In the development of new business forms, how to deal with the contradiction between developmentand supervision and improve the problem of "deregulation leads to chaos and regulation leads to death" hasimportant research significance under the background of the endless emergence of new economic businessforms. Equity-based crowdfunding is a typical new Internet financial model. Equity- based crowdfundingplatforms, which are at the core of the equity-based crowdfunding industry chain, have developed rapidlyin recent years with various risks. Taking 16 equity-based crowdfunding platforms as the research object,through qualitative analysis of interview materials and second-hand data, 12 key risk indicators and 4 majorrisk categories of equity-based crowdfunding platforms were summarized, including moral risk, legal risk,investment risk and management risk. Based on the principle of responsive regulation, responsive regulation offinancial new forms, at the beginning of the industrial development should take the ultra-punishment strategyand use methods to encourage self-regulation strategies at the same time, in order to make the industry setsup the bottom line of thinking and to prevent the mass production of moral hazard. At the same time, throughregulation escalate, introducing and strengthening the supervision of a third party, advocating to strengthenself-regulation, strengthening the communication with the rapid development of industry enterprise shouldall be used to establish work pattern of "big regulation", and to prevent the occurrence of serious legal risk,investment risk, and reduce management risk. This study has theoretical and practical meaning for promotingthe application and development of responsive regulatory theory in China's new business form regulation, riskregulation of equity-based crowdfunding and healthy development of this new business form.