Equity Crowdfunding Supervision Dilemmaand Its Path Choice

The rapid development of Internet financial innovation has impacted the existing financial formats and financial institutions,and challenged traditional financial regulation.How to define the boundary between supervision and innovation and promote the benign interaction between the two,rather than passively relying on the traditional regulatory path or inhibiting innovation,is the key to establishing a long-term regulatory mechanism.As one of the typical representatives of Internet finance,equity crowdfunding is relatively a field in which the development of Internet finance in China has experienced less problems and relatively stable growth.This article takes equity crowdfunding supervision as the research object,and helps to observe the response of China's Internet financial supervision to financial innovation from an objective standpoint.The main body of this paper is divided into five chapters.The first chapter introduces the background and research significance of this paper.It points out that equity crowdfunding is a new financing channel for start-up enterprises and small and micro enterprises.It is of great theoretical and practical significance to study its supervision mode.The second chapter discusses the risks and challenges of equity crowdfunding model on the impact and challenges ofChina's supervision,emphasizing the necessity of effective and appropriate supervision in its development.The third chapter is the combing of China's equity crowdfunding policy guidance and supervision ideas.The equity crowdfunding supervision model repeats the typical Internet supervision path in China,that is,“develop first,then regulate”.The fourth chapter is the summary and reflection of the equity crowdfunding supervision mode.Through the analysis of the special risk remediation action of equity crowdfunding and the test of the non-public equity financing experiment scheme of the Internet,combined with the current situation of the equity crowdfunding industry,this paper reflects on the limitation of the traditional supervision path,and puts forward the necessity of the innovation of the supervision mode.In the fifth chapter,through the analysis of the capital market positioning of equity crowdfunding,it is proposed to be compatible with financial innovation and financial supervision through the innovation of supervision mechanism.According to the theoretical results of “supervisory sandbox”,it is proposed to introduce “supervisory sandbox” in the construction of equity crowdfunding supervision system.