Research On The Legal Regulation Of Equity Crowdfunding In China

Equity congregation raised as an innovative model of Internet banking in China since the emergence of the growing maturity.In March 2016 the National People's Congress to raise public equity write "13th Five-Year" strategic planning,to raise public equity will usher in a concentrated outbreak.As a kind of new financing mode,the public equity raised the investment and financing channels of the new venture,which made up for the limitations and shortcomings of the traditional financial system in the service business.It opens up a new path for the construction of multi-level capital market in china.At the same time,we also found that in the current legal system of our country,to raise public equity has not been written into law,legal and illegal to survive in the cracks,suspected of illegal fund-raising,only through private placement,can not reflect the characteristics of "small people",the safety problem of investors has been challenged.Raise public equity financing to the traditional financing model and the current financial legal system has posed a serious challenge.Therefore,this paper through the study of the legal regulation of public ownership in China,we hope to find a way to improve the development of public ownership in our country,and give full play to the function and value of the public ownership in the multi-level capital market.In this paper,I use the method of literature analysis,comparative analysis and interest analysis and other methods to study the system.The purpose of this paper is based on the legislation and judicial status quo of public ownership in our country.By using the principles of law and finance,this paper points out the problems existing in the current legislation of public ownership of our country.The author obtains the legislative implications of the public ownership of our country.And put forward the proposal to improve the legal regulation of public ownership in China,to guide the public to raise the equity of the legitimate track,to promote the healthy development of the public sector to raise equity.The text includes five parts:The first part is the introduction.This part describes the selectd background and the selection significance,introduces the status quo of the research on the issue of public ownership at home and abroad,illustrates the research methods of this paper,and puts forward the innovation points of regulating the public collection model.This part introduces the source of the topic,discusses the significance of the paper and the research status at home and abroad,which lays the foundation for the whole article writing,but also pave the way for the following details.The second part is the overview of the basic issues of public ownership.This part introduces the concept of the public ownership,the operation mode of the public ownership,the legal relationship of the public ownership and the position and role of the public ownership in the multi-level capital market.By means of analysing the operation mode of "the public investment",which is representative of the public platform,the operation process of the public ownership is clarified;It also makes a basic research on the subject and content of the legal relationship of public equity financing mode;And through the study of the financial system of the capital market,it makes clear the position of the public ownership in the multi-level capital market.The third part is about the summary and analysis of the legal problems of the public ownership in china.Firstly,this paper expounds the present situation and judicial status quo of the public offering of shares in china.In the present situation of legislation,this paper analyzes a series of obstacles in the process of public ownership;In the judicial status quo,the analysis of the first case of public ownership raised in china,And through the case shows that China's judiciary in the premise of risk control to encourage the healthy development of equity financing to raise public.Secondly,this part focuses on the analysis of the problems that may exist in the current legal framework.The first may touch illegal fund-raising crime;Second there are high barriers to entry of investors,high incidence of fraud,legal status and legal rights and obligations of the platform is not clear;Third there may be security risks,the transfer of equity and exit mechanism is not perfect.Pointed out that the current law is not perfect,the lack of legal environment to raise public equity financing.The fourth part introduces the current situation of the legislation of public ownership in the United States,and the influence of American legislation on China's legislation.In this part,the author firstly introduces the legislative experience of the public ownership of the United States from the aspects of the exemption system,the appropriate management system and the information disclosure system,Then,combining the reality of our country,the author puts forward the content of our legislation.The fifth part puts forward the legislative suggestions of the public shareholding in china.In the construction of the system,the author advocates the establishment of the legal rules of the public ownership in China with the help of China's national conditions and the rational use of the advanced legislative experience of the United states.For our country,we should promote the formation of capital and the protection of investors as the principle of legislation,through the promotion of the "Securities Law" to amend,expand the meaning of "securities",the implementation of the local public equity raise.In the promotion of SME financing,the issue of exemption system,reduce financing costs;The establishment of China's financing portal,the establishment of a negative list management model,to provide a broader platform for financing services.To strengthen the protection of investors,optimize the system of qualified investors,reduce investor access threshold;The establishment of information disclosure system,the implementation of the third party fund custodian system to prevent investors from fraud;Improve the equity transfer and equity exit mechanism,reduce the risk of loss of investors,so that investors in the equity transfer and exit of the higher flexibility.