我国股权众筹的法律监管及其完善
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摘要
伴随云计算、大数据等互联网技术的兴起及发展,互联网金融作为一种新型金融业态将互联网技术与金融业紧密联系起来。股权型众筹作为互联网金融的重要组成部分,显著降低了中小企业融资成本,并为普通大众开辟了新的投资渠道,但与之相对应的金融监管却严重不足。当前我国股权众筹监管中存在相关法律地位模糊、未限定股权众筹领投人的资质、缺乏相关管理标准、投资门槛过高等问题。为了进一步完善股权众筹法律监管,可以考虑扩大《证券法》中"证券"的范畴,将公募股权众筹纳入其中,并强化股权众筹平台的规范管理,规范股权众筹投资者的界定及投资上限。
With the rapid development of internet technology such as cloud computing,big data and so on,as a new financial type,e-finance closely connects internet technology to financial industry. As an important part of e-finance,equity crowdfunding has significantly reduced the financing costs of small and medium enterprises,and has also opened up new investment channels for the general public,however the corresponding financial supervision is quite deficient. Nowadays in China's supervision on equity crowdfunding,there are some problems including ambiguous status of relevant legislation,unrestricted quality of equity crowdfunding lead investor, deficiency of relevant management standards, excessively high investment threshold. In order to further improve legal supervision on equity crowdfunding,it is supposed to expand the range of"securities"in Securities Acts,and bring public equity crowdfunding into it,enhance the regulation and management of equity crowdfunding platform,as well as regulate the definition of equity crowdfunding investors and their investment upper limit.
With the rapid development of internet technology such as cloud computing,big data and so on,as a new financial type,e-finance closely connects internet technology to financial industry. As an important part of e-finance,equity crowdfunding has significantly reduced the financing costs of small and medium enterprises,and has also opened up new investment channels for the general public,however the corresponding financial supervision is quite deficient. Nowadays in China's supervision on equity crowdfunding,there are some problems including ambiguous status of relevant legislation,unrestricted quality of equity crowdfunding lead investor, deficiency of relevant management standards, excessively high investment threshold. In order to further improve legal supervision on equity crowdfunding,it is supposed to expand the range of"securities"in Securities Acts,and bring public equity crowdfunding into it,enhance the regulation and management of equity crowdfunding platform,as well as regulate the definition of equity crowdfunding investors and their investment upper limit.
引文
[1]BRADFORD C S.Crowdfunding and the federal securities laws[J].Columbia Business Law Review,2012(1):14-27.
[2]PAUL B,THOMAS L,ARMIN S.Crowdfunding:Tapping the right crowd[J].Journal of Business Venturing,2011(5):585-609.
[3]Report:Global crowdfunding market to reach MYM34.4B in 2015[EB/OL].(2015-03-28)[2018-05-30].http://crowdfundbeat.com/2015/03/28/report-global-crowdfunding-market-to-reach-34-4b-in-2015/.
[4]辛欣.境外股权众筹的发展与监管简述[J].清华金融评论,2015(3):99-104.
[5]彭真明,曹晓路.论股权众筹融资的法律规制——兼评《私募股权众筹融资管理办法(试行)》(征求意见稿)[J].法律科学(西北政法大学学报),2017,35(3):169-176.
[6]彭冰.非法集资行为的界定——评最高人民法院关于非法集资的司法解释[J].法学家,2011,1(6):38-53.
[7]吴艳梅,李敏.论股权众筹平台的法律性质[J].北方民族大学学报,2017(4):130-134.
[8]白江.我国股权众筹面临的风险与法律规制[J].东方法学,2017(1):14-28.
[9]周正清.英美P2P网络借贷监管改革对我国的启示[J].金融发展评论,2015(1):91-94.
[10]LEE E,LEE B.Herding behavior in online P2P lending:An empirical investigation[J].Electronic Commerce Research&Applications,2012,11(5):495-503.
[11]阿玛亚蒂·森.理性与自由[M].李风华,译.北京:中国人民大学出版社,2013:339-341.
