股权众筹是互联网与证券的全新融合,是一种依托互联网平台而开展的新型小额证券发行活动。与其他互联网金融模式相同,股权众筹具有商事活动共有的效率和公平的价值,也被看作是互联网金融的典型代表之一。但由于法律风险突出以及所具有的公共金融属性,我国当前的股权众筹平台只能以转换其公募本质的方式谋求生存。因此股权众筹与其他互联网金融相比成长较为缓慢。股权众筹对我国现有的法律概念的框架造成了冲击,《证券法》规制股权众筹投资合同的正当性也引发了我们对于证券概念的思考。文章立足我国国情,通过对我国股权众筹的证券属性进行分析,对股权众筹的法律规制提出建议,以利于股权众筹在我国的健康发展。 Equity crowdfunding is a new fusion of the Internet and securities. It is a new type of small-sum securities issuance activity that relies on the Internet platform. As with other internet financial models, equity crowdfunding has the same efficiency and fair value as commercial activities and is also regarded as one of the typical representatives of Internet finance. However, due to the prominent legal risks and the public financial attributes, the current platform for equity crowdfunding in our country can only survive by converting its public offering nature. As a result, equity crowdfunding has grown more slowly than other internet finance. Equity crowdfunding has an impact on the framework of the existing legal concept in our country. The legitimacy of the securities law to regulate the equity crowdfunding investment contract has also triggered our thinking on the concept of securities. Based on the national conditions of our country, this article analyzes the securities properties of the crowdfunding in our country and puts forward suggestions on the legal regulation of the equity crowdfunding in order to facilitate the healthy development of equity crowdfunding in our country.