股权众筹风险的法律防控研究

发布时间：2018-06-29 08:11

本文选题：股权 + 股权众筹　；参考：《兰州大学》2017年硕士论文

【摘要】：股权众筹是互联网金融业态中发展迅速的一种融资模式,对于解决小微企业、初创企业融资需求难题具有重要价值和深远意义。近年来,随着股权众筹融资试点的逐步开展,其所蕴含的风险也日益凸显。如何从规范角度防范和控制风险,确保在金融安全的前提下获得健康可持续发展,制度建设迫在眉捷。本文先阐述了国内外股权众筹的发展概况,然后对股权众筹所具有的信用风险、信息风险、投融资主体资格风险、股权众筹平台合法性风险、经营风险和监管制度缺失的风险等六大风险进行了法律分析,并对国外英美法系和大陆法系典型发达国家关于股权众筹的立法进行了比较,最后在此基础上针对性地提出了关于股权众筹六大风险的法律防控建议。引言部分包括本文的选题背景和研究意义,研究思路、内容及重点,研究方法和研究范围,国内外文献研究综述,本文创新及不足之处等五部分,随后引出正文。正文是文章的主要组成部分,共包括四章。其中,第一章对股权众筹的概况进行了阐述,第二章则重点分析了股权众筹具有的六大风险,第三章对国外典型发达国家的股权众筹立法进行了比较,第四章在结合国情、适当借鉴国外立法的基础上,针对股权众筹的六大风险提出应当从法律的多个纬度进行防控,包括:一是完善社会征信体系,发挥部际联席会议作用并确立信用信息共享制度,实行信用评级和市场公开制度;二是实施融资者信息核查,建立赔偿和评估机制;三是实行投资者分级分类管理,建立平台严格审核和责任追究制度,实行融资限额制度;四是股权众筹平台依法申领专门牌照并合法运营,建立和实施强制退出资本市场制度;五是股权众筹平台建立技术规程、运营流程和管理规范,设立风险预警机制和激励约束机制,开展投资者教育和引入资本管理公司,实行融资项目推进的强制报告制度,制定项目运营计划、应急预案及应对投资者退出项目的方案;六是实行他律监管和自律管理相结合的监管方式并对股权众筹平台、投资者和融资者三方参与主体全面实施监管,还应适时出台针对股权众筹的相应法律。结语对文章的主要观点做了提炼和总结,即面对股权众筹存在的风险,本文结合国内外众筹发展状况和国外众筹立法经验,从法律视角提出了一些防控建议。
[Abstract]:Crowdfunding is a rapidly developing mode of financing in Internet finance. It is of great value and far-reaching significance to solve the problem of financing needs of small and micro enterprises and start-up enterprises. In recent years, with the gradual development of the stock-raising pilot project, its risks are increasingly prominent. How to prevent and control risks from a normative point of view to ensure healthy and sustainable development under the premise of financial security, institutional construction is urgent. This paper first describes the development of stock rights crowdfunding at home and abroad, and then the credit risk, information risk, the qualification risk of investment and financing, the legitimacy risk of stock financing platform, the credit risk, the information risk, and the legitimacy risk of the stock rights crowdfunding platform. Six major risks, such as management risk and the risk of lack of supervision system, are analyzed in law, and the legislation on crowdfunding of stock rights in typical developed countries of common law system and civil law system is compared. Finally, it puts forward the legal prevention and control suggestions on six major risks of stock rights raising. The introduction part includes five parts: the background and significance of this paper, research ideas, content and focus, research methods and research scope, domestic and foreign literature review, innovation and deficiencies of this paper, and then lead to the text. The text is the main part of the article, including four chapters. Among them, the first chapter describes the general situation of stock crowdfunding, the second chapter focuses on the analysis of the six major risks of crowdfunding, the third chapter compares the legislation of crowdfunding in typical developed countries, the fourth chapter combines with the national conditions. On the basis of drawing lessons from foreign legislation, this paper puts forward that prevention and control should be carried out from several aspects of the law in view of the six major risks of stock capital raising, including: first, perfecting the social credit system, giving play to the role of the interministerial joint meeting and establishing the system of credit information sharing, Implement credit rating and market disclosure system; second, implement information verification of financiers, establish compensation and evaluation mechanism; third, implement classified management of investors, establish platform strict auditing and accountability system, and implement financing quota system; Fourth, the shareholding crowdfunding platform applies for a special license and operates legally, establishes and implements the mandatory withdrawal from the capital market system; and fifthly, the shareholding crowdfunding platform establishes technical regulations, business processes and management norms, Setting up risk warning mechanism and incentive and restraint mechanism, carrying out investor education and introducing capital management company, carrying out mandatory reporting system for the promotion of financing project, formulating project operation plan, emergency plan and plan to deal with the withdrawal of investors from the project; Sixthly, we should implement the supervision mode of combining heteronomy supervision with self-discipline management, and implement the supervision on the equity crowdfunding platform, the investors and the financiers participate in the main body in an all-round way, and we should also issue the corresponding laws in time for the stock rights crowdfunding. The conclusion summarizes the main points of the article, that is, facing the risk of stock raising, this paper puts forward some suggestions from the perspective of law, combining the development of crowdfunding at home and abroad and the experience of foreign crowdfunding legislation.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.182

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