《我国众筹融资风险防范法律制度研究_陈智超.doc》由会员分享，可在线阅读，更多相关《我国众筹融资风险防范法律制度研究_陈智超.doc（63页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、二 O一五年十二月 Uz 学校代码 ： 10378 分炎号 ： 0913. 99 密 级 ； 离 生 俄 财 6丢 在 军 硕 士 学 位 论 文 我国 众筹融资风险防范法律制度研究 作者姓名 ： 陈智 超 学 2013220 3 137 学位类 别 ： 法学硕士 学科专业 ： 民商 去学 研 究方向 ： 财 产权 导师姓名及职称 ： 蒋辉宇 副教授 December, 2015 School code ： 10378 Classification： D913.99 The Study on the Legal System of Risks Preventions of the Crowdf
2、unding in China Name： Chen Zhichao Student ID： 20132203137 Degree category： Master of Law The professional name： Civil and Commercial Law Research direction ： Property Right Tutors name and title: Jiang Huiyu Associate Professor 学位论文独创性声 明 本人郑重声明：本人所呈交的学位论文，是在导师的指导下，独立进行研究所 取得的成 果。除文中己经注明引用的内容外，本论文不
3、含任何其他个人或集体己经 发表或撰写的作品， 也不包含为获得安徽财经大学或其他教育机构的学位或证书所 使用过的材料。对本文的研究做 出重要贡献的 个人和集体，均已在文中标明并表示 了谢意 s 本声明的法律后果由本人承担。 论 文 作 者 （ 签 名 年 月 G 日 学位论文使用授权 书 本论文作者完全了解学校关于保存、使用学位论文的管理办法及规定，即学校 有权保留 并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和 借阅。本人授权安徽 财经大学可以将本学位论文的全部或部分内容编入学校有关数 据库和授权学校研究生处与中 国知网和万方数据签订收录协议及收录并由作者本 人享有、承担相应
4、的权利和义 务，也可以采 用影印、缩印或扫描等复制手段保存或 汇编本学位论文。 注：保密学位论文，在解密后适用于本授权书。 作者签名 : 丨 1 耐叫日 1 摘 要 进入 21 世 纪 以来 ， 伴随 着互联 网 产业 和 金融 市场 的高度 融 合 ， 互联 网 金 融 正 以迅猛 之势深刻改变着国家的经济结构和人民的生活状态。其中，众筹融资作为互 联网金融的模 式之一，凭借其小额、大量的特征，迅速颠覆了传统的投融资模式。 众筹融资不仅拓宽了 融资方的融资渠道 ，提高了融资效率，节约了融资成本，而且 丰富了投资方的投资方式， 降低了投资门槛，引领大众进入全民投资时代，具有普 惠金融的意义。众
5、筹融资的价值自 不言而喻，但作为新生事物的众筹融资同样具有 明显的双刃剑属性，其在为投融资双方带 来益处 的 同时 ， 也产 生了 诸多风 险 。 众筹 融 资的 风 险具有 范 围广 、 变化 快 、 爆发猛 的 特点， 亟须完善的法律制度加以规制。 目前，我国众筹融资风险防范法律制度尚不健全，暴露出 很多弊端，容易导致众筹 融资夭折于恶意扩张和粗放经营的恶果中。我国必须尽快构建完 善的众筹融资风险 防范法律制度，维 护众筹融资市场的正常秩序，保护众筹融资参与方的 合法权益， 从而保障众筹融资的可持续健康发展，为我国大众创业、万众创新的经济发展 战略 和方兴未艾的金融领域深化改革贡献力量。本
6、文具体分为五个章节，基本内容如下 : 导言部分首先介绍了本文的选题背景，接着阐述了本文的研究目的及研究意 义，其 次归纳出本文的研究思路和研究方法，再次从国内和国外两个维度对众筹融 资风险防范法 律制度方面的文献进行整理和分析，最后阐述了本文的结构安排。 第一章主要对众筹融资的基本理论进行论述。首先，在互联网金融的语境下界 定众 筹 融 资 的 概念 ， 突出 众筹 融资的 价 值 。 其 次 ， 介绍 众筹融 资 的产 生 背景 与产 生 原因 。 再 次， 按照回报内容和运营模式的不同，将众筹融资划分为奖励型众筹、股 权型众筹、借贷型众 筹和募捐型众筹四种类型。最后，明确众筹融资的参与主体
7、并 界定各参与主体之间的法律 关系，以期为众筹融资风险防范法律制度的构建打下理 论基础。 第二章主要阐述众筹融资活动中的各种风险。依照风险来源的不同，可将众筹 融资 的风险 依 次划 分 为筹 资方 行为导 致 的风险 、 投资 方 行为导 致 的风 险 和平 台方 行 为导致 的 风 险。具体来说，筹资方行为导致的风险主要包括非法集资的 风险、非法 发行证券的风险和 项目执行违约的风险；投资方行为导致的风险主要包括欺诈投资 的风险和侵犯知识产权的 风险；平台方行为导致的风险主要包括欺诈审杳的风险、 本金担保及先行赔付的风险、滥 用沉淀资金的风险、洗钱的风险和泄密的风险。风 险的多元化和易变性
8、给众筹融资带来了 诸多不确定因素，使得众筹融资参与方的合 法权益容易受到损害。 2 第三章主要分析了我国众筹融资风险防范法律制度的缺陷及其形成原因。首 先，我 国众筹融资领域缺乏明确的风险防范立法体 例和立法原则，导致整个众筹融 资市场无法形 成统一认识。其次，我国众筹融资风险防范法律监管主体冗杂无序， 实践中经常出现监管 真空或者监管重叠的乱象。再次，我国众筹融资风险防范法律 监管规则单薄僵硬，无法有 效地指导和规范众筹融资主体的行为。最后，我国众筹 融资后置性风险防范法律监管措施 缺乏统一的执行标准和有效的保障制度。造成前 述种种缺陷的原因与我国立法机关立法技 术与立法水平有限、众筹融资参
9、与方法治 观念及风险意识淡薄和我国经济发展水平滞后于 公众投融资需求等因素息息相关。 第四章主要对国外众筹融资风 险防范法律制度的情况进行比较研究。本章在介 绍了 国外众 筹 融资 发 展现 状与 知名众 筹 平台 的 情况 后 ， 着重选 取 了美 国 、 英 国 、 法 国 、 意 大 利、 日本和韩国等发达国家为样本，比较研究不同国家众筹融资风险防范 法律制度的异同。 第五章主要是针对构建我国众筹融资风险防范法律制度提出建议。在阐释了构 建并 完善我 国 众筹 融 资风 险防 范法律 制 度必 要 性的 基础 上 ， 提 出 了四 个 方面 的设 计 建议 。 首 先， 明确众筹融资风险
10、防范的立法体例与立法原则，坚持一般法与单行法 并举的立法体例和平 衡安全性目标与效率性目标的立法原则，这是开展众筹融资风 险防范后续工作的基础和前 提。其次，构建多元化风险防范法律监管主体及其联席 机制。在确立多元化法律监管主体 并厘清各法律监管主体职责的基础上，搭建互通 各个法律监管主体的联席机制，提高监管 效率，节约监管成本。再次，制定全面的 众筹融资主体风险防范法律监管规则。针对筹资 方设计健全的征信信用体系、失信 惩罚制度和损失赔偿机制，修订非法集资相关的法律法 规，设立证券公开发行豁免 制度，鼓励和支持众筹融资的发展。针对投资方制定具体的投 资方适当性管理规则 并明确分层管理原则，同
