SAFE应用于我国股权众筹市场的前景和法律监管思路——以新时代金融供给侧结构性改革为背景

Prospects and Legal Regulatory Ideas of SAFE in China’s Equity Crowdfunding Market—In the Context of the Supply-Side Structural Reform of the New Era

未来股权简单协议(SAFE)是一种新兴股权众筹形式,由于其能够适应高成长型初创企业的投融资需要而在美国资本市场流行。我国未来可尝试引入SAFE机制作为金融创新手段,但需要注意其内在风险。应采取积极审慎的态度,从股权众筹平台的准入和征信制度、所提供的格式合同文本、投资者的教育机制、信息披露要求等方面制定和完善相关法律法规,进行必要的监管,以严格控制其风险,尽量减少其负面影响,使其既有助于小微初创企业融资,又不致损害投资者的利益。

Simple Agreement for Future Equity(SAFE)is an emerging form of equity crowdfunding that has become popular in the U.S.capital market due to its ability to accommodate the financing needs of high-growth start-ups.China can introduce SAFE as a financial innovation tool in the future,but needs to pay attention to its inherent risks.A proactive and prudent approach should be taken to establish and improve relevant laws and regulations in terms of the access and credit system of the equity crowdfunding platform,the text of the standard form contract provided,the investor education mechanism,and the information disclosure requirements.Thus,the risks of SAFE can be strictly controlled and its negative impacts minimized,so that it can help small and micro start-ups to raise funds without harming the interests of investors.