The Relevance Between The Equity-based Crowd-funding And The Attitude Of The Court

According to the illegal fund-raising,valuation adjustment mechanism and Equity-based crowd-funding,due to the imperfection of financial specific provisions,the total financial system have a natural fear of complex financial products: specifically,the administrative law enforcement departments of examination and approval,to identify financial behavior lags,especially in the financial management rights belong to the state or local jurisdiction level,missed control financial products make a further opportunity for financial products in a lopsided development;the interests of serious and irreconcilable damage,the court has to be the last hurdle to protect financial consumers.For a long time,the important role of the court for financial products,financial behavior is often ignored the reason why the court always initially defined the financial performance's legitimacy.In practice,the court for the new financial behavior,product quality is the first authority of public authority,the development of the follow-up system has an important impact.So the court to judge the new financial behavior,often appears to be very cautious,not wrong,less error,the court carefully take basic statutory basis for judgment of the case,but the defects of statute civil law and the court judgment in such cases could be.The court and the regulatory authorities into such a lock(lock-in);the solution is often illegal fund-raising and a criminal fallback term,characteristics of financial criminal punishment is very obvious.Beforehand,from punishment to legislative ideas to engage in protection,supervision and law enforcement agencies to avoid the kind of behavior that the court became the first and last line of defense is to break the path dependent.The first part of the article,from the perspective of the path dependence,points out that the financial management of "central-local" rights fracture causing for a long time circumstances that the court forced intervention in financial markets,thus forming inhibition of financial market trend and formed the unique path dependence.The second part analyses the stake in the raise to participate in the parties legal risk.The article third part points out for equity stake in the regulation measures to raise and court raise conservative judgment,the relationship between the points to the embodiment of path dependence.The fourth part points out that breaking the path dependence in order to the financial marketization.