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随着股权众筹在我国的快速发展,其为我国的中小企业融资提供了新的渠道。然而股权众筹运行所表现出来的特性,使其在现有的法律制度环境内的发展受到阻碍,法律在证券范围、公司组织形式、股权转让以及公开发行方面的规定,以及股权众筹现实运行过程中的风险,均影响了股权众筹运行的法制化进程。因此,股权众筹法律制度在我国的建立就要分析股权众筹的本质特性,并结合国外股权众筹法律制度的立法经验,通过建立投资者准入制度和信息披露制度,来降低股权众筹运行中的风险;通过完善项目发起人制度与小额发行豁免制度,为股权众筹的证券发行提供发展空间,从而促进股权众筹的发展。
With the rapid development of equity crowdfunding in our country, it provides a new channel for the financing of SMEs in our country. However, the characteristics exhibited by the crowdfunding operation have hindered the development in the current legal system environment. The law has stipulated the scope of the securities, the organization of the company, the transfer of the equity and the public offering as well as the actual operation of the equity crowdfunding. The risks in the process all affected the legalization process of the public crowdfunding operation. Therefore, the legal system of equity crowdfunding must be analyzed in our country to analyze the essential characteristics of equity crowdfunding. In combination with the legislative experience of the legal system of overseas crowdfunding, the system of investor access and information disclosure should be established to reduce the crowdfunding Operation risk; through improving project sponsor system and small issue exemption system, providing space for development of equity crowdfunding securities issuance, thereby promoting the development of equity crowdfunding.