众筹规制探究——一个规范分析的路径

A Normative Study of Legal Perplexities Related to Crowd Funding

从本质上讲,众筹是一种新型的融资方式,其合理性与合法性根植于为小额筹资者提供高效便利的融资服务。从投资者能否获得投资性回报的角度,可将众筹分为:投资性众筹(包括债权式众筹和股权式众筹)和非投资性众筹(包括捐赠式众筹、预购式众筹和奖励式众筹)。众筹的投资者和筹资者既可以是自然人,也可以是法人,但是二者都要遵循投融资额度的限制。要注意控制众筹中介的经营成本,以利于众筹融资功能的发挥。筹资者与众筹中介的基本法律关系包括居间合同关系和委托合同关系;投资者与筹资者之间的法律关系因众筹类型不同而各异;投资者与众筹中介之间的法律关系包括担保合同关系、委托合同关系等。

Essentially, crowdfunding justified in its rationality and legitimacy in the effective funding service for the small promoters, is a new kind of financing mechanisms. From the perspective of investors＇ access to the investment returns, crowdfunding can be divided into the investment model （including debt-based crowdfunding and equity-based crowdfunding） and the non-investment model （including donation crowdfunding, pre-purchase crowdfunding and reward crowdfunding）. The funder and promoter, being either a natural person or a legal person, both should follow the mandatory investment ceiling amount and financing constraints. It is necessary to cut down the cost of operating costs of the crowdfunding intermediaries to facilitate the financial function of crowdfunding. There are brokerage contract and agency contract between promoters and intermediaries; the legal nexus between funders and promoters vary depending on the different types of basic crowdfunding; there are guaranty contract and agency contract between funders and intermediaries.