Research On The Construction Of The Investor Suitability System Of Share Crowfunding In China

As an emerging Internet financial model,share crowdfunding is developing rapidly in recent years because of a series of advantage of financing for micro businesses and Start-up enterprises.However,how to protect the investors while facilitating corporate financing,has become a difficult problem which the industry and regulators have to solve.Summarize the successful experience of the countries around the world in terms of investor protection,as an important system of investor protection,investor suitability system may provide us with some enlightenment and reference.The essence of the investor suitability system is that the agency will recommend the right products to the right investors,its content includes understanding of investors,classifying investors,appropriate testing and investor education,and so on.Although the research of the investor suitability system in traditional financial market system is more mature,But now the research of investor suitability system in the field of share crowdfunding is still in the initial stage,and the legislation of investor suitability system in share crowdfunding is still in blank.In this paper,the author discusses the theory and legislation status of investor suitability system in domestic and foreign financial markets,hope to provide some suggestions for the construction of investor suitability system in share crowdfunding.In the first chapter,the author introduces the investor suitability system from the case of Hongkong Lehman Mini-bonds,introduces the origin and development of investor suitability system,and some theories that support the investor suitability system,The second chapter describes the concept of share crowdfunding,development and advantages,analysis the function and position of the share crowdfunding platform,then combining with the characteristics of share crowdfunding,the necessity of investor suitability system in share crowdfunding are analyzed from the perspective of legal basis and function,at the same time,points out the difference between investor suitability system and the system of qualified investors.The third chapter makes a comparative study on the contents of the investor suitability system of foreign countries and areas,focus on information disclosure,access to customer information,classification of investors,suitability testing,legal liability of brokers and other intermediaries in violation of the investor suitability system.The fourth chapter is based on the foreign experience of the investor suitability system,Combined with the characteristics and development status of share crowdfunding in our country,Trying to provide some suggestions on the construction of investors’ right system from the perspective of share crowdfunding platform,investors and financiers,regulators,It also analyzes the legal liability and the relief way which violates the investor suitability system.