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股权众筹与私募发行的关系问题是我国股权众筹立法中的重大争议。政策制定者最初对股权众筹采取的“公私并存,私募先行”监管思路引起了广泛争议,同时表明各界对二者的本质属性和关系认识缺乏共识。私募发行与股权众筹的本质属性和功能定位均不相同:私募发行的核心是合格投资者制度,强调融资效率;而股权众筹则致力于实现金融民主化和普惠金融的目标,强调大众参与。我国应在证券发行注册豁免制度体系中对股权众筹和私募发行进行明确区分和合理定位,发挥好二者互相补充、配合与衔接的关系。
The relationship between equity crowdfunding and private placement is a major controversy in the legislation of equity crowdfunding in China. The policy makers’ initial coexistence of public-private equity and private placement has aroused widespread controversy. At the same time, it shows that there is a lack of consensus on the nature and relationship between the two. The essence and function of private placement and crowdfunding are different: the core of private placement is the qualified investor system, which emphasizes the financing efficiency; while the equity crowdfunding is dedicated to achieving the goal of financial democratization and inclusive finance, emphasizing the public participate. China should make a clear distinction and reasonable positioning of the crowdfunding and private placement of equity in the system of the system of exemption from registration of securities issuance, so as to give play to the relationship between the two in supplementing, matching and connecting with each other.