中国股权类众筹发展的制约因素及风险研究

The Constraints and Risk Factors of Equity Crowdfunding Developments in China

首先对发达国家及国内众筹发展的现状进行梳理和分析,并在此基础上从法律法规、监管等几个方面分析国内众筹,尤其是股权类众筹发展面临的制约因素和风险.最后分析美国的JOBS法案,为我国发展众筹,尤其是股权类众筹提出政策建议,即尽快修改或者出台新的相关法律法规、以立法的形式确保众筹融资的合法性、建立众筹融资行业自律组织及明确合格投资者制度等.

In this paper,firstly we introduced the development status of crowdfunding in the developed countriesand regions,and then analyzed the constraints and risk factors of crowdfunding,especially equity crowdfunding fromthe perspective of laws and regulations. Finally,we explored the JOBS acts of America to propose suggestions for thecrowdfunding,especially equity crowdfunding developments in China,that is,to modify existing laws or introduce newlaws as soon as possible,to ensure the legitimacy of crowdfunding in the form of legislation,to establish self-regulatory organizations of crowdfunding,and to define qualified investors.