(1)根据上海交通大学互联网金融研究所和北京京北金融信息服务有限公司《2015中国股权众筹行业发展报告》。
(2)http://www.zhongchoujia.com/data/29029.html,2018年4月2日访问。
(3)参见天使汇网站“创业项目”,http://angelcrunch.com/statup_financing#-0:1,最后访问时间:2018年3月31日。
(4)参见创投圈网站“项目”,http://www.vc.cn/startups,最后访问时间:2018年3月30日。
(5)参见大家投网站“创业项目”,http://www.dajiatou.com/project-1-1.html,最后访问时间:2018年3月30日。
(1)在该案中,联邦最高法院认为,判断证券是否存在,不需要找到正式的股票证书,只要存在有形资产的正式收益就可以了,同时认为应该放弃形式而重视实质,把判断的焦点放在经济实况上(Economic Reality Test)。最终,Murphy法官在判决中考察了“蓝天法”的普遍规定,引用了State v.Gopher Tire&Rubber Co.和SEC v.Joiner Corp的有关原则,提出了一个包括四个要素在内的检验方法适用于该案,即所谓的“Howey Test”:Individual were led to invest money in a common enterprise with the expectation That they would earn a profit solely through the efforts of the promoter or of some one other than themselves.
(1)http://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act,2018年3月21日访问。
(2)“The FCA’s regulatory approach to crowdfunding over the internet,and the promotion of non-readily realizable securities by other media(Feedback to CP13/13 and final rules march 2014)”,4.7.
[2]PAUL B,THOMAS L,ARMIN S.Crowdfunding:Tapping the right crowd[J].Journal of Business Venturing,2011(5):585-609.
[3]Report:Global crowdfunding market to reach MYM34.4B in 2015[EB/OL].(2015-03-28)[2018-05-30].http://crowdfundbeat.com/2015/03/28/report-global-crowdfunding-market-to-reach-34-4b-in-2015/.
[4]辛欣.境外股权众筹的发展与监管简述[J].清华金融评论,2015(3):99-104.
[5]彭真明,曹晓路.论股权众筹融资的法律规制——兼评《私募股权众筹融资管理办法(试行)》(征求意见稿)[J].法律科学(西北政法大学学报),2017,35(3):169-176.
[6]彭冰.非法集资行为的界定——评最高人民法院关于非法集资的司法解释[J].法学家,2011,1(6):38-53.
[7]吴艳梅,李敏.论股权众筹平台的法律性质[J].北方民族大学学报,2017(4):130-134.
[8]白江.我国股权众筹面临的风险与法律规制[J].东方法学,2017(1):14-28.
[9]周正清.英美P2P网络借贷监管改革对我国的启示[J].金融发展评论,2015(1):91-94.
[10]LEE E,LEE B.Herding behavior in online P2P lending:An empirical investigation[J].Electronic Commerce Research&Applications,2012,11(5):495-503.
[11]阿玛亚蒂·森.理性与自由[M].李风华,译.北京:中国人民大学出版社,2013:339-341.
(1)根据上海交通大学互联网金融研究所和北京京北金融信息服务有限公司《2015中国股权众筹行业发展报告》。
(2)http://www.zhongchoujia.com/data/29029.html,2018年4月2日访问。
(3)参见天使汇网站“创业项目”,http://angelcrunch.com/statup_financing#-0:1,最后访问时间:2018年3月31日。
(4)参见创投圈网站“项目”,http://www.vc.cn/startups,最后访问时间:2018年3月30日。
(5)参见大家投网站“创业项目”,http://www.dajiatou.com/project-1-1.html,最后访问时间:2018年3月30日。
(1)在该案中,联邦最高法院认为,判断证券是否存在,不需要找到正式的股票证书,只要存在有形资产的正式收益就可以了,同时认为应该放弃形式而重视实质,把判断的焦点放在经济实况上(Economic Reality Test)。最终,Murphy法官在判决中考察了“蓝天法”的普遍规定,引用了State v.Gopher Tire&Rubber Co.和SEC v.Joiner Corp的有关原则,提出了一个包括四个要素在内的检验方法适用于该案,即所谓的“Howey Test”:Individual were led to invest money in a common enterprise with the expectation That they would earn a profit solely through the efforts of the promoter or of some one other than themselves.
(1)http://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act,2018年3月21日访问。
(2)“The FCA’s regulatory approach to crowdfunding over the internet,and the promotion of non-readily realizable securities by other media(Feedback to CP13/13 and final rules march 2014)”,4.7.