11、时加强投资方教育，保护知识产权。针 对平 台方构建健全 的市场准入与退出机制、成熟完整的流程管理模式、适度审慎的项目审查制 度、高 效透明的风险控制机制和公平公开的信息披露制度。最后，优化后置性风险防范法 律监管措施的执行标准与保障制度。一方面统一风险防范法律监管措施的执行标 准，另一 方面健全风险防范法律监管措施的保障制度。 结语部分阐述了本文的创新点、不足之处以及我国众筹融资风险防范法律制度 领域 未来的研究展望。 关键词：众筹融资；风险防范；法律制度；监管 I Abstract In the 21st century, Internet finance is growing rapidl
12、y and changing Chinese economic structure and living conditions of people profoundly along with the high degree of integration between Internet industries and financial markets. As one of the Internet finance models, crowdfunding has quickly subverted the traditional investment and financing models
13、with the features of small amount and large number. Crowdfunding not only broadens the financing channels, improves the financing efficiency and saves the cost of financing, but also enriches the investment modes, reduces the investment threshold and leads the public to enter the era of universal in
14、vestment. Crowdfunding surely has lots of values, but it is also a double-edged sword as a new phenomenon because it generates many risks when bringing the both parties of investment and financing benefits. The risks of crowdfunding have the characteristics of wide ranges, changing quickly and fierc
15、e outbreaks, which is needed to be regulated by perfect legal systems. At present, the legal system of risks preventions of crowdfunding in China is not sound, exposing a lot of disadvantages and easily leading the crowdfunding to die in the consequence of hostile expansions and extensive management
16、s. The perfect legal system of risks preventions of crowdfunding in China must be constructed as soon as possible to maintain the normal order of the crowdfunding markets and protect the legal rights of all the parties involved in crowdfunding. The perfect legal system of risks preventions of crowdf
17、unding can also guarantee sustainable and healthy development of crowdfunding in China and make positive contributions to the economic strategies of public entrepreneurships and innovations and the ascendant deepening reforms in financial fields. This thesis is divided into five chapters, the basic
18、content is as follows: The introduction section introduces the topic selection background firstly, then discusses and summarizes the purposes, significances, ideas and methods of this thesis. Finally, sorts and analyzes the literatures on the legal system of risks preventions of crowdfunding from tw
19、o perspectives of home and abroad. The first chapter mainly focuses on the basic theory of crowdfunding. First of all, defines the concept of crowdfunding in the context of Internet finance, highlighting the values of crowdfunding. Secondly, introduces the background and causes of crowdfunding. Thir
20、dly, divides crowdfunding into four types according to the difference of return contents and operating modes: reward-type crowdfunding, equity-type crowdfunding, loan-type crowdfunding and fundraising-type crowdfunding. Finally, clears all the participants in the crowdfunding and defines the legal r
