非法股权众筹的刑法适用与现时策略  

Application of Criminal Law and Current Strategies of Illegal Equity Crowdsourcing

作　　者：胡启忠[1] HU Qi-zhong(School of Law,Southwest University of Finance and Economics,Chengdu,Sichuan,610072,China)

机构地区：[1]西南财经大学法学院

出　　处：《西华大学学报（哲学社会科学版）》2019年第6期12-24,共13页Journal of Xihua University(Philosophy & Social Sciences)

基　　金：国家社科基金项目“非法集资刑法应对的理论与实践研究”(13BFX063);四川省哲学社会科学重点研究基地中国金融法研究中心重点课题“非法股权众筹的刑法治理研究”(18CFL05)

摘　　要：股权众筹特指通过互联网形式进行公开小额股权融资的活动,具有“公开、小额、大众”特征。“股权众筹”名义下的非法股权众筹,本质上是非法集资,刑法适用时需要区别真假股权众筹对待:真实股权众筹中的非法股权众筹可以“擅自发行股票”定性,虚假股权众筹中的非法股权众筹可以“非法吸收公众存款”或“集资诈骗”定性。“互联网非公开股权融资”名义下的非法股权众筹与“股权众筹”名义下的非法股权众筹相比,只是名义变化,实质内容一致,因此对其的性质认定与对股权众筹名义下的非法股权众筹的处理思路相同。在现时大众创业、万众创新、支持实业的背景下,非法股权众筹刑法应对的基本策略应当是切实贯彻宽严相济的刑事政策,区别情形对待。Equity crowdsourcing refers to the activities of public small equity financing through the Internet,which has the characteristics of“open,small and mass”.Illegal equity crowdsourcing under the name of“equity crowdsourcing”is essentially illegal fund-raising.When applying the criminal law,it is necessary to distinguish between true and false equity crowdsourcing:Illegal equity crowdsourcing in real equity crowdsourcing can be qualitatively characterized by“issuing shares without authorization”,while illegal equity crowdsourcing in false equity crowdsourcing can be qualitatively characterized by“illegally absorbing public deposits”or“fund-raising fraud”.Compared with the illegal equity crowdsourcing under the name of“public equity financing on the internet”,the illegal equity crowdsourcing under the name of“public equity financing on the internet”is only a nominal change with the same substance.Therefore,the identification of its nature and the treatment of the illegal equity crowdsourcing under the name of“public equity financing on the internet”are the same.Under the background of mass entrepreneurship,innovation and support for industry,the basic strategy of the criminal law of illegal equity crowdsourcing should be to implement the criminal policy of combining leniency with strictness and treat the situation differently.

关 键 词：股权众筹 非法集资 真假 刑法适用 区别对待 

分 类 号：D914.3[政治法律—刑法学]