论股权众筹融资的法律规制——兼评《私募股权众筹融资管理办法(试行)》(征求意见稿)

On the Legal Regulation of Equity-based Crowdfunding ——And a review of ‘All Private Equity Crowdfunding Suggests Management Approach( trial) '

《私募股权众筹融资管理办法(试行)》中的相关规定与股权众筹融资的发展实际脱节,个别条款过于保守,我国股权众筹融资监管应该从规制众筹发行人、众筹平台以及投资者风险防范三方面入手,从规制信息不对称、促使价格信号的有效传递与价格形成、识别投资者的风险承受能力的逻辑出发,构建股权众筹小额发行豁免制度,强化股权众筹平台的持续信息披露义务与自律监管,废止"合格投资者"制度,建立投资者分层与投资限额制度,最大限度保障投资者的利益。

The relevant provision of ＂ All Private Equity Crowdfunding Suggests Management Approach （trial）＂ is in conflict with the location of the erowdfunding. Our supervison of private equity crowdfunding should start from theregulation of erowdfundingissuers, crowdfunding platform and the risk of investors, then iregulate the information asymmetry , the prompt effective price signal transmission and price formation, identify the risk tolerance of investors. The purpose is to establish a small exemption system of minority issuance, strengthen the continuous information disclosure obligation and self - regulation of the platform of public ownership, then abolish the regulation of ＂qualified investors＂ to establish a regulation of dividing the different investors depend on their property, then give them different investment quota to make sure the intrests of the financial consumers.