论我国股权众筹信息披露制度的构建

发布时间：2018-01-14 23:18

本文关键词：论我国股权众筹信息披露制度的构建　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权众筹作为互联网融资的重要手段之一,发展过程中乱象丛生,无法可依、无章可循,根本原因之一就是缺乏信息披露制度。信息披露制度的构建有助于解决信息不对称和市场柠檬问题,有效保护投资者的利益。股权众筹不同于传统证券法理论中的证券发行,不能直接适用目前《证券法》的规定,应当对股权众筹信息披露制度进行特殊性构建。其信息披露制度的构建分为多个维度:内容方面,根据股权众筹的融资方式和融资额度设立不同的分层次信息披露标准、区分一次性和持续性信息披露的指引,并创新的确立投资者信息交流监管平台;义务方面,要确立股权众筹信息披露的义务主体:众筹平台、股权众筹融资项目发起人、领投人,以及明确义务性质为强制性信息披露;责任方面,股权众筹平台和融资者在不履行信息披露义务下的责任形式有违约责任和侵权责任,并且在二者竞合的情况下,投资者自行选择救济方式,借鉴《证券法》理论,结合股权众筹作为互联网金融普惠的本质,确立侵权责任形式下的归责原则为过错推定,同时构建融资者和股权众筹平台二者的责任分担机制;监管方面,确立证监会行政监管和行业协会自律二者协同监管的模式、设立信用共享平台,为信息披露提供基础设施、以及构建证监会的机构监管和地方金融功能监管的协调监管机制。
[Abstract]:As one of the important means of Internet financing, the stock rights crowdfunding is in chaos in the process of development, which can not be followed and has no rules to follow. One of the fundamental reasons is the lack of information disclosure system. The construction of information disclosure system helps to solve the problem of information asymmetry and market lemon. Effective protection of the interests of investors. Stock rights crowdfunding is different from the traditional securities law theory of securities issuance, can not directly apply to the current "Securities Law" provisions. The construction of the information disclosure system should be divided into several dimensions: content. According to the financing mode and the financing quota of stock rights crowdfunding, different levels of information disclosure standards should be set up, the guidelines of one-time and persistent information disclosure should be distinguished, and the regulatory platform for investor information exchange should be established innovatively. In the aspect of obligation, we should establish the subject of disclosure of information of stock raising: the platform of crowdfunding, the initiator, the lead, and the compulsory disclosure of information. In terms of liability, there are default liability and tort liability in the form of liability of stock raising platform and financier in not performing the obligation of information disclosure, and in the case of competing between the two, investors choose their own relief mode. Using the theory of Securities Law for reference, combining with the stock raising as the essence of the Internet financial benefits, the principle of liability under the form of tort liability is established as the presumption of fault. At the same time, it constructs the responsibility sharing mechanism between the financier and the stock raising platform. In the aspect of supervision, we should establish the mode of administrative supervision of CSRC and self-regulation of industry association, set up credit sharing platform, and provide infrastructure for information disclosure. And the establishment of the SFC's institutional supervision and local financial function supervision of the coordination of regulatory mechanisms.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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