【摘要】 自众筹产生以来,众筹融资模式在美国及世界各地得以快速发展和推广,尤其是股权众筹。美英等发达国家高度重视对股权众筹的监管,逐步出台了相关法案。我国关于股权众筹的立法也已提上议事日程,中国证券业协会起草了《私募股权众筹融资管理办法(试行)(征求意见稿)》。基于此,本文拟从股权众筹的法律地位、众筹平台、投资者、筹资者四个层面比较分析美、英、意、日四国的相关法律规定,建议从资金管理制度、筹资者和平台信息披露以及投资者分层限额等方面构建适合我国股权众筹发展的法律制度。更多还原

【Abstract】 Since the crowdfunding came into being, the model of crowdfunding has been rapidly developed and promoted in the United States and all over the world, especially the equity crowdfunding. The developed countries, such as the United States and the United Kingdom, have attached great importance to the supervision of the equity crowdfunding and gradually issued some relevant bills. China’s legislation on the equity crowdfunding has also been put on the agenda, and the Securities Association of China(SAC) drafted the Regulations of Private Equity Crowdfunding(Trial Implementation)(Exposure Draft). Based on what is discussed above, this paper intends to compare and analyze the relevant legal provisions of the US, UK, Japan and Italy from the legal status of equity crowdfunding, the crowdfunding platform, the investors and the fundraisers, and proposes building a legal system suitable for the development of equity crowdfunding in China from the funds management system, the fundraiser, the platform information disclosure and the stratified quota of investors.更多还原