Legal Research On The Protection Of Equity Crowdfunding Investors In China

With the development of the financial market,equity crowdfunding and the Internet have come into direct contact,which has gradually attracted public attention and brought considerable benefits to both small and micro enterprises and investors.However,the power of the Internet has led to the emergence of some chaotic situations,the interests of investors are in danger zone,and there is a gap in the design of corresponding legal protection system,so it is of great significance to explore the protection of investors' interests in equity crowdfunding.Using literature analysis,comparative analysis,statistical analysis of research methods,the connotation and characteristics of the suggests to equity under the premise of effective interpretation,sums up out our country raise investor protection at stake in the existence of loopholes,draw lessons from foreign corresponding module protected mode,build a stake in the raise investor protection system with Chinese characteristics.In China,equity crowdfunding is defined as the activity that companies sell a certain proportion of shares to ordinary investors through the Internet form,and investors obtain future earnings by investing in companies.As a financing mode different from ordinary ones,it has its unique characteristics of low threshold,openness,popularization,networking small amount transaction.After expounding the intermediary legal relationship and principal-agent relationship among financiers,investors and equity crowdfunding platforms,combining with the information asymmetry theory and the theory of faith in economic law,it is concluded that investors are in a weak position in transactions.Financiers and equity crowdfunding platforms must undertake the legal obligations of information disclosure,platform audit and supervision,and from the perspective of legislation and allocation Set of relief measures to build a special investor protection mechanism to achieve the goal of fair value.Based on the investigation of the legislative dynamics and typical cases in the social practice of the protection of equity crowdfunding investors in China,it is found that there are many problems,such as the improper access standards of investors,the limited exit mode,the lack of information disclosure system,the single legal supervision of the platform,and the lack of investor relief system.After mainly discussing the relatively complete system innovation of France,Germany,Britain and the United States,it concludes that China needs to follow the basic principles of system reference and localization to improve.On this basis,from the perspective of investors,this paper expounds how to appropriately expand the number of investors' access and limit the amount of investment,build a docking mechanism of equity crowdfunding + the new three board,and formulate the next round of financing exit rules;from the perspective of financiers and equity crowdfunding platforms,this paper clearly explains the information disclosure obligations,platform audit obligations and regulatory subjects Finally,it explores the multiple solutions of investor relief,including the buffer period and the setting of investor protection fund,the application of complaint channels and online arbitration,to comprehensively protect the legitimate rights and interests of investors.