论我国股权众筹运行的法律制度

发布时间：2018-07-05 17:37

本文选题：股权众筹 + 投资者保护　；参考：《河北经贸大学》2016年硕士论文

【摘要】：随着股权众筹在我国的快速发展,其为民间资本提供了新的流通渠道,为中小企业提供了新的融合渠道,促进了经济的快速发展。然而由于股权众筹是新时代经济背景下产生的融资工具,其本身的运行模式与我国现有的相关法律制度相互矛盾,法律本身的立法理念以及应对新事物方面所表现出的滞后性阻碍了股权众筹的发展。因此,我国股权众筹运行的规范化,就应制定相应的法律规范并且完善现有的法律制度。由于各国针对股权众筹的发展已有立法经验,我国股权众筹法律制度的设立可以适当予以借鉴,以股权众筹自身的运行特性与价值功能为基础,结合股权众筹制度设定的基本原则,在促进资本集中与投资者保护两者之间寻求平衡点,从而规范股权众筹的运行,使其达到规范化的程度,最终促进我国经济的发展。本文除了引言与结语外共分四章。第一章是股权众筹的概述。首先分析了股权众筹发展的社会根源,指出经济危机背景下的融资环境更加紧张,使得本就融资困难的中小企业大量介入到众筹的领域,促进了股权众筹的发展。其次就股权众筹的定义及性质进行了界定,在比较不同学者对股权众筹进行定义的基础上,指出股权众筹的本质是公开的股权融资行为,得出了促进资本集中与保护投资者权益的两个价值取向。再次,列举了我国目前股权众筹的制度现状,分析了国家针对股权众筹出台的相关文件。最后,结合目前股权众筹运行的基本情况,在投资者认证、资金管理以及信息披露方面进行了阐述,分析了现有运行模式的弊端。第二章主要分析了我国现有法律制度环境对股权众筹的运行所造成的障碍。一方面针对制度的缺失指出目前存在股权众筹平台的性质不明确以及平台权利义务模糊的问题,同时在针对发行人的知识产权方面并没有建立有效且合理的保护机制。另一方面现有法律制度对股权众筹的阻碍,从企业股东(合伙人)人数上限的制度障碍、股权转让的制度障碍、公开发行的制度障碍三个方面阐述了法律制度对股权众筹的运行产生的影响。最后针对股权众筹存在的问题提出了原则性的总结意见。第三章主要分析了国外有关股权众筹的法律制度,分别列举了美国、英国以及澳大利亚的立法经验,涉及到投资者保护、平台监管、信息披露以及小额豁免等方面,同时对各国经验进行了总结提出了设立我国股权众筹法律制度的建议。第四章论述了完善我国股权众筹法律制度的具体建议。本章共提出了四个解决办法,分别为完善股权众筹平台的运行机制、建设投资者保护机制、完善筹资者发行机制以及建立信息披露制度。首先,对股权众筹平台的性质进行了界定,分别从投资者与发行者的角度进行了比较,指出股权众筹平台的性质是一种专门从事“股权众筹服务”的组织。同时针对股权众筹平台建立责任体系,明确平台所拥有的权利、所承担的义务以及违反义务后的责任,对平台的权利义务体系进行了明确。其次针对投资者保护机制,指出将投资者划分为合格投资者与普通投资者,并阐述了合格投资者的认定标准,对个人进行股权众筹的投资额进行限定,明确了证监会对合格投资者标准定期评估修订的职责。而在公司治理过程中,也给予了股权众筹投资者相应的权利保障,赋予了投资者优先分红权、共同出售权以及强制随售权,从而督促发行人履行忠实勤勉义务,维护投资者的权益。再次针对筹资者发行机制的完善,一方面规定将股权众筹的适用主体规定为股份有限公司或者是其它企业组织形式但在筹资后变更为股份有限公司的形式。根据股权众筹融资所采取的不同方式设定不同的标准,从而在达到控制风险的同时促进融资的需要。同时,为股权众筹设立了小额豁免制度,特别指出小额豁免仅适用于针对合格投资者的股权众筹。最后是针对股权众筹的运行建立信息披露制度,根据“信息重大性的认定标准”将所披露的信息分为强制披露的信息与自愿披露的信息。根据股权众筹的不同阶段,将强制披露的信息分为发行前的信息披露和筹资后的信息持续披露,在保障风险的基础之上维护企业的发展,保护企业的知识产权。
[Abstract]:With the rapid development of the stock right in China, it provides a new circulation channel for the private capital, provides a new channel for small and medium-sized enterprises and promotes the rapid development of the economy. However, because the public equity is a financing tool produced in the new era of economic background, its own mode of operation is related to the existing legal system of our country. Mutual contradiction, the legislative idea of the law itself and the delay in dealing with the new things hindered the development of the public equity. Therefore, the standardization of the operation of the stock raising of our country should make the corresponding legal norms and improve the existing legal system. The establishment of the legal system of right public financing can be used for reference. Based on the operation characteristics and value functions of the stock right, the balance point between the capital concentration and the investor protection is sought, which is based on the operating characteristics and value functions of the stock right. In addition to the introduction and conclusion, this article is divided into four chapters. The first chapter is a summary of the stock raising. First, it analyzes the social root of the stock raising and development, and points out that the financing environment is more tense under the background of the economic crisis, which makes the small and medium-sized enterprises with financial difficulties involved in the field of public financing and promote the equity. Secondly, it defines the definition and nature of the stock raising, and points out that the essence of the stock raising is the open equity financing behavior on the basis of comparing the definition of the public equity raising of different scholars, and draws two value orientations to promote the capital concentration and protect the rights and interests of the investors. The present situation of public financing system is analyzed. Finally, in the light of the basic situation of the current operation of the stock right, the paper expounds the investor authentication, capital management and information disclosure, and analyzes the disadvantages of the existing operation mode. The second chapter mainly analyzes