本文關(guān)鍵詞： 美國JOBS法案 股權(quán)眾籌 小額豁免 眾籌平臺 法律風險　出處：《山東師范大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著全球互聯(lián)網(wǎng)技術(shù)的不斷革新,股權(quán)眾籌能夠充分地將互聯(lián)網(wǎng)技術(shù)與企業(yè)融資的需求緊密結(jié)合起來,滿足中小企業(yè)和初創(chuàng)企業(yè)日益增多的融資需求,幫助中小企業(yè)和初創(chuàng)企業(yè)走出融資困境。美國JOBS法案從頒布至今,彌補了股權(quán)眾籌監(jiān)管法律體系在眾籌公開發(fā)行的合法性問題、小額豁免發(fā)行制度、信息披露制度以及眾籌平臺法律性質(zhì)等諸多方面的空白,降低了中小企業(yè)和初創(chuàng)企業(yè)的融資成本,提高了企業(yè)融資效率。美國JOBS法案關(guān)于股權(quán)眾籌法律規(guī)制的相關(guān)立法理念與邏輯,對在中國建立和完善順應(yīng)市場經(jīng)濟發(fā)展趨勢的新型證券發(fā)行法律制度具有重要借鑒意義。本文除導論外包括以下三個部分:關(guān)于美國JOBS法案中股權(quán)眾籌先進經(jīng)驗的介紹。JOBS法案實施之后,美國社會就業(yè)率明顯提高,社會經(jīng)濟有復蘇之勢,筆者試圖通過詳細闡述JOBS法案中關(guān)于股權(quán)眾籌制度的相關(guān)規(guī)定,總結(jié)法案中關(guān)于股權(quán)眾籌法律規(guī)制的先進經(jīng)驗和做法。關(guān)于我國股權(quán)眾籌發(fā)展現(xiàn)狀的梳理。作為一種創(chuàng)新金融產(chǎn)品,股權(quán)眾籌與現(xiàn)有法律規(guī)定有諸多不適應(yīng)之處,主要是融資者違反現(xiàn)有法律法規(guī)擅自發(fā)行股票、平臺違反現(xiàn)有法律法規(guī)經(jīng)營證券業(yè)務(wù)、缺少信息披露制度導致欺詐風險頻發(fā)等。本文從眾籌行業(yè)自身發(fā)展的風險、眾籌面臨的法律風險、目前我國現(xiàn)行的關(guān)于股權(quán)眾籌法律規(guī)范等方面對我國股權(quán)眾籌發(fā)展現(xiàn)狀做詳細梳理。關(guān)于完善我國股權(quán)眾籌法律規(guī)制的啟示。在深入分析我國股權(quán)眾籌存在的法律問題和風險的基礎(chǔ)上,結(jié)合境外股權(quán)眾籌的法律規(guī)制經(jīng)驗,對我國股權(quán)眾籌法律規(guī)制提出如下建議:從擴大證券定義范圍、建立證券小額發(fā)行豁免制度、放寬股權(quán)眾籌投資者人數(shù)限制等方面掃除既有法律制度的障礙;從信息披露、眾籌平臺權(quán)利義務(wù)、投資者適當性制度等方面建立股權(quán)眾籌配套制度。通過以上規(guī)制路徑,在促進中小微企業(yè)及初創(chuàng)企業(yè)資本形成的同時,防范欺詐風險,保護投資者利益,最終推動股權(quán)眾籌行業(yè)的持續(xù)、健康發(fā)展。
[Abstract]:With the continuous innovation of the global Internet technology, equity crowdfunding can fully combine Internet technology with enterprise financing needs to meet the increasing financing needs of small and medium-sized enterprises and start-ups. To help small and medium-sized enterprises and startups out of the financing dilemma. Since the promulgation of the United States JOBS Act, it has made up for the legality of the public financing regulatory legal system of stock rights raising, the small amount exemption issue system, The gaps in the information disclosure system and the legal nature of the crowdfunding platform have reduced the financing costs of small and medium-sized enterprises and start-ups. Improve the efficiency of corporate financing. The JOBS Act of the United States on the stock rights of public funding related legislative ideas and logic, It is of great significance to establish and perfect the new legal system of securities issuance in China, which conforms to the development trend of market economy. Besides the introduction, this paper includes the following three parts: about the advanced experience of stock rights raising in the JOBS Act of the United States. After the implementation of the JOBS Act, The social employment rate in the United States has obviously increased, and the social economy is recovering. The author tries to elaborate the relevant provisions of the JOBS Act on the stock rights crowdfunding system. Summing up the advanced experience and practice of the legal regulation of stock crowdfunding in the bill, combing the current situation of the development of stock crowdfunding in China. As a kind of innovative financial product, crowdfunding of stock rights has many inadequacies with the existing laws and regulations. The main problems are that the financiers issue stocks without authorization in violation of existing laws and regulations, the platform runs securities business in violation of existing laws and regulations, and the lack of information disclosure system leads to the frequent occurrence of fraud risks. The legal risks faced by crowdfunding, At present, the current legal norms of stock crowdfunding in China are reviewed in detail. The enlightenment of perfecting the legal regulation of stock crowdfunding in China. The law of the existence of stock crowdfunding in China. On the basis of law problems and risks, Based on the experience of the legal regulation of foreign stock crowdfunding, this paper puts forward the following suggestions for the legal regulation of stock crowdfunding in our country: to expand the definition of securities, to establish the exemption system of small issue of securities, Relaxing the restrictions on the number of investors in stock rights crowdfunding to remove the obstacles of the existing legal system; from the information disclosure, the rights and obligations of public funding platform, the investors' suitability system and other aspects to establish a supporting system of equity crowdfunding, through the above regulatory path, At the same time, we should guard against fraud risk, protect the interests of investors, and finally promote the sustainable and healthy development of the stock capital raising industry.
【學位授予單位】：山東師范大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D971.2;D922.287

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