公募股权众筹的豁免规则研究

发布时间：2018-08-07 21:15

【摘要】：采用公募方式进行股权众筹由于其符合股权众筹的本质,其融资效果相比采用私募方式进行股权众筹更好。因此,世界上越来越多的国家创设众筹豁免制度,其中的美国JOBS法案最具有代表性。本文以股权众筹的豁免规则作为研究对象,综合美国JOBS的视角。通过对股权众筹的概念、豁免类别等相关理论的研究和梳理,分析股权众筹豁免规则创设的起因和经过,并结合JOBS法案,分析股权众筹需要被豁免的原因,设计了股权众筹豁免规则。本文从以下四个方面进行研究:第一章是对股权众筹的本质进行分析和阐述。这一章主要介绍了什么是股权众筹的本质属性,并且我们通过对比美国1933年《证券法》以及中国《证券法》来对豁免证券和豁免交易进行区分。以便我们能从中找到股权众筹豁免的理论基础。第二章是对股权众筹豁免制度的必要性和可能性进行了分析。投资者投资的愿望、初创企业融资的困境以及股权众筹本身的特性,使得股权众筹豁免制度的创设具有必要性,而直接融资中信息不对称问题出现了新的解决思路,使得股权众筹豁免制度的创设具有了可能性。第三章是对美国JOBS法案中有关股权众筹豁免规则具体内容的阐述和分析。美国股权众筹豁免制度的创设经历了一个漫长的过程,在这过程当中传统的投资者保护理念不断发展和完善,最终在此基础之上创设出了投资限额的概念,并由美国率先以立法的形式创设了股权众筹豁免制度。第四章是借鉴美国JOBS法案对于股权众筹豁免规则的规定以及近几年中国证券业的具体情况提出的立法建议。股权众筹的本质是公开融资活动,非公开发行方式不符合股权众筹的本质并且限制它的发展,而要想以公开发行的方式进行股权众筹,在中国现有的法律框架下并没有法律依据,因此,需要我们在立法上创设股权众筹豁免制度。而美国JOBS方案作为第一个确立股权众筹豁免制度的法律文件,对我国修订《证券法》具有极大的借鉴意义,我们通过对美国股权众筹豁免制度的研究并结合我国实际情况,才能提出合理的立法建议。
[Abstract]:Because it accords with the essence of stock raising, the financing effect of public offering is better than that of private equity raising. Therefore, more and more countries in the world create crowdfunding exemption system, among which the American JOBS Act is the most representative. This article takes the exemption rule of stock raising as the research object, synthesizes the American JOBS angle of view. Through the research and combing of the concept of stock rights crowdfunding, exemption categories and other relevant theories, this paper analyzes the cause and process of the creation of the exemption rules of stock rights crowdfunding, and analyzes the reasons why stock rights crowdfunding needs to be exempted with the JOBS Act. The exemption rule of stock raising is designed. This article carries on the research from the following four aspects: the first chapter is carries on the analysis and the elaboration to the stock right crowdfunding essence. This chapter mainly introduces what is the essential attribute of stock crowdfunding, and we distinguish exempt securities from exempt trading by comparing the US Securities Law 1933 with China Securities Law. So that we can find out the theoretical basis for the exemption. The second chapter analyzes the necessity and possibility of the exemption system. The desire of investors to invest, the predicament of start-up financing and the characteristics of stock crowdfunding make it necessary to establish the exemption system of stock rights crowdfunding, and a new way of solving the problem of information asymmetry in direct financing has emerged. So that the establishment of the shareholder funding exemption system has the possibility. The third chapter expounds and analyzes the specific contents of the exemption rules of stock raising in the JOBS Act of the United States. The establishment of the exemption system for stock rights raising in the United States has gone through a long process, during which the traditional concept of investor protection has been continuously developed and perfected. Finally, the concept of investment quota has been created on this basis. And the United States took the lead in the form of legislation to create the shareholder funding exemption system. The fourth chapter is to draw lessons from the provisions of the JOBS Act and the specific situation of China's securities industry in recent years. The essence of stock raising is public financing. The non-public offering does not accord with the essence of stock raising and restricts its development. There is no legal basis under the existing legal framework in China, therefore, we need to establish the exemption system of stock financing in legislation. As the first legal document to establish the exemption system of stock crowdfunding, the US JOBS scheme has great significance for reference in amending the Securities Law in China. Through the research on the exemption system of American stock crowdfunding and the actual situation in our country, In order to put forward reasonable legislative proposals.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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