股权众筹的差异化监管研究

Research on Differentiated Regulation of Equity Crowd Funding

股权众筹行业迅速发展,逐渐在资本市场中占据一席之地,形成了股权众筹平台、投资者、行业发展的差异化特征。我国对股权众筹监管应该针对这些差异化特征,建立我国股权众筹差异化监管制度框架,从准入制度、第三方资金托管、设置冷静期制度、建立股权流通机制、从业者诚信数据库建设、合理确定监管强度等方面对股权众筹进行监管,合理的配置股权众筹监管资源,形成从中央到地方的监管体系,推进我国股权众筹行业多元化发展。

The rapid development of equity crowd funding industry has enabled it to become an important part in the capital market. Differentiated characteristics have formed in equity crowd funding platform, investors and industry development. These differentiated characteristics should be utilized in the regulation of equity crowd funding so as to establish China＇s differentiated regulation policy framework of equity crowd funding. We should regulate the equity crowd funding from the following aspects： market access, third-party fund management, establishment of a cooling-off period system, establishment of equity flow mechanism, establishment of participants＇ credibility database and reasonable regulation intensity. We should appropriately allocate the regulation resources of equity crowd funding and set up a regulation system from central to local level so as to promote the diversified development of China＇s equity crowd funding industry.