商业众筹项目股权分层设置与治理机制

发布时间：2018-04-25 09:00

本文选题：股权众筹 + 企业治理　；参考：《企业经济》2017年01期

【摘要】：股权众筹项目具有与传统企业不同的治理特征,主要表现为兼具人合公司治理模式和资合公司治理模式的特点、参与主体要素投入方式和投入结构复杂、融资信息的广泛传播与项目参与主体信息不对称、投资者投资的高风险与对众筹项目治理的弱参与、项目融资的低成本与项目责任软约束、项目治理创新与监管缺失等。根据众筹项目股东的行为特征,可以对股权众筹项目进行股权分层设置,股权的层级包括控制人股、管理人股、普通股、优先股。在项目治理规制上要更具有开放性、包容性和灵活性,兼顾投融资双方以及项目和相关第三方之间的合理诉求,在权利义务和激励约束机制构建上应该吸收合伙企业和公司制企业的治理优势。
[Abstract]:The equity crowdfunding project has different governance characteristics from traditional enterprises, which mainly show the characteristics of both the corporate governance model and the corporate governance model, and the input mode and structure of the main elements involved in the project are complex. The widespread dissemination of financing information and the asymmetric information of the project participants, the high risk of investors' investment and weak participation in the governance of crowdfunding projects, the low cost of project financing and the soft constraints of project responsibility, the lack of innovation and supervision of project governance, etc. According to the behavior characteristics of the shareholders of the crowdfunding project, it can be divided into four levels: controlling stock, manager stock, common stock and preferred stock. In the regulation of project governance, it should be more open, inclusive and flexible, taking into account the reasonable demands of both parties, as well as between the project and related third parties. In the construction of rights and obligations and incentive and restraint mechanism, the advantages of partnership and corporate governance should be absorbed.
【作者单位】：贵州财经大学大数据金融学院;
【基金】：国家社科基金重大项目“互联网金融的发展、风险与监管研究”(项目编号:14ZDA043) 商务部重点研究课题“新兴金融业态绿色发展模式研究”(项目编号:2015SWBZD02)
【分类号】：F724.6;F832.51

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