The Legal Protection Of Investors On Equity Crowdfunding Investment

Equity crowdfunding is a kind of crowdfunding behavior,which refers to the financing system in which corporate financiers release financing information to the public and promise to take equity as return.From the perspective of the behavior pattern of equity crowdfunding,its essence is a kind of public securities issuance behavior.As the investors of equity crowdfunding are public investors,it is easy for them to fall into huge investment risks due to lacking of professional knowledge and risk awareness.Therefore,the establishment of a sound protection mechanism for investors' rights and interests is of great significance to the healthy development of equity crowdfunding.In the first chapter of this article,under the background of the classic equity crowdfunding paradigm of the film called The Return of the Journey to the West,we combined the analysis of the judgment of the case named as China's equity crowdfunding first case and then explained the research background and significance of the equity crowdfunding investor rights protection system and the research status of other countries(mainly the United States),and summarized the research methods and deficiencies.In the second chapter,we proposed the protection of the rights and interests of equity crowdfunding investors and mainly focused on the development of equity crowdfunding in China after its introduction from abroad,and then concentrated on the mainstream operation mode of equity crowdfunding,namely "leading investment + follow-up investment".At the end of this chapter,the importance of investor rights protection in equity crowdfunding is elaborated.The third chapter mainly analyzed the risks faced by investors in equity crowdfunding in China,from the perspectives of imperfect policies and regulations,information fraud of financiers,risk of platform obligation fulfillment,weak risk identification ability of investors,and fund depositary risk and exit risk in equity crowdfunding.In order to prove the author's point of view,we analyzed the “dispute case of intermediary contract between Li Qingbo,Meng Xianhu and the original association platform ”in June 2018 from multiple perspectives,and explained the risks of financiers and platforms in detail.We had a detailed investigation of Exemption system for small-amount securities issuance which was issued by the US securities law in 1933,the JOBS act and regulations and the raise of the suggests the exemption system in the fourth chapter.,From the perspevtives of the raise of legislation system construction in the US,we summerized the better specification for protection of the rights and interests of investors,as equity raise legislative Suggestions of the enlightenment to our country.In the fifth chapter,we mainly introduced the system design of the protection system for the rights and interests of China's equity crowdfunding investors.It tries to achieve the purpose of protecting the rights and interests of equity crowdfunding investors from the system construction of the financiers,intermediary platforms and investors.Specific system suggestions include the following aspects:At the level of financiers,it is suggested that the qualification of financiers should be limited,the issuing behavior of financiers should be required,and the financiers should fulfill more comprehensive information disclosure obligations.At the investor level,it is suggested to define the "qualified investors" and improve the investors' access threshold.For the platform level,it is required to improve the access conditions of China's equity crowdfunding platform.