中国股权众筹的规制逻辑和模式选择 (The Regulatory Logic and Model of Equity Crowdfunding in China)

Modern Law Science [现代法学] 2018(4)

22 Pages Posted: 27 Sep 2018

See all articles by (Robin) Hui Huang

(Robin) Hui Huang

Chinese University of Hong Kong - Faculty of Law; 华东政法大学(East China University of Political Sicence and Law); University of New South Wales - Faculty of Law

Date Written: September 7, 2018

Abstract

Chinese Abstract: 股权众筹立法是我国目前《证券法》修订过程中的一个重要问题,其难点在于股权众筹的模式选择,即股权众筹是允许采用公募形式,还是限于私募形式?有些学者从概念法学出发,认为股权众筹的公募形式是众筹概念的应有之义,但我们需要实事求是,基于中国国情考察公募众筹的必要性与可行性,从法金融学的角度审视鼓励金融创新与投资者保护之间的冲突与衡平。公募众筹存在固有的信息不对称、逆向选择和代理成本等问题,目前尚缺乏有效的解决办法,容易导致投资者保护不足,而私募众筹能够依赖合格投资者的专业参与和自我保护等途径有效缓解上述问题。对于美国、英国和新加坡等国家股权众筹制度的实证考察表明,相对于公募众筹而言,私募众筹的经济表现更好,也更有利于投资者保护。在中国当前的资本市场环境下,私募众筹已经能够在很大程度上缓解资本需求;另一方面,罔顾国情而盲目追求所谓的“金融民主化”,可能导致投资者保护问题,甚至引发金融系统性风险和社会稳定问题。因此,中国目前不应急切引入公募众筹,而应循序渐进,先发展私募众筹,俟时机成熟再考虑开放公募众筹。《征求意见稿》采取私募众筹模式在方向上并无不当,但在具体措施上,还有需要进一步完善和思考的地方,包括取消广告禁令和众筹平台的审查义务标准等。

English Abstract: The issue of how to regulate equity crowdfunding is an important concern in the current round of revision to the Chinese securities law. The difficulty lies in the choice of the regulatory model, that is, equity crowdfunding should be allowed in the form of public offerings or just private placement. While many scholars hold that equity crowdfunding is, by definition, means public offerings, it is important to adopt a practical approach to the issue under which we need to examine the desirability and feasibility of public equity crowdfunding by balancing financial innovation and investor protection in the context of China. At present, the model of public equity crowdfunding has problems such as information asymmetry, adverse selection and agency costs, which may lead to investor protection concerns. In contract, private equity crowdfunding can deal with those problems through the expertise and self-protection of qualified investors. This has been borne out by the experiences in advanced economies such as the US, UK and Singapore. It is more so in China where private equity crowdfunding can largely meet the fundraising needs while public equity crowdfunding may lead to investor protection problems and even systemic financial risks. Hence, it is submitted that China should take a gradualist approach, first adopting the private equity crowdfunding model and when the time is ripe, allowing public equity crowdfunding.

Keywords: equity crowdfunding; public offerings; private placement; financial innovation; investor protection

JEL Classification: K22

Suggested Citation

Huang, (Robin) Hui, 中国股权众筹的规制逻辑和模式选择 (The Regulatory Logic and Model of Equity Crowdfunding in China) (September 7, 2018). Modern Law Science [现代法学] 2018(4) , Available at SSRN: https://ssrn.com/abstract=

(Robin) Hui Huang (Contact Author)

Chinese University of Hong Kong - Faculty of Law ( email )

Shatin, New Territories
Hong Kong
852-39431805 (Phone)
852-29942505 (Fax)

HOME PAGE: http://www.law.cuhk.edu.hk/people/huang-hui-robin.php

华东政法大学(East China University of Political Sicence and Law) ( email )

1575 Wanhangdu Rd.
Changning, Shanghai 200042
China

University of New South Wales - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia
61-2-9385 9649 (Phone)
61-2-9385 1175 (Fax)

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