Research On The Conditions Of Equity Crowdfunding Of Small And Micro Enterprises In China

Equity crowdfunding,as a new type of internet finance model,has developed rapidly at home and abroad in recent years due to its broad audience and low cost,and it has gradually become a new emerging force in the capital market.Equity crowdfunding plays an important role in reducing financing costs,alleviating financing difficulties for small and micro enterprises,broadening public investment channels,and improving multi-level capital markets.However,the development of stock picking in China has not been easy.The main problems currently faced are doubtful legality,which may violate the "public offering of securities" ban and"illegal fundraising".In addition,the protection of investors in equity crowdfunding has also become a difficult issue.The lagging of laws and information asymmetry are some of the reasons for the above problems,but the deeper reason is that current regulators have unclear understanding of the essential attributes of equity crowdfunding,which leads to confusion of regulatory ideas and changes in regulatory measures.Crowdfunding practice is in trouble.In view of this,we should first clarify the essential attributes of equity crowdfunding belonging to public offerings,and then abandon relatively backward public offerings and private equity dichotomys and adopt more reasonable multi-level divisions such as public offerings,small public offerings,large private placements,and private placements.Crowdfunding is included in the scope of small public offerings.Taking this as an opportunity to implement a small amount of public issuance system to clear the institutional obstacles for the smooth development of equity crowdfunding.After sorting out the problems and causes of equity crowdfunding in China's small and micro enterprises,we can use the experience of foreign countries and take full account of China's national conditions to closely focus on the attributes of equity public crowdfunding and small public offerings,starting from the entity and the process,and establishing The conditions for equity crowdfunding in China's small and micro enterprises,with a view to early legalization and compliance of equity crowdfunding in China,will contribute to China's economic development.