中国式股权众筹的模式及风险研究

Research on the Pattern and Risk of Chinese Equity-based Crowdfunding

股权众筹作为资本市场中一种重要的融资形式已越来越为投资者们所关注。作为一种全新的金融业态,股权众筹模式自国外引进后,虽然在国内进行运作时已经做了中国式改良,但目前仍缺乏基本的法律制度体系构架,特别是在行业规范、风险防控和投资人保护等方面存在制度缺失的情况。以中国式股权众筹融资模式及其交易流程为讨论对象,对股权众筹交易中不同主体所面临的风险进行深入分析,是设计有效的风险防范措施、构建完善的股权众筹监管体制,引导股权众筹良性发展的必要前提。

As an important form of financing in the capital market, equity-based crowdfunding has drawn more and more attention from investors. As a brand new financial format, after the introduction of the equity-based crowdfunding model from abroad, although it has made the Chinese style improvement during the domestic operation, there is still a lack of the basic framework of legal system, in particular, there axe institutional deficiencies in industry norms, risk prevention and control, and investor protection. Taking Chinese crowdfunding model and its transaction flow as the object of discussion, this article analyzes the risk faced by different subjects in the crowdfunding transaction, which is an effective measure to prevent risks and establish a sound supervision system of equity-based crowdfunding. It is the necessary prerequisite for the healthy development of equity-based crowdfunding.