Research On Rights Protection Of Investors' Under The Leading Investment Of Equity Crowdfunding

Under the background of Internet finance,the equity crowdfunding financing model is becoming more and more familiar to the public investors.The formulation of relevant legislation and regulatory rules is far behind the pace of practical development.Many potential problems cannot be timely solved.Especially in the new leading investment financing model,the follow-up investors who are lack of investment experience and identification ability and affordability face many legal risks in various aspects of the investment process.At the same time,the exercise of the investors' rights are facing difficulties.Investors are the core of the capital market,and follow-up is a more vulnerable group under the leading investment financing model of the equity crowdfunding.Only by focusing on the protection of investment rights and improving the legal supervision of equity crowdfunding can the financing model develop healthy and orderly.This article is going to discusse the issue of investors' rights protection under the new leading investment financing model of the equity crowdfunding.In terms of the structure,it is arranged by investment and financing process,that is,making a longitudinal analysis of the difficulties in exercising the rights of the investors';making the horizontal analysis of equity crowdfunding participants as the object and the causes of the investors' rights dilemma;making the existing equity Crowdfunding supervision rules as a blueprint to analysis the lack of the right protection system design for the follow-up investors and the direction of the improvement;on this basis,the author try to complete the equity crowdfunding legal supervision of our country focusing on follow-up investors' rights protection.The main content of this article is divided into the following six chapters:The first chapter is the preface,introduces the relevant background and writing purpose of this article.The second chapter analyzes the legal status of the follow-up investors under the equity crowdfunding leading financing model,elaborates the legal relationship between the investors and other equity crowdfunding participants,and explains the rights owned by the investors;The third chapter analyzes the difficulties and causes of the exercise of the related rights of the follow-up investors' in several stages of equity crowdfunding.It mainly includes the dilemma and causes of the right to know during the raising and investing stages,the difficulties and causes of the right of supervision during the management stage and the difficulties and causes of the right of withdrawal during the project exiting stage;The fourth chapter combs the existing rules of equity crowdfunding supervision,including the comparison of domestic and extraterritorial supervision content.It points out the weaknesses of the Chinese regulatory authorities in the protection design of the followers' rights and the direction that needs improvement.Mainly reflected in the information disclosure content of equity crowdfunding projects is not detailed enough,the scope of disclosure is relatively narrow;the subject and supervision content of post-investigation supervision is not clear;the exit path with investing is unknown,and the exit method is single;On the basis of the foregoing,the fifth chapter puts forward the measures for improving the supervision of equity crowdfunding in China,and sets up a legal supervision framework for equity crowdfunding on a macro scale.First,the equity crowdfunding shall be included in the top-level design of the Securities Law,and then the CSRC shall establish the basis for the existing “Private Equity Crowdfunding Management Measures(Trial)(Draft for Solicitation of Comments)”(hereinafter referred to as the “Administrative Measures”).Improve and develop special management methods,and use industry self-regulation to assist supervision.On the micro level,it puts forward specific regulatory suggestions on the dilemmas of the exercise of the rights of investees,such as expanding the scope of disclosure of information related to equity crowdfunding related parties,clarifying the subject and content of post-investigation supervision obligations,the path of innovation and exit,and exit methods;The last chapter summarizes the full text and further looks at the prospects for the development of equity crowdfunding leading investment financing model.