众筹公司的股权设计与制度保障

Equity Design and Institutional Guarantee of a Crowdfunding Company

初创企业股权设计的好坏直接影响着企业后续的发展。股权众筹公司既有初创企业的普遍特点,也因为众筹活动的进行而具有股东身份复杂、众筹股东的真正外部性、运营管理中的高风险性等独特属性,影响着公司的股权设计。根据各国众筹公司选用的创新型持股模式与股权结构安排可见,相对集中的多重股权结构与间接持股模式的运用,结合动态股权调整机制的构建等方案有利于众筹公司的长期发展及多方利益的权衡。这样的设计在我国制度体系中尚面临一些法律风险与制度障碍,除了众筹公司与众筹平台出于商业需求而采用灵活创新的应对方式之外,制度本身也应当逐步完善,从而更好地实现普惠金融市场发展与投资者保护的双重目标。

Equity design of a startup enterprise directly affects its subsequent development. An equity-crowd- funding company has both the general characteristics of the startups and such special attributes as the complexity of shareholders＇ identities, the actual externality of crowdfunding shareholders and high risk in the operation management, which affect its equity design. According to the innovative shareholding model and structural layout of equity that are adopted by the crowdfunding companies in a number of countries, multiple shareholding struc- ture that is relatively intensive and indirect shareholding mode, combined with the construction of a dynamic ad- justment mechanism of equity, are found to be helpful to the long-term development of the crowdfunding compa- ny and weighing of multiple interests. This design still faces some legal risks and system barriers in the Chinese system. While the crowdfunding companies and the crowdfunding platforms adopt flexibly innovative ways out of the business needs, the system itself is supposed to be gradually perfected so as to realize the dual goals of pub- lic-benefiting financial market development and protection of investors.