Research On The Legal System Of Information Disclosure In China’s Equity Crowd-funding

Equity-based crowd-funding is an important means of financing for small and medium-sized enterprises by giving up a certain proportion of shares to investors or ordinary people.A portion of this as a consideration for the support of funds,and investors will get the corresponding consideration of options,also known as the "private equity of the Internet." On the one hand,equity-based crowdfunding can improve financing efficiency and encourage investors to make full use of idle funds to participate in the market.On the other hand,equity-based crowdfunding can change the financing difficulties faced by enterprises and is conducive to the development of enterprises.In terms of the current situation,the risks of equity-based crowdfunding are also obvious.Traditional securities information disclosure regulation,anti-fraud,investor suitability and other measures are not enough to deal with the legal problems brought by equity-based crowdfunding.There are information asymmetry,unfair transactions,illegal fund-raising,contract fraud and other situations.In order to avoid the occurrence of the above situation,our country law stipulates clearly the responsibility of information disclosure,but this kind of responsibility is unfavorable and exorbitant,its cost is direct ratio between input and information disclosure,the greater the obligation to the high cost of the high-risk,based on this consideration,set appropriate and reasonable for disclosure obligation is most appropriate.The first part of the introduction studies the development and background of equity-based crowd-funding and information disclosure system in China,combs the research status of equity-based crowd-funding information disclosure system at home and abroad,and presents the research content,methods and innovation points of this paper.The second part analyzes and studies the current situation and problems of the information disclosure system of equity-based crowdfunding in China.This paper analyzes the current situation from four aspects: content,function orientation,relief mechanism and accountability mechanism,and deeply demonstrates the implementation of the subject,content,investment risk,platform rights and obligations and responsibility system in the obligation of information disclosure.The third part makes a legislative comparison of equity crowd-funding information disclosure system from different perspectives of common law system and civil law system.Combined with the national conditions and the premise of market economy,it analyzes the gatekeeper complementary rule,multilateral mutual recognition mechanism and JOBS act in Britain.The fourth part puts forward suggestions on improving the information disclosure system of equity-based crowdfunding in China.In particular,suggestions are put forward in many aspects,such as clarifying the supervisory subject and the division of responsibilities,establishing a social credit system,clarifying the diversification of the subject of information disclosure obligation and setting the level obligation of disclosure content.