摘要
中小企业融资难一直是世界性难题,中美两国亦不例外。众筹的规模发展为有效缓解该难题,促进金融支持实体经济运行,创设了新的资金融通渠道。与此同时,众筹也对传统金融业态和监管提出了新的挑战。在美国,基于不同价值目标的考量,众筹监管立法久经曲折。以"JOBS法案"为核心的制度性安排确立了众筹的合法性地位,为众筹证券发行奠定了法律基础。本文力图通过对美国众筹证券发行和豁免具体类型的划分,以及相应规则内容的比较分析,揭示在众筹证券豁免规则的构造过程中所体现出的美国资本市场在后危机时代寻求证券法制平衡的尝试。他山之石,可以攻玉。作为众筹行业发展的先行者,美国众筹监管立法理念的革新和规则体系的设计,为完善我国众筹行业监管提供了诸多启示。
The financing difficulties of Small and Medium-size Enterprises have always been a worldwide problem, and the U.S. and China are no exception. The development of crowdfunding furnishes micro-fundraising and improves economic performances through financial services with one new financing channel. Crowdfunding has achieved great development in the United States and imposes new challenge to traditional financial sector and the regulations. Due to different regulatory objectives, the legislation of crowdfunding had been suffering after several twists and tunas. Finally, the ＂JOBS act＂ as the core of the system designed to clarify its legitimacy status has provided a legal basis for the crowdfunding. By specifying the types of crowdfunding securities and exemptions, as well as conducting comparative analysis of the regulatory rules, this paper aims to explore the changes of the U.S. financial regulatory structure, and its attempts to rebalance the law in the post-crisis era. The experiences of the U.S. are helpful for other countries to set the regulatory system of crowdfunding. As a pioneer in the development of crowdfunding, the innovations for regulatory legislation and corresponding system design in the United States are undoubtedly worthy of our references.
出处
《金融监管研究》
2014年第11期42-60,共19页
Financial Regulation Research
基金
江苏省社会科学基金项目"互联网金融法律规制研究"(14FXD001)
江苏省法学会一般课题"小额贷款公司监督管理立法研究"(SFH2013B05)的阶段性成果
关键词
众筹
JOBS法案
融资效率
投资者保护
Crowdfunding
JOBS Act
Financing Efficiency
Investor Protection
