基于商业和司法实践的股权众筹法律制度完善研究

Research on Equity Crowdfunding Legal System Improvement Based on Business and Judicial Practice

作为互联网金融新兴模式之一的股权众筹融资,目前在我国呈现明显的下行趋势,其主要原因在于未建立系统的监管规则以及监管者的过分规制立场。就法律规制逻辑而言,必须以厘清股权众筹的证券发行行为属性为前提,并基于其小额发行属性而对其设定小额豁免制度,以契合商事实践需求。在具体法律制度的完善上,应当强化信息披露与合格投资者准入制度,以平衡商事自治和融资安全。

As one of the emerging modes of internet finance, equity crowdfunding financing presents a significant downward trend in the current business practice in China. No systematic regulatory rules established and regulator＇s over-regulatory position were the main reasons. From the perspective of legal regulation logic, we should clarify the attributes of equity crowdfunding securities issuance behavior first, and set a small exemption system based on its small issuance to meet the needs of commercial business practice. In the improvement of specific legal systems, information disclosure and access to qualified investors should be strengthened to balance commercial autonomy and financing security.