Journal of Accounting, Finance & Management Strategy





Volume 14, Number 2, December 2019

Evaluating the optimal solution on crowdfunding, angel and venture capital based on the hierarchical framework – case study of Lending Company in FinTech


The presented framework implements the modify Delphi method and analytic hierarchy process (AHP). First, the evaluation model establishes a hierarchy with two perspectives, seven sub-criteria and three external financing approaches. Next, the AHP is utilized to the model to obtain the relative weights of the criteria. Finally, the application of the decision making process will list the optimal external financing alternative for start-up firm in Lending Company in Financial Technology Industry (LCFTI) on the basis of their rankings in the architecture.

Academically, the proposed model can evaluate the optimal financing alternative in external financing activity for start-up firms of LCFTI. Commercially, this study provide an useful tool to entrepreneurs for determining the critical factors on measure the optimal financing alternative in external financing activity for LCFTI. And, the outcomes are able to improve the financing efficiency in external financing activity for LCFTI entrepreneurs or start-up firms.

Keywords: External Financing Alternatives, Equity Crowdfunding, Angel Fund, Venture Capital, Analytic Hierarchy Process, Delphi Method.

JEL Classification: M21, C44