To Explore the Disclosure of Corporate Social Responsibility under the Mode of Equity Crowdfunding Financing

Houyi WANG, Maisarah Binti MOHAMED SAAT, Xin LUAN, Lijie WANG

Research output: Journal PublicationsJournal Article (refereed)peer-review


At present, China's economy is facing down-to-bottom pressure, and economic vitality needs to be improved urgently. As an important part of enhancing China's economic vitality, small and medium-sized micro-enterprises play an important role in promoting employment, increasing income, stimulating consumption, expanding domestic demand and reducing excess capacity in economic development. However, small and medium-sized enterprises are facing enormous financing pressure. According to the "Micro-Enterprise Financing Development Report" survey data, 59.4% of micro-enterprises said their financing costs in 5%-10%, 40.6% of micro-enterprises said financing costs of more than 10%. According to the China Small Micro-Enterprise Index Report, jointly released by Southwest University of Finance and Economics, the average amount of interest-bearing private loans of small micro-enterprises is 260,000 yuan, and large private loans pay an average interest rate of up to 18.1%. Among micro-enterprises with bank credit needs, only 46.2 per cent have access to loans. The severe situation of financing for small and medium-sized enterprises requires the emergence of financing methods with lower financing costs. This paper explores the corporate social responsibility disclosure system under the equity crowdfunding financing model.
Original languageEnglish
Pages (from-to)231-238
JournalFrontiers in Economics and Management
Publication statusPublished - 1 Feb 2021


  • Equity Crowdfunding
  • Information Disclosure
  • Corporate Social Responsibility
  • Financing Costs

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