Research On Information Disclosure System Of Equity Crowd-funding

Equity crowd-funding is an emerging financing method for Internet finance.Its "open,mass,small amount" characteristics not only satisfy the financing needs of small and micro start-ups,but also enrich the investment channels of ordinary investors.Equity crowd-funding is still in the development stage in China,and it still needs continuous improvement.In particular,the risk of information asymmetry and the risk of commercial fraud caused by the imperfection of the information disclosure system directly harm the vital interests of investors and even affect the future development of the equity crowd-funding market.This paper mainly draws on the legal system of information disclosure in the United States,Japan and other countries,combined with the problems in the development of China,puts forward suggestions on the construction of the equity disclosure information disclosure system in China,protects the legitimate rights and interests of investors and reduces the financing costs of financiers.Find the balance point.This article is divided into four parts:The first part is about the legal analysis of equity crowd-funding information disclosure.Equity crowd-funding information disclosure should focus on investor protection,investors are the only rights subject,and financiers,equity crowd-funding platforms and lead investors are the subject of obligations.Establishing an equity crowd-funding information disclosure system is in line with a fair value orientation,the legal value of the protection of the weak,the relevant theory of protection of the right to know,and the legal concept of balance of interests;information disclosure should follow the principle of combining fairness and efficiency,mandatory and voluntary disclosure,the principle of timeliness,and the principle of unity and flexibility.The second part introduces the legislative status of information disclosure of equity crowd-funding in China.Up to now,China Securities Industry Association and Internet Finance Association have successively issued normative documents on information disclosure,but only clearly defined the information disclosure obligations.As for disclosure There are no specific rules on scope,content and procedures.At the same time,as an industry self-regulation,its legal effect cannot be compared with laws and regulations.Analyze the real dilemma of the development of China,s system,including:information asymmetry;insufficient competition between financiers and equity crowd-funding platforms;and the impact of equity crowd-funding natural attributes.The third part analyzes the main defects of the information disclosure system of equity crowd-funding in China,including the single subject of information disclosure;the content of information disclosure is too general;the effective responsibility mechanism is not established;the channels for investors to obtain information are not smooth.The fourth part,in view of the shortcomings of the above four aspects,through the experience of the United States and Japan,combined with the typical case of equity crowd-funding in China,put forward suggestions on the establishment and improvement of China's equity crowd-funding information disclosure system:expand information disclosure The scope of the main body,increase the crowd-funding platform and the lead investor as the main body of information disclosure;refine the information disclosure content,establish a hierarchical information disclosure system;establish an inappropriate responsibility mechanism for information disclosure;improve the right of equity crowd-funding investors' inquiry and auditing rights,Establish information credit mechanism,appropriately reduce the market access threshold for volunteers,and expand channels for investors to obtain information.