日本众筹融资立法新动态及借鉴  

Current Developments Regarding Crowdfunding Legislation in Japan and Its Implication

作　　者：毛智琪 杨东[2] 

机构地区：[1]一桥大学国际企业战略研究科,东京120004 [2]中国人民大学法学院,北京100872

出　　处：《证券市场导报》2015年第4期4-12,69,共10页Securities Market Herald

摘　　要：随着信息化与金融创新的发展,众筹融资作为新型的互联网金融模式对我国法律监管体系提出了新的挑战,如何平衡初创企业的资本形成与投资者利益的有效保护成了亟待解决的课题。继2012年4月美国出台JOBS法案之后,日本参考美国的经验在众筹融资立法上做出突破,提出了两种适用特例,建立了小额证券发行豁免制度,并对投资者保护、业务管理体制等加以完善,以期能促进众筹融资的发展,为企业提供更加灵活多样的融资渠道。我国应借鉴日本等国的经验,给予众筹融资以制度支持,同时完善众筹平台的业务管理体制,强化投资者保护,加强行业自律,建立完整的众筹融资的法律规制体系。With the development of informatization and financial innovation, crowdfunding, as a new internet financial model, poses a new challenge to China＇s legal and regulatory system. It is now a pressing issue of balancing between the efficiency of start-up capital formation and the effectiveness of investor protection. After the American Jobs Act was passed in April 2012, Japan made a breakthrough in crowdfunding legislation with reference to the US experience, by proposing two exceptions, establishing small issues exemption system, improving investor protection and business management systems in order to promote crowdfunding and provide more flexible financing channel for the enterprises. China should learn from the experience of Japan and other countries by providing institutional support for crowdfunding, improving the business management system of the platform at the same time, strengthening investor protection and self-regulation, so as to establish a encompassing legal regulation system for crowdfunding.

关 键 词：众筹融资 小额证券公开发行豁免 投资者保护 日本版JOBS法案 

分 类 号：F842[经济管理—保险]