股权众筹的兴起与证券法理念的更新

发布时间：2018-01-07 19:18

本文关键词：股权众筹的兴起与证券法理念的更新　出处：《银行家》2015年06期 　论文类型：期刊论文

【摘要】：正根据证监会国际组织(IOSCO)的定义,众筹融资是指通过互联网平台,从大量的个人或组织处获得较少的资金来满足项目、企业或个人资金需求的活动。广义上,众筹活动可区分为捐赠型众筹、回报或预购型众筹、借贷众筹以及股权众筹。在法律适用上,后两种类型的众筹融资活动成为了证券法关注的对象。不过在我国,借贷众筹模式(典型的就是P2P网络贷款)在绝大多数情况被实际异化成了影子银行,表现为一种间接融资活动,因此只有股权众筹(equity-based crowdfunding)才构成了受证券法规制的直接融资活动。
[Abstract]:According to the definition of IOSCO , crowdfunding is an activity that obtains less money from a large number of individuals or organizations to meet the needs of projects , enterprises or individuals through the Internet platform . In the broad sense , crowdfunding activities can be classified as donation - based crowdfunding , returns or pre - purchase crowdfunding , lending crowdfunding and equity crowdfunding . In our country , the following two types of crowdfunding activities have become an object of concern for securities laws . However , in our country , lending crowdfunding models ( typically P2P network loans ) are actually differentiated into shadow banks in the majority of cases , showing an indirect financing activity , so only equity crowdfunding is a direct financing activity under the securities regulatory system .

【作者单位】：上海交通大学凯原法学院;
【分类号】：F832.51;D922.287
【正文快照】： 的唯一渠道。以强制性信息披露为制度核心的证券法律规则的出根据证监会国际组织(IOSCO)的定义,众筹融资是指通现,就使得证券发行不再是纯粹私法意义上“你情我愿”的自由过互联网平台,从大量的个人或组织处获得较少的资金来满足项买卖了,而把公法规则带入了融资交易之中,简

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