中国股权众筹立法问题之检讨

Review on the Legislation of Equity-based Crowdfunding in China

相比传统的股份公司上市机制,旨在简化审批、注册程序和减轻信息强制披露义务的股权众筹,是政府在资本市场"定向"放松管制的产物。为了平衡"提高企业融资效率"和"防控金融市场风险"的关系,理论界和实务界不能仅仅从规范分析角度过于乐观地强调股权众筹的积极功能,同时也应该从实证分析角度审视其固有风险并充分评估其在本土实践中可能产生的问题;不能仅仅从微观层面考虑股权众筹制度的具体内容,而是应该从更宏观的视角,系统研究股权众筹所需的制度环境,明确公司法、证券法需要先行改革的基本制度和配套措施,探索需要事先积累的监管经验,待制度环境完善后,再逐步建立和推广股权众筹,亦不为迟。

Equity-based crowdfunding is an exotic for China. Although it will probably help startups gain financing more quickly and easily,it will also raise risks to the investors who join the funding projects. Therefore,when researchers pay their attention to the positive function of the equity-based crowdfunding,they should also estimate the risks and problems that equity-based crowdfunding will bring. If government decides to establish the institution of equity-based crowdfunding in China in the near future,the primary issue is neither to design the specific rules nor to build up many internet-platforms,but is reforming the basic institution of corporation law and security law and accumulating full experience about how to regulate the public offering of shares with exemptions from registration.