Study On Legal Supervision Of Equity-based Crowd-funding Platformin China

With the recovery of the world economy,the promotion of China's entrepreneurial policy,the rapid growth of entrepreneurial financing demand,and the rapid rise of Internet finance,the emerging equity crowdfunding model has quickly broken the boundaries between time and space due to low thresholds and low costs.The general public welcomes.The traditional stock investment method has led to bottlenecks such as high financing costs and quota restrictions.Coupled with information asymmetry,traditional equity investment has low efficiency and cannot meet the financing needs of SMEs(Small and Medium Enterprises).At this time,equity financing crowdfunding has begun to grow,and investors and financiers are increasingly accepting this emerging financing model.This model has improved the dilemma of financing difficulties for SMEs to a certain extent,and has satisfied the capital of enterprises.The urgent need allows them to determine the amount of funds based on their own development needs and external market conditions.The crowdfunding equity financing model can quickly harvest some unused private capital in a short period of time and effectively use it to add new vitality to the capital market.However,due to the lack of legislation on private equity financing in China,stock crowdfunding has begun to decline after the explosive growth of equity crowd funding.The legitimacy of the equity crowdfunding model remains controversial,such as the legal risks of suspected illegal fundraising and illegal public offering of securities,and the risk of investment fraud.This paper takes the supervision of equity crowdfunding platform as the research object,and combines the historical background,domestic situation and foreign legal supervision experience to analyze the "Private Equity Crowdfunding Management Measures(Trial)(Consultation Draft)",and finally proposes legal supervision.Suggestions.This article is divided into five parts:The first part is introduction.This paper introduces the background of selected topics,outlines the purpose,significance,research methods,and the status quo of domestic and foreign research.The second part expounds the concept of equity crowdfunding,focusing on the legal positioning of the crowdfunding equity platform and the theoretical basis and necessity of the equity crowdfunding platform supervision.The third part focuses on the status quo of the legal supervision of the stock fundraising platform.From the actual situation,this paper comprehensively clarifies the current regulatory issues of the equity crowdfunding platform,and then use the "Management Measures" as a research perspective to classify and summarize its contents.Then it analyzed the six main problems currently existing in the Administrative Measures.The fourth part examines the regulatory legal system for US stock crowdfunding.According to the US JOBS Act(Jumpstart Our Business Startups Act),this article outlines the legal policies adopted by the United States in monitoring the equity crowdfunding platform and analyzes its usefulness.The fifth part is to improve the legal supervision of the Chinese equity crowdfunding platform.This chapter is divided into two parts: the upper part discusses the external proposal for the supervision of the equity crowdfunding platform from the perspective of higher law,and the lower part provides the relevant supervision suggestions on the equity crowdfunding platform from the perspective of the equity crowdfunding platform.