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由于我国《证券法》对直接融资行为的调整仅限于证券市场公开发行领域,缺乏其他直接融资渠道的设计,导致实践中大量企业直接融资行为被收入“非法集资”罪名的口袋中。而在复杂多变的金融领域,《刑法》对直接融资行为的规范和制裁手段过于简单生硬,存在逻辑矛盾的同时也无法有效完成治理规范企业直接融资行为的任务。建议《证券法》回归直接融资法的本质,通过小额豁免、私募豁免等制度设计适当扩大多层次资本市场中企业直接融资的合法空间,同时配套相应的信息披露与投资者保护制度等,在为企业直接融资行为正名的基础上,完善我国基础性的金融法律法规体系。
As China’s “Securities Law” regulation of direct financing is limited to the public offering of securities market, the lack of other direct financing channels in the design, resulting in a large number of enterprises in practice direct financing behavior is income “illegal fund-raising ” charge pocket. However, in the complicated and ever-changing financial field, the criminal law’s normative and sanction measures on direct financing behavior are too simple and rigid, and there are logical contradictions, meanwhile they can not effectively accomplish the task of regulating and regulating the direct financing activities of enterprises. It is suggested that Securities Law should return to the essence of direct financing law and design appropriate space for direct financing of enterprises in the multi-level capital market through the system of small-sum exemption and private placement exemption. At the same time, the corresponding information disclosure and investor protection system should be designed. Based on the positive name of direct financing activities of enterprises, the basic financial laws and regulations of China are perfected.