Legal System Research On The Information Disclosure Of Equity Crowd-funding

Equity crowdfunding,as a new financing model based on Internet technology,has the innate advantages of inclusive,efficient and low-cost.However,due to the lag of the legal system,there are many legal problems in the actual development of equity crowdfunding.This article is aimed at the legal issues concerning the information disclosure system in the process of equity crowdfunding activities.Through the analysis of domestic judicial cases and the status quo of domestic and foreign legislation,it puts forward suggestions for improvement.The article follows the following lines: The first part introduces the equity crowdfunding and its several typical models,the comparison between equity crowdfunding information disclosure and information disclosure of listed companies,the necessity of equity crowdfunding information disclosure,the focus is on investor protection and The balance between financing costs of financing parties,information asymmetry and the common private equity of equity fundraising and private equity funds are demonstrated.Then,because the National Internet Finance Association of China issued the group standard of "Internet financial information disclosure Internet non-public equity financing" in December 2018,it made specific and detailed provisions on the content of equity crowdfunding information disclosure,so this article only In addition to the content of the supervision,information disclosure methods,responsibility commitment and credit rating mechanism,several dimensions put forward suggestions for improvement.At the level of legal supervision,the lack of supervision and the attributes of equity crowdfunding make the development of financing activities not well regulated.Therefore,based on foreign legislation,we should explore and establish a regulatory model suitable for China's market,such as the “two-line model” of administrative supervision and self-regulation.At the level of the letter-sharing approach,traditional information disclosure such as voluntary disclosure and mandatory disclosure should be established and information disclosure methods combined with online information disclosure such as websites and mobile applications should be established.At the level of legal responsibility,according to the nature of the illegal act and the legal consequences,determine the nature of the legal liability and the way of legal responsibility.In terms of credit rating mechanism,the credit rating mechanism based on the blockchain technology is based on the“leadership-contribution” model,which is also the innovation of the thesis.