The Comparative Study Of Chinese And American Equity Crowdfunding

The ownership of the fund is a new way of financing,which refers to the project sponsors through the public platform to the public investors to promote the project,and agreed to obtain the equity as a public investor returns to raise funds to raise financing behavior.Since its inception in 2011 in the United States,this new financing model quickly copied around the world.China's equity development in the past two years to quickly keep up with the United States and other developed countries,the pace of development,which on the one hand benefited from the Chinese Internet industry finishing technical level of development;the other is by China's investment and financing of the urgent market Driven by demand.But with the United States has a JOBS Act is different,China's relevant legal provisions are still in the stage of exploration and discussion,which is bound to the development of equity industry to bring serious uncertainty,industry companies and investment and financing are the same Faced with great legal risks.To this end,this article will proceed from the concept of equity ownership,study its characteristics and legal attributes,combined with the relevant US legislation,the two countries on the equity of the relevant legal provisions of a comparative analysis to find our legislation and practice in the shortcomings and shortcomings,to find the need for improvement,and in the final for different subjects were given the relevant recommendations.The article is divided into four parts to compare the legal provisions of the Chinese and American equity firms:The first part mainly introduces the concept,characteristic and meaning,and introduces the ownership.This section begins with the concept and characteristics of the chips,introduces the basic concepts of the various chips and the equity,in order to clarify the difference between the equity and other fund-raising modes.Then,the introduction of the equity process is introduced.All the participation of the main body,including the financing,the public platform,investors,and the specific process made a detailed introduction.The second part mainly compares the legislation of China and the United States in the aspect of equity crowdfunding,and compares them from financier,crowdfunding platform and investor respectively.In terms of equity crowdfunding,the access conditions,disclosure obligations and disclosure requirements of the major two countries are compared.In terms of crowdfunding platform,the establishment conditions,information disclosure obligations and due diligence provisions of major crowdfunding platforms,Finally,the legislative provisions on the investor side compare the provisions of the two countries regarding the eligibility of investors with the provisions on the protection of investors.After a comparative analysis,a brief summary of the problems and the need to learn from the direction and content.The third part is based on the above comparative analysis of the legal provisions between China and the United States,and then to study in depth the legislative issues of the three parties in the equity crowdfunding.By studying its causes,we can deeply analyze the main problems that our country currently faces in the legislation of equity crowdfunding and what defects exist.The fourth part is to give suggestions on how to perfect the legal system of crowdfunding in equity in China.Relevant suggestions are carried out by three parties,namely financier,crowdfunding platform and investor.For financiers,it is mainly the establishment of a system of small-sum issuance exemptions that allow publicly-funded financing of eligible shares;the second is a proposal on crowdfunding platforms such as how to strengthen supervision and self-regulation of industries and build a system of intellectual property protection,Thus reducing the risk of equity crowdfunding and financing,and protecting the interests of financiers and investors.Finally,on the investor side,setting up a relief mechanism for investors' special rights and how to introduce thirdparty fund trusteeship agencies so as to reduce the capital risk of investors,Protect the interests of investors.