The Experience of American Equity Crowdfunding Investors' Protection and Its Enlightenment to China
股权众筹起源于美国,在我国也有了相当的发展。为了保护众筹投资者的利益,美国根据其证券法等基本法律建立了较为完善的制度,主要是通过规范众筹平台、发行人及投资人的行为来保护投资者的利益。我国虽然制定了有关股权众筹的一些法规,但是这些规范在保护投资者方面存在没有规定资金由第三方托管制度、投资者的撤资权、领投人的资格要件及对投资者的限定较为严格等不足。我国应当借鉴美国的经验,完善相关制度。Equity crowdfunding originates from the United States and is developing well in China. The US government has already adopted comparatively perfect rules which mainly regulate platforms,issuers and investors' behaviors based on Securities Law in order to protect investors. Though it has laid down some rues of regulating equity crowdfunding in China,there existed some problems of no relative rules of the Escrow,investors' divestment right,the Lead Investor's qualification and limitations to investors. So China should improve relative system of regulating equity crowdfunding by learning from the US law.