我国股权众筹投资者风险防范制度研究

发布时间：2018-05-07 13:59

本文选题：股权众筹 + 投资者　；参考：《辽宁大学》2017年硕士论文

【摘要】：股权众筹是金融市场发展到互联网时代的产物,丰富并活跃地搅动着现代资本市场,带有明显的时代印记。投资者是投资活动的行为主体,也是投资行为的利益攸关方,只有维护好投资者的利益,才能在投资者投资积极性的推动下实现资本市场的发展和金融产业的稳定。对投资者自身而言,防范面临的风险就成为关键问题。我国股权众筹起步晚发展快,制度建设迟滞于现实产业的发展,投资者面临的风险呈现多层次化、复杂化,因此投资者风险防范法律机制的建设尤为迫切。得益于中国经济稳健发展,我国股权众筹近几年不论从平台数量还是规模上得以极速发展。举“天使汇”和“大家投”为例,对我国股权众筹进行具体分析。在股权众筹运营过程中投资者会面临重重风险,如合法安全风险、信息获知风险、公平交易风险等。众筹市场发展较为成熟的美英等国家,首先将股权众筹纳入法律规范,在合格投资者管理、股权众筹各参与主体权责设定以及信息披露等方面作出了详细明确的规定,我国股权众筹投资者风险防范制度建设可以立足我国国情,适当借鉴。从我国股权众筹发展和实践可以看出,我国股权众筹投资者面对的风险存在着多方面的原因。第一,现行法律既有规定的掣肘和股权众筹专门法律规定不健全导致股权众筹的合法性问题;第二,各参与主体权责不明;第三,各参与主体间信息获取不对称和信息披露要求粗放;第四,股权转让和退出规则缺失。我国股权众筹投资者要顺利穿越风险漩涡获得自身利益,第一,要为股权众筹合法性提供制度基础,加快《证券法》的修订工作,明确监管责任;第二,明确参与主体权责;第三,完善信息披露制度,明确信息披露主体,严惩信息披露欺诈行为;第四,建立完善的股权转让和退出机制;第五,完善损害救济制度。
[Abstract]:Crowdfunding is the product of the financial market to the Internet era, rich and active stirring the modern capital market, with a clear epoch mark. Investors are the main actors and stakeholders of investment activities. Only by safeguarding the interests of investors can the development of capital market and the stability of financial industry be realized under the promotion of investors' enthusiasm for investment. For investors themselves, risk prevention becomes a key issue. Because of the late development of stock capital raising in China, the delay in system construction and the multilevel and complicated risks faced by investors, the construction of legal mechanism for investor risk prevention is particularly urgent. Thanks to the steady development of China's economy, the number and scale of stock raising in China has developed rapidly in recent years. Taking Angel Huihui and everybody as examples, this paper makes a concrete analysis of Chinese stock rights crowdfunding. Investors will face many risks, such as legal security risk, information acquisition risk, fair trade risk and so on. In countries such as the United States and Britain, where the crowdfunding market is relatively mature, equity crowdfunding is first brought into the legal norm, with detailed and clear provisions on the management of QFII, the establishment of the rights and responsibilities of the participants in the crowdfunding, and the disclosure of information, and so on. The construction of risk prevention system of stock-raising investors in China can be based on the situation of our country and draw on appropriate reference. It can be seen from the development and practice of stock raising in China that there are many reasons for the risks faced by investors. First, the existing laws and regulations of the constraints and stock rights crowdfunding legal provisions are not perfect leading to the legitimacy of the stock rights crowdfunding; second, the rights and responsibilities of the parties involved are not clear; third, The information acquisition asymmetry and the information disclosure requirement are extensive among the participants. Fourthly, the ownership transfer and withdrawal rules are missing. Firstly, we should provide the system basis for the legitimacy of the stock rights crowdfunding, speed up the revision of the Securities Law, clarify the responsibility of supervision, second, make clear the rights and responsibilities of the participants; Third, improve the information disclosure system, clear the subject of information disclosure, severely punish information disclosure fraud; fourth, establish a sound equity transfer and withdrawal mechanism; fifth, improve the damage relief system.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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