Research On The Supervision System Of Equity Crowd-funding In China

Crowd-funding itself has a long history.From the third industrial revolution to the current scientific and technological development,crowd-funding has been endowed with a new connotation."small amount,public and open" has become a new feature of crowd-funding relying on the Internet society.The financing difficulty of small and medium-sized enterprises has always been a worldwide problem.The development of Internet technology provides a convenient condition for crowd-funding and provides a new vision for solving the financing problem of small and medium-sized enterprises.However,under the framework of the current securities law,the legal positioning of equity-based crowd-funding has always been ambiguous,and the slightest mistake will violate the law.Traditional financial supervision is not enough to protect equity-based crowd-funding.In order to solve this problem,a series of exemption rules have emerged in each country to provide special legal regulations for equity-based crowd-funding,and some outstanding innovations have been made based on the original laws.Under the provisions of China's securities law,equity-based crowd-funding has always been in an awkward situation.Therefore,it is necessary to set up a small exemption for public offering crowd-funding so that equity-based crowd-funding can really grow up on Chinese soil.Stake in the raise has its own unique characteristics,just as the Internet and the combination of traditional financial based on the traditional securities supervision system on the development and innovation,and combine the use of modern Internet frontier technology,establish equity and the raise of the regulatory framework in our country,not only can make it convenient for small and medium-sized enterprises financing,as well as the effect of investor protection.This paper consists of four parts.The first chapter mainly introduces the general meaning of equity-based crowd-funding,introduces the basic situation of equity-based crowd-funding,including the literal meaning,origin and classification of crowd-funding,and analyzes the characteristics of equity-based crowd-funding.The second chapter mainly introduces the regulatory exploration of equity-based crowd-funding under the framework of China's securities law.From the initial encouragement of innovation to the subsequent strict entry,the CSRC and other departments showed different regulatory attitudes,and through the analysis of the social role of equity-based crowd-funding,the necessity and feasibility of regulation were obtained,which provided a solid theoretical basis for the regulation bill.The third chapter mainly introduces the crowd-funding law in the JOBS law of the United States and the crowd-funding legislation in other countries,and analyzes the different means adopted by them for different subjects,namely the financiers,investors and crowd-funding platforms.Thecrowd-funding platforms are mainly given responsibilities and obligations,while the investors are mainly protected.Among them,the regulation of investor quota is a great innovation for the traditional financial regulation,which is worthy of our reference.Fourth chapter combines the reality of our country actual and foreign experience for reference so as to put forward suitable for our country in raise regulatory stake in the way of attitude regulation and supervision shall be taken to establish the exemption rules which accords with the situation of our country,the raised platform to equity focus on duty and function of presupposition,strengthen the protection of investors,improve the relevant supporting system in our country.In the financing of small and medium-sized enterprises,the balance between the cost of enterprise financing and investor protection should be considered as far as possible,so that equity-based crowd-funding can be truly implemented.