An Analysis of Exemption Rules for Crowdfunding in the United States and Its Enlightenments
- 法学院－已发表论文 
JOBS法案试图从发行总额限制、投资者总额限制、发行人信息披露义务及众筹集资门户的注册要求等方面建立众筹豁免规则,却引起了较大争议。反对者强调的是加强投资者利益保护与维护资本市场诚信,关注的是金融安全;支持者重在发挥众筹促进资本市场效率和促进金融资源面向社会大众公平分配的功能。从法律经济学视角看,豁免规则之争本质上是众筹规制过度与否的问题;而问题的解决有赖于对规制措施进行成本收益分析。争议启示着我们,我国众筹监管体制的确立、股权众筹规制路径的选择等都必须全面衡量规制的成本与收益。JOBS Act tries to establish exemption rules for crowdfunding from such aspects as the issuer's total amount limit, the investor's total amount limit, the issuer's information disclosure obligation and the registration requirements for fund-raising agent portals, which has caused some disputes. The opponents emphasize on strengthening the protection of investors' interests and maintaining the integrity of capital market, and focus on the financial security, while the supporters pay attention to the functions of crowdfunding, such as improving the capital market efficiency and promoting fair distribution of financial resources for the public. From the perspective of legal economics, the nature of the debate about exemption rules is whether the regulation is excessive or not, while the solution depends on the cost-benefit analysis of the regulations. The enlightenment from the debates is that the costs and benefits of regulation should be comprehensively measured when establishing the crowdfunding regulation system and choosing the regulation path for equity-based crowdfunding in our country.