Research On The Legal Regulation Of Equity-based Crowdfunding In China

Equity is the raise and the Internet fusion depth of new financial model of innovation value,the rise of the pattern was closely related to the rigidity of small micro enterprise financing demand,nowadays,the difficulty of financing is a stumbling block for the further development of small micro enterprise,the traditional financing channels are small and micro enterprise development present situation does not match,the financing threshold,the cost is high for small micro enterprise by means of the traditional financial channels to obtain loans,the bank of small micro enterprise credit rationing phenomenon seriously,folk loan of high interest rates make small micro enterprise,for public offerings,small and micro enterprises do not have,under the condition of securities market public offering stake the raise is not only beneficial to solve the plight of small micro enterprise financing difficulties,also brought to the grassroots investors well-being,enrich the grass-roots investor's investment channels.The low cost and efficient financing of equity-based crowdfunding is more close to the demand for entrepreneurship and financial management,which not only plays a role of financial benefit,but also promotes the development of the real economy.So equity raising as an innovative financial tools to meet the demand of the general public to participate in the financial stake in the raise also plays a role as multi-level capital market,but it is important to note that equity and the raise in the law has not been officially legalized,at present,about the equity and the raise of normative documents are legal level is low,no special laws and regulations to determine the legitimacy of the equity and the raise,it is because of the absence of the law and let all the raise equity in could not be in accordance with the situation,which have set back the development of the equity and the raise,because and designing rules does not adapt,so and often in the raising of equity is on the verge of a crime,will also associated risks,for example,investors and the risk of illegal fund-raising entanglements,the raised platform may also to seek gain for the purpose,and financiers who formed a joint crime,the legitimate interests of the investors may suffer because of fraud,so,all the raise equity law regulation must be conducted.The equity of our country and the raise also no related law,but some of the foreign countries already has a mature system of laws regulating all equity to raise the risk of so it's necessary for us to draw nutrition from foreign legislative experience.Through the analysis of foreign equity the raise legislative model,we can get some enlightenment,for example,in the process of legalization,not copying foreign legislative experience,should pay attention to combining the situation of the country's real work related legislation,at the same time in the process of legislation,to stick to protect the interests of the broad masses of investors this principle as the guidance,the equity in the regulation of the raise,attention should be paid to the importance of supervision in accordance with the law,the regulation and industry self-discipline combination,so as to build an orderly raise the stakes in the market environment.In the legislative construction,equity-based crowdfunding should be listed into the regulation scope of securities law.From foreign legislation,we can also see in order to achieve good effect of legal regulation,it must take strict regulation means,must pay attention to protect the interests of the weak position in the market of small investors,on the legislation,to clear the obligation of the raised platform of equity,to ensure the safety of the equity financing transactions should also enhance the construction of credit system.By absorbing the nutrition of foreign legislative experience,we explore the way of legal regulation in China.