美国对股权众筹的法律监管及其借鉴研究

发布时间：2018-03-27 15:03

本文选题：股权众筹　切入点：JOBS法案　出处：《华侨大学》2017年硕士论文

【摘要】：在今天,股权众筹已经成为了一种基于新兴的互联网技术而蓬勃发展的股权类投融资模式。股权众筹作为一种新生事物,许多国家都对股权众筹表现出了极高的热情。每个国家的金融监管体制不一样,所以对股权众筹这一新型的投融资模式,各国也分别有不同的监管模式,像澳大利亚这样的国家不得不重新审视现在的法律法规是否适用于股权众筹。其他像美国,意大利,英国,和法国已经选择创建为了促进股权众筹的新豁免,而中国在李克强总理大众创业、万众创新的思想指导下,尽管尚未出台关于股权众筹监管的实施细则,但我国立法监管层也对股权众筹这一投融资模式表示出了非常高的热忱。本文详细介绍了美国股权众筹的发展历程,包括其起源、成长及成熟的过程,并分析了美国联邦证券法、1933年《证券法》、1934年《证券交易法》、JOBS法案及《众筹条例》对股权众筹的法律规范,本文主要立足于JOBS法案对股权众筹所产生的重大影响,力图通过对美国股权众筹的法律监管制度研究结合目前国内股权众筹的发展情况,希望能找到一条适应我国股权众筹发展的监管路径。除了引言和结束语之外,本文一共分三章对股权众筹的相关法律监管问题展开探讨:第一章首先对股权众筹为何在美国产生兴起并迅速发展成长壮大而作一番系统性的梳理,其次详细介绍众筹及股权众筹的概念及特征,比较研究了股权众筹与其他众筹模式的区别。最后笔者花了较大篇幅在美国的几个股权众筹平台上。笔者主要想通过这部分对股权众筹作一些基础性知识的铺垫。第二章着重探讨美国股权众筹在JOBS法案出台以前的一些法律规范和JOBS法案出台之后的相关不同点并展开研讨。在股权众筹的运营模式中,作为新型的投融资模式,亦伴随着一定的运营风险,笔者会在此展开详谈。诚然,在我国的本土化思考背景下,美国的JOBS法案亦会出现一些监管上的不足,这些不足笔者将会在下文的美国股权众筹法律监管经验对中国的建议做一番本土化建议。但为了辩证地分析美国股权众筹的JOBS法案,笔者亦会在这一部分探讨JOBS法案的相关不足点。第三章针对完善我国股权众筹以及在借鉴美国股权众筹的法律监管经验下作一番笔者的思考与建议,通过比较研究联邦证券法、1933年《证券法》、1934年《证券交易法》、SEC监管规则及JOBS法案和《众筹条例》对股权众筹所产生的影响,结合我国目前股权众筹运营情况出现的法律风险问题,分别从融资者、股权众筹平台、投资者角度提出笔者的一些本土化思考与建议。
[Abstract]:Today, crowdfunding has become a thriving equity investment and financing model based on emerging Internet technologies. Crowdfunding is a new thing. Many countries have shown great enthusiasm for crowdfunding. Each country has a different financial regulatory system, so different countries have different regulatory models for this new type of investment and financing mode. Countries like Australia have to re-examine whether current laws and regulations apply to equity crowdfunding. Other countries such as the United States, Italy, Britain and France have chosen to create new exemptions to promote crowdfunding. And China, under the guidance of Premier Li Keqiang's idea of mass entrepreneurship and mass innovation, has not yet issued detailed rules on the implementation of the supervision of crowdfunding. However, China's legislative regulators have also shown great enthusiasm for the investment and financing mode of crowdfunding. This paper introduces in detail the development process of American stock crowdfunding, including its origin, growth and maturity. It also analyzes the legal norms of the United States Federal Securities Law, the Securities Act of 1933, the Securities Exchange Act of 1934 and the Jobs Act and the crowdfunding regulations. This article is mainly based on the significant influence of the JOBS Act on the stock crowdfunding. Through the research on the legal supervision system of American stock crowdfunding and the development of domestic stock crowdfunding, the author hopes to find a regulatory path suitable for the development of stock crowdfunding in China. This article divides into three chapters to discuss the related legal supervision of stock crowdfunding: chapter one systematically combs why stock crowdfunding arose in the United States and developed rapidly. Secondly, the concept and characteristics of crowdfunding and equity crowdfunding are introduced in detail. Finally, the author spends a lot of time on several American stock crowdfunding platforms. Through this part, I mainly want to pave the way for some basic knowledge of equity crowdfunding. The second chapter focuses on discussing some legal norms of American stock crowdfunding before the enactment of the JOBS Act and the relevant differences after the enactment of the JOBS Act. As a new mode of investment and financing, along with certain operational risks, the author will discuss in detail here. It is true that under the background of localization thinking in our country, the JOBS Act of the United States will also have some regulatory deficiencies. In order to dialectically analyze the JOBS Act of American stock crowdfunding, the author will make some local suggestions on China's suggestion in the following experience of American stock crowdfunding legal supervision. In this part, the author will also discuss the relevant deficiencies of the JOBS Act. Chapter three is aimed at perfecting the stock rights crowdfunding in China and making some suggestions on how to use the experience of the legal supervision of American stock crowdfunding for reference. Through a comparative study of the influence of the Federal Securities Law, the 1933 Securities Act, the 1934 Securities Exchange Act, the JOBS Act and the crowdfunding regulations on the stock rights crowdfunding, and in the light of the legal risks arising from the operation of the stock crowdfunding in China, From the perspective of financiers, equity raising platform and investors, the author puts forward some local thinking and suggestions.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287;D971.2;DD912.28

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