我国股权众筹的信息监管制度研究
发布时间：2018-11-08 12:55
【摘要】：股权众筹是互联网信息技术和金融结合的产物,股权众筹的产生深刻的改变了金融市场的结构,也对传统的法律监管制度提出了新的挑战。关于股权众筹法律监管制度的构建是各方研究的重点,但对于股权众筹产生的信息不对称风险,现有研究却未能提出具有建设性的监管对策。有鉴于此,本文以矫正股权众筹信息不对称为主线,分四个部分对股权众筹的信息监管制度进行研究。首先是对股权众筹信息监管制度的基本界定和信息监管理论基础的研究。股权众筹是指初创小微企业通过互联网股权众筹平台公开发布线上融资项目,以股权作为对价向公众公开募集资金的一种新型融资方式。具有对信息高度依赖性、依托互联网完成投融资流程等多项特征。作为信息监管的对象,股权众筹的信息是指在交易中能够为股权众筹市场主体提供决策依据的各类数据集合,包含融资信息、交易信息等多种类型,具有不对称性和可迁移性等特征。股权众筹信息监管制度构成中,行使信息监管权力的机构是证监会、互联网金融协会和地方金融监管机构。监管的内容是股权众筹市场中的信息披露、传递等一系列行为。通常运用的监管手段包括信息披露、信息共享等。从理论上讲政府有必要监管股权众筹信息的原因在于,股权众筹存在经济学理论上的信息不对称问题,通过市场机制无法妥善解决,需要政府监管的介入,以政府的信息监管实现法学上要求的公平与效率价值。其次对我国股权众筹信息监管的现状进行规范分析。目前的股权众筹监管立法中,虽然涉及到股权众筹信息监管机构的确定与职能分配,信息披露和信息共享机制等内容。但通过规范分析可以发现,股权众筹信息监管存在监管机构间职能配置不合理、缺少协调机制;信息披露规定模糊;信息共享机制尚需落实和信息服务机构监管制度缺失等一系列问题。再次为域外经验的比较借鉴。笔者选取了股权众筹监管立法较为成熟的英国和美国,对二者相关立法中监管机构的选择与职能配置;信息披露规则的构建等方面进行研究。总结出应依托现有监管框架,合理配置监管职能;构建与股权众筹相适应的信息披露规则等两方面可以为我国借鉴的先进经验。最后,作为全文的结论,给出了优化我国股权众筹信息监管制度的具体方案。我国股权众筹信息监管制度的优化需要遵循适度和差异化两大原则。优化我国股权众筹信息监管制度的具体内容包括:合理配置股权众筹信息监管机构职能,注重监管机构间的协调。对股权众筹信息披露规则进行整体性重构,明确信息披露的内容、标准和形式,并探索建立信息披露等级制度。构建信息共享机制,实现股权众筹监管机构之间、市场主体之间的信息共享。最后是健全信息服务机构的监管制度,包括完善征信法律制度,出台规范信息中介的监管制度。
[Abstract]:Crowdfunding is the result of the combination of Internet information technology and finance. The emergence of crowdfunding has profoundly changed the structure of financial market and put forward new challenges to the traditional legal supervision system. The construction of the legal supervision system of stock rights crowdfunding is the focus of all parties' research, but the existing research has failed to put forward constructive regulatory countermeasures for the asymmetric information risk caused by stock rights crowdfunding. In view of this, this paper studies the information supervision system of stock crowdfunding in four parts, taking the information asymmetry of stock crowdfunding as the main line. Firstly, the basic definition of information supervision system and the theoretical basis of information supervision are studied. Crowdfunding is a new type of financing method in which small and micro start-up enterprises publicly publish online financing projects through Internet crowdfunding platform and use equity as a new way to raise funds to the public on consideration. With a high degree of dependence on information, relying on the Internet to complete the investment and financing process and many other characteristics. As the object of information supervision, the information of stock crowdfunding refers to all kinds of data set which can provide decision basis for the main body of stock raising market in the transaction, including financing information, transaction information and so on. It is characterized by asymmetry and mobility. In the constitution of the information supervision system, the power of information supervision is exercised by the Securities Regulatory Commission, the Internet Finance Association and the local financial regulatory bodies. The content of supervision is a series of behaviors such as information disclosure, transmission and so on. The regulatory measures usually used include information disclosure, information sharing and so on. Theoretically speaking, it is necessary for the government to supervise the information of stock crowdfunding. The reason is that the problem of information asymmetry in economics exists in crowdfunding, which can not be properly solved through the market mechanism, and needs the intervention of government supervision. The value of fairness and efficiency required by law should be realized by the government's information supervision. Secondly, the current situation of information supervision of stock capital raising in China is analyzed. In the current legislation of crowdfunding, although it involves the determination and distribution of functions, information disclosure and information sharing mechanism, etc. However, through normative analysis, it can be found that there are unreasonable function allocation among regulatory agencies, lack of coordination mechanism, vague regulation of information disclosure, and lack of coordination mechanism in the supervision of crowdfunding information. A series of problems such as the implementation of information sharing mechanism and the lack of supervision system of information service institutions are still needed. Again for the foreign experience of comparison. The author selects the United Kingdom and the United States, which have mature legislation on crowdfunding, to study the choice and function of regulatory bodies and the construction of information disclosure rules in the relevant legislation of the two countries. It is concluded that we should rely on the existing regulatory framework, reasonably allocate the regulatory functions, and construct the information disclosure rules suitable to the stock rights crowdfunding, which can be used for reference by our country. Finally, as the conclusion of the paper, the concrete scheme of optimizing the information supervision system of stock capital raising in China is given. The optimization of information supervision system of stock capital raising should follow the principles of moderation and differentiation. The specific contents of optimizing the information supervision system of stock rights crowdfunding in China include: rationally allocating the functions of the information regulatory agencies and paying attention to the coordination among the regulatory agencies. This paper reconstructs the rules of information disclosure of stock rights crowdfunding, clarifies the contents, standards and forms of information disclosure, and explores the establishment of information disclosure hierarchy system. Construct the information sharing mechanism to realize the information sharing among the stock rights public funding regulators and the market subjects. Finally, we should perfect the supervision system of the information service organization, including perfecting the credit investigation legal system and introducing the regulation system of regulating the information intermediary.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287
