我国众筹融资法律风险及其防范研究

发布时间：2018-06-28 08:55

本文选题：众筹融资 + 互联网金融　；参考：《湖南大学》2015年硕士论文

【摘要】：作为一种新兴的互联网金融模式,虽然众筹融资出现的时间较短,但其规模和影响却在不断扩大,许多国家和地区都存在这种新型融资模式。众筹融资模式登录我国后,在小微初创企业巨大的融资需求以及民间资本富余却缺乏有效投资渠道的双层因素影响下,国内众筹行业进入高速发展期,也推动了我国多层次资本市场的构建。我国众筹融资取得的巨大成功固然可喜,但在发展过程中出现的新情况、新问题也不容忽视,法律方面的障碍不仅严重地限制了我国众筹行业的发展,还使得众多参与者面临巨大的法律风险。由于相关法律规范尚不健全,众筹融资模式的合法性一直受到质疑。在国家本位主义的金融监管要求下以及“实践先行,法律滞后”的客观背景下,非法集资的阴影一直伴随国内众筹模式的发展,众筹活动时常受到监管部门的严厉打击。而众筹融资活动中伴随的欺诈高发和违约现象更使得社会公众对众筹融资持否定态度。相比之下,欧美等发达国家大多根据众筹融资自身的特点,设立了具有针对性的法律对其进行规制,有利地推动了众筹行业的发展。在借鉴欧美先进经验的基础上,并考察我国实际情况,本文提出了以下对策:针对非股权类众筹,应当构建非股权类众筹法律监管体系,具体包括区分非股权类众筹融资与非法集资、明确监管机构、设置平台的准入和退出机制以及构建行业自律机制;针对股权型众筹,应当建立并完善股权型众筹法律制度,修改《私募股权众筹融资管理办法》中的对于股权众筹“私募”的定性、降低投资门槛并强化信息披露责任。
[Abstract]:As a new Internet financial model, although the time of public financing is relatively short, its scale and influence are expanding, and many countries and regions have this new financing mode. After the public financing model is logon in our country, the huge financial demand and the surplus of private capital in small and micro start-ups are lack of effective investment. Under the influence of double factors of the channel, the domestic public industry industry has entered the period of high speed development, and it has also promoted the construction of multi-level capital market in our country. The great success of our country's financing has been great, but the new situation in the process of development and the new problems can not be ignored. The legal obstacles not only seriously restrict the public bank of our country. The development of the industry also makes many participants face huge legal risks. Due to the lack of relevant legal norms, the legitimacy of the financing model has been questioned. Under the objective background of national standard financial supervision and the objective background of "practice first, legal lag", the shadow of illegal capital collection has been accompanied by the domestic public. With the development of the model, public financing activities are often severely attacked by the regulatory authorities, and the high incidence of fraud and default in public financing activities makes the public have a negative attitude towards public financing. In contrast, most developed countries, such as Europe and the United States, have set up targeted laws for their own special points of public financing. On the basis of the advanced experience of Europe and the United States and investigating the actual situation of our country, the following countermeasures are put forward in this paper: in view of the non equity public raising, we should build a non equity public legal supervision system, including the distinction between non equity and illegal financing and illegal capital collection, and clear regulatory institutions. The access and exit mechanism of the platform and the construction of the self-discipline mechanism of the industry should be set up. In view of the public equity type, the legal system of stock based public financing should be established and perfected, and the quality of "private equity" in the management method of private equity financing should be amended to reduce the investment threshold and strengthen the responsibility of information disclosure.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28

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