股权众筹平台信息披露制度研究

发布时间：2018-06-28 06:53

本文选题：股权众筹 + 信息披露　；参考：《西南政法大学》2016年硕士论文

【摘要】：股权众筹自2013年进入我国,其后一直保持着快速增长势态。根据国内清科集团的一份股权众筹调研报告的统计显示,仅仅在2014年的上半年,国内众筹领域共为四百余个发行项目成功募集资金一千五百万元人民币。报告中还显示股权类众筹项目的发起人大多处于初创期的中小微型企业,适格投资者的投资阶段主要为种子期和初创期。股权众筹模式的快速发展,为处于初创期的小微企业通过在线网络平台发行证券筹集资金提供了新的渠道,弥补了传统资本市场的不足,促进了我国金融体系的改革。股权众筹平台的大量涌现及快速发展虽迎合当下大众创新、大众创业的浪潮,有利于实体经济发展。但如何保护参与股权众筹活动众多投资者的利益是决定股权众筹模式在我国能否长远发展的关键因素。股权众筹作为一种新兴的互联网金融模式,在我国一直处于现行法律法规的灰色地带,存在诸多法律风险。值得高兴的是,2014年由我国证券业协会制定并公布的《私募股权众筹融资管理办法(试行)(征求意见稿)》,明确了互联网非公开股权众筹的合法地位。把股权众筹平台定义为连接投融资双方的中介。同年央行在发布《中国金融稳定报告(2014)》中明确指出股权众筹要坚持平台功能,在投融资双方保持中立,不能变相搞资金池,不得以互联网金融名义进行非法金融活动。保护投资者的利益是我国资本市场的重要任务,而构建准确、及时、全面的信息披露制度是目前最为有效的方式。但我国目前各类股权众筹平台在构建信息披露制度方面存在诸多缺陷,尤其是对投资者的权益缺乏行之有效的保护制度,而监管部门对此没有明确统一规定。为切实保护投资者权益,确保股权众筹的健康发展,立法层面上需要构建我国股权众筹平台信息披露制度。美国是目前世界上首先立法承认众筹合法化的国家,是对股权众筹信息披露制度尤其是对投资者保护较为完善的国家,其有益经验可以为我们借鉴。在股权众筹平台信息披露制度的建设上,立法的原则应当是审慎和包容原则,同时股权众筹平台在发挥平台功能保护投资者权益与要求初创企业进行信息披露的范围之间达到谨慎平衡,毕竟初创企业进行信息披露的范围与其融资成本息息相关。与此相适应,在理念上,应当以诚实信用为核心,突出欺诈等违法行为的打击力度;在具体制度的构建上,发挥股权众筹平台的监管职能,根据各类平台的不同特性,建立强制性信息披露与自愿信息披露相结合的制度。同时针对股权众筹中众多投资者的特点设立投资者“冷静期”制度,进一步保护投资者的利益。
[Abstract]:Stock-raising entered China in 2013, since then has maintained a rapid growth situation. In the first half of 2014 alone, domestic crowdfunding raised 15 million yuan for more than 400 issuance projects, according to a report on crowdfunding by Qingke Group. The report also shows that the promoters of the stock rights crowdfunding projects are mostly in the initial stage of small and medium-sized microenterprises, and the investment stage of suitable investors is mainly seed and initial stage. The rapid development of crowdfunding mode provides a new channel for small and micro enterprises in the initial stage to raise funds by issuing securities on the online network platform, makes up for the deficiency of traditional capital market, and promotes the reform of our financial system. Although the mass emergence and rapid development of the stock ownership crowdfunding platform caters to the current popular innovation, the popular entrepreneurship is beneficial to the development of the real economy. However, how to protect the interests of many investors is the key factor to determine the long-term development of crowdfunding mode in China. As a new Internet financial model, crowdfunding has always been in the gray area of current laws and regulations in China, and there are many legal risks. It is gratifying to note that the "Private Equity crowdfunding Management (trial) (draft)", formulated and published by the Securities Industry Association of China in 2014, clarifies the legal status of private equity crowdfunding on the Internet. The stock-raising platform is defined as the intermediary connecting the two parties of investment and financing. In the same year, the central bank clearly pointed out in the China Financial Stability report (2014) that the stock rights crowdfunding should adhere to the platform function, maintain neutrality between the investment and financing parties, do not engage in the pool of funds in disguise, and should not engage in illegal financial activities in the name of Internet finance. Protecting the interests of investors is an important task in China's capital market, and it is the most effective way to construct an accurate, timely and comprehensive information disclosure system. However, at present, there are many defects in the construction of information disclosure system, especially the lack of effective protection system for investors' rights and interests, which is not clearly and uniformly regulated by the regulatory authorities. In order to protect the rights and interests of investors and ensure the healthy development of crowdfunding, it is necessary to construct the information disclosure system of Chinese stock crowdfunding platform on the legislative level. The United States is the first country in the world to legislate the legalization of crowdfunding, and the information disclosure system of stock crowdfunding, especially the country with perfect protection to investors, can be used for reference by us. In the construction of the information disclosure system of the shareholding crowdfunding platform, the principle of legislation should be the principle of prudence and inclusiveness. At the same time, the equity crowdfunding platform achieves a careful balance between exerting the platform function to protect the investor's rights and interests and requiring the scope of information disclosure of the start-up enterprise. After all, the scope of the information disclosure of the start-up enterprise is closely related to its financing cost. In accordance with this, we should focus on honesty and credit as the core, highlight the crackdown on fraud and other illegal acts, and give full play to the regulatory function of the stock financing platform in the construction of specific systems, according to the different characteristics of all kinds of platforms, Establish the system of compulsory information disclosure and voluntary information disclosure. At the same time, the investors'"cooling-off period" system is set up according to the characteristics of many investors in stock rights raising, to further protect the interests of investors.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287

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