本文選題：股權眾籌 + 投資者�。� 參考：《遼寧大學》2017年碩士論文

【摘要】：股權眾籌是金融市場發(fā)展到互聯網時代的產物,豐富并活躍地攪動著現代資本市場,帶有明顯的時代印記。投資者是投資活動的行為主體,也是投資行為的利益攸關方,只有維護好投資者的利益,才能在投資者投資積極性的推動下實現資本市場的發(fā)展和金融產業(yè)的穩(wěn)定。對投資者自身而言,防范面臨的風險就成為關鍵問題。我國股權眾籌起步晚發(fā)展快,制度建設遲滯于現實產業(yè)的發(fā)展,投資者面臨的風險呈現多層次化、復雜化,因此投資者風險防范法律機制的建設尤為迫切。得益于中國經濟穩(wěn)健發(fā)展,我國股權眾籌近幾年不論從平臺數量還是規(guī)模上得以極速發(fā)展。舉“天使匯”和“大家投”為例,對我國股權眾籌進行具體分析。在股權眾籌運營過程中投資者會面臨重重風險,如合法安全風險、信息獲知風險、公平交易風險等。眾籌市場發(fā)展較為成熟的美英等國家,首先將股權眾籌納入法律規(guī)范,在合格投資者管理、股權眾籌各參與主體權責設定以及信息披露等方面作出了詳細明確的規(guī)定,我國股權眾籌投資者風險防范制度建設可以立足我國國情,適當借鑒。從我國股權眾籌發(fā)展和實踐可以看出,我國股權眾籌投資者面對的風險存在著多方面的原因。第一,現行法律既有規(guī)定的掣肘和股權眾籌專門法律規(guī)定不健全導致股權眾籌的合法性問題;第二,各參與主體權責不明;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,股權轉讓和退出規(guī)則缺失。我國股權眾籌投資者要順利穿越風險漩渦獲得自身利益,第一,要為股權眾籌合法性提供制度基礎,加快《證券法》的修訂工作,明確監(jiān)管責任;第二,明確參與主體權責;第三,完善信息披露制度,明確信息披露主體,嚴懲信息披露欺詐行為;第四,建立完善的股權轉讓和退出機制;第五,完善損害救濟制度。
[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.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.287

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