众筹融资过程中存在诸多信息失灵问题，造成交易双方在判断能力、谈判能力等方面的不对等，不仅违反“意思自治、平等和诚信”等基本原则，而且可能因逆向选择和道德风险引发“劣币驱逐良币”效应，导致众筹市场的消亡。市场自身无法解决信息失灵问题，需要制度克服，路径包括公权力的强制介入，对双方权利、义务和责任的重新分配，实现双方地位的实质平等，或者通过冷静期、担保等制度设计达到上述目的。%The information failure during the process of crowd-funding may result in the inequality of judgment abili-ty and negotiation ability between dealers, which not only violates the basic principle of “autonomy, equality and good faith”, but also may lead to “bad money drives out good money” effect due to adverse selection and moral risk, leading to the demise of the crowd funding market.The market itself cannot solve the problem of information system failure, which needs the institution to overcome.The overcoming path includes the compulsory intervention from a public power, the re-assignment of the rights, obligations and responsibilities of dealers involved, the realiza-tion of substantive equality for both parties, or achieving the above purposes through the institutional design for calmness period and guarantee.
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