股权众筹中的投资者利益保护:路径、基础与制度建构

发布时间：2018-01-19 05:26

本文关键词： 股权众筹投资者融资者众筹平台证券欺诈　出处：《中州学刊》2016年05期 　论文类型：期刊论文

【摘要】：与国外股权众筹制度建立在小额融资的基础上不同,我国股权众筹制度遵循对公募与私募区分监管的逻辑,由此导致众筹的定性错误、运行混乱。股权众筹的正当性不在于其公开性,而在于其小额融资的微金融特点。传统融资制度下初创企业融资难是股权众筹制度产生的现实基础,股权众筹的特性要求放松事前管制,实行核准豁免或注册豁免。股权融资制度实施中出现的融资欺诈、信息不对称等问题并不能抵销该制度带来的社会利益增长效应,我国应在股权众筹自由化改革的基础上构建合理的投资者利益保护机制,包括设定合格投资者标准及众筹主体资格限制,强化对融资者行为的事中、事后监管,在承认众筹平台多样化、自治性的基础上予以分类管理等。
[Abstract]:Different from the foreign crowdfunding system based on microfinance, China's crowdfunding system follows the logic of separate supervision of public offering and private placement, which leads to the qualitative errors of crowdfunding. The legitimacy of stock crowdfunding lies not in its openness but in its microfinance characteristics. Under the traditional financing system, the difficulty of start-up financing is the realistic basis of the emergence of stock crowdfunding system. The characteristics of crowdfunding require deregulation, approval of exemption or exemption from registration. Financing fraud in the implementation of equity financing system. Information asymmetry and other problems can not offset the effect of social interest growth brought by the system. China should build a reasonable mechanism to protect the interests of investors on the basis of the reform of shareholding crowdfunding liberalization. It includes setting the QFII standard and the qualification limit of the crowdfunding subject, strengthening the behavior of the financier, supervising afterwards, classifying management on the basis of recognizing the diversification of the crowdfunding platform and autonomy, and so on.
【作者单位】：河南财经政法大学民商经济法学院;
【基金】：国家社会科学基金项目“私募股权投资基金监管的立法模式及法律制度构建研究”(13BFX104)
【分类号】：D922.287
【正文快照】： 众筹融资(crowdfunding)随着互联网的发展及小微企业的融资需求应运而生,是资本形成制度中的新面孔。作为替代性金融(alternative finance)的一种,众筹融资野蛮生长于传统金融体系之外,拓展了证券法的规制边界。(1)股权众筹是众筹融资的重要类型,其发展对以投资者保护为基本价

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