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从实践的角度来看,目前中国的平台股权主要是共同投资模式,最有代表性的是天使交易所。天使汇甚至与一些机构联合发布了《中国天使众筹领投人规则》,建立了“领导+投票”机制,即合伙模式。然而,合伙模式也有其缺陷,在这种模式下,投资如何保护小投资者是非常重要的。特别是目前的信托机制不完善,投资领域的投资,平台和融资各自的法律责任没有明确的定义,一旦领导和融资方面的欺诈情况出现,投资难以合理保护,因此探讨股权众筹的运作模式成为必不可少的内容。
From a practical point of view, the current platform equity in China is mainly co-investment model, the most representative is Angel Exchange. Angel Exchange even with some agencies jointly issued the “rules of China’s angel crowdfunding collar investment”, established a “leadership + voting ” mechanism, that partnership mode. However, the partnership model also has its drawbacks. In this model, it is very important that the investment protects the small investors. In particular, the current trust mechanism is imperfect. The respective legal liabilities for investment, platform and financing in the area of investment are not clearly defined. Once fraud in leadership and financing occurs, it is difficult to properly protect the investment. Therefore, exploring the mode of operation of equity crowdfunding becomes Essential content.