互联网时代公众小额集资的构造与监管——以美国JOBS法案为借鉴  

The Structure and Regulation of Crowdfunding in the Internet Era:To Learn from the U.S.JOBS Act

作　　者：袁康[1] 

机构地区：[1]武汉大学法学院,湖北武汉430072

出　　处：《证券市场导报》2013年第6期4-13,20,共11页Securities Market Herald

基　　金：中央高校基本科研业务费专项资金资助(项目编号:2012106010204);教育部博士研究生学术新人奖资助(5052012106001)

摘　　要：公众小额集资(crowdfunding)作为互联网金融的一种新模式,深刻地冲击着传统融资模式和金融法制。以初创企业为主的筹资者、提供融资平台的集资门户和众多的投资者共同构成了公众小额集资的体系,这种体系与我国当前金融法制存在着一定的不适性。我们需要顺应时代发展潮流,借鉴以美国JOBS法案为代表的域外经验,准确界定公众小额集资参与主体的法律地位和特征,并在妥善协调资本形成与投资者保护关系的基础上,针对公众小额集资的法律构造和监管制度做出相应的回应。As a new model for internet financing, crowdfunding is having a profound impact on the traditional financing models and financial laws. The crowdfunding system consists of fund raisers to start up enterprises, the financing platform for fund raising and many investors, and this system is not quite compatible with our current financial legal system. We need to follow the development trend, learn to overseas experience represented by the JOBS Act in the United States, and accurately define the legal status and characteristics of the anticipants of crowdfunding. We also need to make the appropriate response to the legal structure and regulatory system of crowdfunding based on the proper coordination between the capital formation and investor protection.

关 键 词：公众小额集资 资本形成 投资者保护 JOBS法案 

分 类 号：DF438[政治法律—经济法学]