Research On Legal Regulation Of Internet Private Equity Financing Platform

As an intermediary connecting project investors and financiers,the Internet private equity financing platform is an indispensable part of equity financing transactions between project investors and financiers.Internet private equity financing platform in China started late,developed rapidly,and had a high degree of social participation.However,due to the lack of legal regulations and weak legal awareness of the platform,the further development of the platform was limited.At present,there are few studies on the Internet private equity financing platform from the legal point of view.Most of them are preliminary discussions on the mode of operation of public equity financing,the rights and obligations of investors and financiers,and the risks of public equity financing.They fail to effectively combine the legislative amendments of the Company Law and the Securities Law with the legal regulation of the Internet private equity financing platform.Lack of systematic and comprehensive research.The official supervision and restriction on financing platform is only industry regulations or management measures,and there is no clear legal regulation.The United Kingdom and the United States have perfect legislation in this respect,which is worthy of our reference in terms of the legal access and registration system of financing platforms,the small exemption system of securities issuance,and the classification financing standards of investors.For the legal regulation of the Internet non-public equity financing platform,we should absorb the legislative experience of the United Kingdom and the United States,at the same time,based on the reform of China's financial system and the existing legal system,explore a way of Internet non-public equity financing platform with Chinese characteristics.The thesis is divided into four chapters.The first chapter elaborates the basic theory of the legal regulation of the Internet private equity financing platform.This paper introduces the concept of Internet private equity financing and defines the financing platform.This paper summarizes and studies the legal relationship between the relevant participants and the platform in the Internet private equity financing platform,and discusses its nature from the perspective of Company Law combined with the platform "intermediary theory" of academic circles.For the Internet private equity financing in recent years from the rise to prosperity,and now facing the reality of restructuring and shuffling,analyzing the current status.The second chapter is about the comparative analysis of the legal regulation of the Internet private equity financing platform.In this part,first of all,three most representative platforms at home and abroad are introduced for analysis and comparison.Through the domestic legal norms on the Internet private equity financing platform,this paper compares the regulatory experience of the United States and the United Kingdom on the Internet private equity financing,and combs and studies them.The third chapter is to discuss the relevant legal issues encountered in the current legal regulation of the Internet private equity financing platform.Firstly,starting with the legality risk of the platform,the paper analyses the violation of the Company Law,the Criminal Law and the Securities Law respectively.Subsequently,the legal risks of the Internet private equity financing platform are analyzed from the aspects of regulatory bodies,lack of laws and regulations,and risk of platform participants.The fourth chapter is the suggestion on the legal regulation of the Internet private equity financing platform.Based on the results of the previous study,it is proposed that China should make a correct legal positioning of the platform,improve the legal provisions,set up a special agency under the Securities Regulatory Commission or a supervisory committee for equity financing at the same time as a supervisory body,and set up a professional equity financing exchange.For the platform side,it is necessary to improve the fund management system and strengthen cooperation with the banking system.We will improve the credit reporting system for the financing platform industry and establish a legal system for investors access to the platform participants.