我国股权众筹投资者保护机制研究

发布时间：2018-01-01 10:20

本文关键词：我国股权众筹投资者保护机制研究　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：投资者是股权众筹市场的重要参与者,保护投资者利益对于其发展具有重要意义。股权众筹作为一种新型的互联网融资模式,于2011年引入我国,意在为我国初创、小微企业带来相对便利的融资渠道,促进多层次资本市场体系的不断完善。但是,期间由于我国法律对股权众筹定义模糊、监管规则不明确,导致股权众筹野蛮成长、平台资质参差不齐。在这种背景下,作为重要参与者、利益相关方的投资者利益却得到不到根本保障,面临着巨大的风险。为了促使股权众筹在我国健康良性的发展,保护投资者的利益,亟需构建对投资者利益进行保护的法律机制。本文以投资者利益保护为视角,主要从四个部分探讨构建投资者保护法律机制:第一部分是股权众筹概述,主要通过对股权众筹的概念、特征以及发展现状进行介绍,使投资者能更好的了解股权众筹,促进该行业的发展。第二部分主要讨论现阶段我国股权众筹行业中存在的危及投资者利益的潜在问题,主要从法律、投资者、众筹平台、发行人四个角度进行分析。在法律方面,主要表现股权众筹缺乏法律基础、有效行业监管体系以及专业性的纠纷解决机制问题;在投资者方面,主要表现为缺乏投资者适当管理机制、退出渠道问题;在股权众筹平台方面,主要表现为众筹平台缺乏准入标准、资金管存机制;在发行人方面,主要表现为信息不对称及欺诈问题。第三部分主要通过对国外股权众筹的立法规定进行分析,尤其是美国的《创业企业辅助法》(the Jump-start Our Business Start-ups Act,以下简称 JOBS Act)以及英国的《关于网络众筹和通过其他方法推介不易变现证券的监管规则》(以下简称"监管规则")对投资者保护的具体规定,为我国在该方面的构建提供借鉴意义。第四部分主要是对通过对上述部分的分析,从构建股权众筹安全港、完善众筹平台监管、加大投资者保护、强化信息披露制度等方面为我国股权众筹投资者保护制度的完善提出合理的建议。
[Abstract]:Investors are important participants in the stock market, and protecting the interests of investors is of great significance to its development. As a new type of Internet financing mode, crowdfunding was introduced into China in 2011. The purpose of this paper is to provide relatively convenient financing channels for the establishment of small and micro enterprises in China, and to promote the continuous improvement of the multi-level capital market system. However, due to the ambiguity of the definition of crowdfunding in the law of our country, the regulatory rules are not clear. In this context, as an important participant, stakeholders' investors' interests are not fundamentally protected. In order to promote the healthy and healthy development of stock rights raising in China, to protect the interests of investors. It is urgent to build a legal mechanism to protect the interests of investors. From the perspective of the protection of investors' interests, this paper mainly discusses the construction of legal mechanisms of investor protection from four parts: the first part is an overview of stock rights crowdfunding. Mainly through the introduction of the concept, characteristics and development status of equity crowdfunding, so that investors can better understand equity crowdfunding. Promote the development of the industry. The second part mainly discusses the potential problems that endanger the interests of investors in China's stock raising industry at this stage, mainly from the law, investors, crowdfunding platform. In the legal aspect, it mainly shows the lack of legal basis, the effective industry supervision system and the professional dispute resolution mechanism. In terms of investors, the main performance is the lack of appropriate management mechanism of investors, exit channels; In the stock raising platform, the main performance is the lack of access standards, capital management and storage mechanism; In the issuer, the main performance is information asymmetry and fraud. The third part mainly through the analysis of the foreign stock raising legislation. In particular, the Jump-start Our Business Start-ups Act. JOBS (hereinafter referred to as JOBS) and the regulations on Internet crowdfunding and other methods for the Promotion of Non-realizable Securities (hereinafter referred to as "the Regulation") in the United Kingdom. Specific provisions for investor protection. For the construction of this aspect of our country to provide reference. 4th part is mainly through the above part of the analysis, from the construction of public financing safe port, improve the supervision of crowdfunding platform, increase investor protection. Strengthening the information disclosure system and other aspects for the improvement of China's stock rights investor protection system put forward reasonable suggestions.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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