Equity crowdfunding is a model of public financing, which directly use stock right as investing form to exchange for future equity or dividend returns. As a mode of emerging internet banking, it breaks through the traditional framework of financial regulation, and provides a new financing channels to promote the diversified development of capital market for small and medium-sized enterprises in China. Relatively, investors are in a weak position as equity crowdfunding is growing rapidly, facing with many legal risks like the equity crowdfunding legitimacy of controversy, the fraud of equity crowdfunding investment contract, the capital depository and the the investors exist. Furthermore, none of any perfect legal regulation has been released at present in China. It results that investors are under enormous risk, at the same time, even makes society unsteady. Thus, the research about the protection of investor rights relates to the development of equity crowdfunding and the stableness of financial market. In terms of combining the specific case about equity crowdfunding, analyzing the legal applications and disputes raised from the practice, also researching the abroad and domestic literatures and comparative analyzing typical legal system of equity crowdfunding, this paper will propose targeted suggestions about how to protect the rights of equity crowdfunding investors. This paper is divided into four parts. The first part is about the overview of the congregation to raise crowd funding. It introduces from the rise of the crowd funding and concept to basic relationship in crowd funding. It start from financing and investor in crowd funding, crowd funding platforms, financing platform and the relationship between the third party payment (trusteeship) platform and the parties of equity risk below all the chips in the way which lay a foundation for the crowd funding in the following passage. The second part, combing China's "beauty micro media Taobao sell shares" case, puts forward legal risk problems in the crowd funding. It not only analyzes the application of the law in the case and the current legislative practice, but also analyzes the controversy of different solutions to put forward the suggestion of reducing the legitimacy risk in crowd funding. The third part, combining China's first crowd funding practice case of “intermediary contract dispute between Beijing Nuomiduo Restaurant Management Co. Ltd. and Beijing Fit Limited company of Science and Technology", puts forward the contract fraud risk in crowd funding. It not only emphasizes the impact of asymmetric information on the risk of fraud, but also puts forward the corresponding legal supervision measures from the perspective of information disclosure, financing, investors and the crowd funding aiming at the problem in securities market and legislation in our country by combing the foreign experience of American and Britain. The last part, through the case of contract dispute in "Luo Yun, Wang Lianjun and many people in Dalian Catering Management Limited company", points out that the funds depository problems in crowd funding and the predicament of the exit of the equity. It puts forward to improve capital security construction, widen the exit channel and the relief system to protect the interests of investors. This article hopes to analyze and research about issues of protecting of equity crowdfunding investor rights, realize risks of investing in equity crowdfunding, in order to provide some specific regulations to protect investors, and then curb those risks effectively to gain complete legal protection for those investors. Keywords: Equity Crowdfunding, Protection for Investors, Issuers, Crowdfunding platforms

股权众筹是投资者直接以股权为投资形式换取未来得到股权或分红回报的众筹融资模式，作为新兴互联网金融模式，为我国中小企业的创业提供了一种新的融资渠道，从而促进资本市场的多样发展。股权众筹在迅速发展的同时，投资者却处于相对弱势的地位，面临着股权众筹合法性争议、股权众筹投资合同欺诈、资金存管及投资者退出等众多法律风险。加上我国股权众筹当前并未有完善的法律监管规则出台，对投资者来说承受着巨大风险的同时，甚至造成社会的不稳定。因此对投资者权益的保护研究关系到股权众筹的发展及金融市场的稳定。本文通过结合具体的股权众筹案例，分析股权众筹实践中出现的法律适用问题及争议，以及对域内外的文献进行研究、对具有代表性的股权众筹法律制度进行比较分析等，将如何对股权众筹投资者权益进行保护提出了针对性的意见。 本文分为四大部分。第一部分是关于股权众筹之概述，从股权众筹兴起及概念到股权众筹当中的基本关系进行介绍，从股权众筹融资者与投资者、众筹平台与投融资者及第三方支付(托管)平台与各方关系等三方面入手，为下文股权众筹中的风险进行铺垫。第二部分结合我国“美微传媒淘宝卖股”一案，提出股权众筹中的合法性风险问题，对案例中的法律适用、现行立法实践现状进行了分析，并针对不同的解决方案争议进行了分析从而提出降低股权众筹合法性风险的建议。第三部分结合我国股权众筹首件案例“北京诺米多餐饮管理有限责任公司与北京飞度科技有限公司居间合同纠纷”一案，提出股权众筹的合同欺诈风险，着重强调信息不对称对欺诈风险的影响，并结合美国、英国两国的域外经验针对我国证券市场及立法的现状，从信息披露、融资者、投资者及股权众筹平台四方面提出针对我国问题的相应法律监管措施。最后一部分通过“罗云与王连珺、大连很多人餐饮管理有限公司合同纠纷”一案，指出当前股权众筹面临的资金存管问题及投资者股权退出面临的困境，提出通过资金安全构建、扩宽退出渠道及救济制度的完善来保障投资者的权益。 本文希望通过对股权众筹投资者权益的保护问题进行具体分析和研究，对投资者在股权众筹投资过程中的风险进行梳理，以求提供一些可具体参考的投资者保护方面之监管措施，进而对股权众筹中投资者的风险进行有效遏制，使投资者获得更完备的法律保护。 关键词：股权众筹，权益保护，投资者，股权众筹平台，融资者