Research On The Information Disclosure System Of Equity Crowdfunding In China

As the product of financial innovation,equity crowdfunding provides a convenient and efficient financing way for small and medium-sized enterprises,but also challenges financial stability.Equity crowdfunding is based on the characteristics of the Internet which aggravate the information asymmetry in the equity crowdfunding market,but the current legislation has not yet appeared related laws and regulations to effectively regulate the equity crowdfunding of information disclosure.There is a significant difference between equity crowdfunding and traditional securities issuance,and the information disclosure cost set in the securities law is overburdened for equity crowdfunding financiers,so the information disclosure system suit equity crowdfunding should also be constructed in a special way.In view of this,this paper focuses on effectively regulating the information failure in the equity crowdfunding market,taking into account the guarantee of financing efficiency,and probes into the construction of the information disclosure system of equity crowdfunding.Firstly,the first chapter analyzes the theoretical basis of the information disclosure of equity crowdfunding in China.This paper mainly combs the definition and expression of equity crowdfunding by experts and scholars,and points out the contradictions between the existing legal documents on the definition of equity crowdfunding,and on this basis,gives its own definition of equity crowdfunding,thatequity crowdfunding is the use of the Internet for small equity financing activities,which is characterized by "public" and open.Then,through the theory of information asymmetry and the effective market hypothesis,the construction basis of information disclosure system in equity crowdfunding is analyzed on the theoretical level.And then,the paper expounds that the information disclosure system can protect investors while promoting the allocation of resources in the equity crowdfunding market,and establish a theoretical foundation for the following expansion.Furthermore,the necessity of constructing the information Disclosure system lies in: firstly,the current legislation does not have the laws and regulations which are effectively referenced in the information disclosure in the equity crowdfunding.Second,the financing party in the equity crowdfunding is mostly small and micro enterprises,which is difficult to bear the harsh cost of information disclosure,the information disclosure rules in the securities law will add serious shackles to the equity crowdfunding financiers,which is contrary to the significance of the existence of equity crowdfunding itself.Third,the information disclosure system in the equity crowdfunding has its special consideration factors,including relying on the characteristics of the Internet,how to set up the disclosure obligation of the equity crowdfunding platform securely,and how to balance the financing efficiency and financing security.Next,through combing the current legislation,and in combination with the practice analysis,it is pointed out that the actual predicament of information disclosure in equity crowdfunding mainly includes the narrow scope of the subject of information disclosure obligation,the vague content and standard of information disclosure,and the lack of liability mechanism for information disclosure.Finally,on the basis of the provisions of the extraterritorial information disclosure system of equity crowdfunding,this paper gives the concrete scheme of optimizing the information disclosure system in our country: first,clarify the subject of obligation,to establish the obligation subject of equity crowdfunding information disclosure,including equity crowdfunding financing party,crowdfunding platform and lead pitcher.Second,in terms of content,according to the financing amount of equity crowdfunding set up the standard of hierarchical information disclosure,and innovateto put forward the special rules of equity crowdfunding information disclosure requirements.Third,the responsibility aspect,combined with the characteristics of equity crowdfunding itself,expounds the nature of liability,the principle of imputation and the mechanism of responsibility sharing of the financier and the equity crowdfunding platform in violation of the obligation of disclosure.Four,improve the information disclosure credit rating system,establish the credit rating mechanism of the equity crowdfunding platform,implement the discredited punishment mechanism,connect various credit data channels to achieve,enhance the trust between the financier,equity crowdfunding platform and investors,and disperse the risk of equity crowdfunding financing.This paper deeply explains the necessity of information disclosure system in equity crowdfunding,and probes into the construction path of the legal system of equity crowdfunding information disclosure,in hope to provide guidance for the market's development.