Research On The Regulation Of Investment-type Crowdfunding Information Disclosure

The promulgation of the new "Securities Law" in March 2020 further clarified the information disclosure responsibilities of listed companies,increased the punishment of those responsible for violations of information disclosure obligations,and provided opportunities for establishing investment-type crowdfunding information disclosure regulations.Investment crowdfunding,as a rookie of internet finance,has gradually become a financing tool favored by the majority of financial financiers,but the lag in legislation has caused investment crowdfunding platforms to grow rapidly and savagely,and many platforms have run away due to large bad debts.The imperfection of investment crowdfunding legislation further exacerbates information asymmetry,which not only prevents investors from turning away the fog and halo of investment crowdfunding,but also increases the risk of financial market risks.The dilemma of investment crowdfunding information asymmetry and the current state of investor protection have put forward an urgent need for a sound investment crowdfunding trust system.By comparing the development and countermeasures of investment crowdfunding information disclosure systems in the United States,Britain,and Japan,and combining the current status of information disclosure in the Internet financial industry in China and the specific practices of information platform investment disclosure,this paper proposes solutions to investment crowdfunding information.Asymmetry and the preferred method of protecting crowdfunding investors-strengthening information disclosure regulations and perfecting letter supervision.Specifically,it includes the following four aspects: standardizing the subject of information disclosure obligations,complete letter content and letter exceptions,strengthening letter supervision systems,and improving letter liability systems.In the case that the existing legal system cannot provide investment crowdfunding with the correct standards,the establishment of an information disclosure system focusing on the above four aspects can make up for legal gaps and enable financiers and investors to participate in situations where information is as symmetrical as possible.Internet finance will curb the occurrence of moral and legal risks,and then promote rational financial investment.By protecting the interests of financiers and reducing their information disclosure costs,more enterprises will participate in crowdfunding in a rational and orderly manner,and ensure the stable development of financial markets.