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运用互联网技术平台创新出的新型融资方式,股权式众筹不仅拓宽了初创型企业融资的新渠道,也代表着互联网资本市场发展的重要方向。意大利、法国、英国作为欧洲股权众筹立法的先行者,围绕股权众筹适当性制度的构建进行了立法规制,尽管具体规则设计不同,但价值取向却殊途同归,即构建投资者适当性制度。在欧洲国家股权众筹立法比较分析的基础上,探寻我国股权众筹投资者保护制度的构建思路,即我国应将股权众筹纳入规制范畴并加以合法化,以适当性制度为核心要素,从准入资质、投资者分类及适合性测试、投资建议、责任追究、投资者教育五个方面加以完善。
Using the new financing method innovated by Internet technology platform, equity crowdfunding not only broadens the new channel for financing of start-up enterprises, but also represents the important direction for the development of Internet capital market. As the forerunner of European crowdfunding legislation in Europe, Italy, France and Great Britain conducted legislative regulation around the construction of an appropriate system of equity crowdfunding. Although the specific rules are different in design, the value orientation is based on the same route, that is, to construct a proper system of investors. On the basis of the comparative analysis of the legislation of the equity crowdfunding in European countries, this paper explores the construction of the protection system of the equity crowdfunding in China. That is, our country should include the equity crowdfunding in the legal system and legalize it, with the proper system as the core element. Access qualification, investor classification and fitness testing, investment advice, accountability, investor education to be improved.