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Research On The Regulation Of Equity Crowdfunding In China

Posted on:2021-05-01Degree:MasterType:Thesis
Country:ChinaCandidate:D ZhaoFull Text:PDF
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Equity crowdfunding is the product of financial innovation through the development of Int ernet technology.It provides financing channels and transformation for small,medium,and mi cro-startups.Equity crowdfunding effectively solves the conflict between financing difficulties and expensive financing for SMEs,which also enriches investment channels.It is called the "ne w five boards" of the initial capital market,perfecting the gradually multi-level Chinese capital market.Equity crowdfunding poses great challenges for regulation.First of all,equity crowdfundi ng is more difficult to develop due to the constraints of the existing legal framework.Whether t o make special legislation for equity crowdfunding has become a difficult problem in China's s upervision.Secondly,equity crowdfunding will spread the risk among the public.Imperfect su pervision will likely lead to systemic financial risks,and serious cases may lead to financial cri ses.Therefore,a well-designed supervision system is of great importance.Finally,the problem of information asymmetry in equity crowdfunding is relatively large,and adverse selection is p rone to lead to the "lemon market." Regulatory-oriented supervision has become the basis for th e healthy development of the equity crowdfunding industry.There are still many problems in China's current equity crowdfunding regulatory policies.For example,the lack of regulatory policies,the higher threshold requirements for qualified inv estors and the imperfect information disclosure system will all hinder the healthy and sustainab le development of the industry.Therefore,studying the existing problems in the supervision of equity crowdfunding in China can effectively improve the regulatory regulations of the equity c rowdfunding industry,promote the development of the industry,build a multi-level capital mar ket in China,and promote the market environment for innovation and entrepreneurship in Chin a.At present,compared with other Internet financial products,such as P2 P and third-party pay ment supervision research,there are relatively few scholars in China on the research of equity c rowdfunding supervision.At the same time,most scholars study the supervision of equity crow dfunding from a legal perspective and ignore the financial essence of equity crowdfunding.Based on the financial attributes of equity crowdfunding,this paper studies the regulatory issues of equity crowdfunding in China.In addition to the introduction,this paper first analyzes the concept,characteristics,operating mechanism and risks of equity crowdfunding as a financ ing model,and supplements the regulatory theories related to financing characteristics of equity crowdfunding,including information asymmetry theory,incentive compatible regulatory theor y and game theory,etc.By constructing a game model of equity crowdfunding financing super vision,it explores its game mechanism which effectively supplements the theoretical basis of the regulatory system.Secondly,this article analyzes the current status of China's equity crowdfu nding supervision,including China's equity crowdfunding of "public" and "private" dichotomy supervision logic,as well as the status of participants and information disclosure system.In add ition,combined with the current regulatory characteristics,this article explores the regulatory is sues of equity crowdfunding in China,including inadequate regulatory policies,higher standar ds for qualified investors,looser qualification review systems for financiers,and incomplete inf ormation disclosure systems.By analyzing and understanding the difficulties in the supervision of equity crowdfunding in China can effectively develop a regulatory mechanism for equity cr owdfunding.Moreover,this paper studies the relevant regulatory policies of countries with mor e developed overseas supervision based on the existing problems.Through analysis and compa rison of foreign supervision experience,China's supervision could gain some inspiration,includ ing a complete supervision system,differentiated body supervision and flexible information dis closure system.Finally,this article puts forward suggestions to improve China's equity crowdfu nding supervision policy.
Keywords/Search Tags:Equity Crowdfunding, Internet Finance, Regulatory Sandbox, Information Asym metry, Dynamic game
PDF Full Text Request
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