本文選題：股權(quán)眾籌 + 投資者��； 參考：《遼寧大學(xué)》2017年碩士論文

【摘要】：股權(quán)眾籌是金融市場發(fā)展到互聯(lián)網(wǎng)時(shí)代的產(chǎn)物,豐富并活躍地?cái)噭?dòng)著現(xiàn)代資本市場,帶有明顯的時(shí)代印記。投資者是投資活動(dòng)的行為主體,也是投資行為的利益攸關(guān)方,只有維護(hù)好投資者的利益,才能在投資者投資積極性的推動(dòng)下實(shí)現(xiàn)資本市場的發(fā)展和金融產(chǎn)業(yè)的穩(wěn)定。對投資者自身而言,防范面臨的風(fēng)險(xiǎn)就成為關(guān)鍵問題。我國股權(quán)眾籌起步晚發(fā)展快,制度建設(shè)遲滯于現(xiàn)實(shí)產(chǎn)業(yè)的發(fā)展,投資者面臨的風(fēng)險(xiǎn)呈現(xiàn)多層次化、復(fù)雜化,因此投資者風(fēng)險(xiǎn)防范法律機(jī)制的建設(shè)尤為迫切。得益于中國經(jīng)濟(jì)穩(wěn)健發(fā)展,我國股權(quán)眾籌近幾年不論從平臺(tái)數(shù)量還是規(guī)模上得以極速發(fā)展。舉“天使匯”和“大家投”為例,對我國股權(quán)眾籌進(jìn)行具體分析。在股權(quán)眾籌運(yùn)營過程中投資者會(huì)面臨重重風(fēng)險(xiǎn),如合法安全風(fēng)險(xiǎn)、信息獲知風(fēng)險(xiǎn)、公平交易風(fēng)險(xiǎn)等。眾籌市場發(fā)展較為成熟的美英等國家,首先將股權(quán)眾籌納入法律規(guī)范,在合格投資者管理、股權(quán)眾籌各參與主體權(quán)責(zé)設(shè)定以及信息披露等方面作出了詳細(xì)明確的規(guī)定,我國股權(quán)眾籌投資者風(fēng)險(xiǎn)防范制度建設(shè)可以立足我國國情,適當(dāng)借鑒。從我國股權(quán)眾籌發(fā)展和實(shí)踐可以看出,我國股權(quán)眾籌投資者面對的風(fēng)險(xiǎn)存在著多方面的原因。第一,現(xiàn)行法律既有規(guī)定的掣肘和股權(quán)眾籌專門法律規(guī)定不健全導(dǎo)致股權(quán)眾籌的合法性問題;第二,各參與主體權(quán)責(zé)不明;第三,各參與主體間信息獲取不對稱和信息披露要求粗放;第四,股權(quán)轉(zhuǎn)讓和退出規(guī)則缺失。我國股權(quán)眾籌投資者要順利穿越風(fēng)險(xiǎn)漩渦獲得自身利益,第一,要為股權(quán)眾籌合法性提供制度基礎(chǔ),加快《證券法》的修訂工作,明確監(jiān)管責(zé)任;第二,明確參與主體權(quán)責(zé);第三,完善信息披露制度,明確信息披露主體,嚴(yán)懲信息披露欺詐行為;第四,建立完善的股權(quán)轉(zhuǎn)讓和退出機(jī)制;第五,完善損害救濟(jì)制度。
[Abstract]:Crowdfunding is the product of the financial market to the Internet era, rich and active stirring the modern capital market, with a clear epoch mark. Investors are the main actors and stakeholders of investment activities. Only by safeguarding the interests of investors can the development of capital market and the stability of financial industry be realized under the promotion of investors' enthusiasm for investment. For investors themselves, risk prevention becomes a key issue. Because of the late development of stock capital raising in China, the delay in system construction and the multilevel and complicated risks faced by investors, the construction of legal mechanism for investor risk prevention is particularly urgent. Thanks to the steady development of China's economy, the number and scale of stock raising in China has developed rapidly in recent years. Taking Angel Huihui and everybody as examples, this paper makes a concrete analysis of Chinese stock rights crowdfunding. Investors will face many risks, such as legal security risk, information acquisition risk, fair trade risk and so on. In countries such as the United States and Britain, where the crowdfunding market is relatively mature, equity crowdfunding is first brought into the legal norm, with detailed and clear provisions on the management of QFII, the establishment of the rights and responsibilities of the participants in the crowdfunding, and the disclosure of information, and so on. The construction of risk prevention system of stock-raising investors in China can be based on the situation of our country and draw on appropriate reference. It can be seen from the development and practice of stock raising in China that there are many reasons for the risks faced by investors. First, the existing laws and regulations of the constraints and stock rights crowdfunding legal provisions are not perfect leading to the legitimacy of the stock rights crowdfunding; second, the rights and responsibilities of the parties involved are not clear; third, The information acquisition asymmetry and the information disclosure requirement are extensive among the participants. Fourthly, the ownership transfer and withdrawal rules are missing. Firstly, we should provide the system basis for the legitimacy of the stock rights crowdfunding, speed up the revision of the Securities Law, clarify the responsibility of supervision, second, make clear the rights and responsibilities of the participants; Third, improve the information disclosure system, clear the subject of information disclosure, severely punish information disclosure fraud; fourth, establish a sound equity transfer and withdrawal mechanism; fifth, improve the damage relief system.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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