Research On Legal System Of Stock Market

In the background of “Internet plus”, the introduction of Internet Financial has declined the difficulty of corporate financing in China, especially the financing of small and medium-sized enterprises become more efficient, convenient and low cost, so as to make the rapid development of them. China has also begun successively issued guidance and amended the relevant laws to protect and support the Internet Financial. The fastest development and highest attention in the Internet Financial field is equity-based crowdfunding. Since relevant policies promote the development of equity-based crowdfunding, especially its rapid development in 2015, the Amendments of Securities Act also propose the exemption system of equity-based crowdfunding. So, once equity-based crowdfunding gate opening it will have more rapid development, then the exit problem which to achieve the orderly transfer of equity followed. Currently the state did not establish professional Marketplace for the exit of equity-based crowdfunding, so it is particularly important to set up the parallel market of equity-based crowdfunding. It already preliminary has model of parallel market of equity-based crowdfunding in China, but due to the lack of professional trading flat, information asymmetry and the lack of relevant laws and regulations, the success rate of transactions is low.This paper mainly from the perspective of jurisprudence to research the construction and development of equity-based crowdfunding. In the article, first to carding the equity-based crowdfunding, primary market, parallel market and parallel market of equity-based crowdfunding and other relevant concepts and transaction mode of equity-based crowdfunding, and analysis the current status of equity-based crowdfunding’s transfer. Secondly, the article makes a systematical expatiation of the subject, object and intermediary agencies of equity-based crowdfunding’ legal nexus. Again analysis the statute of a subject, legal issues in the current trading patterns, problem of exit platform and information disclosure, transfer of principal agent and supervise of parallel market of equity-based crowdfunding, to reveal its legal risk. Finally, propose means to solve the above problems, put forward legal opinions to set up parallel market of equity-based crowdfunding.