跨境股权众筹信息披露监管协调机制研究

发布时间：2018-06-18 17:47

  本文选题：跨境股权众筹 + 信息披露　； 参考：《对外经济贸易大学》2017年博士论文

【摘要】：股权众筹是指通过互联网把企业和众多投资者直接联系起来,为融资项目募集资金,投资者通过少量的投资从融资企业获得股权回报。股权众筹以互联网技术为依托,融资主体是中小微企业和初创企业,具有公开、小额、大众的特征。股权众筹的本质是小额证券发行行为,对股权众筹的监管属于证券监管的范畴。在国内股权众筹业务蓬勃发展的同时,跨境股权众筹业务开始发展,为股权众筹监管提出了新的挑战。跨境股权众筹与我国“万众创业”、“一带一路”经济新战略同步发展,可缓解世界中小企业融资困境,促进国际金融监管合作,促进我国多层次资本市场的形成和资本市场国际化。信息披露制度是证券监管的核心制度,也是投资者保护的利器。从内容上讲,跨境股权众筹信息披露制度主要包括:信息披露主体制度,即融资企业制度、融资平台制度、投资者制度;信息披露内容,包括融资企业的治理结构信息、财务信息及其他信息,以及股权众筹平台披露的信息内容。但是,每个国家关于股权众筹的立法差异很大,使得跨境股权众筹信息披露监管非常困难。在信息披露主体制度方面,各国立法关于融资企业的范围、准入资格、融资金额、组织形式,以及关于股权众筹平台准入和管理等方面的规定,存在很多差异。另外,各国对合格投资者、适格投资者的概念和范围界定存在争议。信息披露主体制度的差异,导致各国关于股权众筹信息披露内容繁简程度、信息披露形式、信息披露豁免的规定也存在很多差别。基于现有的差异性,跨境股权众筹信息披露监管可以通过以下几种协调机制实现:一是通过证券法律冲突规范进行协调。跨境证券监管中,一般采用证券所在地法、证券行为地法、证券交易所所在地法和属人法进行监管。本文认为,关于股权众筹信息披露主体资格认定、主体准入等立法冲突,适用属人法;关于股权众筹主体的信息披露行为、信息披露形式、信息披露不实责任的承担等立法冲突,适用行为地地法。采取此方法的优点是可以依据冲突规范的指引确定准据法;缺点是并非世界各国都有股权众筹立法,可能出现没有准据法可用的情况。二是通过相互认可机制协调跨境股权众筹信息披露监管。相互认可机制既有明确的监管框架和法律约束力,也有一定的灵活性,不要求对国内现行制度进行大规模的调整,只要求各方对他国国内核心制度进行认可,达到监管效果整体相似即可。而且,相互认可机制在传统证券监管领域中已经广泛应用,比较适宜跨境股权众筹监管。相互认可机制又有不同的实施方式,具体有美国和欧盟的可替代性遵守框架机制、美国和加拿大的多法域信息披露机制、欧盟的多边互认机制。本文认为,欧盟的多边互认机制最符合跨境股权众筹信息披露监管。跨境股权众筹信息披露相互认可机制的实施,应该坚持信息披露最低标准原则、重大信息披露原则以及最低限度协调原则。相互认可中,融资企业的范围可扩大至所有中小微企业,但需要对初创企业进行适当限制;股权众筹平台的认可,只需各国有相应的管理制度即可;关于投资者制度的认可,采用适格投资者的概念,并针对不同的投资者进行分类信息披露;从公司治理机构信息、公司财务信息、其他信息三方面认可融资企业信息披露内容的范围;股权众筹平台信息披露范围的认可,可主要包括融资企业真实性审查信息、领投人审核信息、融资项目审核信息三方面。三是通过国际软法实现跨境股权众筹信息披露监管协调。国际软法不具有法律约束力,其本质仅仅是一种协调机制,具有很强的灵活性。跨境股权众筹是一个新兴事物,通过国际软法协调更容易实现跨境监管目的。跨境证券监管领域的国际软法主要是谅解备忘录,以及国际证监会组织(IOSCO)公布的相关指令、指引、备忘录。跨境股权众筹信息披露,也可以采用双边或多边谅解备忘的形式实现协调监管。
[Abstract]:The public interest is the direct link between enterprises and many investors through the Internet to raise funds for financing projects. Investors obtain equity returns through a small amount of investment. The stock of equity is supported by Internet technology, and the main body of financing is small and medium enterprises and initial ventures, with public, small, public characteristics. The essence of all the chips is small the issuance of securities, securities regulation belongs to the public equity raise regulatory category. In the domestic equity raised in booming business, cross-border business development began to raise public equity, public equity raise new regulatory challenges. Cross-border equity raise and China's "the creation" "The Belt and Road" new economy Strategic synchronous development can alleviate the financing difficulties of small and medium-sized enterprises in the world, promote international financial supervision and cooperation, promote the formation of multi-level capital market and internationalization of capital market in China. Information disclosure system is the core system of securities regulation and also a weapon for investor protection. It includes: the system of information disclosure subject, that is, the system of financing enterprises, the system of financing platform, the investor system, the content of information disclosure, the information of the governance structure of the financing enterprises, the financial information and other information, as well as the information content disclosed by the public equity platform. There are many differences in the scope of financing enterprises, the qualification of access, the amount of financing, the form of organization, and the regulations on the access and management of the platform for the public equity. In addition, the concept and scope of the qualified investors and the appropriate investors in each country are different. There are disputes. The difference of the information disclosure subject system leads to many differences in the content of the information disclosure of the public equity, the form of information disclosure and the exemption of information disclosure. Based on the existing differences, the supervision of the disclosure of information disclosure of cross-border equity can be realized through the following