The Study On Perfection Of The Supervision System Of Equity Crowdfunding

The rapid development of Internet communication technology has led to the emergence of equity-based crowdfunding in the capital market,a new type of financing that is more suitable for the needs of the contemporary market.With the rapid development of equity-based crowdfunding in the United States,other countries,including China,have tried to raise the financing mode of equity crowdfunding to some extent.Start-up companies which the country has paid a lot of attention bring the innovation and the activity into the market economy.And the characteristics of the high cost of traditional financing ways to enlarge the start-up financing difficulty,will undoubtedly affect their development.By means of network communication,equity-based crowdfunding can aggregate idle funds at a lower cost in a more efficient way to meet the financing needs of small and medium-sized enterprises.However,there is a contradiction between the existing equity-based crowdfunding regulatory system and the development of equity-based crowdfunding,and the unsound regulatory system has finally become the bottleneck restricting the development of equity-based crowdfunding.The United States as one of the earliest country develop equity-based crowdfunding,has a more comprehensive understanding on the new financing model.The JOBS act passed in 2012 according to the characteristics of the equity,made a relatively mature regulatory system that balance the protection of investor and the efficiency of the capital formation.This paper aims at seeking the balance between investor interest protection and capital formation efficiency in the regulatory system by comparing the regulatory system of equity-based crowdfunding in China and the United States,so that equity crowdfunding can play its own value better.The first part is an overview of the equity-based crowdfunding regulatory system.This part firstly sorts out the concept and development of equity-based crowdfunding and the existence value of equity-based crowdfunding,and then details the specific situation of the current domestic equity-based crowdfunding supervision system.The second part is the analysis of the problems in the regulatory system of equity-based crowdfunding.This part analyzes the problems in the regulatory system and divides it into the analysis of the problems of the regulatory system of public offering rights and the analysis of problems in the regulatory system of private equity crowdfunding.The third part is the American equity-based crowdfunding regulatory system and its enlightenment.This part firstly introduces the JOBS act divided the regulatory system into two legislative model,and then analyses the regulatory system of JOBS act.The fourth part is to improve the supervision system of equity-based crowdfunding.This part rationally borrows the supervision system of American equity-based crowdfunding,and puts forward some Suggestions on the problems existing in the crowdfunding of public equity and the regulatory system of private equity crowdfunding.