| Equity crowdfunding,accompanied by the development of new Internet technology,is an indispensable new way of financing for small and medium-sized micro-enterprises.At present,although China has actively formulated relevant laws and regulations to support the legal operation of crowdfunding,there are still legislative gaps in the protection system of equity crowdfunding investors.It is inevitable for the capital market to solve the problem of protecting the interests of the majority of investors and to construct the unique system of the protection of the interests of the investors of equity crowdfunding in our country.This article is divided into four parts,respectively from the legal positioning of equity crowdfunding,extraterritorial equity crowdfunding investors interests protection system,This paper discusses the dilemma of the protection of the equity crowdfunding investors in China and how to construct the interest protection system of the equity crowdfunding investors in our country.The first part of this paper discusses the legal attribute of equity crowdfunding,and defines the essential attribute of equity crowdfunding.The positioning of the legal attribute of ownership crowdfunding is the foundation and core of this paper.Different legal positioning will affect the choice of investor protection system,which is of great significance for the construction of its system.At present,whether in academia or in practice,there is still a great controversy about this issue.In practice,the regulatory departments tend to consider the ownership crowdfunding as public offering,so it is necessary to regulate it according to the related nature of public offering.Academia,on the other hand,is divided into two points of view: public equity offering and public-private joint stock.According to crowdfunding,most scholars think it is necessary to determine whether equity crowdfunding is a private offering or a public offering.The confusion of public-private boundary of equity crowdfunding leads to the difficult construction of investor protection system.It is necessary to clarify the relationship between the two and give the ownership crowdfunding a clear and clear positioning.By comprehensively comparing the essential difference and nature of public offering and private placement,the author thinks that equity crowdfunding still belongs to the category of private placement,because the traditional dichotomy of the number of people can no longer meet the limits of public and private judgment today.Even though the equity crowdfunding has broken the limit on the number of issuers,it is still facing investors who are still qualified investors From the way of information disclosure,equity crowdfunding is not released by the regulatory departments,but through the platform,these are the essential characteristics of private equity.The second part of this paper combs the legal protection of foreign equity crowdfunding investors.Taking Italy,France,Britain and the United States as examples,this paper introduces their different regulations on the regulation of crowdfunding platform,investor qualification requirements,issuer regulation and investor regulation.By combing the more perfect national protection experience in the development of crowdfunding in Europe and the United States,it can be concluded that the control of crowdfunding platform is the first step to protect investors' interests,and only the access qualification of the platform can be strictly examined.In order to effectively reduce the occurrence of investment fraud;The review of issuers is to protect the interests of investors Second,such an audit is required Double supervision by law and crowdfunding platform;The most important thing to protect the investors' interests is to restrict the investors' own qualifications.Besides the law to clarify the scope of qualified investors,the crowdfunding platform is also required to carry out risk warning to the relevant investors;Finally,regulatory authorities are required to regulate the entire chain of crowdfunding as a last step to protect investors.The extraterritorial ownership crowdfunding investor protection system can provide some enlightenment for the construction of the relevant protection system in our country.The third part of this paper studies the status quo of the protection of the interests of equity crowdfunding investors in China,and discusses the existing problems in China from two aspects: the realistic predicament of investor protection and the lack of legal system.By enumerating some classic cases of equity crowdfunding,the author draws a conclusion that there are some practical problems existing in the activities of equity crowdfunding investment in our country,such as frequent fraud,asymmetric information,difficult to guarantee the income and lack of the way to safeguard the rights.Then through the deep-seated analysis of the practical problems,it is concluded that the fundamental reason why investors' interests are not protected is the lack of legal system,the lack of strict examination of the platform of ownership crowdfunding,and the obligation to disclose information between the sponsors and the platform.It is urgent to perfect the corresponding legal system of our country,such as good,unspecified demand for qualified investors and so on.The fourth part of this paper expounds the author's thoughts on perfecting the interest protection system of equity crowdfunding investors in China.In the fourth part of the article,according to the shortcomings of the current legal system analyzed above,and combined with the positioning of the legal attributes of the ownership crowdfunding,the author puts forward some concrete ideas for the future legislation.In order to our equity crowdfunding investors to protect all benefits.Specifically,the protection of the interests of investment needs to be carried out from the following aspects: first,to establish a platform review system,equity crowdfunding platform as a link between sponsors and investors,the importance of its status is unknown.In order to reduce fraud and investment risk,it is necessary to unify equity Crowdfunding platform approval standards,in advance,in the event,after strict supervision of equity crowdfunding platform.Secondly,it is necessary to design the information disclosure system,and both the promoters and the ownership crowdfunding platform should undertake the obligation of information disclosure.For the promoters,the main task is to ensure the authenticity of the project and to inform the investors of the progress of the project in time.For equity crowdfunding platform,the sponsors should be reviewed and timely disclosure of relevant information to investors.Third,it is necessary to identify qualified investors.In addition to formulating entry thresholds and procedures for net assets in line with China's economic level,it is even more necessary to set up investors' graded investment quotas,in accordance with different economies.The level of investment in a single project and annual cumulative investment to limit the amount of investment to prevent blind investment.Fourth,it is necessary to perfect the corresponding exit mode as investment guarantee,provide investors with the platform of transaction and professional intermediary institutions to help enterprises to acquire and buy back.Fifth,it is necessary to clarify the regulatory authorities,the ownership crowdfunding into the existing regulatory system,designated regulators as the last protection of investors' rights. |
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