the existing legal system environment in China to the stock. On the one hand, on the one hand, in view of the lack of system, it points out that the nature of the public equity platform is not clear and the rights and obligations of the platform are vague. At the same time, there is no effective and reasonable protection mechanism for the issuer's intellectual property rights. On the other hand, the existing legal system is to the stock of the public. The hindrance, from the institutional barriers of the number of shareholders (partners), the institutional barriers to the transfer of shares, and the institutional barriers of public issuance, three aspects of the influence of the legal system on the operation of the public equity. Finally, the original summary opinions are put forward in view of the problems existing in the stock market. The third chapter mainly analyzes the foreign countries. The legal system of closing the stock right, enumerates the legislative experience of the United States, the UK and Australia, and involves the protection of the investor, the platform supervision, the information disclosure and the small immunity. At the same time, some suggestions on the establishment of the public equity law system in China are put forward. The fourth chapter discusses the improvement of the stock rights of our country. In this chapter, four solutions are proposed in this chapter, which are to improve the operating mechanism of the public equity platform, to build an investor protection mechanism, to perfect the issuing mechanism of the fundraiser and to establish the information disclosure system. First, the nature of the platform is defined, respectively, from the perspective of investors and issuers. By comparison, it is pointed out that the nature of the platform is a kind of organization that specializes in "stock right public service". At the same time, the system of rights and obligations under the platform is clearly defined. Secondly, the system of rights and obligations of the platform is clearly defined. It points out that the investors are divided into qualified investors and ordinary investors, and the standard of cognizance of qualified investors is expounded, and the investment amount of the individual is limited, and the responsibilities of the Securities Regulatory Commission to revise the regular evaluation of the standard of qualified investors are clearly defined. In the process of corporate governance, the stock ownership is also given. The rights guarantee of the investors gives the investors the right to share the right of dividend, the common sale right and the compulsory sale right, so as to supervise the issuer to fulfill the duty of loyalty and diligence and to safeguard the rights and interests of the investor. It is the form of enterprise organization, but it is changed into the form of Limited by Share Ltd after financing. Different standards are set up according to the different ways of stock raising and financing, so as to achieve the control of risk while promoting the need of financing. At the same time, the small exemption system is set up for the public ownership, especially the small immunity is only applicable to the qualification. In the end, the information disclosure system is established for the operation of the stockholder's stock, and the information disclosed is divided into mandatory disclosure and voluntary disclosure according to the "criteria for identifying information importance". According to the different stages of the stock raising, the information disclosed is classified into information disclosure and financing before the issue. The continued disclosure of information will safeguard the development of enterprises and protect the intellectual property rights of enterprises on the basis of safeguarding risks.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287

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