Thoughts On China's Equity Crowdfunding Legislation

Equity crowdfunding is one typical format of the Internet Financial which is the most influential in the current world. This article is based on the legislative construction and thinking of equity crowdfunding, analysis the necessary of the equity crowdfunding legislation and proposes certain amendments, in order to promote the development of equity crowdfunding.This article first introduces the equity crowdfunding and its legislation. Equity crowdfunding is a type of investment crowdfunding, its object is small and micro enterprise, it has the characteristics of public and small investment. Development of equity crowdfunding fit the small micro enterprise financing needs, become a useful supplement to the multi-level capital market in China. China's lack of equity crowdfunding special legislation, existing laws and regulations restrict equity crowdfunding development. For the protection of the equity crowdfunding development and combat illegal equity crowdfunding behavior, equity crowdfunding legislation does have its necessity.Secondly, in the macro issues of equity crowdfunding legislation analysis section,this part first discusses the basic principles of the equity crowdfunding, including the promotion of capital formation and protection of the rights of investors. Then this article analyzes the legal position of our country's equity crowdfunding, compare the concept of equity crowdfunding with securities, public offering, private placement and illegal fund-raising. And summarizes the two different modes of equity crowdfunding legislation,put forward some suggestions for removing obstacles to the existing system.Finally, in the micro system of equity crowdfunding legislation design section,mainly explained from equity crowdfunding platform, financiers, investors three angles.On the basis of the experience of foreign development, combining theoretical research, put forward suggestions to perfect supervision system of the equity crowdfunding,hope that these are helpful to the equity crowdfunding legislation.