论股权众筹的法律规则——以美国JOBS法案为借鉴  

The Legal Regulation to Equity Crowdfunding——Draw Lessons from the United States JOBS Act

作　　者：李尚桦[1] 

机构地区：[1]复旦大学,上海200438

出　　处：《行政与法》2015年第3期121-128,F0003,共9页Administration and Law

摘　　要：股权众筹作为一种新的互联网金融形态,已然对传统融资造成了较大冲击,引发了"无法可依"的尴尬局面。美国JOBS法案对股权众筹的合法化尝试确属顺应趋势而先行一步。但是,我们对其借鉴应抱合理态度,不仅需考虑时机是否合宜,避免空谈加强监管或与时俱进地放开股权众筹,而且不应该停留在对细规的逐条移植上,应该分析其背后的理念与实践中可能产生的问题,以期为我所用。Equity crowdfunding as a new form of internet finance,have made a strong impact on the traditional financing and led to a lawless embarrassing situation.U.S.JOBS Act attempts to legalize equity crowdfunding that is regarded as a progress to associate with the trend.However,it should adopt a reasonable attitude to equity crowdfunding and the Act：consider whether it was an opportune time and avoid prattling strengthening the regulatory or releasing equity crowdfunding;instead of transplanting item by item,it is necessarily to analyze idea behind the JOBS Act and anticipate possible problems in practice.

关 键 词：股权众筹 法律规制 JOBS法案 

分 类 号：D922.287[政治法律—经济法学]