Abstract: As a key link in the ecological chain of crowd-funding, crowd-funding platforms and crowd-funding companies should realize their win-win relationship on the basis of fine cooperation. Crowd-funding platforms should participate in corporate governance, expand the extension of corporate governance right, and help companies to find reliable projects and investors. They can take advantage of their network to build platforms for shareholders to participate with open company information, to improve the channels of corporate information, and to increase the efficiency of corporate governance. They can improve the supervision on the crowd-funding companies and provide good protection system for the smooth operation of the companies in the way of assuming the independent director or independent supervisor.

Key words: equity crowd-funding company; crowd-funding platform; governance model; governance efficiency