做為互聯網金融的創新模式之一，股權眾籌打開了股權融資的大門，為創新創業者和小微企業提供了新融資管道。本文發現中國大陸的股權眾籌融資面臨著諸多法律困境：平臺的法律定位不明、主體權利義務不清、欠缺防止欺詐和違約的有效機制等，難以保護投資者。因此本文借鑒股權眾籌合法化的美國、台灣、英國、法國、德國、義大利與芬蘭等境外經驗，針對中國大陸的股權眾籌的未來修改建議，提出兩大機制規劃與六個具體精進方向。兩大機制規劃為構建本土化的股權眾籌豁免機制與構建股權眾籌平臺的「寬進嚴管」機制。主要建議有：第一設立專門的「股權眾籌互聯網市場」做為「五板市場」，通過開展股權眾籌融資試點，將股權眾籌平臺做為新的法律主體納入中國大陸多層資本市場；第二是監管層面：以「寬進嚴管」為理念，對股權眾籌平臺實行適度的監管，明確股權眾籌平臺的市場准入標準和業務經營範圍。結合行業自律等私法自治，向平臺過渡部分監管職責，即對投資者適格性和投資上限進行形式審查，引導融資者進行層級性的資訊揭露，從而推動整個股權眾籌行業有序地、健康地發展。

Being one of the Internet Financial innovative pattern, Equity-based Crowdfunding has outstanding characteristics of Inclusive Finance, as it opens the equity financing door for the public, especially for innovative entrepreneur and those small and micro businesses. However, due to law restriction at present, the development of Equity-based Crowdfunding still face many legal dilemma, the current law restricts the development of Equity-based Crowdfunding, making it face many legal dilemma: The unclear legal status of the platform, The uncertain rights and obligations of main body, the lack of effective mechanisms to prevent fraud and breach of contract. Therefore, it’s hard to protect investors. In order to standardize the development of Equity-based Crowdfunding, based on the experience of overseas such as the United States, Taiwan, Britain, France, Germany, Italy and Finland, this article offers two mechanisms and six specific directions as suggestions. The two mechanisms will set up the exemption of localization Equity-based Crowdfunding and establish the concept of “Easing entry barriers and strict supervision”. Besides, it is important to implement appropriate regulation for Equity-based Crowdfunding platform, and make clear what the market entry standard is and what the scopes of business are. At last, combined with self-discipline, it can share some regulatory responsibilities with the platform, set up the eligibility for investors and investment ceiling, guide the investors to disclosure news and information. Hence making contribution to the healthy development of the Equity-based Crowdfunding industry.