互联网股权众筹的法律规制

发布时间：2018-03-20 02:23

本文选题：股权众筹　切入点：小额发行豁免　出处：《宁波大学》2017年硕士论文　论文类型：学位论文

【摘要】：互联网股权众筹是指小微或初创企业通过互联网平台向公众筹集资金的方式,对于推动实业经济发展,激发金融市场活力具有重要意义。我国目前互联网股权众筹正在走向成熟,而相应配套的法律规范却没有同步跟上,监管与规制处于落后的状态,势必不利于股权众筹的发展。本文通过分析互联网股权众筹的相关性质,借鉴JOBS法案对股权众筹等相关问题的解决方案,对我国股权众筹在投资者、融资者和平台三个方面提出规制与监管内容的建议。文章第一部分从股权众筹在国内外的实践展开论述,尤其侧重股权众筹在我国的实践,并结合股权众筹在我国目前存在法律规制上的一系列问题,以此分析股权众筹在我国目前实践下的性质,肯定股权众筹,是我国互联网金融发展不可或缺的一部分,对小微企业融资发展举足轻重。第二部分则从股权众筹的发行行为规制展开论述,首先通过分析小额发行豁免制度对我国股权众筹发展的必要性,从而得出股权众筹发行制度的小额豁免制度在我国的适用。接下来则针对小额发行豁免制度下股权众筹的发行行为,从投资人数、投资限额、公开诱劝和众筹平台的审批登记等四个方面来讨论对股权众筹发行行为的规制。第三部分开始对投资者、融资者和股权众筹平台三个主体展开对应各自具体的规制内容。第三部分从合格投资者制度建立、投资者具体行为规范以及针对“领投+跟投”这一在股权众筹中主要投资模式中的“领投人”准入制度进行具体的论述,以期通过对投资者进行规制来保护投资者。第四部分将融资者和众筹平台合并作为一部分论述二者在股权众筹中的具体规制措施及内容。对融资者的监管并没有特别大的创新之处,而对股权众筹平台这一在股权众筹起到核心作用的中介机构才是监管的主体。首先明确众筹平台法权利义务,进而对监管众筹平台的制度进行具体论述。
[Abstract]:Internet equity crowdfunding is a means of raising funds from the public through Internet platforms for small and micro enterprises or start-ups to promote the development of the industrial economy. It is of great significance to stimulate the vitality of the financial market. At present, China's Internet stock rights crowdfunding is moving towards maturity, but the corresponding supporting legal norms have not kept pace with each other, and supervision and regulation are in a backward state. By analyzing the related nature of Internet stock crowdfunding, this paper draws lessons from the JOBS Act to solve the problems related to stock crowdfunding, and to the investors of China's stock rights crowdfunding. The first part of the article discusses the practice of crowdfunding at home and abroad, especially focusing on the practice of crowdfunding in China. Combining with a series of problems in the legal regulation of stock rights crowdfunding in our country, this paper analyzes the nature of stock rights crowdfunding in China's current practice and affirms that crowdfunding is an indispensable part of the development of Internet finance in China. The second part discusses the issue behavior regulation of stock crowdfunding. Firstly, it analyzes the necessity of the small issue exemption system to the development of equity crowdfunding in China. From this, we can find out the application of the small amount exemption system of the stock rights crowdfunding issue system in our country. Next, in view of the issuing behavior of the shareholding crowdfunding under the small issue exemption system, from the number of investors and the investment quota, Four aspects, such as the approval and registration of the public inducement and crowdfunding platform, are discussed to discuss the regulation of the issuance of equity crowdfunding. The third part begins to deal with investors. The third part is about the establishment of QFII system. The concrete behavior of investors and the "leading investor" access system in the main investment mode of "leading and investing" in the stock raising are discussed in detail. In order to protect investors through the regulation of investors. 4th part of the financier and crowdfunding platform as part of the discussion of the specific regulatory measures and content in the stock raising. There is no supervision of the financier. Especially big innovations, The main body of supervision is the equity crowdfunding platform, which plays a central role in crowdfunding. Firstly, the rights and obligations of crowdfunding platform law are clearly defined, and then the system of supervision of crowdfunding platform is discussed in detail.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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