透过新修订的《证券法》探讨股权众筹的发展

Discussion on the Development of Crowd Funding from the Perspective of the Newly-revised Securities Law of PRC

新修订的《中华人民共和国证券法》不仅为即将开展试点的股权众筹提供了法律支持,而且还为P2P的证券化以及直接发行众筹债券留下了足够的发展空间。为了确保股权众筹的规范开展,监管层应从融资者、股权众筹平台与投资者三个层面制定政策,从而使众筹平台明确自身的监管责任,让投资者获得有安全保障的资金,让融资者享受到融资的便利。

The Newly-revised Securities Law of PRC（People’s Republic of China） not only provides the legalsupport for the upcoming experiment of crowd funding but also provides enough developing room for P2P’ssecuritization and for the direct issue of crowd funding bonds. To guarantee the normalization of crowd funding, theregulators should make the policy from the following three aspects which are financiers, the plateform of crowdfunding and investors, hence letting the plateform clearly understand its own supervising responsibility, the investorsabtain safe and guaranteed funds and the financiers enjoy the financing conveniences.