论股权众筹投资者权益保护

发布时间：2018-06-24 12:36

本文选题：股权众筹 + 投资者权益　；参考：《广东财经大学》2017年硕士论文

【摘要】：基于开放的互联网平台与现代网络科学技术、“公开、小额、大众”股权投资理念而兴起的股权众筹,在拓展中小微企业融资渠道、推动社会创业创新、完善我国多层次资本市场体系等方面发挥着积极作用。本文首先结合商业运营模式和监管动态从经济意义、法律意义以及比较学意义阐释“股权众筹”的概念,指出股权众筹投资者类别,分析其在投资前、投资过程及出资后对融资公司管理中应有的权益。其次,由国内股权众筹第一案引入,指出我国股权众筹发展迅猛但问题颇多,本质问题在于投资者权益保护不足,分析现实中股权众筹投资者权益受侵害的具体形式,包括投资者资质认定不清、权益未明——资格确认权被侵害;信息不对称、投资欺诈行为甚嚣尘上——知情权受侵害;跟投人投资后无法参与对项目公司的治理——重大决策权受侵害;投资后退出无门——退出权受侵害等四个方面,强调股权众筹投资者权益保护的必要性。之后,逐一分析不同阶段股权众筹投资者面临的法律风险,结合中央多部委出台的部门规章、行业自律组织出台的规范性文件、征求意见稿与我国股权众筹实践,借鉴英美等率先对股权众筹进行立法的发达国家的有益经验,按照“投资准入教育——投资过程信息透明——投后管理路径畅通——投资退出规范有序”的思路,提出我国股权众筹投资者权益保护的具体完善建议,包括完善适当性测试、加强投资者教育,确认投资者权益的具体方式;对融资者根据融资额度的规模实施差异化信息披露、强制股权众筹平台为投融资双方的信息交互提供条件、引入第三方评级机制,保障投资者知情权;对领投人课以诚信、勤勉等特殊义务,借鉴上市公司网络投票工作机制设立股权众筹企业虚拟股东大会,使投资者有序参与公司治理;设置投资冷静期与锁定期,针对股权众筹小额股份的特点建立专门的二级市场,平衡投资者有序退出的需求与融资者对注册资本稳定的需要,为股权众筹投资者全方位保驾护航。
[Abstract]:Based on the open Internet platform and modern network science and technology, "open, small, popular" equity investment concept and the rise of crowdfunding, in expanding the financing channels of small and medium-sized enterprises, promoting social entrepreneurship innovation, Perfecting our country's multi-level capital market system and so on is playing a positive role. This paper first explains the concept of "stock crowdfunding" in terms of economic significance, legal significance and comparative significance, and points out the types of investors in stock rights crowdfunding, and analyzes its pre-investment status. The process of investment and the due rights and interests in the management of the financing company after the investment. Secondly, introduced by the domestic stock rights crowdfunding case, the author points out that the stock rights crowdfunding has developed rapidly in our country, but there are many problems. The essential problem lies in the insufficient protection of investors' rights and interests, and analyzes the concrete forms of the infringement of the rights and interests of the stock rights crowdfunding investors in reality. It includes that the investor's qualification is not clear, the rights and interests are not clear, the right to confirm the qualification is infringed, the information is asymmetric, the investment fraud is rampant-the right to know is infringed; After investing with the investor, it can not participate in the governance of the project company-the major decision-making right is infringed, and the exit without door-exit right after the investment is infringed, which emphasizes the necessity of protecting the rights and interests of the investor. Then, one by one, we analyze the legal risks faced by investors in various stages of equity crowdfunding, combined with the departmental regulations issued by the central and multi-ministerial departments, the normative documents issued by trade self-discipline organizations, the draft of soliciting opinions and the practice of crowdfunding of stock rights in China. Based on the beneficial experience of developed countries, such as the United States and the United States, which first legislated on crowdfunding, according to the idea of "investment access education--transparent investment process information -smooth management path after investment-orderly investment exit", The paper puts forward some specific suggestions for the protection of the rights and interests of the investors, including perfecting the test of appropriateness, strengthening the investor's education, confirming the specific ways of investors' rights and interests, and disclosing the differentiated information of the financiers according to the scale of the financing quota. Mandatory stock raising platform provides conditions for information exchange between investment and financing parties, introduces a third party rating mechanism to protect investors' right to know, and takes special obligations such as good faith, diligence and other special obligations to lead and cast people. Draw lessons from the network voting mechanism of listed companies to set up a virtual shareholders' meeting to enable investors to participate in corporate governance in an orderly manner, to set up investment cooling-off periods and locking periods, and to set up a special secondary market for the characteristics of crowdfunding small shares. Balancing the demand for orderly withdrawal of investors and the need of the financiers for the stability of registered capital.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291

【参考文献】