我国互联网股权众筹面临的风险及法律对策

Ricks and Legal Countermeasures of Internet Stock Right Crowdfunding in China

股权众筹作为中小企业募集资金的方式,为中小企业提供了新的机遇和发展的可能性。但是目前我国股权众筹发展面临着发行方式认定模糊、监管规则空白、投资者被合同欺诈等权益保障方面的风险。2015年公布的《中华人民共和国证券法(修订草案)》解决了股权众筹平台注册或核准的豁免问题,但是缺乏对于股权众筹网络平台地位以及监管规则的规定。应当通过明确互联网股权众筹的非公开发行地位、认定股权众筹平台是专门从事股权众筹业务的经营机构,建立股权众筹平台的专门设立制度,通过建立信息披露制度、设置融资上限、建立保证金和风险基金制度等充分保障投资者合法权益,最终实现我国互联网股权众筹市场的健康运行和发展。

Stock right crowdfunding,as a way to raise funds for SMEs,provides them with new opportunities and possibility of development. However,at present,the development of stock right crowdfunding may encounter risks in terms of vague affirmation of public issuance,blank regulatory rules and contract fraud. ＂Securities Law of People’s Republic of China（ Revised Draft） ＂was issued in 2015 in order to solve the problems such as exemptions of register and approval. But there are no related rules for the network status of stock right crowdfunding platform and supervision in this law. In order to get China’s internet stock right crowdfunding developing soundly,first,it is essential to clarify explicit the status of private placement of internet stock right crowdfunding. Second,it is important to identify the platform of stock right crowdfunding as operating agency. Third,it is also vital to establish a specialized rules for this platform. Last but not least,based on information disclosure system and financing limit,it is necessary to set up a margin and venture fund system to fully protect investors’ equity.