众筹融资的发展及监管

The Development and Supervision of Crowdfunding

众筹融资是一种新型的互联网金融模式,具有受众广、成本低的特征,近年来在国际国内发展迅速,逐渐成为促进中小企业融资和发展的新兴动力。本文考察了众筹融资在国际国内的发展现状,分析了行业发展进程中的问题和风险。在借鉴境外监管实践的基础上,我们认为,要辩证地看待众筹发展中的创新和风险,对众筹等金融创新采取兼顾审慎性和包容性的态度,积极将其纳入监管体系,明确监管主体,制定专门的监管规则,引导行业健康发展,同时加强投资者教育和保护。

Crowdfunding, which is a new-style internet-based financial vehicle with low cost and high popularity, has developed rapidly around the world in recent years, and gradually become the new impetus of SME financing and development. This paper analyzes international and domestic status, trends and open issues of crowdfuding. In light of oversea regulatory practice, we propose that we should dialectically treat the relationship between innovation and risk in the development of crowdfuding, and adopt a prudential and inclusive attitude on financial innovations, such as crowdfunding. We expect that the regulators could promptly bring crowdfunding under supervision system, specify supervisory agency and formulate special regulatory rules. Meanwhile, good industry guidance and enhanced investor education and protection are also needed.