股权众筹的法律规制——基于信息不对称的思考

Legal Regulation of Equity Crowdfunding--Based on Information Asymmetry

股权众筹降低了金融市场的门槛,为“草根”投资者投身金融市场拓宽了投资盈利渠道,也给成立之初的中小企业创造了融资机会。但是信息不对称问题在股权众筹中体现得尤为明显,导致优质发行人的被迫退出、投资者的非理性决策行为及道德风险。规制股权众筹要秉持便利融资与保护投资者的理念,跳出公募与私募二分法的法律定位,探索一种新型股权众筹三分法框架模式。采取小额发行豁免的规制路径,针对融资者、投资者、股权众筹平台进行具体的制度构建,解决信息不对称带来的负面影响,促进股权众筹市场的健康有序发展。

Equity crowdfunding reduces the threshold of the financial market,widens the investment profit channels for"grassroots"investors to participate in the financial market,and also creates financing opportunities for small and medium-sized enterprises at the beginning of its establishment.However,information asymmetry is particularly obvious in equity crowdfunding,which leads to forced exit of high-quality issuers,irrational decision-making behavior of investors and moral hazard.To regulate equity crowdfunding,we should adhere to the concept of facilitating financing and protecting investors,jump out of the legal positioning of the dichotomy of public offering and private offering,and explore a new framework model of equity crowdfunding dichotomy.In order to solve the negative impact of information asymmetry and promote the healthy and orderly development of equity crowdfunding market,we should take the regulatory path of small issuance exemption,and build specific systems for financiers,investors and equity crowdfunding platforms.