【摘要】：在我國(guó)乃至全球范圍內(nèi),小型企業(yè)融資難、融資貴的問題都普遍存在,銀行等傳統(tǒng)金融機(jī)構(gòu)在貸款方面的風(fēng)險(xiǎn)厭惡傾向,使其難以成為小型企業(yè)的主要融資渠道,而公開發(fā)行證券的高額成本,也讓小型企業(yè)只能望洋興嘆。然而近年來(lái)互聯(lián)網(wǎng)股權(quán)眾籌融資模式的興起,為該問題的解決提供了一條新的道路。本文所探討的互聯(lián)網(wǎng)股權(quán)眾籌,簡(jiǎn)單來(lái)說,是指小型或初創(chuàng)企業(yè)以互聯(lián)網(wǎng)為媒介向公眾籌集資金的一種融資方式。作為一種新興的互聯(lián)網(wǎng)金融模式,互聯(lián)網(wǎng)股權(quán)眾籌拓寬了小型企業(yè)的融資渠道,有效化解了融資難的問題。但是和其他新興事物一樣,互聯(lián)網(wǎng)股權(quán)眾籌帶來(lái)變革的同時(shí)也存在諸多的風(fēng)險(xiǎn),由于法律的滯后性,著眼于未來(lái)的互聯(lián)網(wǎng)金融的一些業(yè)務(wù)模式總是或多或少地與現(xiàn)存法律法規(guī)存在沖突,互聯(lián)網(wǎng)股權(quán)眾籌也不例外。2012年奧巴馬簽署生效的《JOBS法案》轟動(dòng)了全球,首次對(duì)股權(quán)眾籌予以了法律上的認(rèn)可,對(duì)眾籌融資的法律規(guī)制也是該法案的重要內(nèi)容之一。由于相關(guān)法律法規(guī)的限制,我國(guó)的股權(quán)眾籌尚處于萌芽階段,相關(guān)監(jiān)管的缺失以及與現(xiàn)有法律的沖突,毫無(wú)疑問將嚴(yán)重制約我國(guó)互聯(lián)網(wǎng)股權(quán)眾籌的發(fā)展。因此制定相應(yīng)的監(jiān)管法律,將其納入法律的監(jiān)管是當(dāng)務(wù)之急。本文第一章介紹了互聯(lián)網(wǎng)股權(quán)眾籌的概念與特征、主體構(gòu)架與運(yùn)作模式,并且介紹了互聯(lián)網(wǎng)股權(quán)眾籌在國(guó)內(nèi)外的發(fā)展現(xiàn)狀及意義,對(duì)互聯(lián)網(wǎng)股權(quán)眾籌進(jìn)行了初步介紹。第二章具體剖析了互聯(lián)網(wǎng)股權(quán)眾籌目前面臨的法律問題,其中包括法律定性與法律關(guān)系問題、法律規(guī)制及政策監(jiān)管現(xiàn)狀,還指出了其可能面臨的法律風(fēng)險(xiǎn),并分別探討了其可能涉及的刑事法律風(fēng)險(xiǎn)和民事法律風(fēng)險(xiǎn)。第三章將我國(guó)《私募股權(quán)眾籌融資管理辦法(試行)(征求意見稿)》與《眾籌法案》進(jìn)行了比較分析。第四章根據(jù)第二、第三章的內(nèi)容,依據(jù)我國(guó)國(guó)情,針對(duì)互聯(lián)網(wǎng)股權(quán)眾籌在我國(guó)的發(fā)展,從融資人、投資人、眾籌平臺(tái)三個(gè)方面給出了法律建議。最后的結(jié)論是我國(guó)急需出臺(tái)更加完善的監(jiān)管法律,借鑒《眾籌法案》的成功經(jīng)驗(yàn),修改《證券法》及相關(guān)法律,在充分保護(hù)投資人的基礎(chǔ)之上,遵循促進(jìn)小型或初創(chuàng)企業(yè)發(fā)展的宗旨,發(fā)揚(yáng)互聯(lián)網(wǎng)金融精神,以期互聯(lián)網(wǎng)股權(quán)眾籌市場(chǎng)的健康運(yùn)行。
[Abstract]:In our country and even around the world, the problem of financing is difficult and expensive for small enterprises. The risk aversion of traditional financial institutions, such as banks, makes it difficult to become the main financing channel for small enterprises. And the high cost of public issuance of securities, but also let small businesses can only sigh. However, in recent years, the rise of Internet crowdfunding mode provides a new way to solve this problem. The Internet equity crowdfunding discussed in this paper, in short, refers to a way in which small or start-up enterprises raise funds from the public through the Internet. As a new Internet finance model, Internet equity crowdfunding broadens the financing channels of small enterprises and effectively resolves the problem of financing difficulties. But like other emerging things, Internet crowdfunding has brought about a lot of risks, because of the lag of the law. Some business models for futuristic Internet finance are always more or less in conflict with existing laws and regulations, and Internet crowdfunding is no exception. The JOBS Act, which Obama signed into law in 2012, is a global sensation. For the first time, the legal regulation of crowdfunding is one of the important contents of the bill. Due to the restriction of relevant laws and regulations, the stock rights crowdfunding in China is still in its infancy. The lack of relevant supervision and the conflict with the existing laws will undoubtedly seriously restrict the development of Internet crowdfunding in China. Therefore, it is urgent to make corresponding regulatory laws and bring them into the legal supervision. The first chapter introduces the concept and characteristics of Internet stock crowdfunding, the main structure and operation mode, and introduces the current situation and significance of Internet stock crowdfunding at home and abroad, and the preliminary introduction of Internet stock crowdfunding. The second chapter analyzes the current legal problems faced by Internet stock crowdfunding, including legal characterization and legal relationship, legal regulation and policy supervision, and points out the legal risks it may face. And discusses its possible criminal legal risk and civil legal risk respectively. The third chapter makes a comparative analysis of the Private Equity financing Management method (trial) (draft of soliciting opinions) and the Public funding Act. The fourth chapter according to the content of the second chapter, the third chapter, according to the situation of our country, according to the development of Internet stock rights crowdfunding in China, from the financier, investors, crowdfunding platform three aspects of the legal advice. The final conclusion is that our country urgently needs to introduce more perfect supervision laws, learn from the successful experience of the "crowdfunding Act", amend the Securities Law and related laws, and on the basis of fully protecting investors, Follow the purpose of promoting the development of small or start-up enterprises, carry forward the spirit of Internet finance, with a view to the healthy operation of the Internet equity crowdfunding market.
【學(xué)位授予單位】：大連海事大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.28

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