A Study On Platform Design And Construction Of Risk Control Of New Three Board's Equity-based Crowd-funding

In this paper,the study of Equity-based crowd-funding is mainly aimed at the private equity financing.National SME share transfer system(and the new three board),is an important supplement to build China's multi-level capital market,is an important new task of China's financial system reform proposed in the third Plenary Session of the 18th CPC Central Committee.In the whole year of 2014,a total of 287 listed company directed the issuance of ordinary shares 338 times,2.216 billion in all,a total of more than 13 billion 200 million shares,and was increased by 10 times than 2013.At 2015 total listing reached 5129 companies.Although the financing function of the new board gained rapid ascension,but only about 30%of listed companies to obtain financing,there are still about 70%of the listed companies did not receive the equity financing of the capital market support,thus the financing function of the new board needs to be further explored.To study the reasons,the new board has several aspects issues,such as liquidity crunch,low market pricing efficiency,less investors,but among them,the narrow financing channel is an direct important reason.Currently the listed companies mainly directed through the issuance of the common and preferred shares to obtain equity financing.This paper focuses on the platform designation of Equity-based crowd-funding for the new three board,including the composition of the platform structure,business scope and operational processes,to analyses the key elements of the success of the platform.By using the characteristics of the Internet,the traditional mode of raising funds through the transfer of equity was transformed into the Internet online operation.Research on how to make investors more convenient and effective,and to save communication costs and time costs,can ultimately increase the efficiency of investment and financing cooperation between the two sides.Besides,the financing function of the three new board was further promoted,to broaden the financing channels of three new board.At the same time,the risk of Equity-based crowd-funding was analyzed to study how to achieve the purpose of controlling the risk by the construction of the system and the preventive initiative.