Research On Equity Crowdfunding In China

The“popular entrepreneurship,crowd-sourcing,collective support and crowd-funding”will drive internal economy and promote the development of medium and small-sized enterprises,which is clearly proposed in the Fifth Plenary Session of the 18 th Central Committee of the CPC.The part crowd-funding is an important portion of the new financial system.With the deep development and amalgamation of internet and inclusive finance,crowd-funding breaks the restrictions of traditional financing ways,and broadens financing ways of medium and small-sized enterprises.Meanwhile,it also gives public's spare money new places.Crowd-funding not only brings new impetus to social and economic development,but also helps establish a multi-level capital market.In the background of government promoting internet finance,crowd-funding has been one of the important mode of internet financing.This article firstly analyses references about crowd-funding written by domestic and overseas professors,secondly compares with overseas legal practice of crowd-funding.Then it is necessary to regulatory recommendations which are appropriate for China.This article analyses difficulties in the development of crowd-funding and studies overseas legal practice,based on enhancing related laws and improving supervision system.Facing the problem of legislation lags behind practice,China has carried out and revised a series of laws one after another since 2014 to avoid the risk of crowd-funding and supervise the new financing mode.Under current laws,however,there are difficulties preventing crowd-funding promoting economic development such as a legislation dilemma,lack of supervision and imperfect system of information announcement.As America,Japan and the UK all pay attention to specialized legislation on crowd-funding,China's crowd-funding system should contain legislation,supervision and judicial relief,so that crowd-funding can develop well and play a completely role in improving multi-level capital markets and inclusive finance,enhancing national innovation ability and injecting new dynamism into China's economic development.