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The System Construction Of Information Disclosure Of Equity Crowdfunding

Posted on:2018-02-15Degree:MasterType:Thesis
Country:ChinaCandidate:D J ChenFull Text:PDF
GTID:2346330515990414Subject:Economic Law
Abstract/Summary:PDF Full Text Request
The essay discusses the issues in connection with the information disclosure of equity crowdfunding.At present,the equity crowdfunding in small sum has not yet obtained the exemption of the registration and authorization from the CSRC(China Securities Regulatory Commission).In July 2015,the ten authorities including the Central Bank published Guiding Opinions on Promoting the Sound Development of Internet Finance,thus ascertaining the legal character of the equity crowdfunding that the equity crowdfunding mainly refers to activities of raising fund via the equity crowdfunding intermediary institutions' platforms by start-up enterprises or small and micro enterprises.With the equity crowdfunding being opened to increasing number of public investors,the issue of protection investors requires to be settled urgently.The information disclosure rule,namely the golden rule of investors protection,becomes increasingly important.The healthy and orderly development of equity crowdfunding depends on the mature information disclosure rules,and if investors are unable to obtain the essential information to make decisions relating to the investment when participating in equity crowdfunding,the public investors will face high risk beyond their exception,therefore making the crowdfunding useless due to no attraction for the investors.However,up to now,there is lacking in corresponding legislation of information disclosure of equity crowdfunding in China.The essay explains the creative design of the framework of information disclosure and bring forward some advice and clues in regard to the establishment of information disclosure system of equity crowdfunding by taking the information disclosure of equity crowdfunding as the topic of the research,deeming the life cycle of equity crowdfunding projects as the logical order,and based on the balance between capital formation and investors protection.In addition to the Introduction and Acknowledgement,the essay consists of four parts.Chapter one confirms the legal character of the equity crowdfunding that it is an activity of securities issuing by means of raising funds through the public issuing shares in small sum.Then,the essay introduces the connotation of information disclosure in equity crowdfunding,and points out that the equity crowdfunding platform and the issuers have advantage over public investors in acquiring the information by analyzing the process of equity crowdfunding.Therefore,information disclosure by superiority side is essential for the investor protection during the whole process of financing.Chapter two mainly analyzes the theoretical basis of information disclosure,and discussesthe asymmetry of information,lack of honesty and credit,and vulnerableness of the investorsfrom perspectives of economics,contract law and economic law,highlighting the necessityof information disclosure.At the same time,the essay analyzes the particularity of information disclosure and the way how to balance the capital formation and investor protection during the process of regulating.Chapter three analyzes the current situation of information disclosure of the equity crowdfunding in China,the problems existing in the information disclosure of equity crowdfunding in different stages,and the consequences due to the lack of standardized information disclosure rules.Chapter four analyzes the rules of information disclosure in American legislation so as to provide implications for the construction of legal framework of information disclosure in China;Secondly,it is advised to clarify the concept of equity information disclosure,improve the legislation relating to the subject of information disclosure,the method of disclosure,and the content of disclosure while constructing the legal framework of information disclosure.Also,it is proposed that it is necessary to improve the supporting system-the credit system,and consider how to get the equity crowdfunding in small sum exempted.
Keywords/Search Tags:Information Disclosure, Equity Crowdfunding Intermediary Institutions' Platforms, Issuers, Investors
PDF Full Text Request
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