On The Legal Regulation Of Public Financing In China

Crowdfunding initially originated from the European Union, but flourished from the developed capital market of the United States,an d in 2011, it formally appears in China, according to the data in "2015 China Crowdfunding Industry Semiyearly Report" which is jo intly issued by Wangdaizhijia and Yingcanzixun, Crowdfunding Indu stry raised funds 4.666 billion yuan in the first half of 2015. Under the background of strong financial repression, Crowdfunding as a new risk financing mechanism, relies on its efficient and fast char acteristics, Provides a new channel for investor and fund raisers, pl ays an important significance in solving the Enterprise financing ne eds and investment demand of investors prompts。Crowdfunding Industry in China has realized leap type develo pment in a few years, the four types of Crowdfunding models has begun to take shape in our country, and in the process of barbarian growth, the industry formed its own set of immature operating pro cess, equity crowdfunding using the Internet platform which is a ne w mode of financing, launched a challenge to the existing legal sys tem, in order to standardize the market of crowdfunding, CSRC(Chi na Securities Regulatory Commission) issues "Guidance Note", and regulated the content of equity crowdfunding, such as equity crow dfunding platform, issuers and investors, registration, submission of information, self-discipline management etc., This is a big step in o ur Regulation in crowdfunding, however, it was a transitional file, a nd the generation of this filewas accompanied by the queries from the Scholar that the threshold is too high for the investors, also du e to the secretiveness of the network and crowdfunding is in the d evelopment of the early stage, in the actual operation process, it ca nnot has a practical guidance. Under a lot of risks overlapping, the successful financing rate is low in real items, according to statistic s, in 2014, the crowdfunding project successful launched and financ ing probability is only 4.3%.Author thought, if the crowdfunding Industry lacks peremptory norm and institutional arrangement in a long term, it can’t effectivel y guard against legal risks and moral hazard, it will not only distur bed the financing market of the start-ups enterprise and small and medium-sized enterprise, but also is not conducive to the constructi on of multi-level capital market of our country. The crowdfunding along with quite a number of risks is because of the lack of credit mechanism, on this basis, Author hope our country can fundament ally set out to build a credit system, but it is a long-term project t o establish the credit system, it should be proceed in an orderly wa y and step by step, and issues the corresponding legal norms as so on as possible, by using mature legal norms from other countries f or reference, under the principle of protecting the interests of the in vestors and ensuring the efficiency of financial market to perfect th ecorpus position and action orientation for each participant, fundame ntally formed an orderly system framework, guide crowdfunding rea ch its true potential, meanwhile, because of the lag nature and com mon characteristics of law, we also need to synchronous update the related content and concept of other laws such as "Securities Law" and "Partnership Enterprise Law", make the Crowdfunding in our country may Fully extend the boundary of the capital market.