股权众筹融资的法律风险及其规制

发布时间：2018-01-16 08:15

本文关键词：股权众筹融资的法律风险及其规制　出处：《河北大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权众筹融资是近几年新兴的融资模式面临着不少的法律风险,但同时对于小微初创企业来说,它有利于降低融资成本、提高融资效率,同时也拓宽了融资渠道。在股权众筹融资中,涉及三对法律关系,分别是融资者与众筹平台、投资者与众筹平台、融资者与投资者,每一个主体在股权众筹融资的活动中又潜伏着针对性的风险。融资者可能涉嫌非法吸收公众存款或者非法发行证券,甚至本企业知识产权被侵犯。投资者面临自身掌握信息少,知情权容易被侵犯,可能受到欺诈,甚至在项目失败的时候难以退出的风险。股权众筹融资平台面临权利义务模糊、信息披露不足、资金管理不严格的风险。放眼国外,美国、英国、意大利在股权众筹融资方面已经有了丰富的实践经验,通过对融资者设定严格资格和义务,适当教育保护投资者,以及对众筹平台要附加更多责任与义务来实现了风险的规制,值得我们借鉴和学习,以规制我国股权众筹融资法律风险。加大对融资者的监管力度,探索建立适当投资者制度,建立规范化平台,以期将风险降到最低值是我们的终极追求。全文将分以下几个部分加以分别介绍和论述:第一部分,在融资难的大背景下,一种依托互联网平台筹集资金的模式应运而生,在国内外蓬勃发展,主要涉及融资者和众筹平台、投资者和众筹平台、融资者与投资者三种法律关系,此种模式有利于降低融资成本,提高融资效率,拓展融资渠道。第二部分,融资者可能涉嫌非法吸收公众存款或非法发行证券,投资者自身掌握信息少,知情权容易被侵犯,可能受到欺诈,甚至在项目失败的时候难以退出的风险。股权众筹融资平台面临权利义务模糊、信息披露不足、资金管理不严格的风险。第三部分,美国、英国、意大利通过对融资者设定严格资格和义务,适当教育保护投资者,以及对众筹平台要附加更多责任与义务来实现了风险的规定,值得我们借鉴和学习,以规制我国股权众筹融资法律风险。第四部分,加大对融资者的监管力度,探索建立适当投资者制度,建立规范化平台等方面,提出我国股权众筹融资法律风险的规制建议。
[Abstract]:Stock raising and financing is a new financing model in recent years facing a lot of legal risks, but at the same time for small and micro start-ups, it is conducive to reduce the financing costs and improve the efficiency of financing. At the same time, it also broadens the financing channels. In the financing of stock rights, there are three pairs of legal relations, namely, the financier and the crowdfunding platform, the investor and crowdfunding platform, the financier and the investor. Each subject in the stock raising and raising funds in the activities of the potential for targeted risks. Financiers may be suspected of illegally taking in public deposits or illegal issuance of securities. Even the intellectual property rights of the enterprise are infringed. Investors face little information, the right to know is easy to be infringed, and may be fraudulently. Even when the project fails, it is difficult to withdraw the risk. The stock raising and financing platform faces the risk of vague rights and obligations, insufficient information disclosure, and the capital management is not strict. Look abroad, the United States, the United Kingdom. Italy has a wealth of practical experience in the financing of equity crowdfunding through the establishment of strict qualifications and obligations of financiers and appropriate education to protect investors. And to add more responsibilities and obligations to the crowdfunding platform to achieve the risk regulation, we should learn from, in order to regulate the legal risk of crowdfunding in our country, and strengthen the supervision of the financiers. It is our ultimate pursuit to explore the establishment of appropriate investor system and establish a standardized platform in order to reduce the risk to the lowest value. The full text will be introduced and discussed separately in the following parts: the first part. Under the background of difficult financing, a mode of raising funds based on Internet platform emerges as the times require, and it has developed vigorously at home and abroad, mainly involving financiers and crowdfunding platforms, investors and crowdfunding platforms. There are three kinds of legal relations between the financier and the investor. This mode is helpful to reduce the financing cost, improve the financing efficiency and expand the financing channel. The second part, the financier may be suspected of illegally absorbing public deposits or illegally issuing securities. Investors own little information, the right to know is easy to be infringed, may be fraudulently, even in the event of failure of the project difficult to withdraw the risk. Stock raising and financing platform is faced with vague rights and obligations, insufficient information disclosure. The third part, the United States, the United Kingdom, Italy, by imposing strict qualifications and obligations on financiers, appropriate education to protect investors. And to the public funding platform to add more responsibilities and obligations to achieve the risk of the provisions, we should learn from and learn, in order to regulate the legal risk of crowdfunding in China. 4th part, to increase the supervision of financiers. This paper probes into the establishment of appropriate investor system and the establishment of standardized platform, and puts forward some suggestions for regulating the legal risk of public financing of stock rights in China.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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