The Investor Exit Mechanism Of The Equity Crowdfunding

Equity crowdfunding is in full swing in China to solve the small and micro businesses financing problems and turns into an important part of the Internet finance.But the lack of smooth exit channel has become a constraint.Fears of exit channel reduced investor's confidence,but also seriously affected the long-term development of the equity crowdfunding.Therefore,from the legal design and system construction to improve the equity investors exit mechanism has become an urgent problem to be solved.In essence,the equity crowdfunding is a kind of equity investment.The characteristics of the equity crowdfunding of its own make the traditional ways of exit are difficult to meet its needs,and because of the current legal system is missing,equity crowdfunding is only in the stage of exploration.The relationship of rights and obligations between the two parties is mostly agreed by the investment agreement.The lack of information disclosure and the lockup of investors' equity have made it difficult for investor to exit.Therefore,determine the legal status of equity crowdfunding,establish the legal rules of equity crowdfunding,construct the equity trading platform at the same time to build the transfer mechanism can completely solve the problem of investor exit,and protect the long-term development of equity crowdfunding.In addition to the introduction,the thesis is divided into five parts:The first part,"the development of equity crowdfunding." First of all,clarify the concept of equity crowdfunding,the nature of the law.Secondly,sum up the pattern of equity crowdfunding in China.Finally,sum up the legislative circumstances in China.Do a basic summary of equity crowdfunding.Lay the foundation of the full text.The second part,"the general overview of the investor exit in China." First,clarify the meaning of investor exit of equity crowdfunding.Followed discuss the importance of investor exit.Finally,expound respectively the main exit paths of investor exit,and were interpreted.The third part,"the status quo of the investor exit of the equity crowdfunding in China." Firstly,arrange the large-scale data,contrast the number of successful projects with the number of projects that have been exited,and then sum up the dilemma of investor exit in existing system.Then,summarize our new exploration of investor exit in current practice.Show the efforts and the questions to solve the problem in practice.The forth part,"analysis the obstacles and countermeasures on investor exit of the equity crowdfunding." Discusses the legal and practical obstacles on investor exit,including the high risk of the equity crowdfunding,the difficulty of applying the traditional exit methods,the indirect stock ownership model and the lack of the equity valuation mechanism,the absence of information disclosure rules and lock-up period.Then,we analyze every obstacle in the exit of investor,and find the solution.The fifth part,"suggestions on perfecting the investor exit mechanism in China." First of all,increase the content of equity crowdfunding in the Securities Law.Establish the small-scale exemption approval or registration rules.Second,construct of Internet financial special rules and regulations,regulate the three parties participated in the equity crowdfunding,limit the right of the leader in the investment,clear the information disclosure rules,and establish the lock-up period system.Finally,build the equity trading market as the supplement of China's multi-level capital market,while establish the transfer mechanism for the quality of companies to enter the "new three board",to better promote equity liquidity,and to get over the puzzles of investor exit.