Research On The Information Disclosure System Of Equity Crowd-funding In China

As an innovative financing mode,equity crowd-funding was born in the Internet financial boom,with the characteristics of small amount,popularization,high efficiency.equity crowd-funding indicates a new road for small and medium enterprises as financing startups became difficult.Being complementary with the traditional capital market system,equity crowd-funding responds positively to the financial reform in our country to greatly reduce corporate financing costs through online platform financing.Equity crowdfunding platforms have been springing up to booster "Mass entrepreneurship and innovation" to encourage the development of the real economy nowadays.However,like most new things,the phenomenon of undiscipline also appears in the development of equity crowd-funding.A fundamental reason for the listed situation is that the current information disclosure system cannot adapt to the development of equity crowd-funding yet.The essential purpose of equity crowd-funding information disclosure is to assist with information asymmetry and to prevent commercial fraud.Establishing and improving the equity crowd-funding information disclosure system should both reduce the cost of financing and protect the interests of investors on a basis of keeping high efficiency,low cost,low threshold,etc.The core difference between equity crowd-funding and other funding modes is that investors were promised to attain expected dividend or stock profits from the beginning.equity crowd-funding has been controversial both in academic and practice fields.The original intention of crowd-funding is to open information to the public,but there is no legal environment allowing the existence of public crowd-funding in our country.Crowd-funding platforms nowadays took certain evasive actions such as limiting the qualification of investors,real-name system,etc.to avoid the risk of being considered as illegal financing.Based on the current situation of equity crowd-funding information disclosure regulation in our country,the draft of "Private equity crowd-funding regulation(trial)" issued by Securities Association of China is the only normative legal documents for equitycrowd-funding currently.But "Pequity crowd-fundingR" contains only general rules for information disclosure,and the property is intra-industry self-discipline,which result in low effectiveness of the regulation.Without upper laws in this area,the highest legal effect of equity crowd-funding industry is the official documents issued by Securities Association of China.Relevant rules of equity crowd-funding information disclosure are scattered in various regulations.They are desultory and lack of systematism.The construction of equity crowd-funding information disclosure system can be divided into multiple dimensions: From the view of obligations,establishing the system need to put project financier,equity crowd-funding platforms and lead investors together as the subjects of information disclosure and acknowledge the main body of the disclosure obligation;From the view of content,establishing the system need to set up hierarchical information disclosure standards according to measures of equity crowd-funding,distinguish disposable information disclosure guidelines from continuous information disclosure guidelines,and combine mandatory disclosure with voluntary disclosure.From the view of responsibilities,when both equity crowd-funding platforms and financiers failing to perform the information disclosure obligation,the form of liability includes a breach of contract and a tort.On the concurrence of both cases,investors choose a relief way on their own.Establishing the system also request using the theory of " Securities Law" for reference,combining equity crowd-funding as the nature of the Internet financial benefits,defining criterion of liability under tort liability form as presumption of fault,at the same time,building the responsibility sharing mechanism of both the financier and the equity crowd-funding platform,and introducing Dong Jiangao's joint liability mechanism.