摘要
互联网股权众筹经历了迅猛发展后,于2016年开始步入寒冬,而退出机制障碍是导致行业萎靡的重要原因,具体来说有途径障碍、市场障碍与规则障碍三个方面。在对境外包括美国与台湾地区的相关法律规范和实践经验进行分析的基础上,我国互联网股权众筹可以从完善现有退出途径、构建多层次场外交易市场以及制定并完善股权众筹退出规则三个方面对退出机制进行完善,以期形成进出有序的股权众筹资本市场。
Internet equity crowd-funding began to experience difficulty in 2016 after its rapid development, which is mainly due to the obstacle in the exit mechanism, in terms of obstacles in exit channels, market, and rules. After analyzing the relevant legal norms and practical experience of equity crowd-funding in America, Taiwan district, and other countries as well as areas outside the mainland of China, the author suggests improving the existing exit mechanism by optimizing the present exit channel, building multi-level over-the-counter market, formulating and improving the relevant exit rules for the internet equity crowd-funding, hoping to establish an orderly and healthy equity crowd-funding capital market.
作者
马晴
MA Qing(Law School,Anhui University,Hefei 230039,China)
基金
国家社会科学基金项目(19BFX139)。
关键词
股权众筹
退出机制
投资
融资
equity crowd-funding
exit mechanism
investment
financing
