公募型股权众筹小额发行豁免制度的构建

Construction of Small Issue Exemption System of Public Equity Crowdfunding

公募型股权众筹具有互联网、小额、公开的特征,具有融资成本低廉,融资便利等优势。然而,实践中的公募型股权众筹容易触犯《证券法》的公开发行、《刑法》的非法集资罪而面临较大的合规风险。小额发行豁免制度的要旨在于,对于小规模的通过互联网平台发行股份融资的初创企业发行人,豁免公开发行的严格的审批核准要求,降低发行人的法定信息披露义务标准,同时对股权众筹发行人、投资者的投融资限额和资格要求予以限制。从世界范围内考察,为公募型股权众筹设立小额发行豁免已成普遍趋势,因此,我国可考虑适时建立公募型股权众筹小额发行豁免制度,从豁免内容、豁免限制,发行人的信息披露义务三个维度进行制度设计,在促进中小资本形成的同时保护投资者投资权益。

Public equity crowdfunding,with the characters of internet, small amount and publicity, has some advantages of lowfinancing cost and financing convenience. However, the public equity crowdfunding in practice is more likely to violate thepublic offering of Securities Law and illegal fund raising of Criminal Law, leading to face high compliance risks. For the small-scale start-up companies issuers who issue equity financing through the internet platform, the essence of small issue exemptionsystem is to exempt strict examination and approval requirements for public offering, reduce legal information disclosureobligations of issuers and, at the same time, restrict the investment and financing quota and qualification requirement of equitycrowdfunding issuers and investors. Considered globally, the establishment of small issue exemption for public equitycrowdfunding has becomea common trend. Therefore, China may consider timely setting up a small issue exemption system ofpublic equity crowdfunding. The system is designed from three -dimensions, including the exemption content, exemptionrestriction and issuers爷 information disclosure obligations, so as to protect the investment rights and interests of investors whilepromoting the formation of small and medium-sized capital.