Research On The Information Disclosure System Of Equity Crowd-funding

At present, Chinese is in the environment of mass entrepreneurship and innovation.Numerous small and start-ups are trying to create their own unique career. While the equity crowd-funding as the products of internet and financial which was first raised in the United States , just fit the demand of these small companies and start-ups. In China ,equity crowd-funding is defined as a way of private equity and its main main target is small companies and start-ups. To help the small companies and start-ups financing by guiding the public to make small investment. In order to make good projects to develop. To solve the financing problem of small companies and start-ups.At the same time, the development of equity crowd-funding as the product of the combination of finance and internet ,it fully embodies the advantages of high efficiency and low cost. Enriched the financing mode of China’s capital market.Otherwise, equity crowd-funding as a new product is in the developing stage currently,All aspects of it need to continue improving. Especially the risk of asymmetric information and fraud risk caused by the information disclosure system is not perfect, which will directly threaten the interests of the majority of investors,Serious impact on the future development of equity crowd-funding.Therefore, improve the information disclosure system of equity crowd-funding, In the premise of maintaining the characteristics of high efficiency, low cost and low threshold, at the same time taking into account the risk control and the interests of investors become the key to the problem.Therefore, this paper takes the information disclosure system of equity crowding-funding as a breakthrough. Through summing up the problems existing in the information disclosure of equity crowd-funding in China, combining with foreign information disclosure system of equity crowd-funding’s related experience. Based on the comprehensive analysis, puts forward some suggestions to improve the information disclosure system of equity crowd-funding in china. This paper is divided into four parts.The first part introduces the theory of the information disclosure system of equity crowd-funding. The difference between the information disclosure system of equity crowd-funding and the information disclosure system of listed companies is mainly reflected in the different disclosure obligations,different ways of information disclosure, different aspects of information disclosure regulation and the information disclosure system is necessary to raise equity crowd-funding.The second part introduced the information disclosure system of equity crowd-funding in the United States and United Kingdom. Analyses the strengths and weaknesses of equity crowd-funding in United States and United Kingdom.The third part is through the case of "Meiwei media","free line" "working zone ” to have a analysis, directly introduced the present situation of the information disclosure system of equity crowd-funding in our country. It is concluded that there are some problems in the practice of equity crowd-funding. Such as The body of the information disclosure is single, the content of information disclosure provisions are too general,The lack of information disclosure accountability mechanism and the problem of lack of credit evaluation system and so on.The fourth part is based on the analysis of the second part of the third part, Combined with the reality of our country, Propose to increase the main obligation of information disclosure, Refine the content of information disclosure ,establish the accountability mechanism of information disclosure, construct credit evaluation system, Focus on improving the information disclosure system of equity crowd-funding.