【作者】 张琳；

【导师】 蔡秉坤；

【作者基本信息】 兰州大学 ， 法律硕士（非法学）（专业学位）， 2017， 硕士

【摘要】 在“互联网+”和大数据的时代背景之下,互联网金融创新为处于新常态阶段的中国经济带来了新的生机与活力。2015年的《政府工作报告》不仅开创了“大众创业,万众创新”的新局面,还提出了在我国“开展股权众筹融资试点”的新要求,此后,我国股权众筹发展如火如荼。2016年3月16日,众筹更是被正式纳入国家“十三五规划”,为中国特色的社会主义金融市场体系注入新的活力。相关政策方针的出台,为我国互联网金融新模式创造了前所未有的发展机遇。股权众筹已经成为我国多层次全方位融资市场的重大举措。股权众筹的日益成熟和规范,为突破我国传统金融体系提供了极大的可能性,也为我国初创小型企业的融资困境开辟了符合中国现状的最新途径。股权众筹一路高歌猛进,在此过程中,市场体系不够成熟和完善,投资者专业知识水平有限且风险意识淡薄,以及法律和监管制度的严重缺失等问题,给股权众筹规范化发展带来了许多隐患,投资者利益很有可能得不到保障,稳定的金融秩序也可能因此受到影响。本文第一部分为绪论,主要介绍了文章写作背景意义、内容和重难点、文献综述以及研究方法。正文部分主要从法律角度来研究我国的股权众筹。首先,通过对股权众筹的相关理论进行概述并对股权众筹法律关系主体及其主体之间存在的法律关系进行分析,再结合我国股权众筹的法制发展现状,对中国经济新常态背景下股权众筹的发展趋势有较为客观的认识。其次,通过对股权众筹法制现状的思考,总结出股权众筹发展过程中面临的主要法律困境以及各法律主体可能面临的重大法律风险。再次,比较分析美国、英国、法国和意大利的股权众筹法律法规,取其精华,为我国股权众筹的立法工作和发展实践积累宝贵的经验。最后,对完善我国股权众筹法律制度提出一些建设性意见,重视股权众筹的立法工作,建立股权众筹豁免机制,将股权众筹融资活动纳入我国法律监管体系,促进我国多层次股权众筹融资市场体系的建设,积极缓解我国小微创业企业的融资难题,使股权众筹真正优势得到最大限度地发挥,践行普惠金融价值理念。更多还原

【Abstract】 In the "Internet +" and large data under the background of the Internet financial innovation in the new normal stage of the Chinese economy has brought new vitality and vitality.The "government work report" in 2015 not only created a new situation of "public entrepreneurship,innovation",but also put forward in China,"to carry out equity crowd-funding pilot" of the new requirements,since then,China’s equity crowd-funding development in full swing in.March 16,2016,the public is more formally incorporated into the national "13th Five-Year plan" for the Chinese characteristics of the socialist financial market system into a new vitality.The introduction of relevant policy guidelines for China’s new model of Internet finance to create an unprecedented opportunity for development.Equity crowd-funding has become China’s multi-level all-round financing of the major initiatives.The growth of equity crowd-funding,for the breakthrough of China’s traditional financial system provides a great possibility,but also for China’s start-up small business financing problems for China’s current situation to provide the best solution.Although the development is a gradual process of continuous hovering,but in the process of the development of equity crowd-funding,the market system is not mature and perfect,the level of investor knowledge is limited and the risk consciousness is weak,and the serious lack of legal and regulatory system,To the equity crowd-funding of the development of a wide range of hidden risks,the interests of investors are not likely to be guarantee,stable financial order may also be affected.This article mainly from the legal point of view of China ’s equity crowd-funding.First of all,through the theoretical analysis and analysis of the inherent meaning,classification,characteristics of equity crowd-funding,combined with the present situation of legal system development in China,to raise equity crowd-funding the economic new normal has a static and dynamic grasp.Secondly,there is a special legal relationship between the three parties of the equity crowd funding activities.In the process,whether it is investors,financing or equity crowd-funding,are likely to face some major legal risks.Thirdly,the comparative analysis of the United States,Britain,France and Italy,the ownership of various laws and regulations,whichever is the essenceof China’s equity crowd-funding for the legislative work and development practice accumulated valuable experience.Finally,it puts forward some constructive suggestions on perfecting the legal system of equity ownership in our country,and puts the equity crowd-funding activities into our country’s legal supervision system,promotes the construction of multi-level equity crowd-funding system in our country,and actively alleviates the financing difficulties of small and medium-sized enterprises in China,so that the real advantage of equity crowd-funding all the best to play.更多还原