股权众筹在中国的合法化研究

The Study of Legal Equity Raised in China

股权众筹作为一种新型的融资方式在中国迅速崛起,它打破融资渠道限制、降低时间成本,具有传统融资方式难以比拟的优势,有效解决了小微企业及初创企业融资难的问题。同时,这种新型互联网金融模式冲击着现有金融法制,实际运行中存在诸多不适应性,亟需使其合法化并纳入监管。我们需要顺应时代潮流,结合现实状况,准确界定股权众筹的法律地位、特征以及证券的范围,并借鉴域外小额豁免的经验,重新定义公开发行与非公开发行之"特定对象"的概念。与此同时,妥善地协调融资与投资者保护的关系,对股权众筹的监管作出相应的制度回应。

Equity erowdfunding as a new means of financing the rapid rise in Chinese, it breaks the financing channels, reduce the time limit cost, has the incomparable advantage of traditional financing methods, effectively solve the financing Small and micro businesses and start-ups problem. At the same time, the new Internet financial model of the impact on the existing financial system, there are many inadaptability in actual operation, to legitimize and into the regulatory. We need to conform to the trend of the times, combined with the actual situation, define the legal status, ownership crowdfunding features and the scope of the securities, and learn from foreign experience small exemption, re define the concept of public and non-public issuance of the ＂specific objects＂. At the same time, properly coordinate financing and investor protection, make the system response corresponding to equity crowdfunding supervision