基于区域股权市场的股权众筹模式研究

Study on the Equity Crowd-funding Model Based on Regional Equity Market

本文分析齐鲁股权交易中心发展股权众筹的案例以及台湾地区场外交易市场参与股权众筹发展的先进经验后认为:我国当前发展股权众筹的根本问题是缺乏股权众筹发展的法律土壤,同时传统的债权思想也成为制约股权众筹发展的重要因素;区域股权市场在开展股权众筹业务时具有资源、风险控制、股权退出等方面的优势,依托区域股权市场开展股权众筹试点可以成为我国发展股权众筹的路径选择。

This paper analyzes the case of Qilu Equity Exchange＇s developing equity crowd-funding and the ad- vanced experience of Taiwan over-the-counter exchange＇s participation in developing equity crowd-funding. It believes that the root problem with the development of equity crowd-funding in China is the lack of legal base for it. Mean- while, the traditional creditor＇s right mentality becomes a major factor constraining the development of equity crowd- funding. The regional equity market has the advantages of resources, risk control and equity exit in conducting equity crowd-funding. Relying on regional equity market to conduct equity crowd-funding has become a path choice for China to develop equity crowd-funding.