解构互联网股权众筹领投人模式及其监管重构

Deconstruct the Leadinvestment Model of Internet Crowdfunding and Reconstruct the Supervision

互联网股权众筹中的领投人模式存在设计缺陷,众筹平台设计下领投人和跟投人的权利义务不平等、不合理,且其形成的事实法律关系并没有界定清晰,易导致股权众筹的安全性风险。本文以比较研究方法准确界定领投人与跟投人的法律关系,从金融消费者权益保护出发,厘清各方应然的权利义务,适用现行法对于委托合同法律关系当事人之间权利义务模糊的填补,弥补了领投人模式的缺陷。根据对于领投人模式的特征分析,将领投人模式下的权利义务关系上升到投资合同的范畴,重构监管,设计领投人模式的监管新思路。

There are design defects existing in the leadinvestment model of internet crowdfunding.Because the original design of the legal relations between the leadinvestors and followinvestors comes from the funding portal,the rights and obligations are not equal and reasonable and meanwhile the actual legal relations are not clearly defined,which will easily render to the security risk of crowdfunding.The paper will accurately define the legal relations of leadinvestors and followinvestors with the method of comparison,clarify the rights and obligations of the parties in purpose of protecting the rights of financial consumers,apply the the regulations of commission contracts to adjust the ambiguity of rights and obligations,which will finally compensate for the defects of leadinvestment model.According to the analysis of the characters of leadinvestment model,we will elevate the normal civil legal relations to the scope of the investment contract,restructure the model of supervision and come up with the new idea about how to supervise the leadinvestment model.