| Crowd-funding as a nascent industry, has important significance for solving lending difficulty of medium, small and invasive enterprises, and enriching financial finance. However,due to hysteresis of the legislation and coexistence of risk and return characteristic of crowd-funding itself, a lot of problems derived in the process of rapid development. The most prominent of which were undoubtedly unclear role of crowd-funding platform, few law regulating for fundraisers and crowd-funding platform in crowd-funding process, which makes that interest of investors can not be guaranteed, and there are full of problems in the process of crowd-funding industry development.After carding the process of the development of crowd-funding, it can be seen quite differently that crowd-funding industry in our country started early and developed rapidly,compared to the other new services which are left behind “Law” of developed countries. But the difference is that the process of law on many issues related to financing is slow, and falls behind the needs of the development. Therefore, analyzing the problem in the process of development,this paper describes operation mode and the basic characteristics of crowd-funding,and attempts to make legal position for the role of crowd-funding platform in the process of financing, to avoid legal loopholes which arises for unclear role positioning. Thereafter, on the basis of classifying public financing, this paper presents many major crowd-funding modes of their operation process and legal risks, such as equity crowd-funding, lending crowd-funding, reward-based crowd-funding, donation crowd-funding. Based on comparing advanced national legislation of the United States, Britain, Japan and other countries, this paper extracts relevant measures which can be learned, and put forward perfect proposals emphatically on legal risks to regulate the law, in order to make crowd-funding industry have law protection and observation, and make interests of investors protected. |
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