刑法视野下的股权众筹

发布时间：2018-04-07 16:02

本文选题：股权众筹　切入点：非法吸收公众存款罪　出处：《上海师范大学》2017年硕士论文

【摘要】：互联网股权众筹迅猛发展,在一定程度上补充了我国场外市场单一化发展模式的不足,为小微企业进入金融市场融资打开方便之门,金融市场得以注入新的活力,越来越发展成为我国多层次资本市场的重要组成部分。这种自发形成的融资手段能够更好地引导资金流向,充分实现资金需求与供给的平衡,促进经济结构升级。通过利用互联网扩大信息传播范围,缓解信息不对称,降低项目发起人的融资成本,提高资本的利用效率。同时又为普通民众利用多余资金进行投资创造新的途径,分享企业成长带来的收益,增进社会公平感。然而以互联网为依托的股权众筹却使得传统“公募”与“私募”界限模糊,我国当前对金融业实施严格管制,对公开募集资金行为设置较高门槛,规定违法公开募集资金应承担的法律责任,金融创新空间受到极大压缩。在现行法律体系下股权众筹存在较大法律风险,不仅表现在民事法律和行政法律方面的风险,甚至有触犯刑法的可能性,其中最明显的就是非法吸收公众存款罪构成要件与股权众筹外在表征方面有诸多相似之处,如果在司法实践中扩大适用非法吸收公众存款罪,将制约股权众筹在支持小微企业发展方面的积极作用。文章试图从非法吸收公众存款罪与股权众筹的对比中发现可将两者区分的因素,以限缩解释的方式使股权众筹获得更多发展空间。正文共分六部分:第一部分主要内容是该问题出现的背景、研究意义、研究现状、研究思路和研究方法;第二部分的主要介绍股权众筹的概念、性质以及当前发展出的商业模式,以及刑法适当介入股权众筹的态度;第三部分主要梳理我国当前关于股权众筹的法律规定以及实务中发生的相关案例;第四部分主要内容为从非法性、公开性与社会性等方面将股权众筹与非法吸收公众存款的关系进行厘定,通过比较发现,互联网股权众筹并不完全符合非法吸收公众存款罪的构成要件;第五部分对认定非法吸收公众存款罪其他问题进行分析。
[Abstract]:The rapid development of Internet stock rights crowdfunding, to a certain extent, complements the lack of a single development model of over-the-counter market in China, opens the door for small and micro enterprises to enter the financial market for financing, and the financial market can inject new vitality.More and more development becomes the important component of our country multi-level capital market.This kind of spontaneous financing means can better guide the capital flow, fully realize the balance between capital demand and supply, and promote the upgrading of economic structure.Through the use of the Internet to expand the scope of information dissemination, alleviate information asymmetry, reduce the financing costs of project sponsors, and improve the efficiency of capital utilization.At the same time, it creates a new way for ordinary people to use surplus funds to invest, share the profits brought by the growth of enterprises, and enhance the sense of social equity.However, the stock raising based on the Internet has blurred the boundary between the traditional "public offering" and "private equity". At present, our country has strictly regulated the financial industry and set a higher threshold for the public raising of funds.The provision of illegal public collection of funds should bear the legal responsibility, financial innovation space has been greatly compressed.Under the current legal system, there is a greater legal risk of crowdfunding, not only in the aspects of civil law and administrative law, but also in the possibility of violating the criminal law.The most obvious one is that there are many similarities between the constitutive elements of the crime of illegally absorbing public deposits and the external representation of public equity funding. If the crime of illegally absorbing public deposits is extended in judicial practice,It will restrict the active role of equity crowdfunding in supporting the development of small and micro enterprises.This paper tries to find out the distinguishing factors from the comparison between the crime of illegally absorbing public deposits and the stock rights raising, and to make the stock rights crowdfunding gain more development space by the way of limiting and shrinking explanation.The text is divided into six parts: the first part of the main content is the background of the problem, research significance, research status, research ideas and research methods; the second part mainly introduces the concept of crowdfunding.The nature and the current development of the business model, as well as the criminal law appropriate intervention in the public equity funding attitude; the third part mainly combed the current legal provisions on equity crowdfunding and related cases in practice;The fourth part of the main content is from the aspects of illegality, openness and sociality to determine the relationship between public equity financing and illegal public deposits, and find out by comparison.Internet shareholding crowdfunding does not fully accord with the constitutive requirements of the crime of illegally absorbing public deposits; the fifth part analyzes other problems of the crime of illegal public deposits.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D924;D922.287

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