Legal Research Of The Protection Of Equity-based Crowdfunding Investors’ Rights In Our County

The thesis start the interpretation of Equity-based Crowdfunding from the perspective of protection of the rights and interests of investors.The legal basis of Equity-based Crowdfunding is not clear,but also a lack of corresponding regulation rules,its development presents a state of "practice first,legal lag".The contradiction between the promotion of the public to raise equity capital formation and the current intention of protecting the interests of investors has become the key point need to be adjusted immediately in the development of the industry.For The external environment,the legal status of Equity-based Crowdfunding is not entirely clear,and the protection of investors’ interests lack deep soil.For the intrinsic,between the struggle of investors’" bounded rationality" and desire to invest,the ability of self risk recognition and protection of the rights and interests is weak,so the protection of Equity-based Crowdfunding investors’ rights need systematic design.Development of Internet banking,the rationality of the nationalism of toleration and criminal law modesty make in existing resources to design a investor rights and interests protection channel is feasible,but also inevitable.The thesis puts forward some suggestions,and raise the development path of the investors’ rights and interests protection for our current public equity,combining with the public equity raise and investors own characteristics of the inherent mechanism of protecting the rights and interests of investors,from the perspective of the status of the protection of the rights and interests of investors,combing the conservation dilemma,and finally draw lessons from American investor legal protection design.The thesis will discuss the protection of investors’ rights and interests specifically from the following several parts:The first part,Investor Protection theoretical basis.First introduced equity crowdfunding,a new financing model,then to introduce equity crowdfunding investors,and focus on the analysis of the status and classification.Secondly,the type of investor rights that full discussion of protected subject matter,including the right to participate,to trade,finance and consumer rights,such as the right remedy.Finally,analysis of the basic theory of investor rights protection,that is what the source of investor protection.This thesis is going to unfold from crowdfunding equity security theory,bounded rationality theory,asymmetric information theory.The second part,the risk of equity investors’ rights and interests in our country and the protection dilemma.First,investors face the risk of equity,including the legitimate risk of investment rights and interests of the public to raise the rationality of the mechanism of risk;public platform to raise the ethical risk.Secondly,he protection of Equity-based Crowdfunding dilemma,from two aspects of the legal and regulatory gaps in the absence of.The former is the current public equity and the rights and interests of investors to raise the two pieces of content protection in the design of the legislation is in the "window period";the latter is the present commission existed under the supervision of the regulatory difficulties,thus obtains the necessity and urgency of the protection of the rights and interests of investors.The third part,the Equity-based Crowdfunding investors rights protection experience of United States.the United States is the first for the public to raise equity of special legislation,the mature experience is particularly important.The United States "JOBS act" and "SEC" rules to raise public,from investors appropriate management,information disclosure,restrictions and decentralized regulatory responsibilities to the platform for protection of the rights and interests of investors from perspectives.qualified institutional investors and financing platform design,supervision of behavior regulation on multi angle was designed to protect the interests of investors.The requirements of the protection of investors’ rights and interests are reflected in the public to participate in the management of the main body,the formation of a full range of strict protection system.Get their experience in the protection of investors’ rights and interests,in order to improve the equity investors in our country to raise investor protection.The fourth part,the path of the protection of Equity-based Crowdfunding investors in China.This part includs three aspects.First of all,to establish the basic principles,including the principle of freedom of contract,the discipline classification and the principle of combining management.Secondly,from a macro point of view,the establishment of the legal status of the rights and interests of investors,including confirmation,on the legislative basis of the small issue of "safe harbor"construction and expand the scope of protection of consumer rights protection law.Finally,the construction of relevant system to protect the interests of investors from microcosmic angle.First of all,qualified investors to build the system,security the right of corporate governance and the right to relief;secondly,set out from the angle of the platform and financing,the establishment of mandatory information disclosure system,improve the management platform and trading system.Finally,other investors rights and interests protection design,mainly to strengthen the industry self-regulation and regulation of the Internet.The fifth part is the author’s summary and thinking of the full text.