Research On The Operation Mechanism Of Internet Equity-based Crowdfunding

After the subprime mortgage crisis in the United States,the small and medium-sized start-ups,which had been faced with financing difficulties and expensive financing,suffered even worse.Therefore,it is urgent to explore new financing mode for small and medium-sized entrepreneurial enterprises.In the United States,where the capital market is highly developed,the birth of Internet equity-based crowdfunding is like a fish in water.It has not only been sought after by many small and medium-sized entrepreneurial enterprises,but also been strongly supported by relevant government departments in the United States.The emergence of equity-based crowdfunding provides an alternative financing channel for small and medium-sized enterprises facing financing difficulties and expensive financing.In recent years,Internet equity-based crowdfunding has developed rapidly in China,and its future development path is very broad.However,compared with the mature Internet equity-based crowdfunding market in the United States,Britain,Japan and other countries with relatively developed capital market,China's Internet equity-based crowdfunding still needs a long way to go.First of all,through the collection,reading and analysis of domestic and foreign Internet equity-based crowdfunding operation mechanism,operation mode,laws and policies and other relevant literature,this paper summarizes the successful experience abroad and domestic development problems.After that,it analyzes the operation mechanism and effect evaluation of the equity-based crowdfunding platform of Jingdong Owner.Through the analysis,it is found that Jingdong Owner not only plays the role of an Internet financing intermediary,but also deeply participates in the whole process of project financing and entrepreneurship growth.In addition,Jingdong Owner's strict project screening mechanism and risk control mechanism improve thesuccess of the project on the one hand On the other hand,it also helps investors reduce the risk.In view of the problems found in the above research,Based on the successful experience of JD owner and the laws and policies of equity-based crowdfunding at home and abroad,this paper designs an effective equity based crowdfunding operation mechanism for China,including actively promoting the revision of securities law,exempting small amount issuance of equity-based crowdfunding,introducing technology business incubator independent of equity-based crowdfunding platform,setting up blind evaluation mechanism for venture capital projects,and formulating qualified investor system specifically applicable to equity-based crowdfunding.Finally,this paper forecasts the future development of equity-based crowdfunding in China and analyzes the development trend of Internet equity-based crowdfunding in China.