Research On The Legal System Of Equity Crowdfunding Information Disclosure

Equity crowdfunding is a new financing method of Internet financing,it is widely used by small and middle enterprises or newly established companies.But the equity crowdfunding is development without following laws and rules.One of the fundamental reasons in the lack of information asymmetry and market lemons,and protect the interests of investors effectively.This paper is based on the information disclosure system of the public interest collection,and combs the basic contents of the legal system of information disclosure of the equity crowd raising,expounds the relevant theories of the legal system of information disclosure of equity financing and the security value and efficiency value of the system,and then analyzes the judicial practice and theoretical problems of China's lack of legal information disclosure system due to the equity crowd raising.By using the comparative analysis method,combined with the relevant provisions on foreign equity to raise the public information disclosure system in our country,the further development of equity to raise the legal system of information disclosure and provide reference for the legislation,in theory,to raise the public shareholding information disclosure legal system construction,theoretical supplement provide a theoretical reference in practice and provide legal the security information disclosure of the unified treatment to raise public equity and protect the interests of investors.Based on the comparative analysis of the legislation of information disclosure system of foreign equity raising,based on the actual situation of China,this paper puts forward a practical value method for the construction of the legal system of information disclosure in China's equity market.Through sorting out the theory of the legal system of information disclosure of equity financing,in the choice of system safety value and efficiency value,I think that the safety value is the first choice value target of the legal system of public equity information disclosure,and the transaction security is the premise and guarantee of efficiency,this paper advocates the pursuit of efficiency value based on the premise of safety value.Based on the comparative analysis of the legislation of information disclosure system of foreign equity raising,based on the actual situation of China,this paper puts forward a practical value method for the construction of the legal system of information disclosure in China's equity market.This paper holds that there are some problems and suggestions to improve the information disclosure of stock right.First,the scope of the information disclosure obligation is too small.In order to solve this problem,we should draw on the practice of the United States and the United Kingdom,the main body of the public equity disclosure obligation should include the public equity raising and the public equity platform.In combination with the practice of our country,the subject of the disclosure obligation of the public ownership should be expanded to the leader,so the subject of public equity disclosure obligation should be extended to the public equity financing,the public equity platform and the leader.Secondly,the way of information disclosure is too single.In order to solve this problem,we should adopt a variety of investment methods to combine the line with the line.Thirdly,the standard of information disclosure is too low.To solve this problem,we should first clarify the various information disclosure contents of various information disclosure obligations,and then strictly follow the "full disclosure" standard of information.Finally,the mechanism of information disclosure is missing.In view of this problem,the responsibility for information disclosure should be set up.We should also set up the way to bear the responsibility of information disclosure,and set up corresponding civil liability,administrative responsibility and criminal responsibility.