Research On Legal Risks And Regulation Of Equity Crowdfunding

The development of the Internet has been changing people's way of life,updating the development model of enterprises,and broadening the financing channels.The financing of micro and small enterprises,which are still in the initial stage,is going a whole new stage with the development of Internet finance.With the development of P2 P and investment crowdfunding,the financing methods of small and micro enterprises have shown a diversified trend.As a new method of financing and investment,equity crowdfunding is presented to financiers and investors.And quickly won the favor of small and micro enterprises and investors.However,after the early development of equity crowdfunding,its legal risks have increasingly emerged,and platform failures and defaults have emerged one after another.With the development of the industry,China has also issued a series of legal documents and policy documents based on the reference to the laws and regulations of other countries,in order to prevent and avoid risks and promote the healthy development of Internet finance,including equity crowdfunding.However,under the financial and legal system of our country,there are many deficiencies in the regulatory documents that have already been issued.The equity crowdfunding has not been able to fullyplay its due role,and the legal risks faced by the equity crowdfunding have always existed.Therefore,it is very important to improve the existing legal risk regulation measures of equity crowdfunding in China on the basis of the extraterritorial regulations of legal risk.The first part introduces the legal risks involved in equity crowdfunding and its causes.Firstly,starting from the definition of equity crowdfunding,this part introduces the basic content,equity crowdfunding body and operation mode of equity crowdfunding.Secondly,from the perspective of crowdfunding platform,investors,and financiers,the legal risks faced by equity crowdfunding are divided into legitimacy risk,criminal risk,fraud risk,capital security risk,information disclosure risk,and information security risk.Finally,from the subjective and objective factors,the reasons for the risk are getting profit and information asymmetry.The second part focuses on the current situation and shortcomings of the regulation of the existing equity crowdfunding laws in China.In order to guard against the legal risks facedby the subject,our country's legal regulation is mainly achieved by stipulating the prohibition behavior to theobligors and the legal obligations.there are still many shortcomings.The third part analyzes the legal regulation and inspirations of the external equity crowdfunding.And compare the laws and regulations of preventing the risks faced by equity crowdfunding,and regulating the relevant qualifications and behaviors of equity crowdfunding,supervision,authority,and equity crowdfunding in the United States,Japan,South Korea and other countries.This part summarizes and analyzes the specific measures that can be used to prevent legal risks in China.In the fourth part,on the basis of the analysis of the inadequate regulation of equity crowdfunding legal risk in Chinaandthe inspirations to the regulation of extraterritorial legal risk,the author puts forward some measures to improve the regulation of equity crowdfunding legal risk.It is proposed that the legal status of equity crowdfunding must be given,the subject of supervision and authority must be clarified,and the position and responsibilities of the crowdfunding platform must be clarified.We will improve the relevant legal risk regulation in terms of access,information disclosure,fraud prevention,equity exercise and withdrawal,and information security.