论股权众筹的法律规制——从“全国首例众筹融资案”谈起

Research on Regulation of Internet Finance Law-Starting from the First Crowdfunding Case in China

"全国首例众筹融资案"虽然从司法角度确定了众筹融资的合法性,但股权众筹的本质尚需厘清,现行的法律框架究竟该如何接纳股权众筹的问题依然亟待解决。"公开、大众、小额"的特点决定了众筹的公募性质,其与私募股权融资应属于互联网股权融资项下的两个独立分类,不能混同。基于"便利融资"的初衷与"草根金融"的特质,股权众筹的募资者应享有小额豁免,投资者门槛也应予以降低;股权众筹仍应在"金融创新"与"风险防控"之间寻求平衡,故中介平台的资质和职责应被赋予更高的准入和监管标准。真正的股权众筹不应仅仅被视为一种融资手段或金融创新,更应强调其对大众创业、万众创新的积极作用,使其成为促进经济社会发展的"助推器"。

Although the legality of crowdfunding was determined from the judicial point of view in the 'first crowdfunding case in China',the nature of equity crowdfunding still needs to be clarified. It is urgent to solve the problem on how the existing legal framework should cover equity crowdfunding issues. The 'open,public,small-sum'characteristics defined the nature of public offering of crowdfunding,so crowdfunding and private equity financing should belong to two separate categories under the online equity financing and should not be confused. Based on the original purpose of 'financing facility'and the nature of 'grassroots finance',fund raisers through equity crowdfunding should enjoy exemptions on small sums,and the threshold of investors should also be reduced. Equity crowdfunding should seek a balance between 'financial innovation'and 'risk control',and therefore,the qualifications and duties of intermediary platforms should be subject to higher access and regulatory standards. The real equity crowdfunding should not just be considered a means of financing or financial innovation,and its positive effects on mass entrepreneurship and innovation should be emphasized,so that equity crowdfunding can become a particularly important 'booster'to promote economic and social development.