股权众筹融资的法律风险及应对

Legal Risks and Countermeasures of Raising and Raising Funds by Stock Ownership

文章从股权众筹融资参与主体的角度分析不同主体面临的法律风险及成因,投资者受信息不对称影响面临欺诈风险,并面临缺乏退出机制的困境;因我国现行《证券法》的适用范围狭窄,融资者融资行为的法律性质于法无据,并受法律的严苛约束容易涉及非法集资;平台的法律地位不明晰,处于法律灰色地带。对于以上法律风险,文章建议从参与主体的自我保护和监管体系的建立健全、主观和客观两个层面应对,监管体系的构建路径应当是先修改现行相关法律,再适时进行股权众筹融资专门性立法。

This paper analyzes the legal risks and causes of the different subjects from the angle of the participating subject of stock raising and financing. The investors face the risk of fraud under the influence of information asymmetry and the dilemma of lack of exit mechanism. Due to the narrow scope of application of the current Securities Law in China, the legal nature of the financing behavior of the financiers has no basis in the law, and it is easy to involve illegal fund-raising by the strict restriction of the law, and the legal status of the platform is not clear, and it is in the legal grey area. For the above legal risks, the article suggests that the self-protection of the participants and the establishment of a sound regulatory system, subjective and objective, the way to build the regulatory system should be to modify the existing relevant laws. And then timely financing of stock rights financing special legislation.