股权众筹融资平台的权益保障与行为规制

Protection of Rights and Interests and Behavior Regulation on Platform of Equity Crowdfunding Financing

股权众筹融资作为一种依托互联网技术应用发展起来的直接融资方式,为解决中小微企业、初创企业的融资难题提供了一条低成本、高效、便捷的途径。社会各界在关注股权众筹融资的立法模式、融资方式、投资者保护等问题的同时,也应当重视股权众筹融资平台这一融资核心纽带的研究。众筹所具有的"大众""小额""公开"等特征,决定了股权众筹融资应当按照"公募"方式发展。中国正在进行的《证券法》修改及股权众筹融资管理规则的制定,应当对股权众筹融资平台的含义、主要责任、禁止性义务等内容作出详细规定,以"权责利"明晰的方式实现市场主体的权益保障。同时,应当设计符合中国实践需求的股权众筹融资小额豁免制度,借鉴网贷机构的监管模式,建立对股权众筹融资平台的行为监管与机构监管机制,实现平台行为的有效规制。最后,从行为合法性的角度,还要再次讨论互联网金融发展中"非法集资"类案件的标准问题,为互联网金融活动参与者提供合理的行为预期。

As a kind of direct financing way relying on the application and development of Inter-net technology, equity crowdfunding financing provides a low cost, high efficient and convenient wayfor solving the problem of small and medium enterprises, start-up financing difficulty. And the socialfrom all walks of life pay more attention to equity crowdfunding financing of legislation pattern, fi-nancing way, investor protection, but lacks the enough attention for platform of Equity CrowdfundingFinancing which is the core link in financing. The characteristics of'public','small','public'deter-mine that equity crowdfunding should be developed by way of the 'public offering'. On- going themodification of the'securities law'and enaction of the management rules for equity crowdfunding fi-nancing ought to make particularly stipulation, to realize the guarantee of rights and interests in mar-ket entity by clearing the powers, rights, obligations and responsibility; design the system of small is-sue exemption for equity crowdfunding financing which conforms to the needs of Chinese practice,and establish regulatory mechanism for the platform that we can learn from the regulatory approachbeing taken in the net lending institutions; from the point of view in behavioral legitimacy, to discussagain the standards of'illegal fund-raising'cases in the development of internet finance, and to pro-vide reasonable behavior expectations for the Internet financial participants.