本文编号：2318568
[Abstract]:Crowdfunding is the result of the combination of Internet information technology and finance. The emergence of crowdfunding has profoundly changed the structure of financial market and put forward new challenges to the traditional legal supervision system. The construction of the legal supervision system of stock rights crowdfunding is the focus of all parties' research, but the existing research has failed to put forward constructive regulatory countermeasures for the asymmetric information risk caused by stock rights crowdfunding. In view of this, this paper studies the information supervision system of stock crowdfunding in four parts, taking the information asymmetry of stock crowdfunding as the main line. Firstly, the basic definition of information supervision system and the theoretical basis of information supervision are studied. Crowdfunding is a new type of financing method in which small and micro start-up enterprises publicly publish online financing projects through Internet crowdfunding platform and use equity as a new way to raise funds to the public on consideration. With a high degree of dependence on information, relying on the Internet to complete the investment and financing process and many other characteristics. As the object of information supervision, the information of stock crowdfunding refers to all kinds of data set which can provide decision basis for the main body of stock raising market in the transaction, including financing information, transaction information and so on. It is characterized by asymmetry and mobility. In the constitution of the information supervision system, the power of information supervision is exercised by the Securities Regulatory Commission, the Internet Finance Association and the local financial regulatory bodies. The content of supervision is a series of behaviors such as information disclosure, transmission and so on. The regulatory measures usually used include information disclosure, information sharing and so on. Theoretically speaking, it is necessary for the government to supervise the information of stock crowdfunding. The reason is that the problem of information asymmetry in economics exists in crowdfunding, which can not be properly solved through the market mechanism, and needs the intervention of government supervision. The value of fairness and efficiency required by law should be realized by the government's information supervision. Secondly, the current situation of information supervision of stock capital raising in China is analyzed. In the current legislation of crowdfunding, although it involves the determination and distribution of functions, information disclosure and information sharing mechanism, etc. However, through normative analysis, it can be found that there are unreasonable function allocation among regulatory agencies, lack of coordination mechanism, vague regulation of information disclosure, and lack of coordination mechanism in the supervision of crowdfunding information. A series of problems such as the implementation of information sharing mechanism and the lack of supervision system of information service institutions are still needed. Again for the foreign experience of comparison. The author selects the United Kingdom and the United States, which have mature legislation on crowdfunding, to study the choice and function of regulatory bodies and the construction of information disclosure rules in the relevant legislation of the two countries. It is concluded that we should rely on the existing regulatory framework, reasonably allocate the regulatory functions, and construct the information disclosure rules suitable to the stock rights crowdfunding, which can be used for reference by our country. Finally, as the conclusion of the paper, the concrete scheme of optimizing the information supervision system of stock capital raising in China is given. The optimization of information supervision system of stock capital raising should follow the principles of moderation and differentiation. The specific contents of optimizing the information supervision system of stock rights crowdfunding in China include: rationally allocating the functions of the information regulatory agencies and paying attention to the coordination among the regulatory agencies. This paper reconstructs the rules of information disclosure of stock rights crowdfunding, clarifies the contents, standards and forms of information disclosure, and explores the establishment of information disclosure hierarchy system. Construct the information sharing mechanism to realize the information sharing among the stock rights public funding regulators and the market subjects. Finally, we should perfect the supervision system of the information service organization, including perfecting the credit investigation legal system and introducing the regulation system of regulating the information intermediary.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287
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