Research On The Protection Mechanism Of Equity-based Crowd-funding Investors In China

Investors are an important participant in the equity-based crowd-funding market,and protecting the interests of investors is of great significance to their development.As a new type of Internet financing model,it has been introduced into China in 2011.It is intended to bring relatively convenient financing channels for China's start-up and small micro-enterprises,and promote the continuous improvement of multilevel capital market system.However,during the period,due to the definition of equity-based crowd-funding in our country and the rules of regulation are not clear,resulting in barbaric growth of equity,platform qualification varies.Under this context,as an important participant,the interests of stakeholders are not fundamentally guaranteed,facing a huge risk.In order to promote the healthy development of equity-based crowd-funding in our country and protect the interests of investors,it is necessary to construct a legal mechanism to protect the interests of investors.Based on the protection of investor interests,this thesis discusses the construction of investor protection legal mechanism from four parts:The first part is an overview of the equity-based crowd-funding mainly through the concept of ownership,characteristics and development of the status quo,so that investors can better understand the equity-based crowd-funding,to promote the development of the industry.The second part mainly discusses the potential problems that threaten the interests of investors in China's equity-based crowd-funding industry,mainly from the four perspectives of law,investors,public offering and issuers.From the legal perspective,the main performance is the lack of equity ownership of legal basis and the effective industry regulatory system as well as professional dispute resolution mechanism;from the perspective of investor,the main performance is the lack of appropriate management mechanism for investors to withdraw from the channel;from the perspective of equity-based crowd-funding platform,the main performance is the lack of access to the public platform standards,capital management mechanism;in the issuer,mainly for information asymmetry and fraud.The third part mainly through the analysis of the legislative provisions of foreign equity-based crowd-funding,especially the "the Jump-start Our Business Start-ups Act"(hereinafter referred to as JOBS Act)of United States of America and the British "as well as "the FCA's Regulatory Approach to Crowd-funding over the Internet and the Promotion of Non-readily Realisable Securities by Other media,PS 14/4 "(Hereinafter referred to as the "regulatory rules")on the protection of investors in the specific provisions,which can be used as reference for the construction of China in this area.The fourth part is mainly based on the analysis of the above-mentioned parts,from the construction of equity-based crowd-funding of the safe harbor,improving the supervision of all the platform,increasing investor protection,strengthening the information disclosure system and other aspects.For the purpose of China's equity investors protecting the system to improve the reasonable suggestions.