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近年来,众筹融资在美国发展迅速。为了完善多层次资本市场建设、推进金融监管制度改革,美国于2012年通过了《JOBS法案》。然而,该法案的通过在美国引起了很大争论。为此,本文围绕争论较集中的《JOBS法案》第三部分,即美国众筹融资相关规定展开讨论,并认为美国对金融监管制度的持续创新、改革,是美国经济得以持续发展的重要推手,而其对民间融资采用立法“疏通”保护而不是“堵塞”限制的做法,更为中国金融市场监管提供了有益的经验,即通过修改立法,将“非法集资”范畴下的资金引入良性的资本循环轨道并纳入我国金融监管框架中。
In recent years, crowdfunding has grown rapidly in the United States. In order to perfect the construction of a multi-level capital market and promote the reform of the financial regulatory system, the United States adopted the JOBS Act in 2012. However, passage of the bill has caused much controversy in the United States. Therefore, this dissertation focuses on the third part of the “JOBS Act”, which focuses on the controversy, that is, the relevant provisions on crowdfunding in the United States. It also holds that the continuous innovation and reform of the financial regulatory system in the United States is an important promoter of the sustainable development of the U.S. economy. However, its practice of “unblocking” and “blocking” restrictions on private financing has provided a useful experience for the regulation of China’s financial market. That is, by modifying the legislation, the “illegal fund-raising” Of the funds into the virtuous cycle of capital recycling and into our financial regulatory framework.