本文選題：股權(quán)眾籌 + 投資者權(quán)益��； 參考：《廣東財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：基于開放的互聯(lián)網(wǎng)平臺(tái)與現(xiàn)代網(wǎng)絡(luò)科學(xué)技術(shù)、“公開、小額、大眾”股權(quán)投資理念而興起的股權(quán)眾籌,在拓展中小微企業(yè)融資渠道、推動(dòng)社會(huì)創(chuàng)業(yè)創(chuàng)新、完善我國多層次資本市場體系等方面發(fā)揮著積極作用。本文首先結(jié)合商業(yè)運(yùn)營模式和監(jiān)管動(dòng)態(tài)從經(jīng)濟(jì)意義、法律意義以及比較學(xué)意義闡釋“股權(quán)眾籌”的概念,指出股權(quán)眾籌投資者類別,分析其在投資前、投資過程及出資后對(duì)融資公司管理中應(yīng)有的權(quán)益。其次,由國內(nèi)股權(quán)眾籌第一案引入,指出我國股權(quán)眾籌發(fā)展迅猛但問題頗多,本質(zhì)問題在于投資者權(quán)益保護(hù)不足,分析現(xiàn)實(shí)中股權(quán)眾籌投資者權(quán)益受侵害的具體形式,包括投資者資質(zhì)認(rèn)定不清、權(quán)益未明——資格確認(rèn)權(quán)被侵害;信息不對(duì)稱、投資欺詐行為甚囂塵上——知情權(quán)受侵害;跟投人投資后無法參與對(duì)項(xiàng)目公司的治理——重大決策權(quán)受侵害;投資后退出無門——退出權(quán)受侵害等四個(gè)方面,強(qiáng)調(diào)股權(quán)眾籌投資者權(quán)益保護(hù)的必要性。之后,逐一分析不同階段股權(quán)眾籌投資者面臨的法律風(fēng)險(xiǎn),結(jié)合中央多部委出臺(tái)的部門規(guī)章、行業(yè)自律組織出臺(tái)的規(guī)范性文件、征求意見稿與我國股權(quán)眾籌實(shí)踐,借鑒英美等率先對(duì)股權(quán)眾籌進(jìn)行立法的發(fā)達(dá)國家的有益經(jīng)驗(yàn),按照“投資準(zhǔn)入教育——投資過程信息透明——投后管理路徑暢通——投資退出規(guī)范有序”的思路,提出我國股權(quán)眾籌投資者權(quán)益保護(hù)的具體完善建議,包括完善適當(dāng)性測試、加強(qiáng)投資者教育,確認(rèn)投資者權(quán)益的具體方式;對(duì)融資者根據(jù)融資額度的規(guī)模實(shí)施差異化信息披露、強(qiáng)制股權(quán)眾籌平臺(tái)為投融資雙方的信息交互提供條件、引入第三方評(píng)級(jí)機(jī)制,保障投資者知情權(quán);對(duì)領(lǐng)投人課以誠信、勤勉等特殊義務(wù),借鑒上市公司網(wǎng)絡(luò)投票工作機(jī)制設(shè)立股權(quán)眾籌企業(yè)虛擬股東大會(huì),使投資者有序參與公司治理;設(shè)置投資冷靜期與鎖定期,針對(duì)股權(quán)眾籌小額股份的特點(diǎn)建立專門的二級(jí)市場,平衡投資者有序退出的需求與融資者對(duì)注冊資本穩(wěn)定的需要,為股權(quán)眾籌投資者全方位保駕護(hù)航。
[Abstract]:Based on the open Internet platform and modern network science and technology, "open, small, popular" equity investment concept and the rise of crowdfunding, in expanding the financing channels of small and medium-sized enterprises, promoting social entrepreneurship innovation, Perfecting our country's multi-level capital market system and so on is playing a positive role. This paper first explains the concept of "stock crowdfunding" in terms of economic significance, legal significance and comparative significance, and points out the types of investors in stock rights crowdfunding, and analyzes its pre-investment status. The process of investment and the due rights and interests in the management of the financing company after the investment. Secondly, introduced by the domestic stock rights crowdfunding case, the author points out that the stock rights crowdfunding has developed rapidly in our country, but there are many problems. The essential problem lies in the insufficient protection of investors' rights and interests, and analyzes the concrete forms of the infringement of the rights and interests of the stock rights crowdfunding investors in reality. It includes that the investor's qualification is not clear, the rights and interests are not clear, the right to confirm the qualification is infringed, the information is asymmetric, the investment fraud is rampant-the right to know is infringed; After investing with the investor, it can not participate in the governance of the project company-the major decision-making right is infringed, and the exit without door-exit right after the investment is infringed, which emphasizes the necessity of protecting the rights and interests of the investor. Then, one by one, we analyze the legal risks faced by investors in various stages of equity crowdfunding, combined with the departmental regulations issued by the central and multi-ministerial departments, the normative documents issued by trade self-discipline organizations, the draft of soliciting opinions and the practice of crowdfunding of stock rights in China. Based on the beneficial experience of developed countries, such as the United States and the United States, which first legislated on crowdfunding, according to the idea of "investment access education--transparent investment process information -smooth management path after investment-orderly investment exit", The paper puts forward some specific suggestions for the protection of the rights and interests of the investors, including perfecting the test of appropriateness, strengthening the investor's education, confirming the specific ways of investors' rights and interests, and disclosing the differentiated information of the financiers according to the scale of the financing quota. Mandatory stock raising platform provides conditions for information exchange between investment and financing parties, introduces a third party rating mechanism to protect investors' right to know, and takes special obligations such as good faith, diligence and other special obligations to lead and cast people. Draw lessons from the network voting mechanism of listed companies to set up a virtual shareholders' meeting to enable investors to participate in corporate governance in an orderly manner, to set up investment cooling-off periods and locking periods, and to set up a special secondary market for the characteristics of crowdfunding small shares. Balancing the demand for orderly withdrawal of investors and the need of the financiers for the stability of registered capital.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.291

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相關(guān)期刊論文 前1條

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本文編號(hào)：2061546