)籌融(rong)(rong)資(zi)合同(tong)(tong)時(shi)就確(que)定(ding)法律(lv)糾(jiu)(jiu)紛的(de)(de)解決途徑，規(gui)避法律(lv)風(feng)(feng)險(xian)。

六、結語

總(zong)之，中(zhong)小(xiao)企(qi)(qi)(qi)(qi)業(ye)(ye)是(shi)擴大(da)就業(ye)(ye)、改善民生、促(cu)進(jin)創(chuang)業(ye)(ye)創(chuang)新的(de)重要力量(liang)。融(rong)資(zi)(zi)(zi)難、融(rong)資(zi)(zi)(zi)貴是(shi)制約(yue)中(zhong)小(xiao)企(qi)(qi)(qi)(qi)業(ye)(ye)高質量(liang)發展的(de)重要因(yin)素，股權眾(zhong)(zhong)(zhong)(zhong)籌(chou)與傳統(tong)融(rong)資(zi)(zi)(zi)方(fang)式(shi)相比，利用網絡眾(zhong)(zhong)(zhong)(zhong)籌(chou)平(ping)臺將(jiang)融(rong)資(zi)(zi)(zi)企(qi)(qi)(qi)(qi)業(ye)(ye)與投(tou)資(zi)(zi)(zi)人連接起來，為中(zhong)小(xiao)企(qi)(qi)(qi)(qi)業(ye)(ye)提供廣泛的(de)資(zi)(zi)(zi)金來源，為中(zhong)小(xiao)企(qi)(qi)(qi)(qi)業(ye)(ye)持續經營投(tou)入資(zi)(zi)(zi)金支(zhi)持。但是(shi)股權眾(zhong)(zhong)(zhong)(zhong)籌(chou)融(rong)資(zi)(zi)(zi)發展時間還(huan)比較短，因(yin)此在(zai)實踐應(ying)用中(zhong)需(xu)要準確把握股權眾(zhong)(zhong)(zhong)(zhong)籌(chou)融(rong)資(zi)(zi)(zi)風(feng)(feng)險，并且采取有效的(de)措(cuo)施控制風(feng)(feng)險，以(yi)此助(zhu)力解決中(zhong)小(xiao)企(qi)(qi)(qi)(qi)業(ye)(ye)融(rong)資(zi)(zi)(zi)難、融(rong)資(zi)(zi)(zi)貴問題，推(tui)動中(zhong)小(xiao)企(qi)(qi)(qi)(qi)業(ye)(ye)高質量(liang)發展。

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作者：張(zhang)立婧 單(dan)位：朝(chao)陽開放(fang)大(da)學