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1、法律硕士专业学位论文股权众筹监管问题研究ResearchonEquityCrowdfundingRegulatoryIssues作者姓名:朱永超指导教师:郜永昌西南政法大学SouthwestUniversityofPoliticalScienceandLaw内容摘要互联网金融在全国各地进行地如火如荼,特别是冠以“全民天使”之称的股权众筹,在发展伊始就备受追捧与质疑。股权众筹以一种全新的理念与方式在我国股权融资市场蓬勃发展,为解决中小微初创企业的融资难融资贵问题提供了有益借鉴。但同时,股权众筹在我国现阶段的发展中又面临着诸多风险与挑战。本文首先介绍了股权众筹在我国发展的时代背景,简要概述了
2、股权众筹在我国发展的现状,通过典型案例引出对股权众筹运营模式的分析,总结出了股权众筹的特点,详细介绍了股权众筹参与各方的法律地位,并对股权众筹运营中存在的诸如非法集资风险、非法发行证券风险、网站信息安全风险、遭遇欺诈风险、担保机构合规风险等已经或者可能出现的各种风险与问题进行分析。最后,结合我国现行的金融监管原则与规则提出了应明确股权众筹平台法律地位、划定股权众筹平台进入门槛、引入资金监管制度、承认对赌协议效力、修正目前合格投资人制度、建立行业信息联动共享机制等监管建议,以期促进这一新兴互联网融资模式的健康发展,以助我国早日形成结构合理的多层次融资体系。关键词:网络金融;股权众筹;风险;
3、监管1AbstractTheInternetfinancelikearagingfireofalloverthecountry,especially,asa“nationalangel”,saidthecongregationtoraiseequityatthebeginningofthedevelopmentofthehighlysoughtafterquestioned.Publicequityraisedtoanewconceptandwayofequityfinancingintheboomingmarketforsmallandmediummicrostart-upstosol
4、vethefinancingdifficultiesoffinancingyourproblemprovidesausefulreference.Butatthesametime,publicequityraisedinthedevelopmentstageofourcountryisfacedwithanumberofrisksandchallenges.ThispaperfirstdescribesthebackgroundofthepublictoraisestakeinChina'sdevelopment,abriefoverviewofthestatusofthepublict
5、oraisestakeinChina'sdevelopment,leadsthecongregationtoraiseequitybusinessmodelanalyzedbyatypicalcase,sumsupthecharacteristicsofthepublicequity,detailsPublicequity-fundingthelegalstatusofthepartiesinvolved,andthepublictoraiseequityriskoperationssuchasthepresenceofillegalfund-raising,andtheillegali
6、ssuanceofsecuritiesrisk,websiteinformationsecurityrisks,sufferedfraudrisk,complianceriskandothersecurityagencieshavebeenormayoccurvariousrisksandissuesforanalysis.Finally,ourcurrentfinancialregulatoryprinciplesandrulesshouldbemadeclearplatformtoraisethelegalstatusofpublicequity,publicequityraised
7、platformdelineatebarrierstoentry,theintroductionoffinancialregulatorysystem,therecognitionoftheeffectivenessofgamblingagreementtoamendthecurrentsystemofqualifiedinvestors,theestablishmentofregulatedindustriessuchasinfo