Research On The Legal Regulation Of Equity Crowdfunding

Equity-based crowdfunding,as a new way of capital raising based on the Internet,provides a new financing mode and road for small and medium-sized enterprises.Based on the analysis of the production logic of equity-based crowdfunding and the regulations of American "JOBS act" and SCE "crowdfunding regulation",this paper believes that the fundamental reason for the double chaos of equity-based crowdfunding in theory and practice is that there is no distinction between public offering and private offering for equity-based crowdfunding.Different rules should be set for the two equity-based crowdfunding models.Private equity crowd-funding is the issuance mode of private equity crowd-funding allowed in China at the present stage.It is necessary to clarify the significance and role of private equity crowd-funding,remove unreasonable restrictions on private equity crowd-funding.In terms of the system design of public equity crowd-funding,the core problem lies in the establishment of the exemption mechanism of small investment.In addition,legal regulations should be made to limit the investment amount of public equity crowd-funding and the rights and obligations of crowd-funding platforms.