Research On Regulatory System Of Internet Non-public Financing

The Internet non-public financing in China’s is still in its early sta, presenting the characteristics of lower cost, wider audience, and high efficiency, which can effectively solve the financing difficulties and problems of slow development of SMEs to a certain extent. However, Internet non-public financing mode also has disadvantages.Being in the early development stage, it easily accumulates financing risks in practice without the perfect supervision, inevitably producing conflict with the current laws and regulations. Therefore, it is urgent to avoid risks and improve the supervision system and the legal regulatory system of Internet non-public financing, which is helpful to properly coordinate the relationship between financing and investor protection. The regulations about Internet non-public financing issued in U.S.JOBS Act have certain reference significance for China, but considering China’s specific national conditions and current legal framework, American model cannot be simply copied to solve the financing difficulties of SMEs.Instead, it is necessary to establish a reasonable and legal regulatory system based on the current condition, opening up a new way of China’s Internet non-public financing.The full text is composed of five chapters as follows.The first chapter is the introduction, a brief interpretation of the thesis and research background.The second chapter is the overview of Internet non-public financing, including its characteristics, the subjects, targets and contents of its supervision, and the meaning and necessity of supervision. The third chapter elaborates the issues of Internet non-public financing supervision, mainly including lack of investor protection and certification, absent legal risk prevention supervision, insufficient requirements for issuers, and imperfect information disclosure requirements, etc.The fourth chapter analyzes the reference significance and its rationality of U.S. JOBS Act to China’s Internet non-public financing. The fifth chapter proposed suggestions for improvement to the problems from the current supervision of Internet non-public financing by learning from JOBS Act.