Nowadays,small and medium-sized enterprises financing difficult problem restricts the development of the national economy.Equity crowdfunding as a new kind of Internet financial mode,with its low cost of financing,the advantage of high efficiency to alleviate the problem.however,the equity crowdfunding is a double-edged sword,it has faced at the expense of the investor protection and achieve low cost and high efficiency financing question.If without regulation,equity crowdfunding will pose a threat to national and local financial security,the property of the investors interests will be damaged.The article from the perspective of the regulation equity crowdfunding,based on the analysis of features of all the equity crowdfunding connotation,on the basis of the present situation of our country the equity crowdfunding supervision and draw lessons from foreign equity crowdfunding supervision legal system,trying to build China’s equity crowdfunding regulation legal system theory model,and puts forward for equity crowdfunding regulation should adhere to the waiver is given priority to,supplemented by necessary regulatory thinking,realize to protect the interests of investors and improve the balance of the financing efficiency of the two.The paper is divided into five chapters on China’s equity crowdfunding in the regulation and analysis on the legal issues and research:The first chapter is the introduction part.Elaborated the paper selected topic background,and equity crowdfunding in the related literature both domestic and overseas for a collection and analysis,and put forward research methods and objectives of this paper.The second chapter is about the defining on China’s equity crowdfunding,detail introduce the operation of equity crowdfunding,all the parties involved in the legal position,and analyzes the operation mode of the equity crowdfunding,and summarize the characteristics of equity crowdfunding.The third chapter analyzes China’s equity crowdfunding regulatory practice,points out that China’s equity crowdfunding of the present status of the regulation,its legitimacy is faced with alleged illegal financing,in violation of the existing legal risks of securities for publicissuance;And focuses on analyzing China’s equity crowdfunding exist in the process of operation such as lack of industry admittance threshold,imperfect information disclosure,encounter fraud,and concrete problems such as lack of investor protection mechanism.Chapter four for the legal regulation and revelation of overseas countries such as United States and Italy.For example in this paper,the its appropriateness in investors,platform,regulatory,publisher of qualifications,the similarities and differences in investor protection,and combined with the specific national conditions in China,for China’s equity crowdfunding of regulation provide reference and enlightenment.The fifth chapter puts forward concrete Suggestions of perfecting our country’s equity crowdfunding supervision,clear equity crowdfunding in the regulation of the main body,raise the formation of the CSRC,local financial synergy regulation and industry self-discipline association,reasonable division of labor of the shape of regulation and the raise on small issue exemption system,clarify its legitimacy.Investors by identifying barriers to entry,to set up the client money escrow,perfecting the information disclosure system and constructing multiple dispute resolution methods to regulate the development of the equity crowdfunding,safeguard the interests of investors,in order to promote the healthy development of the emerging Internet financing model,form a reasonable structure and multi-level financing system early.