CONFIRMATORY FACTOR ANALYSIS ON THE LEGAL ASPECTS OF BUSINESS FUNDING WITH SECURITIES CROWDFUNDING SCHEME ON SMEs IN MEDAN MUNICIPAL CITY

SMEs is one of the important pillars in the national economic development who to date, are still faced with its classical issue in obtaining additional capital funding. The securities crowdfunding concept that was introduced to be the solution for SMEs is yet to reach the 64,2 million SMEs in Indonesia due to SMEs’ difficulties in complying to the regulatory requirements. Therefore, the objective of this research is to analyze the legal factors that may affect SMEs’ interests in obtaining capital funding via the securities crowdfunding concept. This research is conducted by using quantitative approach and analyzed by using the confirmatory factor analysis and descriptive analysis methods based on the primary data collected from 50 SMEs in BPC HIPMI Medan on a purposive sampling basis. Based on the research findings, the implementation of the disclosure principle in POJK 57/2020 are mainly the cause of SMEs’ inability and affecting interests in the securities crowdfunding concept. Therefore, further development of POJK 57/2020 as the regulatory basis of the securities crowdfunding concept are essential in supporting SMEs’ exponential growth in the future.中小企业（Small and Medium Enterprises, SMEs）是国民经济发展的重要支柱之一，但时至今日，其仍面临着获取追加资本融资的经典困境。作为解决中小企业融资难题而推出的证券众筹（securities crowdfunding）模式，目前仍未覆盖印尼境内的6420万家中小企业，究其原因在于这些企业难以满足监管合规要求。因此，本研究旨在剖析可能影响中小企业通过证券众筹模式获取资本融资的相关利益的各类法律因素。本研究采用定量研究方法，以从印尼棉兰地区BPC HIPMI的50家中小企业中通过目的性抽样采集的一手数据为基础，运用验证性因子分析与描述性分析方法开展研究与分析。基于研究结果，POJK 57/2020中披露原则的执行，是导致中小企业难以参与证券众筹模式、损害其相关利益的主要诱因。因此，进一步完善作为证券众筹模式监管基础的POJK 57/2020，对于助力中小企业未来实现爆发式增长至关重要。