国外众筹监管的考察与我国众筹监管的完善  

Inspection of Crowdfunding Supervision Abroad and Improvement of Crowdfunding Supervision in China

作　　者：李军 陈新岗[2] Li Jun;Chen Xingang

机构地区：[1]山东女子学院社会与法学院,山东济南250300 [2]山东大学经济学院,山东济南250100

出　　处：《西南金融》2020年第3期25-34,共10页Southwest Finance

基　　金：2017年度山东省社会科学规划研究项目“众筹中知识产权保护问题研究”(17CFXJ15);山东女子学院高水平科研项目“新业态众包中知识产权归属与保护问题研究”(2018GSPGJ04)。

摘　　要：众筹作为新兴融资模式,给各国金融监管带来了众多难题。许多国家结合本国的金融监管制度就众筹业出台了监管规则,形成了偏独立型和偏附属型两种监管模式。我国当前虽然出台了部分文件,但是大部分众筹类型处于监管空白或监管散乱的状态,众筹监管的缺失导致众筹市场投机活跃,欺诈事件层出不穷。在我国金融体制改革的背景下,宜借鉴国外众筹监管的经验,对众筹进行高位阶立法,统一梳理各类众筹及其与传统经济行为的衔接,针对不同的众筹类型采取分类独立监管模式,从而实现众筹市场稳定有序发展和保护投资者利益的平衡。As an emerging financing model,crowdfunding has brought many problems to the financial supervi sion of various countries.Many countries have introduced regulatory rules for the crowdfunding industry in conjunc tion with their own financial supervision systems,and have formed two supervision models including partial indepen dent supervision and partial subsidiary supervision.Although some documents have been issued in China,most types of crowdfunding are in the state of regulatory blankness or under scattered supervision.The lack of crowdfund ing supervision has led to active speculation in the crowdfunding market and numerous incidents of fraud.In the con text of China's financial system reform,it is advisable to draw on the experience of foreign crowdfunding supervision,carry out high-level legislation on crowdfunding,unify all types of crowdfunding and their connection with tradition al economic behavior,and adopt separate classifications and supervision mode for different types of crowdfunding,in this way can we achieve the balance of the stable and orderly development of the crowdfunding market and protect ing investor interests in China.

关 键 词：众筹融资 互联网金融 众筹市场 金融创新 众筹监管 金融监管 股权众筹 投资者权益保护 信息不对称 信息披露 风险防范 金融稳定 

分 类 号：F831.5[经济管理—金融学] F832