摘要
本文所要探讨的对象是我国股权众筹的投资者保护问题。虽然股权众筹目前在我国还没有获得《证券法》关于“公开发行证券”的豁免，但是 2015 年 7 月出台的《关于促进互联网金融健康发展的指导意见》正式确认了股权众筹作为一种公开小额发行股份募集资金的法律性质，即创新创业者或小微企业通过股权众筹融资中介机构互联网平台公开募集股本的活动。随着我国股权众筹将对更多普通公众投资者开放，投资者的保护问题也更加凸显。股权众筹的健康有序发展依赖于完善的投资者保护制度，如果普通公众投资者在参与股权众筹投资时面临超出其预期的重大风险，并且还缺乏相应的投资者保护制度作为保障，那么股权众筹就难以吸引投资者的参与，也无法发挥股权众筹的价值。然而，我国目前还缺乏相应的投资者保护制度，股权众筹市场发展也缺乏统一的投资者保护规则。本文将以境外股权众筹投资者保护制度为借鉴，分别从对股权众筹投资者、筹资者的法律规制以及对互联网股权众筹平台的投资者保护义务规定三个方面进行探讨我国股权众筹的投资者保护的实现路径，并为构建我国股权众筹投资者保护制度提出一些思考和建议。
本文第一章首先对股权众筹做了法律上的定性分析，确定我国股权众筹的法律定性应当是小额公开发行股权融资的行为，在此基础上，我国股权众筹投资者的保护问题凸显，如何处理发挥股权众筹的融资便利优势与防范金融风险、保护投资者合法权益之间的矛盾，寻求最佳的平衡点是立法者面临的难题。
第二章主要分析了境外股权众筹相关立法中对投资者的限制性规定，分别对投资限额规则、投资者分类限制规则以及领投人规则做了阐述。投资者限额规则通过限定投资者可能损失的最大额度来控制投资者的投资风险，但是在实际执行过程中对于每个投资者的投资限额认定存在一定困难。投资者分类限制规则理论上相对更加合理，但是在实际操作中需要建立在具有统一的投资者分类标准的前提上。领投人规则能够解决普通公众投资者在信息获取、风险识别、投资决策等能力上的弱势，有效降低投资者的风险。
第三章主要分析了境外股权众筹相关立法中对筹资者的限制性规定，分别对筹资者资格限制规定、融资额度限制规定以及信息披露要求规定做了阐述。在筹资者资格限制规定方面，大多数国家都规定了禁止违法失信的筹资者进行股权众筹，此外意大利股权众筹将筹资者限定在特定行业以降低股权众筹的风险。在融资额度限制方面，境外股权众筹立法大都规定了一个年度限额。在信息披露要求规定方面，虽然豁免了筹资者按照公开发行股票并上市所必须履行的严格信息披露义务，但对筹资者也规定了一定程度的信息披露要求以保护投资者利益。
第四章在讨论众筹平台的投资者保护义务之前，先对互联网众筹平台的法律性质做了分析，认为对我国互联网众筹平台不能仅仅将其定性为为投融资双方提供信息服务的居间人，而应当定性为专门从事股权众筹业务的特殊金融中介机构，并赋予其相对更多的投资者保护义务。互联网众筹平台的投资者保护义务主要应当包括投资者适当性管理义务和对筹资者信息的核实义务。
最后，本文的结论是我国在构建股权众筹的投资者保护制度时，应当合理限定股权众筹的投融资规模，即对股权众筹融资总额进行限制，也要对投资者投资金额进行一定限制；明确适度的信息披露要求和灵活的信息披露方式；鼓励和规范领投--跟投模式，发挥其应有的价值；强化股权众筹平台对投资者的保护义务。
[关键词] 股权众筹；投资者；筹资者；众筹平台
Abstract
In this article, I will discuss the investors protection of the Equity-basedcrowdfunding. As the Equity-based crowdfunding has not yet obtained the exemptionfrom the Law of the Securities, in July 2015, the government carried out a newregulation to confirm the legal nature of the Equity-based crowdfunding. In a word,Equity-based crowdfunding is a method by means of the Internet raising funds fromthe public for the development of the innovative enterprise and Start-Ups. As theEquity-based crowdfunding will be opened to more and more general public investors,the investment risks will be more and more serious. The healthy and orderlydevelopment of the Equity-based crowdfunding can't go without of the complete,sound system of protecting the investors. If the general public investors face the highinvestment risks and the government don't enact any policy to protect the rights of theinvestors. The Equity-based crowdfunding will be hard to develop further. In addition,the Equity-based crowdfunding will be difficult to give full play to its own value.
