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Research On The Information Disclosure System Of Equity Crowdfunding Platform

Posted on:2017-07-30Degree:MasterType:Thesis
Country:ChinaCandidate:W T HeFull Text:PDF
GTID:2346330485498166Subject:Fa Shuo Commercial Law
Abstract/Summary:PDF Full Text Request
Since equity crowdfunding first appeared in China from 2013, it has developed vary fast. According to the statistics of the domestic equity crowdfunding study by Qingke Group, during the first half of 2014, the equity crowdfunding platform has succeed raising 14 million yuan for four hundred financing projects.The report also shows the project sponsors of equity crowdfunding are mainly early-stage companies, so their main investment stage is the seed and early stage.After equity crowdfunding appears, early-stage companies can issue securities to many potential investors to raise small amounts of money through an online network platform, which provides possibilities for early-stage companies to enter the capital markets to finance, and makes up the defect of the multi-level capital market system in our country.The springing up and rapid development of the equity crowdindfunding platform caters to the present wave of mass innovation and is good to the development of entity economy.But how to protect investors is a key factor for the platform whether can develop well in China.Equity crowdfunding,as a new mode of Internet finance,has been in a savage growth state at present, thus there existing many legal risks.In 2014, the Private Equity Crowdfunding Financing Management Approach(Trial)(Draft), formulated and implemented by the China Securities Industry Association, made clear the legal status of equity crowdfunding.Equity crowdfunding platform is defined as an intermediary agency which connects with investors and financiers.In the same year, the central bank issued China Financial Stability Report(2014), clearly pointing out that crowdfunding should adhere to its platform function, could not disguisedly engage in capital pool, and could not use the name of Internet financing to illegally take deposit, illegally raise funds.To protect the interests of investors is an important task of our country's capital market, and build an accurate, timely and comprehensive information disclosure system is the most effective way at present.But the current equity crowdfunding information disclosure system has many defects, the most serious problem is the lack of investor protection system.In order to protect investors, perfecting our legislation on information disclosure system of equity crowdfunding platform is needed.The private information disclosure system of the United States is comparatively perfect, and its protection to private investors is much better, therefore we can draw lessons from their beneficial experience.In our country in the construction of equity crowdfunding platform information disclosure system, the principles of the legislation should be achieving a careful balance between protecting investors and reducing the private financing costs of early-stage enterprises.Correspondingly, in concept, good faith should be taken as the core and punishing illegal act such as default should be highlighted;in the construction of a concrete system, a system of mandatory information disclosure combining with voluntary information disclosure should be established.At the same time in accordance with the features of investors in equity crowdfunding, the investor “cooling-off period”system is established to further protect the interests of investors.
Keywords/Search Tags:equity crowdfunding, information disclosure, Internet finance, financing
PDF Full Text Request
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