众筹因我国的金融压抑政策、普惠金融理念、分业监管格局而具有特殊的本土化生长逻辑。股权众筹的法律风险主要涉及非法集资问题。由于股权众筹具备私募股权投资基金的若干特征,在用“集合投资计划份额”扩张“证券”范围的基础上,可将股权众筹纳入证券法调整范畴。在法律风险规制方面,借鉴私募监管思路,通过行业协会进行自律管理,以防止行政权的过度干预,兼具适应性和正当性。 Crowdfunding has its own logic of localization due to China’s financial repression policy, inclusive financial philosophy, and separate regulatory pattern. The legal risk of equity crowdfunding mainly involves the issue of illegal fund-raising. As the equity crowdfunding has some characteristics of private equity funds, based on the scope of “investment portfolio plan ” expansion “securities ”, the crowdfunding can be included in the securities law adjustment. In terms of legal risk regulation, private equity regulatory ideas are drawn upon and autonomous management is conducted through industry associations so as to prevent over-intervention of administrative authority and to achieve both adaptability and legitimacy.