Research On The Legal Issues Of Crowdfunding Investors’ Exit

With the concept of inclusive finance continuing to gain ground and Internet finance is increasingly becoming the trend of world financial development,due to its inherent advantages,crowdfunding as an important part of Internet finance has shown a strong impetus in serving the real economy.In the world has produced a positive demonstration effect.2014 is regarded as the first year of domestic crowdfunding.In 2014,for the first time,"promoting the healthy development of Internet finance" was included in the government work report.Crowdfunding of equity was recognized as an important part of China’s multi-level capital market.On November 19,2014,the executive meeting of the State Council chaired by Li Keqiang,the premier of the State Council,was the first to propose a trial of raising funds for crowdfunding in equity.Subsequently,the Securities Association of China released the Measures for the Management of Private Crowdfunding Financing(Trial Implementation)(Draft for Comment)(the "Administrative Measures").In March 2015,the Guiding Opinions on Developing Mass Creation Space to Promote Mass Innovation and Entrepreneurship issued by the General Office of the State Council in March 2015 and the Opinions on Several Policy Measures to Vigorously Promote Innovation in Mass Creation and Entrepreneurship issued by the State Council on June 16,2015 all expressed National support for crowdfunding of equity.As a result,equity crowdfunding has gained valuable development opportunities in our country.However,behind the rise of equity crowdfunding are still many risks hidden,such as the moral risk of financing enterprises,the risk of equity crowdfunding platform,the risk of capital deposit and how to exit.Among them,the crowdfunding investors how to exit is the biggest risk investors face.The vitality of the fund lies in its liquidity,and the smooth withdrawal of the investor will be able to smoothly carry out the next round of investment.Therefore,the exit becomes especially important.However,there are very few references to exit forms in the above rules.This article introduces the traditional listing exit,merger and acquisition exit,share buyback and exit and liquidation exit through the use of comparative analysis,literature research and empirical analysis.On the listing threshold,the transfer of shares,repurchase terms and conditions of bankruptcy one by one analysis of the final conclusion,the existing laws and regulations are not conducive to the exit of investors barriers,and for the crowdfunding approach introduced in the management of few Mention how to protect the safe exit of investors.How to withdraw from equity crowdfunding investors is crucial,and should make corresponding adjustments to the existing obstacles in the law,and special provisions for equity crowdfunding to reduce the legal barriers to exit of investors in the adjustment At the same time,we should also find an innovative way to exit crowdfunding of equity and form an exit mechanism of equity crowdfunding.