论非法集资的证券化趋势与新调整方案

The Securitization Trend and New Adjustment Scheme of the Ponzi.Scheme

我国非法集资呈现出与广义证券投资相关的证券化趋势。现有调整非法集资的制度规范有非刑法规范与刑法规范,其中以非法吸收公众存款罪与集资诈骗罪为主的刑法调整存在明显缺陷,非法集资的制度规范需要做证券法角度的改进。解决制度性的非法集资问题,必须确立证券非公开发行融资制度标准,扩张合法融资途径,将公司企业的经营性、证券性投融资行为归于证券法调整。引导证券化民间集资关系转化为民间证券融资关系,通过证券融资的规范调整,调整民间融资的行为,用是否违反证券法作为判断民间融资行为的标准。

In china,the Ponzi.Scheme presents a securitization trend which is related to portfolio investment in the broad sense.The system of Ponzi.Scheme regulation is divided into criminal rules and non-criminal rules.The criminal regulations,mainly donated by the crime of illegally sucking in public deposits and the crime of financial fraud,have clear deficiencies,and the system of Ponzi.Scheme regulation needs improvement in the securities law＇s perspective.To solve institutional problem of Ponzi.Scheme,the financing system standard of non-public offering must be determined.We must expand the path of legal financing,and restore the operational and securitized investment and financing to the adjustment of securities law.Also we may lead the relationship of securitization informal financing to that of informal security financing,adjust the act of informal financing by the regulation of security financing,and whether the act is against the securities laws should be used as the standard of judging the act of informal financing.