股权众筹兴起背景下的证券法律制度变革

Revolution of Securities Law in the Context of Rising Equity Crowd-funding

中文关键词:  股权众筹  证券法  互联网  投资者保护  融资成本

英文关键词:equity crowd-funding  Securities Law  Internet  investor protection  financing cost

中文摘要:

      互联网技术的进步和普及使得股权众筹这一新型融资模式近年来在众多国家迅速兴起,由此引发的一个理论命题是:投资者保护与便利融资这两大证券法的政策目标如何进行重新平衡。以美国JOBS法为代表,各国证券法已经开始积极回应股权众筹交易模式的制度需求,除了扩大小额证券发行豁免制度的适用空间以外,还超越了传统的“公募/私募”两分法,引入全新的“众筹豁免”制度。各国的制度实践充分表明了互联网技术对证券市场监管规则发展的深远影响,技术进步所导致信息不对称的缓解助推了融资活动管制的局部放松,因此未来我国证券法律制度的改革有必要回应技术变革对金融市场监管规则所带来的积极影响。

英文摘要:

      Along with the development and prevalence of Internet technology, equity crowd-funding, a new financing model, has been rising rapidly in recent years. Hence, it becomes an important global topic in the field of securities law about how to balance both policy agenda of investor protection and capital formation. By referring to the JOBS Act in the US as a typical example, this article suggests that modern securities law is making an active response to the demand of equity crowd-funding development. In addition to expanding the application space of small issues exemption rules, securities law is also going beyond the traditional conceptual division between public and private offerings by introducing a brand-new system of equity crowd-funding exemption. The practice of the systems in various countries have fully indicated the profound impact of Internet technology on the development of regulatory rules on the securities market. The reduction of information asymmetry caused by technological progress has facilitated the partial relaxation of financing regulation. Therefore, it is necessary to respond to the positive impact of technological change in financial market regulation rules in the future reform of China's securities legal system. 