Research On The Investors Suitability System In Crowdfunding

With the trend of entrepreneurial innovation, crowdfunding has been produced,it is an important source of financing for small and micro enterprises,and it is an irreversible financial innovation products. in recent years,countries in the world are exploring how to make the legal norms on the crowdfunding to balance the corporate finance promotion and investor protection. But from the point of view of the results of the present legislation, lawmakers inevitably tilt to the enterprises and funding portals investors are facing more fraud and risk of loss. In order to realize the purpose of the securities law to protect the rights and interests of investors,legislators need to establish and improve the relevant system to regulate the financing of enterprises and funding portals' behavior and to protect investors'interests. The author believes that the combination of the investors suitability system and crowdfunding will be an effective way. The investors suitability system make the intermediaries to fulfill customer suitability obligation to set a barrier for risk of the investors'interests Its essence is that the intermediate institutions should sale there financial products and services to the appropriate customer, should know them including there demand and state, in the high risk field,they should set the access threshold and so on. Now in our country, in the growth enterprise market, the new three board, securities margin trading, stock index futures and other fields,have established this system. But due to the current crowdfunding legislation is lagging behind, we lack the relevant management rules and regulations to the investors suitability system in the crowdfunding.This paper will make some explorations of the establishment on the base of the domestic and foreign theory and practice achievements.From the point of view of the traditional connotation of the investors suitability system, it is not suitable for crowdfunding. However, the author thinks that the crowdfunding can make a breakthrough of application, according to its own characteristics, and to establish an appropriate investors suitability system for the field of crowdfunding, and to construct the new theory of it, and the author thinks that the breakthrough in this application is reasonable. On the basis of the new theory, we can further explore the specific content and legal liability of the investors suitability system in crowdfunding.