The Alienation Of Chinese Equity Crowdfunding Platform Function And Its Legal Rectification

The small and micro enterprises of start-up stage are the most creative and active market participants in a country. However, under the traditional financial system, they are always excluded from the capital market because of their management scale and developmental stage. The Equity Crowdfunding platforms change the situation. They make the information be fast spread and matched, also the capital be fleet and safe flown by means of the internet's advantages of convenient, transparent and open, etc, which provides an effective way of capital formation for the financier.Under the circumstances that government encourage the Internet Financial, many Crowdfunding platforms appeared in China. Due to their operation mode being actually "publicly issues securities", they don't conform to China's current law. Under the influence of the contradiction between the contemporaneity of financial development and the lag of legal system, Chinese Crowdfunding platforms have been changed, which bring a lot of legal risks. Therefore, in order to exert their positive effects, it is necessary to rectify these variation by legal means, which can be better to solve the financing problems and broaden the investment channels and so on. Based on the foregoing considerations, the article is divided into four parts:The first part, begin with defining the connotationof Equity Crowdfunding and Equity Crowdfunding platforms, the paper analyzes Crowdfunding platforms' legal relationship, and find actually"publicly issues securities"; Meanwhile,discusses the Crowdfunding platforms accord with the trend of financial development.The second part, firstly the paper introduce the changes of these platforms in operation mode, legal nature and legal function. As well as analyze legal risk to the platforms, investors and financiers. Last, discuss the primary cause of the changes.The third part, firstly the paper introduce the legal regulation of extraterritorial country or region to the Crowdfunding platforms; Afterwards contrastive analyze the Crowdfunding platforms'legal nature, establishment conditions, obligation and so on, which hope to offer some experiences to China.The fourth part, it is suggested that China should be start from clearing rectificatory goal, then defining the rectificatory path to build the "safe haven" for the legalization of Crowdfunding platforms; At the same time, perfect the supervision rules of Crowdfunding platforms that guarantee a good effect of the rectification.