JOBS法案对完善中国股权众筹法律规制的启示

发布时间：2018-02-25 04:19

本文关键词： 美国JOBS法案股权众筹小额豁免众筹平台法律风险　出处：《山东师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着全球互联网技术的不断革新,股权众筹能够充分地将互联网技术与企业融资的需求紧密结合起来,满足中小企业和初创企业日益增多的融资需求,帮助中小企业和初创企业走出融资困境。美国JOBS法案从颁布至今,弥补了股权众筹监管法律体系在众筹公开发行的合法性问题、小额豁免发行制度、信息披露制度以及众筹平台法律性质等诸多方面的空白,降低了中小企业和初创企业的融资成本,提高了企业融资效率。美国JOBS法案关于股权众筹法律规制的相关立法理念与逻辑,对在中国建立和完善顺应市场经济发展趋势的新型证券发行法律制度具有重要借鉴意义。本文除导论外包括以下三个部分:关于美国JOBS法案中股权众筹先进经验的介绍。JOBS法案实施之后,美国社会就业率明显提高,社会经济有复苏之势,笔者试图通过详细阐述JOBS法案中关于股权众筹制度的相关规定,总结法案中关于股权众筹法律规制的先进经验和做法。关于我国股权众筹发展现状的梳理。作为一种创新金融产品,股权众筹与现有法律规定有诸多不适应之处,主要是融资者违反现有法律法规擅自发行股票、平台违反现有法律法规经营证券业务、缺少信息披露制度导致欺诈风险频发等。本文从众筹行业自身发展的风险、众筹面临的法律风险、目前我国现行的关于股权众筹法律规范等方面对我国股权众筹发展现状做详细梳理。关于完善我国股权众筹法律规制的启示。在深入分析我国股权众筹存在的法律问题和风险的基础上,结合境外股权众筹的法律规制经验,对我国股权众筹法律规制提出如下建议:从扩大证券定义范围、建立证券小额发行豁免制度、放宽股权众筹投资者人数限制等方面扫除既有法律制度的障碍;从信息披露、众筹平台权利义务、投资者适当性制度等方面建立股权众筹配套制度。通过以上规制路径,在促进中小微企业及初创企业资本形成的同时,防范欺诈风险,保护投资者利益,最终推动股权众筹行业的持续、健康发展。
[Abstract]:With the continuous innovation of the global Internet technology, equity crowdfunding can fully combine Internet technology with enterprise financing needs to meet the increasing financing needs of small and medium-sized enterprises and start-ups. To help small and medium-sized enterprises and startups out of the financing dilemma. Since the promulgation of the United States JOBS Act, it has made up for the legality of the public financing regulatory legal system of stock rights raising, the small amount exemption issue system, The gaps in the information disclosure system and the legal nature of the crowdfunding platform have reduced the financing costs of small and medium-sized enterprises and start-ups. Improve the efficiency of corporate financing. The JOBS Act of the United States on the stock rights of public funding related legislative ideas and logic, It is of great significance to establish and perfect the new legal system of securities issuance in China, which conforms to the development trend of market economy. Besides the introduction, this paper includes the following three parts: about the advanced experience of stock rights raising in the JOBS Act of the United States. After the implementation of the JOBS Act, The social employment rate in the United States has obviously increased, and the social economy is recovering. The author tries to elaborate the relevant provisions of the JOBS Act on the stock rights crowdfunding system. Summing up the advanced experience and practice of the legal regulation of stock crowdfunding in the bill, combing the current situation of the development of stock crowdfunding in China. As a kind of innovative financial product, crowdfunding of stock rights has many inadequacies with the existing laws and regulations. The main problems are that the financiers issue stocks without authorization in violation of existing laws and regulations, the platform runs securities business in violation of existing laws and regulations, and the lack of information disclosure system leads to the frequent occurrence of fraud risks. The legal risks faced by crowdfunding, At present, the current legal norms of stock crowdfunding in China are reviewed in detail. The enlightenment of perfecting the legal regulation of stock crowdfunding in China. The law of the existence of stock crowdfunding in China. On the basis of law problems and risks, Based on the experience of the legal regulation of foreign stock crowdfunding, this paper puts forward the following suggestions for the legal regulation of stock crowdfunding in our country: to expand the definition of securities, to establish the exemption system of small issue of securities, Relaxing the restrictions on the number of investors in stock rights crowdfunding to remove the obstacles of the existing legal system; from the information disclosure, the rights and obligations of public funding platform, the investors' suitability system and other aspects to establish a supporting system of equity crowdfunding, through the above regulatory path, At the same time, we should guard against fraud risk, protect the interests of investors, and finally promote the sustainable and healthy development of the stock capital raising industry.
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D971.2;D922.287

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