Equity Crowdfunding From The Perspective Of Criminal Law

With the rapid development of equity-based crowd funding,it makes up the weakness of OTC market's single develop model somehow,and increases financial market's vigorous,it has become an significant component of our multi-level capital market.This spontaneously formed financing means can guide fund,balance fund demand and supply sufficiently,improve capital utilization ratio,accelerate upgrading of an industrial structure.Making use of internet will improve range and efficiency of information propagation,relieve information assmmetry up to a point,reduce financing cost of project sponsor,increase the efficiency of funds.In the meantime,it provides an approach for EGC to raising funds,as well as for people taking advantage of this new way to obtain interest with surplus funding,enhancing social equity.However,crowd funding based-on internet strikes the boundary between public-offering and private placement.Our government sets up a rigorously serious of standard of public placement and legal consequence of il egal behavior at present,witch limit innovation of finance.There is almost no space for crowd-funding under current legal institutions and many risks exist,not only civil and administrative law,but also criminal punishment such as crime of il egally absorbing the public deposit.It's characteristic which restricting its continual progress,are similar with the crime.This issue tries to find some differences between them.In order to gaining more space,this issue attend to use teleologische reduction explain the accusation.The issue is made up with five parts.Part ? mainly contains the background of the matter,research significance,research status,research approach.The author mainly introduce conception and nature of crowd funding,business model that formed recently and standpoint of criminal jurisprudence about crowding funding in part ?.In part ?,the author tries to enumerate the law of crowd funding and several cases occurring in practice.In part ?,the main content is analysis differences between crowd funding and crime of illegally absorbing the public deposit.The main detail in part?is analysis other element in identifying the crime of il egally absorbing the public deposit.