Research On The Exemption Rules Of Equity-based Crowd-funding

The use of public offering way to raise public equity,in line with the nature of the congregation to raise equity.More and more countries in the world to create the public to raise exemptions,including the most representative of the U.S.JOBS act.This paper takes the exemption rules of public ownership as the object of study,from the perspective of JOBS.The concept of the public to raise equity,research and combing the relevant theories of exemption categories,causes of the public equity raise exemption rules creation and after,and combined with the JOBS act,analysis of the public to raise equity need to be exempted from the content and how to create the public equity raise exemption rules.This paper studies from the following five aspects:The first chapter is the analysis and elaboration of the essence of public ownership.This chapter mainly introduces what is the nature of the public ownership,and we compare the Securities Act of 1933 and the securities law of the United States to distinguish the exempt securities and exempt transactions.So that we can find out the theoretical basis of the public offering exemption.The second chapter is the analysis of the necessity and possibility of the system of public offering of shares.Investors desire,start-up financing difficulties have to raise public equity itself characteristics,the creation of the public equity raise exemption system is necessary,and the emergence of new ideas to solve the problem of asymmetric information in direct financing,the creation of the public equity raise exemption system had the possibility.The third chapter is the United States JOBS act on the public ownership of the public notice of the specific content of the rules and analysis.The United States to raise public equity exemption system creation has experienced a long process,in the process of development of the traditional concept of continuous investor protection and improvement,finally,on the basis of the creation of the concept of investment and ultimately,the United States take the lead in legislation in the form of the creation of a public equity raise exemption.The fourth chapter is the United States JOBS act on the provisions of the provisions of the public offering of the exemption rules and the specific situation of China’s securities industry in recent years,the legislative proposals.Conclusion: the essence of public equity raise public financing,non-public offering is not consistent with the nature of the public to raise equity and restrict its development,and to the public offering of the public to raise equity in the existing legal framework Chinese and no legal basis,therefore,we need to create a public equity in legislation raise the exemption system.While the United States JOBS program as the first establishment of the public to raise equity of exemption of legal documents,is of great significance to our country revised "Securities Law",we through to the United States to raise public equity research exemption system combined with China’s actual situation,put forward legislative proposals to.