股权众筹投资者权益保护的思维变革与制度完善——如何构建有效的股权众筹投资者保护机制

Thinking Revolution and System Perfection of Equity Crowdfunding Investors' Rights and Interests Protection: How to Build Effective Protection Mechanism

随着金融创新力度加大,以股权众筹为代表的互联网金融模式在拓宽中小微企业融资渠道,丰富普惠金融内涵的同时,也为投资者保护带来了严峻挑战。中国证券业协会发布的《私募股权众筹融资管理办法》对股权众筹投资者保护进行了详细规定。在股权众筹投资者保护方面,《管理办法》表现出信息披露适度、投资者范围明确、外部监管与自律管理结合的内在逻辑,体现了软法和自律管理为主、原则导向的投资者保护监管的思维特点。针对股权众筹的普惠金融属性,可从合格投资者限定、信息披露具体要求、征信体系建设、投资者冷静期设立方面对《管理办法》加以完善,力求在现有法治框架下促进股权众筹投资者保护制度的完善和发展。

As the strengthening of financial innovation, Internet financial models, represented by equity crowd-funding,on the one hand expand financing channel of small-and-medium enterprises,enrich the connotation of inclu-sive finance;on the other hand bring serious challenges to investor protection.“Management on Equity Crowdfunding Financing”issued by SAC made a detail rule in equity crowdfunding investor protection. The document has an internal logic in moderate information disclosure,clear investors’definition and combination of external supervision and self-discipline management,which shows a thinking method of principle guidance. The document can be perfected from as-pects of limiting qualified investors,raising specific requirements for information disclosure and improving credit sys-tem and setting investor calm period. And thus improve the protection system under existing legal framework.