coordination mechanisms: one is through the certificate In the supervision of cross-border securities, the place law of the securities, the law of the securities behavior, the location of the stock exchange and the personal law are generally used to supervise. This article holds that the legislative impulse on the qualification of the main body of the public stock information disclosure, the admittance of the main body and so on, is applicable to the personal law, and the information about the main body of the stock right. The legal conflict of disclosure behavior, information disclosure form, information disclosure of untrue responsibility and other legislative conflicts and the application of behavior ground law. The advantage of this method is that the applicable law can be determined according to the guidelines of the conflict norms; the disadvantage is that not all countries in the world have the public equity raising legislation and may appear without the applicable law. Two is through mutual recognition. The mechanism coordinates the supervision of information disclosure of cross-border equity. The mutual recognition mechanism has a clear regulatory framework and legal binding force, but also has a certain flexibility. It does not require a large-scale adjustment to the current domestic system. It only requires the parties to recognize the domestic core system in the country and achieve the overall similarity of the regulatory effect. The accreditation mechanism has been widely used in the field of traditional securities regulation, and it is more suitable for the supervision of cross-border equity. The mutual recognition mechanism has different ways of implementation, specifically the replaceable framework mechanism of the United States and the EU, the multi domain information disclosure system in the United States and Canada and the multilateral mutual recognition mechanism of the EU. The multilateral mutual recognition mechanism is the most consistent with the supervision of cross border equity public information disclosure. The implementation of the mutual recognition mechanism for cross border equity public information disclosure should adhere to the principle of minimum standards of information disclosure, the principle of major information disclosure and the principle of minimum coordination. It is necessary to make appropriate restrictions on start-ups, and the approval of the public equity platform requires only the corresponding management system in all countries; the approval of the investor system, the concept of appropriate investors, and classified information disclosure for different investors; three aspects of corporate governance information, corporate financial information, and other information. The scope of information disclosure of financing enterprises, the recognition of the scope of public equity platform information disclosure can mainly include the authenticity review information of financing enterprises, the audit information of the leaders and the three aspects of financing project audit information. Three is through international soft law to realize the supervision and coordination of the supervision of the public information disclosure of cross-border shares. International soft law does not have legal constraints. Force, its essence is only a coordination mechanism with strong flexibility. Cross border equity is a new thing, it is easier to achieve cross-border regulatory purposes through international soft law coordination. International soft law in the field of cross-border securities regulation is mainly the memorandum of understanding, and the relevant directives, guidelines, and memorandums published by the IOSCO. It is also possible to achieve coordinated supervision in the form of bilateral or multilateral memorandums of understanding.
【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：D922.287
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本文编号：2036351