21、elationships of all the parties in order for the theoretical foundation of the construction of the legal system of risks preventions of crowdfunding in China. The second chapter mainly describes various risks and their sources in crowdfunding. In accordance with different sources of risks, the risks
22、 of crowdfunding can be divided into risks resulting from behaviors of financing parties, risks resulting from behaviors of investment parties and risks resulting from behaviors of platform parties. Specifically, risks resulting from behaviors of financing parties include the risk of illegal fund-ra
23、ising, the risk of illegal issuance of securities and the risk of project execution breach; risks resulting from behaviors of investment parties include the risk of fraud investment and the risk of infringement of intellectual properties; risks resulting from behaviors of platform parties include th
24、e risk of fraud reviews, the risk of principal guarantees and compensations in advance, the risk of abuse of precipitation funds, the risk of money launderings and the risk of divulgence of secrets. Diversified and variable risks bring a lot of uncertainties to crowdfunding and easily damage the leg
25、al rights of all the parties involved in crowdfunding. The third chapter analyzes the defects of the legal system of risks preventions of crowdfunding in China and causes. Firstly, there is no clear legislative style and legislative principle of risks preventions of crowdfunding in China, resulting
26、the lack of a unified understanding of crowdfunding markets. Secondly, the legal supervision subjects of risks preventions of crowdfunding in China are jumbled and disorder, the phenomenon of supervisory vacuum and supervisory overlapping often happens in practice. Thirdly, the legal supervision reg
27、ulations of risks preventions of crowdfunding in China seem to be thin and stiff, being unable to guide and regulate subjects of crowdfunding effectively. Finally, the post legal supervisory measures of risks preventions of crowdfunding in China have no unified performance standards and effective se
28、curity systems. The reasons causing the aforementioned various defects contain the limited legislative technical and legislative level of Chinese legislatures, the indifferent legal concepts and risk consciousness of all the parties involved in crowdfunding and the level of economic development lags
29、 behind the needs of public financings and investments. The fourth chapter compares foreign legal systems of risks preventions of crowdfunding. This chapter introduces the development situations of foreign crowdfunding and well-known crowdfunding platforms, then selects United States of America, Bri
30、tain, France, Italy, Japan and South Korea as samples, comparing and studying the similarities and differences of legal systems of risks preventions of crowdfunding in different countries. The fifth chapter mainly focuses on putting forward some suggestions for the construction of the legal system o
