How To Establish The Legal System Of Equity Crowdfunding In Our Country

With the rapid development of equity in our country, it provides a new distribution channel for private capital, and provides a new integration channel for small and medium enterprises, which promotes the rapid development of economy. However due to public equity raise is produced under the background of new era economy financing tool, its operation mode and existing our country related laws and regulations are contradictory, the law itself the legislative concept and to deal with the new things on lag hinders the public to raise equity development. Therefore, the standardization of our country’s stock raising operation, we should establish the corresponding legal norms and improve the existing legal system. Because the countries for the public to raise equity development have legislative experience, our country public equity raise legal system should be set up to be appropriate reference, to public equity raise its performance and value function for the lifting of, according to the basic principles of the system set up to raise public equity, in promoting capital set in investor protection between the two and seeking balance, so as to regulate the public to raise equity operation, to achieve the degree of standardization, and ultimately promote the development of China’s economy.In addition to the introduction and conclusion, this paper is divided into four chapters.The first chapter mainly focus on equity chips are introduced, the first analysis of the public equity to raise the social roots of the development, points out that under the background of economic crisis financing environment even more tense, makes the financing difficulties of small and medium enterprises more difficult to obtain financing, which makes a large number of enterprises intervention to raise public areas, promote the development of the public to raise equity. Secondly, the definition and nature of all the chips to be defined, in comparison with different scholars on the basis of the definition of equity raised, pointed out that the nature of the public equity financing is public equity financing behavior. At the same time, the function of the public equity to raise the value of the analysis, to promote the concentration of capital and the protection of investors’ rights and interests of the two values. Again, listed the current status of the system of public equity raised in our country, analyzed the state of the country for the public to raise the issue of the relevant documents issued by the public. Finally, combined with the basic situation of the current equity to raise public operation, in the aspects of investor certification, capital management and information disclosure, analyzes the shortcomings of the existing operating mode.The second chapter mainly analyzes the obstacles caused by the existing legal system environment in our country. First, the form of barriers, including the lack of the system and the obstacles to the existing system. Secondly, according to the deficiencies of the system pointed out that the existing public equity raised platform nature of uncertainty and platform rights and obligations of vague problem, also in terms of intellectual property rights for the issuer does not establish effective and reasonable protection mechanism. And in the existing legal system obstacles, from three aspects of the institutional obstacles to the corporate shareholders(partners) the maximum number of institutional barriers, transfer of stock equity and the public issue of institutional barriers describes the legal system of public equity to raise the operation effect. At last, the paper put forward the principle of the public to raise the issue of equity.The third chapter mainly analyzes the relevant foreign equity raise public legal system, were cited in the United States, Britain and Australia’s legislative experience, related to the investor protection, the regulatory platform, information disclosure and small exemption, and the experience of other countries were summarized the establishment of China’s public equity to raise the legal system.The fourth chapter discusses the specific recommendations to improve the legal system of public equity in our country. This chapter proposes four solutions, respectively, to improve the operating mechanism of the equity public platform, the construction of investor protection mechanism, improve the issuer and the establishment of information disclosure system.First, the nature of the platform were defined, respectively from the perspective of investors and issuers are compared. It is pointed out that public equity raise the nature of the platform is a specialized in "equity raise public service organization. At the same time to establish a platform for the public to raise equity responsibility system, a clear platform to have the rights, obligations and obligations after the breach of duty, the platform of the rights and obligations of the system is clear.Secondly for investor protection mechanism, and points out that the investors are classified as qualified investors and ordinary investors, and expounds the qualified investors recognized standards, for individuals to the public to raise equity investment limited, to define the Commission of standard of qualified investors regularly assess the repair order duties. And in the process of corporate governance, giving raise public equity investors rights protection, gives the right to participating preferred investors, CO sale rights and forced with the right to sell in order to supervise the issuer to perform the duty of loyal and diligent, protect investor interests.Again for the financing issue mechanism perfect. On the one hand provisions will raise public ownership subject of application of the provisions of the company limited by shares or other forms of enterprise organization structure but in the fund changes in the form of a company limited by shares. In accordance with the different ways to set different standards to raise public equity financing, so as to achieve the need to control the risk of financing at the same time. At the same time, to raise the public to raise the public’s small exemption system, in particular, a small exemption only applicable to the public to raise equity for qualified investors.The last is to establish an information disclosure system for the public to raise public equity, according to the "information disclosure standards", the disclosure of information is divided into mandatory disclosure of information and voluntary disclosure of information. According to the different stages of the public to raise equity, the mandatory disclosure of information before the release of information disclosure and financing information continuing disclosure system, based on security risk based maintenance enterprise development and protection of enterprise intellectual property.