Research On Legal Protection Of Chinese Equity Crowdfunding Investors

Since the economic crisis in 2008,in order to stimulate the economy,the state has put forward the slogan of “mass entrepreneurship,innovation” and encourages entrepreneurship.For a time,the whole country has set off a wave of self-employment,and some start-ups and innovative enterprises have sprung up,due to the springing up of Traditional financing methods have higher requirements for financiers,and start-ups and SMEs are generally faced with difficulties in financing.The emergence of equity crowdfunding has brought new ways for SMEs,start-ups,and innovative corporate financing.Low financing costs,convenient,efficient and fast financing methods have made the preparation of equity shareholders highly sought after.Due to the lag of legislation on new things and the need to improve the relevant institutional mechanisms of China's market economy,ordinary investors in this field have not been able to obtain effective protection of the law,which has hindered their development in China.How to provide effective legal protection for investors in equity crowdfunding,while also facilitating equity crowdfunder financing,promoting the development of equity crowdfunding,and injecting capital vitality into small and medium-sized start-ups is a primary solution.The development of equity crowdfunding in extraterritorial countries is relatively early,and the legislation related to equity crowdfunding is relatively sound.This paper starts from the practical problems of equity crowdfunding investor protection in China,and combines the experience of extraterritorial countries to find out the maintenance of investors and the development of corporate financing.The balance of the parties provides some insight into the legal protection of investors in this area of financing.This article consists of six parts.In addition to the introduction and conclusion,the other four chapters are as follows:The first chapter is an overview of equity crowdfunding.Introduce the basic understanding of the concept,characteristics,and identification of equity crowdfunding in China's theoretical and practical circles;introduce China's development status in this field,different financing methods,and relevant legislative overviews,etc.,by listing equity crowdfunding failures leading investors In the case of no return to the blood,a preliminaryanalysis of the legal deficiencies in investor protection in equity crowdfunding in China.Through the analysis of the crowdfunding project failure of the 36 Kr crowdfunding platform,Chinese investors face financing people concealing real news or publishing false news in equity crowdfunding,equity crowdfunding platform review supervision is not standardized,investors are blind,speculative psychology And other issues.The second chapter is about the legal protection issues faced by investors in this financing field.Based on the analysis of the case,this chapter further concise the legal protection issues faced by Chinese investors in equity crowdfunding.At the legislative level,the concept of equity crowdfunding itself conflicts with the current law,which creates obstacles to the legal protection of investors.At the institutional level,there is a system of credit system for equity crowdfunding financiers in China,a public information platform for public financing platforms,and imperfect regulatory systems.There is a lack of regulation on the blind investment of equity crowdfunding investors.The third chapter is the legislation of foreign countries on the legal protection of investors in equity crowdfunding.Introduce the relevant legislation of the United States,Germany and Japan on the financing field,and analyze the highlights of the three countries in investor protection: establish basic information disclosure obligations in the equity crowdfunding legislation,improve the credit information system,establish investment ceilings,and Strengthen the self-discipline role of relevant industry associations,establish a system of cooling-off period,and regulate the improper behavior of the platform.These legislative experiences provide useful reference for investor protection in equity crowdfunding in China and play an important role in the healthy development of equity crowdfunding in China.The fourth chapter is the legal countermeasures for the legal protection of equity crowdfunding investors in China.Raise countermeasures without damaging the enthusiasm of equity crowdfunders.On the one hand,in response to the problem that the conflict between equity crowdfunding and the current law has caused obstacles to investor protection,it proposes to amend the "Company Law","Securities Law","Interim Measures for the Management of Basic Database of Personal Credit Information" and other laws andregulations to resolve the legality of status.The problem,at the same time the introduction of special management laws,the system provides a legal basis for the protection of equity crowdfunding investors;on the other hand,the construction of a specific legal system: there are specific systems for the pre-examination of the legal protection of equity crowdfunding investors,including The crowdfunding financing market achieves the effect of “good money to drive out bad money”,integrates the equity crowdfunding credit system,establishes a blacklist system,and establishes a cooling-off period system to reduce the investment risk caused by the blind behavior of investors.The income status of the person is set up at different levels;the specific system for the supervision of the legal protection of equity crowdfunding investors is mainly composed of the information disclosure system of the financier,establishing the supervision responsibility of the platform;and the post-relief relief system,which mainly establishes the equity crowdfunding Platform first payment system,set up for investors Right crowdfunding insurance.