The equity-based crowdfunding, a form of Internet financial innovation model, is an important complement to the traditional financing way, to broaden the micro-, small-and medium-sized enterprises financing channels, improve the multi-level capital market, support innovation entrepreneurship, promote economic structure transformation and so on. All this is of great significance. However, because of the lag of legislative work, its development in our country is hindered in China. Equity-based crowdfunding goes beyond the legal structure and regulatory framework of China's traditional financing methods, and faces many risks in development. It is easy to fall into the risk of illegal fund-raising and illegal public offering, and improper operation will cause losses to the participants. In the future, the legal risks faced by equity-based crowdfunding can be reduced through measures such as building a funder protection mechanism, strengthening investor rights protection and clarifying rights and obligations of equity-based crowdfunding platform.%股权众筹作为互联网金融的一种创新模式,是对传统融资方式的重要补充,对拓宽中小微企业融资渠道、完善多层次资本市场、支持创新创业以及推动经济结构转型等有重要意义,但因立法工作滞后,导致其在我国发展受阻.股权众筹超越了我国传统融资方式的法律结构和监管框架,在发展中面临着诸多风险,且极易陷入非法集资、非法公开发行等风险之中,运作不当将会给各方参与主体造成损失.今后可通过构建融资者保护机制、加强投资者权益保护以及明确股权众筹平台的权利义务等举措,减少股权众筹所面临的法律风险.
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