论我国股权众筹监管法律制度的完善——对美国《Jobs法案》第三部分考察的启示
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摘要
作为私募股权互联网化创始国家的美国,在2015年通过了《Jobs法案》的第三部分,针对股权众筹监管进行了制度创新,一方面,《Jobs法案》第三部分打破了传统的合格投资人、投资人数量、融资额度等融资方面的限制,突显互联网+时代股权众筹的便捷性、普惠性与灵活性;另一方面,通过对初创企业的融资上限、投资人投资上限、股权众筹平台的权利义务的设定,更加全面严谨地对投资人的权益进行法律保护。论文对《Jobs法案》第三部分进行详细解读,特别是对《Jobs法案》第三部分实施前后的股权众筹监管制度做对比分析,评析《Jobs法案》第三部分的监管优势,以期对我国股权众筹监管法律制度的完善提供参考。
As the founding country of private equity, the United States adopted the third part of the Jobs Act in 2015, which made institutional innovation for the regulation of equity-based crowdfunding. On the one hand, the third part of the Jobs Act broke the restriction of traditional qualified investors, the number of investors and the financing amount, which highlighted the convenience, universality and flexibility of the equity-based crowdfunding in the Internet + era. On the other hand, through setting the start-up financing limit, the upper limit of investment,and the rights and obligations of the raised platform equity, a more comprehensively and strictly legal protection of the rights and interests of investors were done. The paper gives a detailed interpretation of the third part of the Jobs Act. In particular, it makes a comparative analysis of the regulatory system of equity-based crowdfunding before and after the implementation of the third part of the Jobs Act. Furthermore, it analyzes the regulatory advantages of the third part of the Jobs Act, in order to provide a reference for the improvement of the legal system of equitybased crowdfunding supervision in our country.
As the founding country of private equity, the United States adopted the third part of the Jobs Act in 2015, which made institutional innovation for the regulation of equity-based crowdfunding. On the one hand, the third part of the Jobs Act broke the restriction of traditional qualified investors, the number of investors and the financing amount, which highlighted the convenience, universality and flexibility of the equity-based crowdfunding in the Internet + era. On the other hand, through setting the start-up financing limit, the upper limit of investment,and the rights and obligations of the raised platform equity, a more comprehensively and strictly legal protection of the rights and interests of investors were done. The paper gives a detailed interpretation of the third part of the Jobs Act. In particular, it makes a comparative analysis of the regulatory system of equity-based crowdfunding before and after the implementation of the third part of the Jobs Act. Furthermore, it analyzes the regulatory advantages of the third part of the Jobs Act, in order to provide a reference for the improvement of the legal system of equitybased crowdfunding supervision in our country.
引文
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[2]钟娟娟.我国股权众筹监管法律制度研究[D].重庆:重庆大学,2015:12.
[3]周秀娟,罗敏娜.论互联网金融个人征信的法律监管[J].电子科技大学学报(社科版),2017(4):46-51.
[4]关凤荣,方红.股权众筹监管法律制度研究[J].电子科技大学学报(社科版),2017(08):46-51.
[5]唐敏.论我国股权众筹的法律规制[D].武汉:华中科技大学,2016:17.
[6]石奇.论我国众筹融资的法律规制[D].北京:中央民族大学,2016:7-15.
[7]胡吉祥.众筹的本土化发展探索[J].互联网金融与法律,2014(12):4-10.
[8]王曙光,贾镝,贺潇.美国众筹融资法律规制模式对我国的启示[J].中国国情国力,2015(8):70-72.
[9]陈健.股权众筹:制度构建与疑义相析-评《私募股权众筹融资管理办法(试行)(征求意见稿)》[J].成都行政学院学报,2015(2):57-61.
[10]周秀娟,罗敏娜.互联网金融个人信息的民法保护-以《民法总则》的出台为契机[J].电子科技大学学报(社科版),2017(8):52-56.
[11]朱立扬.中国与美国“股权众筹”法律监管制度的对比研究[D].上海:华东政法大学,2016:28-35.