股权众筹合法化:可能性及进路——兼论互联网金融业态下《证券法》的修订

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股权众筹是互联网金融业态下,初创企业通过在线网络平台向潜在的众多投资者发行证券筹集小额资金的融资方式,其实质是“证券众筹”而非单纯的股权众筹。从比较法上看,承认股权众筹的合法性,并适度放松监管是主流。我国《证券法》的修订应将股权众筹合法化,使股权众筹成为我国多层次资本市场的组成部分,为初创企业提供融资支持。其基本进路为:扩大“证券”的范围;引入以对投资者信息披露为核心的小额发行豁免制度以促成资本形成和投资者保护的平衡;明确股权众筹平台的法律地位;建立投资者资金第三方托管制度。 Equity crowdfunding is a financing method for small businesses to raise funds through online online platforms to potential investors under the Internet financial industry. The essence is “securities crowdfunding” rather than simple equity crowdfunding. From a comparative perspective, it is the mainstream to recognize the legitimacy of equity crowdfunding and to moderately relax supervision. The revision of the “Securities Law” of our country should legalize the crowdfunding of equity and make the crowdfunding of equity become an integral part of China’s multi-level capital market, providing financing support for start-ups. Its basic approach is to expand the scope of “securities”; to introduce a system of small-sum issuance exemption with the disclosure of information to investors as the core to promote the balance between capital formation and investor protection; to clarify the legal status of the equity crowdfunding platform; Establish a third-party custody system for investor funds.
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