本文针对股权众筹在我国发展存在的法律和监管问题,基于互联网众筹“开放共享”和“小额多人”的本质,深入探讨股权众筹的立法定位和监管理念,并以此为基础提出对股权众筹的立法供给和制度构建框架,包括建立公开发行小额豁免机制等三项主制度、健全信息披露和数据报备等三项配套制度、倡导“领投+跟投”等三项市场化机制、构建严密协调的三维立体监管架构等,为推动股权众筹发展提供切实可行的系统性政策建议。 This article focuses on the legal and regulatory issues of the development of equity crowdfunding in our country. Based on the essence of Internet crowdfunding, “open sharing” and “small multiplayer”, this paper discusses in depth the legislative position and regulatory concept of equity crowdfunding On the basis of this, this paper puts forward the legislation system of supply of crowdfunding for equity and the framework of system construction, including the establishment of three major systems such as the small-sum exemption mechanism for public offering, the improvement of three supporting systems such as information disclosure and data reporting, Follow the three market-oriented mechanisms, such as building a closely coordinated three-dimensional regulatory framework for the development of equity crowd-funding to provide practical and systematic policy recommendations.