Study Of The Information Disclosure Of Equity Crowdfunding

Equity crowd funding is a new financing method of Internet financing, it was brought by the rapid development of internet financing in the recent years. It is widely used by small and middle enterprises or newly established companies because it has the advantage of high speed, low cost, various targets and easy operation. however, there are no sound and regular information disclosure system for equity crowdfunding. establishing a complete information disclosure system is beneficial for the supervision of equity crowdfunding and the protection for the interest of investors, as well as the long-term development of equity crowdfunding. This essay focuses on the information disclosure of equity crowdfunding and use the life period of equity crowdfunding as logical order, based on the balance of benefit related persons of equity crowdfunding. A information disclosure framework was investigated and designed.As for the research result and conclusions, first the current situation and existing problems of equity crowdfunding was analyzed, based on the typical cases. The information disclosure of equity crowdfunding was analyzed from its frequency, pattern, content, supervision and regulation. the problem of no law, no standard regulation, unclear rights and duties, large difference for different cases, low quality of disclosure was found. then based on these existing problems, considering the specificity of crowdfunding in funding methods, investors and features of markets, the influence factors of equity crowdfunding information disclosure was analyzed. Based on the process of equity crowdfunding, a rights and duty model was established between the funding raiser, investor and crowdfunding platform. The duty of every benefit individual at each period is clearly stated. Then the information disclosure framework is designed based on this basis, the aim and quality of information disclosure is decided, the form and content of information disclosure is regulated and advices for supervision is also given. Finally conclusive advices are given from the aspect of academic, enterprise, government and society.In this essay it is the first time that the information disclosure framework for equity crowdfunding is designed, it provides basis and standard for regulated information disclosure of equity crowdfunding. Additionally, three advices for the supervision of equity crowdfunding are also given, including the construction of law, the supervision of information disclosure and the utilization of market constraint.