我国股权众筹的风险分析与监管制度研究

Risk Analysis and Regulatory System Research on Chinese Share Crowdfunding

我国股权众筹近年来发展迅速,但在实践中仍面临着法律制约、信息不对称、平台风险、缺乏退出机制、中小股东权益难以保障等诸多问题和风险,制约其进一步有序发展。为此,应借鉴国外股权众筹监管制度经验,在设立小额豁免制度便利企业融资的同时,通过限制投资者投资额度、实行信息分级披露、引入替代性纠纷解决机制、设置投资犹豫期、完善股权众筹的退出机制、实行平台许可准入制度和分层监管等措施来加强投资者保护,完善我国股权众筹的监管制度体系,促进股权众筹的良性发展。

Share crowdfunding is developing rapidly in recent years,but there are still manyproblems and risks in practice to restrict its further development,for example legal restriction,information asymmetry,platform risk,lack of exit mechanism,the rights and interests o f smallshareholders difficult to guarantee and so on.To solve the problems,w e should use for reference theforeign regulatory experience o f share crowdfunding to establish the Small Exemption System tofacilitate enterprise financing,at the same time,by limiting the amount of investment o f investors,implementing classification information disclosure,introducing the ADR mechanism,setting upinvestment hesitant period,improving and perfecting the exit mechanism,implementing platformlicensing system and multi-level supervision to strengthen investor protection,perfect the regulatorysystem o f share crowdfunding,and promote the healthy development o f share crowdfunding.