Analysis On The Operation Model Of Jingdong Equity Crowdfunding Platform

In recent years,with the development of Internet finance and the support of relevant policies,China's equity crowdfunding platform has been explosive development.Equity financing is one of the ways of direct financing.It can provide a low leverage cash flow for small and micro enterprises,which is of great significance to encourage people to start their own businesses and to make innovations.In addition,it enables the masses to participate in equity investment at the primary market,which conducive to the establishment of multi-level capital market in China.This paper first reviews the literatures at home and abroad about equity ownership,Through the analysis of the operation model of the largest shareholding public platform Jingdong,this paper finds that the main operating model "voted + with vote" can effectively reduce the risk,and the innovation model is the advantage of JD Owner.However,in practice,there are still many problems in the platform of public ownership of equity.To solve these problems,this paper proposes to strengthen the internal control of the platform and the external supervision of China Securities Regulatory Commission.The establishment of a small issuance exemption system and a sound wind control mechanism are helpful for this problem.Stake in the platform to build a project valuation rationalization mechanism to avoid investment bubble problem.In addition,equity movement and exit mechanism should be established so that the equity value can be fully reflected.At last,this paper predicts for future development.In the long term,with the improvement of policy and supervision,the standardized development of platform,equity-based Crowdfunding will be an important channel to meet the financing needs of small enterprises in China.