互联网股权融资投资者准入的法律规制  

Legal regulation of investors access of internet equity financing

作　　者：赵吟 ZHAO Yin(Civil and Commercial Laiv School,Southwest University of Political Science and Law,Chongqing 401120,P. R. China)

机构地区：[1]西南政法大学民商法学院

出　　处：《重庆大学学报（社会科学版）》2019年第4期126-136,共11页Journal of Chongqing University(Social Science Edition)

基　　金：中国法学会部级法学研究课题“互联网股权众筹监管体系构建研究”(CLS2017C52);西南政法大学“十九大”专项项目“金融安全视域下互联网股权众筹监管体系构建研究”(2017XZZXQN-11)

摘　　要：互联网股权融资既存在传统金融面临的各类风险,又因资源配置方式上的差异致使风险的形成与传递呈现出特殊性。投资者准入的法律规制不仅有助于开启互联网股权融资的正确航向,而且有助于激发信息披露制度的应有功能。实践中,融资平台借私募之名行公募之实,关于合格投资者的认定标准未有统一,直接影响参与者的数量和质量,致使投资者保护陷入困境。文章在对域外相关立法经验的分析和中国投资者准入的法律规制需要在理念更新的基础上,遵循类型化思维,由主体资质认定转向投资行为规范,并科学计算投资限额,适度允许理性弥补,藉由金融产业链源头上的风险控制促进真正意义上的股权众筹规范化发展。Internet equity financing exists the risks of traditional finance, and the differences in the way of resource allocation make the formation and transmission of risks special. The legal regulation of investors access not only helps to open the right orientation of internet equity financing, but also helps to stimulate the function of information disclosure system. In practice, financing vehicles do public placement in the name of private placement, and the standard of qualified investors is not unified, directly affecting the quality and the number of participants, which make investors protection in trouble. Through the analysis of extraterritorial legislation experience, the legal regulation of investors access in China needs to update concept, follow typological thinking, from the affirmation of subject qualification to the normalization of investment behavior, and calculate investment caps scientifically, allow rational remedy moderately, to promote the real crowdfunding standardization development by risks control on the source of financial industry chain.

关 键 词：股权众筹 私募股权融资 合格投资者 投资限额 投资者保护 

分 类 号：D922.28[政治法律—经济法学]