31、f risks preventions of crowdfunding in China. There are four suggestions on the basis of interpreting of the necessity of constructing the legal system of risks preventions of crowdfunding in China. First of all, clears the legislative style and the legislative principle of risks preventions of crow
32、dfunding, insisting on the legislative style of both general laws and separate laws and the legislative principle of balancing safety objectives and efficiency objectives. This is the basis and premise for developing the risks preventions of crowdfunding. Secondly, constructs diversified legal super
33、visory subjects of risks preventions and joint mechanisms. On the base of establishing diversified legal supervisory subjects and clarifying the respective responsibilities, constructs the joint mechanism which communicates all the legal supervisory subjects, improving the supervisory efficiency and
34、 saving the cost of supervision. Thirdly, makes comprehensive risks preventions legal supervisory regulations of crowdfunding subjects. In view of the financing parties, designs sound credit systems, fines on faithless systems and loss compensation mechanisms, amends the relevant laws and regulation
35、s of illegal fund-raising, establishes the exemption system of public offerings of securities, encouraging and supporting the development of crowdfunding. In view of the investment parties, formulates specific investors appropriateness management rules and clears layered management principle, while
36、strengthening the education of investors and protecting intellectual properties. In view of the platform parties, builds sound market access and exit mechanisms, mature and complete process management models, modest and prudent project review systems, efficient and transparent risks control mechanis
37、ms and fair information disclosure systems. Finally, optimizes the performance standards and the security systems of post legal supervisory measures of risks preventions of crowdfunding. On the one hand, unifies the performance standards of legal supervisory measures of risks preventions; on the oth
38、er hand, perfects the security systems of legal supervisory measures of risks preventions. The conclusion section elaborates this thesis9s innovation points, inadequacies and future research prospects in the field of the legal system of risks preventions of crowdfunding in China. Key words: Crowdfun
39、ding; Risk Prevention; Legal System; Supervision m 目 录 # m . 1 一、 选 题背景 . 1 二、 研究目的和研究意义 . 1 三、 研究思路和研究方法 . 1 四、 文献综述 . 2 五、 论文结构安排 . 3 第一章众筹融资的基本理论 . 4 第一节众筹融资的界 定 . 4 一、 众筹融资的概念分析 . 4 二、 众筹融资的产生原因 . 6 三、 众筹融资的类型划分 . 7 第二节众筹融资主体之间的法律关系 . 9 一、 众筹融资的主体 . 9 二、 众筹融资主体法律关系界定 . 9 第二章众筹融资的风险 . 11 第一节筹资方行为
40、导致的风险 . 11 一、 非法集资的风险 . 11 二、 非法发行证券的风险 . 12 三、 项目执行违约的风险 . 13 第二节投资方行为导致的风险 . 14 一、 欺诈投资的风险 . 14 二、 侵犯知识产权的风险 . 14 第三节平台方行为导致的风险 . 15 一、 欺诈审杳的风险 . 15 二、 本金担保及先行赔付的风险 . 16 三、 滥用沉淀资金的风险 . 16 四、 洗钱的风险 . 17 五、泄密的风险 18 第三章我国众筹融资风险防范法律制度的缺陷及原因分析 . 19 第一节我国众筹融资风险防范法律制度的缺陷 . 19 一、 缺乏明确的风险防范立法体例与立法原则 . 19 二、 风险防范法律监管主体的冗杂与无序 .