The subscription behavior of equity-based crowdfunding has criticized and strengthened the expression of traditional commercial actions in theory. From the perspective of entitlement creation, Horfield described the decision to make use of the freedom of private property without having to take into account the influence of other interests in society. However, equity crowdfunding investment is not free, but too free. In the beginning of the 21st century, the anti-Chicago school thought was presented. Restrictions on subscription behavior in equity crowdfunding have unitary and mixing legislative cases. China's code of conduct building in this area needs to learn outside approach and beneficial experience from traditional financial supervision, and to take a comprehensive governance model of mixed system, guarantee system, and position limits.