【作者】 钟兴旺；

【导师】 周昌发；

【作者基本信息】 云南大学 ， 法律（法学）， 2020， 硕士

【摘要】 股权众筹最早于2011年引入我国,通过便捷高效的互联网载体,股权众筹在我国快速发展。有别于传统的投融资模式,股权众筹具有“小额、公开、大众”的特点,在一定程度上降低了普通投资者的投资准入门槛,同时也便利了中小企业和初创企业的融资需求,对于缓解中小企业“融资难”问题具有重要意义。但由于股权众筹在我国的发展时间相对较短,相关法律规范还不够明确,制度还不够成熟,政策也处于不断变化之中,使得股权众筹面临监管上的难题。其中,股权众筹投资者权益受损问题尤为突出。在众多股权众筹案例中,投资者合法权益难以得到有效保障和救济,具体表现在:首先,从法律规范层面来看,股权众筹目前还存在“非法公开发行证券”、“非法集资”等法律风险,投资者权益得不到法律的保障;其次,从运行机制层面来看,合格投资者准入标准、退出机制等尚不健全,投资者权益很容易遭受损害;最后,从制度保障层面来看,股权众筹市场监管存在缺失,信息披露机制、纠纷解决机制等不够完善,使得股权众筹容易产生欺诈等不良行为,且投资者权益救济困难。这些问题的存在,在给投资者造成安全隐患的同时,也不利于股权众筹行业的长远、健康发展。作为资本市场中的一种新业态,必须要坚持以投资者保护为中心,完善股权众筹投资者权益保护法律体系与制度体系。本文以股权众筹投资者权益保护作为出发点,在分析研究股权众筹行业发展现状、存在问题的基础上,通过借鉴域外先进制度与立法经验,提出完善我国股权众筹投资者权益保护的相关法律建议。论文第一部分,介绍了股权众筹的基本含义与特征,分析了股权众筹发行的公开性、发行对象的证券属性等法律性质,在此基础上就股权众筹平台、投资者、融资者、第三方之间的法律关系进行了阐释,梳理了我国股权众筹的立法现状以及立法趋势。第二部分,分析了当前实践中股权众筹投资者权益保护存在的主要问题,包括:存在非法公开发行证券、非法集资的法律风险;投资者准入与退出机制不完善;监管方面股权众筹平台的审查义务不到位、缺乏有效信息披露;投资者权益救济困难等。第三部分,分别对美国、英国、日本股权众筹法律制度进行了考察,研究了美国《JOBS法案》、英国《众筹监管规则》、日本《金融商品交易法》等法律规定中有关投资者权益保护的内容,从股权众筹平台、融资者、投资者的层面总结出可供我国借鉴的先进制度与立法经验。第四部分,在借鉴域外制度经验的基础上,立足于我国实践中存在的问题,就如何完善股权众筹投资者权益保护法律制度提出相应的建议。立法方面,提出应修改《证券法》、《公司法》等法律中的相关规定,并尽快出台《股权众筹试点管理办法》;事前审查方面,提出应严格相关主体准入条件,建立投资者冷静期制度,整合股权众筹征信体系;事中监督方面,指出应明确平台监管责任及义务,完善融资者信息披露制度,设置第三方资金托管规则,健全投资者参与企业管理机制;事后救济方面,认为应完善投资者退出机制、纠纷解决机制、投资者损害赔偿机制等。更多还原

【Abstract】 Equity crowdfunding was first introduced into China in 2011,through the convenient and efficient Internet carrier,equity crowdfunding has developed rapidly in China.Different from the traditional investment and financing mode,equity crowdfunding has the characteristics of “small,open and popular ”,which reduces the entry threshold of ordinary investors to a certain extent,and also facilitates the financing needs of small and medium-sized enterprises and start-ups,which is of great significance to alleviate the problem of “financing difficulties” of small and medium-sized enterprises.However,due to the relatively short development time of equity crowdfunding in China,the relevant legal norms are not clear enough,the system is not mature enough,and the policy is also in constant change,which makes equity crowdfunding face regulatory difficulties.Among them,equity crowdfunding investors’ equity damage is particularly prominent.In many cases,the legitimate rights and interests of investors are difficult to obtain effective protection and relief.First of all,from the level of legal norms,there are still legal risks such as “illegal public issuance of securities” and “illegal fund-raising ”,and investors’ rights and interests can not be protected by law;Secondly,from the operational mechanism level,QFII access standards,exit mechanism and so on are not perfect,investors’ rights and interests are vulnerable to damage;finally,from the institutional security level,there is a lack of supervision in the stock raising market,information disclosure mechanism,dispute resolution mechanism and so on,which makes stock raising easy to produce fraud and other bad behavior,and investors’ rights and interests relief difficulties.The existence of these problems,while causing security risks to investors,is also not conducive to the long-term and healthy development of equity crowdfunding industry.As a new form of business in capital market,it is necessary to take investor protection as the center and perfect the legal system and system of investor rights protection.Based on the analysis and research on the present situation and existing problems of the stock raising industry,this paper puts forward some legal suggestions to improve the protection of the rights and interests of the stock raising investors in our country bydrawing lessons from the advanced system and legislative experience.The first part of the paper introduces the basic meaning and characteristics of equity crowdfunding,analyzes the openness of equity crowdfunding issuance,the securities attributes of the issuing object and other legal properties,on the basis of which the legal relationship between equity crowdfunding platform,investors,financiers and third parties is explained,and combs the legislative status and legislative trend of equity crowdfunding in China.The second part analyzes the main problems existing in the protection of investors’ rights and interests in current practice,including: the legal risk of illegal public issuance of securities and illegal fund-raising;the imperfect mechanism of investors’ access and withdrawal;the lack of effective information disclosure and the difficulty of investor’s rights and interests relief.Chapter three examines the legal systems of stock raising in the United States,the United Kingdom and Japan,and studies the contents of the JOBS Act,the Rules of the United Kingdom and the Financial Commodity Trading Act on the protection of the rights and interests of investors.The fourth part,on the basis of drawing lessons from the experience of extraterritorial system,based on the problems existing in the practice of our country,puts forward the corresponding suggestions on how to perfect the legal system of protecting the rights and interests of investors in stock raising.On the legislative side,it is proposed that the relevant provisions in the Securities Law,the Company Law and other laws should be amended,and the Measures for the Administration of Pilot Equity Crowdfunding should be issued as soon as possible;In the aspect of supervision,it is pointed out that the responsibility and obligation of platform supervision should be clarified,the information disclosure system of financiers should be perfected,the rules of third-party fund custody should be set up,and the mechanism of investor participation in enterprise management should be improved.更多还原