文献类型：期刊文献

中文题名：股权众筹中的投资者利益保护:路径、基础与制度建构

英文题名：On Protection of Investors in Equity Crowdfunding: Path,Basis and System Construction

作者：刘斌[1]

第一作者：刘斌

机构：[1]河南财经政法大学民商经济法学院

第一机构：河南财经政法大学民商经济法学院|河南财经政法大学法学院

年份：2016

卷号：0

期号：5

起止页码：60-66

中文期刊名：中州学刊

外文期刊名：Academic Journal of Zhongzhou

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；社科基金资助期刊;CSSCI:【CSSCI2014_2016】；

基金：国家社会科学基金项目"私募股权投资基金监管的立法模式及法律制度构建研究"(13BFX104)

语种：中文

中文关键词：股权众筹;投资者;融资者;众筹平台;证券欺诈

外文关键词：equity crowdfunding; investor; fund raisers ; crowdfunding portals ; security fraud

摘要：与国外股权众筹制度建立在小额融资的基础上不同,我国股权众筹制度遵循对公募与私募区分监管的逻辑,由此导致众筹的定性错误、运行混乱。股权众筹的正当性不在于其公开性,而在于其小额融资的微金融特点。传统融资制度下初创企业融资难是股权众筹制度产生的现实基础,股权众筹的特性要求放松事前管制,实行核准豁免或注册豁免。股权融资制度实施中出现的融资欺诈、信息不对称等问题并不能抵销该制度带来的社会利益增长效应,我国应在股权众筹自由化改革的基础上构建合理的投资者利益保护机制,包括设定合格投资者标准及众筹主体资格限制,强化对融资者行为的事中、事后监管,在承认众筹平台多样化、自治性的基础上予以分类管理等。
Different with the micro-finance basis of foreign equity crowdfunding system, the regulators in China still focused on the distinguish supervision of public and private offerings, which has caused wrong recognition and chaos in practice. The legitimacy of eq- uity crowdfunding should be based on the nature of micro finance rather than the nature of publicity. The financing difficulty involved in the start-ups in traditional financing system has laid practical foundation for equity crowdfunding system which was characterized by easy pre-event regulation and approval and registration exemption. The implementation of equity crowdfunding system has brought more social benefits than bad problems such as security fraud and information asymmetry. China should construct the qualified investor pro- tection mechanism based on the reform of equity erowdfunding liberalization, including the qualified investor standard, qualification of the equity crowdfunding subject, regulation of the investors＇ behavior, and classified management of the crowdfunding portals which was based on its variety and autonomy.