Research On Information Disclosure System Of Equity Crowdfunding

Equity crowdfunding,as a novel force in capital market,is growing under the environment with rapid development of Internet finance.It is of great significance to solve the financing problems which perplex small and medium-sized enterprises and start-up enterprises.The information disclosure system of equity crowdfunding is different from that of traditional way of equity financing,which is based on the small size of the equity projects,the favorable interest of investors and the self-discipline management of crowdfunding platform.This paper takes the disclosure system of equity crowdfunding as the research object,and summarizes the international experience and development characteristics of the system through comparison of the system.Based on these results,this paper provides some suggestions for the perfection of domestic information disclosure system of equity crowdfunding.The chapter one combs the theoretical basis of the information disclosure system,and expounds the significance of the information disclosure system to equity crowdfunding.Equity crowdfunding is essentially a way for financer to obtain the funds by giving a certain stake to investor through platform.The information on the platform is a bridge connecting the investor and financer.The information asymmetry theory,fiduciary theory and social trust theory are theoretical basis for regulation of information disclosure of equity crowdfunding.A perfect information disclosure system is helpful to improve the financing efficiency of equity crowdfunding,promote the standardized management of the market,safeguard the investor's rights and enhance the integrity atmosphere of the market.The chapter two analyzes the regulatory status quo,practice situations and problems of domestic information disclosure of equity crowdfunding.Based on the analysis of current situation of domestic supervision and practice,this paper argues that there is no clear legal position for equity crowdfunding in domestic market and no uniform rules to regulate the information disclosure of equity crowdfunding.The lack of these rules including no clear provisions of the main body of information disclosure,no corresponding standards of content and form of the information disclosure,and no enough liability rules for information disclosure of equity crowdfunding.The chapter three examines the development of information disclosure system of equity crowdfunding in U.S.and U.K.,and smmarizes the institutional experience formed by the two countries.The regulatory philosophy of the information disclosure of equity crowdfunding in U.S.and U.K.is to strengthen the protection of investors.The U.S.has proposed new rules to clarify the main body of information disclosure,simplify the content standards of information disclosure,encourage innovation of the forms of disclosure,and clear the rules of identifying the responsibility of information disclosure of equity crowdfunding.However,the U.K.put the information disclosure of equity crowdfunding into the framework of existing rules,and made appropriate adjustments in accordance with the characteristics of equity crowdfunding.Both regulatory approaches have been made efforts in the effective supply of information and reduction of information need,and have been continually revised as the market evolves.The chapter four put forward some suggestions on how to improve the information disclosure system of equity crowdfunding.First of all,separate information disclosure rules should be developed based on the legalization of equity crowdfunding.Secondly,the rules should include clarifying the main scope of the body of information disclosure,establishing independent intermediary status of the platform,and providing the information exchange platform for investors.Thirdly,the rules should also include simplifying the information disclosure requirements according to the new features of equity crowdfunding,adopting a hierarchical information disclosure model,designing a reasonable standard of materiality of information disclosure,strengthening the information review obligations of platform,and encouraging innovative forms of disclosure.Finally,it is necessary to reduce the investors' burden of proof in civil litigation of information disclosure of equity crowdfunding,strengthen the litigation status of the platform,and establish efficient compensation mechanism for investor.In the part of conclusion,this paper summarizes the research results of the information disclosure system of equity crowdfunding,and prospects the future development of the system.A perfect information disclosure system is an important foundation for promoting the standardized development of equity crowdfunding,and the development of equity crowdfunding will also become an important part of the construction of multi-level capital market.The system will provide more assistance and protection for the development of equity crowdfunding.