股权众筹“入法”:监管与豁免之平衡

Equity Crowdfunding “Legislation”: Balance between Regulation and Immunity

作为一种新型互联网金融模式,股权众筹具有融资成本低、效率高优势的同时面临投资者保护不足的风险。为了充分发挥股权众筹的优势,拓宽小微企业尤其是初创企业融资渠道、降低融资成本,完善我国多层级资本市场,同时兼顾投资者保护,应树立适度监管理念,打破现行法律制度障碍,实现监管与豁免之平衡,构造我国股权众筹监管法律制度。

As a new type of Intemet financial mode, equity crowdfunding has the advantages of low financing cost and high efficiency, but it faces the risk of inadequate protection of investors. In order to give full play to the advantage of equity crowdfunding, and to broaden the financing channels for small-and-micro businesses, especially the start-up enterprises, to reduce financing cost and improve the multi-level capital market in China, while simultaneously taking into account the protection of investors, we should establish appropriate supervision concept and break the current the legal system barriers, so as to achieve the balance between supervision and immunity and to construct the legal system of China＇s equity crowdfunding supervision.