股权众筹模式下小额发行豁免制度研究
Research on Small Issuance Exemption System in Equity Crowdfunding
Abstract
作为一种新型互联网融资模式,股权众筹在我国展现出蓬勃的生长态势。为推进市场化改革,减轻中小企业融资负担,拓展多层次资本市场,我国应当顺应国际资本市场监管方式的变革,为股权众筹设计合理合法的监管方式。适逢《证券法》修改,《证券法》修订草案扩大了“证券”的范围,有关立法明确了股权众筹公开发行证券的性质,并搭建了小额发行豁免制度的基本框架。目前股权众筹的实践还存在诸多问题和风险,此时应当刻画出具有我国特色的小额发行豁免制度的具体细节,在资本形成与投资者保护之间寻求平衡,为股权众筹在我国健康快速发展创造良好的法律环境。 本文包括引言、正文、结语三个部分,其中正文分为三章: 第一章首先明确了小额发行... As a new type of Internet Finance, equity crowdfunding shows a vigorous growth trend in our country. In order to promote the market-oriented reform, reduce the financing burden of small and micro enterprises and expand the multi-level capital market, China should conform to the change of the supervision mode of international capital market and design some reasonable and legal supervision modes for...