摘要
投资者是股权众筹市场的重要参与者,投资者利益能否得到有力的保护直接攸关股权众筹的发展。现阶段我国股权众筹中投资者利益屡屡受侵,相关法律迟迟未予出台,行业监管及专业性的纠纷解决机制欠缺,投资者适当管理机制和退出渠道缺乏,众筹平台准入标准和资金管存机制缺位,发行人信息不对称及欺诈严重等。美国的《创业企业辅助法》和英国的《关于网络众筹和通过其他方法推介不易变现证券的监管规则》对投资者保护的规定于我国不乏启示。构建股权众筹安全港、完善众筹平台监管、加大投资者保护、强化信息披露制度等是我国股权众筹投资者保护的当务之急。
Investors are an important participant in the Equity-based crowd-funding market,whether the interests of investors can be effectively protected directly related to its development.At present,the interests of investors of Equity-based crowd-fundingin China are often infringed:the relevant laws have not yet been introduced,the industry regulatory,the professional dispute resolution mechanism,funds management mechanism,the appropriate management mechanism and exit channels are lacking and so on.The provisions of investor protection of JOBS and the FCA's regulatory approach to crowdfunding over the internet and the promotion of non-readily realisable securities by other mediainspire us a lot.It is necessary to strengthen the supervision and control of the investors and increase the protection of investors and strengthen the information disclosure system.
作者
马一
蔡丙松
Ma Yi;Cai Bingsong
出处
《公司金融研究》
2017年第2期154-173,共20页
Journal of Corporate Finance
基金
笔者主持的2014年教育部人文社科基金项目《民营银行:发展障碍、经营风险与法律制度克服——以民营银行开闸为时代背景》(14YJC820038)阶段性成果
关键词
股权众筹
投资者保护
法律构造
Equity-Based
Crowd-Funding
Investor Protection
Legal Construction
