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.
- Equity Crowdfunding
- Information Disclosure
- Corporate Social Responsibility
- Financing Costs