Research On The Construction Of Equity Crowdfunding Information Disclosure System

Financing difficulty and high financing cost for small and medium-size enterprises have been difficult to resolve in China.Equity crowdfunding,as a format in the Internet financial industry,is considered as the key to solve the financing problems of small and medium-size enterprises.In 2018 and 2019,the China Securities Regulatory Commission include the Measures for the Management of Equity Crowdfunding in the annual legislative plan.Based on the opportunity of the revision of the Securities Law,this paper advocates the inclusion of equity crowdfunding in the scope of supervision.This paper argues that equity crowdfunding in the true sense is a form of financing in the form of public offerings.It has the legal nature of securities issuance.Because of the existence of multi-method law-based crowdfunding,it is necessary to sort out the legal relationship.There is a serious information asymmetry in the field of equity crowdfunding.The small-scale financing needs of financiers and the particularity of investors cannot directly apply to the information disclosure system of the Securities Law.The equity crowdfunding information disclosure system should be constructed to solve the problem of information asymmetry,achieve a balance between investor protection and financier funding needs.This paper analyzes the main problems faced in the process of equity crowdfunding information disclosure from the multi-dimensional analysis through the cases and related data in practice,including the supervision of information disclosure,the unclear supervision body,the lack of regulatory norms and the lack of effective supervision measures;In the determination of the subject of information disclosure obligations,the subject is single and cannot be assigned duties;in the content of information disclosure,there is no uniform standard and the disclosure content is flawed;in the responsibility of information disclosure,the construction of civil liability is often neglected.China's equity crowdfunding development time is almostsynchronous with developed countries,and there are many similarities in the problems.Drawing on the successful experience of the US and the UK in the field of equity crowdfunding,we can get twice the result with half the effort in the construction of the equity crowdfunding information disclosure system in China.Therefore,the author proposes the main suggestions for constructing the information disclosure system of equity crowdfunding in China.In the aspect of information disclosure supervision: equity crowdfunding under the supervision of China Securities Regulatory Commission,improve the regulatory standards for information disclosure,explore regulatory innovation and strengthen industry self-discipline;in the subject of information disclosure: identify financiers,equity crowdfunding financing platforms and lead investors to be the subject of information disclosure obligations,and define the scope of duties of each obligation subject;in terms of information disclosure content: construct a tiered information disclosure standard for financiers,unified the platform information disclosure standard,and divide the information content into mandatory information disclosure and voluntary information disclosure,since investors are mostly small and medium-sized investors who lack of professional knowledge and risk prevention awareness,they should pay attention to risk warnings in the process of information disclosure;in information disclosure responsibility: establish the infringement liability system and the presumption of fault presumption of equity crowdfunding information disclosure,also divide the equity crowdfunding infringement liability.