试论众筹的监管与豁免——基于美国众筹豁免制度的思考

On Crowdfunding Exemption System in view of the Crowdfunding Exemption System in the United States

作为互联网金融时代的重大创新,众筹给各国带来的机遇与挑战并存。本文从众筹的分类着手,在结合不同类型众筹模式特点的基础上,分析了美国众筹制度的运作方式及其豁免规则,对众筹的监管与豁免进行了探讨,以期对我国众筹行业的发展有所裨益。

Convenience brought by the internet lays foundation for the flourishing of crowdfunding.However,lack of super- vision and regulation,the foundation is not solid.As a rising way of finaneing,erowdfunding meet the thirst of some small company,especially those in their initial stage.Actually,erowdfunding provoked the fever of start-up.Recently,Chinese government came up with some policy which is strict to crowdfunding companies.How can they suffer from severe ma- nipulation and how dose their future look like？Here,the author talks about the operation of crowdfunding in the United States,especially the exemption system and also discuss the possibility of promoting exemption system in China.