Research On The Information Disclosure System Of Equity-based Crowd-funding In China

The difficulty of financing small and medium-sized enterprises and start-ups has always been a common problem in all countries of the world.The emergence of equity crowdfunding has provided ideas for solving this problem.Many countries have implemented it one after another,and the corresponding regulatory system has been continuously improved and perfected in the exploration.Therefore,the effective development of equity crowdfunding will bring benefits to the economy and society of our country.How to effectively develop equity crowdfunding in our country is an important problem facing the development of equity crowdfunding in our country at present.Everything has two sides.If we develop blindly under the condition of imperfect regulation,stock crowdfunding will not only exert its own advantages,but will also have a series of problems adverse effects,which has been reflected in the development practice of our country in the past few years.A moderately reasonable and perfect information disclosure system can promote the development of equity crowdfunding.Information disclosure system has always been the core of securities supervision and an effective system to solve the problem of information asymmetry,so it is extremely important to perfect the information disclosure system of equity crowdfunding.A set of perfect and effective information disclosure system can solve the risks caused by information asymmetry,protect the legitimate rights and interests of investors,promote the effective and benign development of equity crowdfunding,solve the financing difficulties of small and medium-sized enterprises and start-ups,and effectively promote the economic and social development of our country.Although Right crowdfunding has the nature of securities issuance,but it is not a real sense of securities issuance,the main body of equity crowdfunding determines that it does not meet the standard of listed company securities issuance,which determines that there is a difference between the information disclosure system and the information disclosure system of listed companies.In order to solve these problems,there are many countries in the world,such as Britain,France,USA,Germany,New Zealand,Japan and so on.The main reason is that Britain and the United States are the first countries in the world to produce information disclosure.The country with the most perfect information disclosure system,and the capital market of the United States and the United States formed early,high maturity,is also the first place to appear in stock raising,so the supervision of stock raising is more perfect and comprehensive,representative,and has certain inspiration to our country to perfect the stock raising system.From the subject of disclosure obligations,the United States and the United States have obligations to the platform,the United States regulators in view of the cost-induced financing efficiency problems,set up exemption rules to reduce the weak companies in the financing of the excessive cost of financing,but at the same time can not relax the supervision of such financiers,the United Kingdom,China’s supervision of finance adopts the mixed industry supervision mode,so it gives strong supervision responsibility to the platform,almost the control of information quality and the protection of investors are all assigned to the platform,the characteristics of which are the risk tips and classification of investors by the platform.Through the comprehensive analysis of the problems existing in the information disclosure system of China’s equity crowdfunding,drawing lessons from the favorable experience of the United States and the United States,this paper puts forward to perfect the supervision system of information disclosure in China,to further clarify the subject of information disclosure obligations,and to perfect the mechanism of information disclosure and accountability.The essence of the information disclosure system lies in the provisions of the information disclosure content,when the content provisions are perfect and comprehensive and reasonable,the more the superiority of the information disclosure system can be reflected,the majority of investors mainly through the disclosure of information content,understand the true situation of financing projects,the more comprehensive and detailed the information disclosed,for investors to have more choice basis,more comprehensive understanding of the project.