However, up till now, the government has not yet enacted any new laws and themarkets haven't formulated the united rules to protect the rights of the investors. Inthis article, I will put forwards some suggestions for building the system to protect therights of the investors based on learning the legal experience of the foreign countries.
The legal experience includes three aspects, the restrictive rules on the investors, therestrictive rules on the issues and the platforms' obligation of protecting investors.
Chapter One confirms the legal nature of the Equity-based crowdfunding as amethod by means of raising funds from the public on the Internet. Based on thisconclusion, the problem of protecting the investors is becoming more and moreserious, so that the legislators are faced with finding the best balance point to dealwith the contradiction between the advantages of raising funds and the disadvantagesof bringing risks to the investors.
Chapter Two mainly analyzes the restrictive rules on the investors in foreignlaws, including the rules of limiting investment amounts, the rules of investors'
taxonomic constraint and the model of the “Leader + Backer”. The rules of limitinginvestment amounts is a method by means of limiting the biggest loss in order tocontrol the risks which the investor could face, but in operation, it's difficult to affirmthe maximum investment amount of every single investor. By comparison, the rules ofinvestors' taxonomic constraint seems more reasonable, and we need to establish aunited standard to classify the investors in order to match with this rule. The model ofthe “Leader + Backer” can help the investors to acquire the information, recognize therisks, make investment decisions and so on, and this model can reduce the investmentrisk effectively.
Chapter Three mainly analyzes the restrictive rules on the issuers in foreign laws,including the rules of restricting the qualification of the issuers, the rules of limitinginvestment amounts and the requirement of the information disclosure. In terms of therules of restricting the qualification of the issuers, many countries specify that theissuers who are illegal or non-honest can't be admitted to raise funding from thepublic. In order to lower the risks, Italy only permits the specific person to raisefunding via the Internet. In terms of the maximum investment amounts, the foreigncountries stipulate the maximum amounts that the issuers could raise per year.
Although many countries exempt the issuers' obligation of disclosuring theinformation, but in consideration of the investors, the laws regulate that the innovativeenterprise and Start-Ups should disclosure the basis information which is related tothe benefits of the investors.
Chapter Four analyzes the legal nature of the Equity-based crowdfundingplatforms before discussing the platforms' obligation of protecting the investors. Ithink the platforms couldn't be regarded as a brokerage which provides informationfor the investors and the issuers, it should be regarded as a special financialintermediary, and it should be given more obligation of protecting the investors. TheEquity-based crowdfunding platforms' obligation mainly includes the obligation ofinvestors appropriateness and the obligation of verifying the information of issuers.
As a result, I think when we constructive the protection system of Equity-basedcrowdfunding, we should limiting investment amounts and the financing amountsreasonably. We also should definite the requirement of information disclosure andbuild the flexible ways of information disclosure. At the same time, we also shouldencourage the platforms to push the model of the “Leader + Backer” in order to let theEquity-based crowdfunding make the best use of itself. Meanwhile, we shouldstrengthen the obligation of protecting the general public investors.
[Key words] Equity-based crowdfunding;Investors;Issuers;Crowd-funding platforms
目录
导言
（一）问题的提出
（二）研究价值及意义
（三）文献综述
（四）主要研究方法
（五）论文结构
（六）论文主要创新及不足
第一章我国股权众筹的投资者保护问题
一、我国股权众筹的法律定性
二、我国股权众筹的投资者保护问题
第二章股权众筹的投资者规则
一、对投资者进行限制的必要性
二、境外股权众筹立法中的投资者规则分析
（一）投资限额规则
（二）投资者分类限制规则
（三）领投人规则
第三章股权众筹的筹资者规则
一、对筹资者进行限制的必要性
二、境外股权众筹立法中的筹资者规则分析
（一）筹资者的资格限制规定
（二）筹资者的融资额度限制规定
（三）筹资者的信息披露要求规定
第四章众筹平台的投资者保护义务规定
一、互联网股权众筹平台的法律定性
二、境外众筹平台的投资者保护义务规定分析
（一）投资者适当性管理义务
（二）筹资者信息的核实义务
（三）众筹平台的其他义务
第五章我国股权众筹投资者保护制度的法律思考
一、对投资者的限制规定
二、筹资者的限制性规定
三、众筹平台的投资者保护义务
结语
参考文献
后记
