金融公平视角下股权众筹的规制逻辑与路径选择

The Regulatory Logic and Path Choice of Equity-based Crowdfunding in the Perspective of Financial Equity

从金融公平视角分析,股权众筹具有促进融资公平、投资公平和收入分配公平等社会功能,这是对股权众筹规制的逻辑起点。要构建具备金融公平属性的股权众筹制度,必须重点关注股权众筹市场准入制度以及金融消费者保护制度。应当通过依法保障融资者在股权众筹市场的营业自由;防止利用准入制度阻碍投融资者进入市场;为弱势主体设定特别的股权众筹市场准入条件,以保障股权众筹市场主体的机会公平。同时,应当将股权众筹市场中的普通投资者确定为金融消费者,并赋予消费者权益保护法的倾斜性权利义务配置,以保障股权众筹的市场交易公平。

From the perspective of financial equity,equity-based crowdfunding has social functions such as promoting equity in financing,investment and income distribution,which is the logical starting point for the regulation of equity-based crowdfunding.In order to construct an equity-based crowdfunding system with financial fairness,we must focus on the market access system of equity-based crowdfunding and the financial consumer protection system.Firstly,the business freedom of the financiers in the equity-based crowdfunding market should be guaranteed according to law in order to prevent the use of the access system to block investment and financing to enter the market.Secondly,special market access conditions should be set for vulnerable subjects to guarantee fair opportunities for equity crowdfunding market subjects.At the same time,ordinary investors in the equity-based crowdfunding market should be identified as financial consumers,and skewed rights and obligations should be assigned to the consumer according to the Consumer Rights Protection Law,so as to ensure fair market transactions of equity-based crowdfunding.