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股权众筹作为互联网金融中的一支新秀,对于促进小微企业的发展及我国多层次资本市场体系的建设有着重要的意义。然而,在这种新兴的融资模式迅猛发展的同时,相应的监管却并未到位,行业整体上处于摸索试探期。本文首先从理论和实践的视角简要介绍股权众筹的基本情况,进而分析我国股权众筹发展中存在的法律法规不健全、投资者权益保护不到位、股权众平台不规范等诸多问题,在此基础上结合美国《JOBS法案》和《SEC规则》在解决类似问题上的先进经验,最后对我国股权众筹的本土化发展与监管提出建设性意见和针对性建议。
As a rookie in Internet finance, equity crowdfunding is of great significance to the development of small and micro enterprises and the construction of multi-level capital market system in our country. However, with the rapid development of this emerging financing model, the corresponding regulations have not been put in place and the industry as a whole is in a groping period. This article first briefly introduces the basic situation of equity crowdfunding from the perspective of theory and practice, and then analyzes many problems such as the imperfect laws and regulations in the development of equity crowdfunding, the imperfect protection of investors’ rights and interests and the non-standardization of equity platform, Based on the United States “JOBS Act” and “SEC rules” in solving similar problems of advanced experience, and finally put forward our country’s equity crowdfunding localization development and supervision put forward constructive suggestions and targeted recommendations.