股权众筹的法律构建

Legal Construction of Equity Crowdfunding

一种新型的通过互联网的直接融资方式——股权众筹正在兴起,为解决中小微企业和初创企业融资困境提供了一种可能方案。互联网通过促进理性的集体行动、展现社交媒体信息以及众筹平台自律来减少信息不对称问题,有一定的效果,还有进一步发展的可能,因此立法需要给其创设发展空间。但在不改变现有证券公开发行条件和程序的情况下,股权众筹只能通过私募的方式开展,其多人小额的特征无法得到完全展现。正在征求意见的《私募股权众筹管理办法》只是一种权宜之计。中国目前正在进行的《证券法》修改,需要考虑股权众筹这种新兴事物,设置符合中国实践需求的股权众筹豁免模式,体现多人小额和信息公开交流这两个基本原则。具体则主要涉及融资金额和投资金额的限制、简化但合理的信息披露要求、加重的虚假陈述法律责任、促进众筹网站履行自律监管职责等问题;在众筹网站的职责定位以及投资基金的运用方面,不能照搬美国的JOBS法,而要考虑到学者的相关批评,做出符合中国现实的规定。

Equity crowdfunding is rising in Internet.It is expected to resolve the problem of small enterprises' financing.This is because the internet can decrease the information asymmetry through wisdom of crowds,social network and self-discipline of funding portal.From JOBS Act of U.S.in2012,many countries try topromote equity crowdfunding by legislation.In current Securities Act of China,equity crowdfunding only can work through private placement,but it can't raise small money from public.As China is trying to revise its Securities Act,Crowdfunding Exempt should be added into this Act.Crowdfunding Exempt should base on information public principle,including raising cap and investment limits,simple and rational requirement of disclosure,liability for misrepresentation,self-discipline by funding portal.In regulating funding portal,we should learn the lessons from U.S.,and adopt the Exempt to reality of China.