Research On Small Issuance Exemption System In Equity Crowdfunding

As a new type of Internet Finance,equity crowdfunding shows a vigorous growth trend in our country.In order to promote the market-oriented reform,reduce the financing burden of small and micro enterprises and expand the multi-level capital market,China should conform to the change of the supervision mode of international capital market and design some reasonable and legal supervision modes for the equity crowdfunding.In accordance with the revision of the Securities Act,the Draft of the Securities Act expands the scope of the securities.The legislation clarifies the nature of the public offering of securities and sets out the basic framework of the small issuance exemption system.At present,there are still many problems and risks in the practice of equity crowdfunding.At this time,our country should describe the specific details of the small issuance exemption system with Chinese characteristics,and find a balance between capital formation and investor protection,in order to create a good legal environment for the rapid development of the equity crowdfunding.The full text includes three parts:introduction,main text and conclusion,and the main text is divided into three chapters.The first chapter clarifies the concept of small issuance exemption system and its characteristics,such as the short issue period,low issuance cost,as well as the rapid development practice of equity crowdfunding at home and abroad.Secondly,the significance of constructing the system of small issuance exemption is to accelerate the process of legalization of equity crowdfunding,broaden the financing channels of small and micro enterprises,strengthen the protection of investors and promote the perfection of multi-level capital market.Finally,providing the revelation and reference for the construction of China's small issuance of exemption system through the comparative analysis of small issuance of exemption system of the United States,Italy,Japan and Australia.In the second chapter,on the basis of the system design of small issuance exemption with foreign equity crowdfunding,the author analyzes the basic composition and existed issues of the small issuance of exemption system,and proposes that the small issuance exemption system should be constructed in the aspects of issuer qualification,issuance quota,investment limit,distribution method and information disclosure.The third chapter puts forward some concrete suggestions on how to construct t small issuance of exemption system in China,including reviewing the issuer's qualification,perfecting the issuance of registration(or approval)exemption procedure,establishing investors protection mechanism and information disclosure system,and clarifying the responsibility of financing intermediaries as well as improving the relevant supporting system.