从法益保护角度区界股权型众筹与非法集资

Differentation of Equity-Based Crowed-Funding and Illegal Fund-Raisiuy from the Perspective of Legal Interests Protection

我国股权型众筹包括互联网非公开股权融资和股权众筹两种模式,目前非法集资所涉罪名中大致可分为诈骗型和非诈骗型集资犯罪两种类型。诈骗型非法集资犯罪的法益重在保护投资者利益,避免投资者因陷入错误状态而遭受财产损失,而非诈骗型非法集资犯罪则侧重打击违规行为,其中非法吸收公众存款罪的侧重点应在于资金用途的考量,即银行存款业务,而擅自设立金融机构或者擅自发行股票等准入型犯罪的认定重点则在于公开发行的认定。

Equity-based crowd-funding in China includes two models： internet private equity financing and equity crowd-funding. At present, the crimes of illegal fund-raising can be roughly divided into fraudulent and non-fraudulent illegal fund-raising crimes. The legal interest of fraudulent illegal fund-raising crime is to protect the interests of investors, avoiding the loss of property due to the wrong state of investors, while non-fraudulent illegal fund-raising crime focuses on fighting against the irregularities. The determination of illegal absorption of public deposits should take capital use, that is, bank deposits business, into considerations. And the determination of other entry-type crimes, like unauthorized establishment of financial institutions and unauthorized issuance of stocks, should focus on the identification of public offering.