Improvement Of Regulatory System Of Equity Crowdfunding In China Under The Perspective Of Internet-Based Finance

As a product of the Internet and traditional finance,internet-based finance emerging as an irreversible tide,the third-party payment,P2P net loan and Crowdfunding are the three representative mode of internet-based finance.Equity Crowdfunding is a type of Crowdfunding.Since 2011,the first equity crowdfunding platform "angels Department" was established in our country,this type of crowdfunding platforms emerge in large numbers.Then "vote","Angel Investment" and other series of e mature crowdfunding platform developed,equity financing is gradually formed a new financing market.Equity crowdfunding can greatly use the Internet to reduce information asymmetry.Financial markets become more sufficient,effective and democracy.The emergence of equity crowdfunding helps the matching of financing and investment.It also promote the use of capital and the innovation and change financial services.Not only it is conducive to the overall economic stability and social order,but also help the government in the economic level of public policy goals.At the same time,there are also some risks,such as contract fraud risk,liquidity risk,information asymmetry risk which equity crowdfunding facing.Equity crowdfunding already has the legal basis for financing.Securities Law,Corporate Law,Contract Law,Electronic Signature Law still apply.But it still faces many obstacles on the legal level.Such as illegal fund-raising provisions of Criminal law,restrictions on the number of the company’s shareholders in the Corporation law and requirements in Securities law.All of this strictly limit the issuance of equity crowdfunding development.Many crowdfunding platform walk on gray border of law,specific regulatory regime is almost empty,pose a great risk to the financial markets.Other countries have embarked on foreign equity crowdfunding regimes to fill regulatory gaps,such as the enactment of the JOBS and the amendment of Japanese commercial law.Our country also promulgated a number of regulations and policies to regulate the development of equity crowdfunding in the past two years.So this paper analyze problems in the process of development from its risk characteristics and development sense.Combined with China’s actual case,analyze of the legal barriers to equity crowdfuding in our country and the regulatory about it.Then introduce several regulations of equity crowdfunding in overseas countries.Finally,make a suggestion for the design of the equity crowdfunding in our regulatory system based on its risks and foreign regulatory institutions we can learn from.This paper is divided into four chapters on equity crowdfunding regulatory issues are discussed:The first chapter,the basic category of equity crowdfunding.First,introduce the concept and features of crowdfunding and equity crowdfunding.Secondly,significance and risks of equity crowdfuding were further elaborated.The second chapter,the legal obstacles to the development of equity crowdfunding.In this section several financing platform business model example was introduced.Secondly,describes government’ s attitude of equity crowdfunding and policies promulgated.Finally,analyze the legal obstacles equity crowdfunding faced based on the analysis of the status quo.The third chapter,foreign equity crowdfunding legislation was interpreted in this part,such as United States,Britain,Italy and Japan.The latest national legislation of equity crowdfunding financing was researched,combined,studied and summarized in legislative and regulatory aspects.Summarize the common and specialties of them,looking for valuable experience for China to make use of.The fourth chapter,the improvement of equity crowdfunding in our regulatory system.In this section,on the basis of the risk equity crowdfunding faced and the legal obstacles in our country,put forward recommendation of regulatory system of equity crowdfunding,from the aspect of sound regulatory principles,system supply and related regulatory requirements,and learning some valuable experience from other countries.