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自由融资权与刑罚权的冲突主要表现在自由借贷权与非法吸收公众存款罪和证券私募权与擅自发行股票、公司、企业债券罪的冲突。限制自由融资权的正当性在于防范社会稳定风险,而面对集资问题政府应首先调整金融政策并承认自由融资权,其次运用民商法、行政法来规范,最后慎用刑罚。建议将以下情形定为非法集资罪:向不特定对象借贷或发行证券超过50人;向特定对象借贷或发行证券超过200人,但自然人向三等直系与旁系亲属和关联关系人借贷、法人向关联关系人借贷、法人向第一、二类特定对象借贷或发行证券不计算在内;法人向内部职工借贷超过500人。
The conflict between free financing power and penalty right mainly manifests in the conflict between free borrowing right and illegal absorption of public deposit, private stock right of securities and the issue of stocks, corporations and corporate bonds without authorization. The legitimacy of restricting the free financing right lies in preventing the risk of social stability. In the face of the issue of fund raising, the government should first adjust the financial policy and recognize the right of free financing, and secondly, use the civil and commercial laws and administrative laws to regulate and finally use the penalty with caution. It is suggested that the following circumstances be established as illegal fund-raising: lending or issuing securities to unspecific objects to more than 50 persons; borrowing or issuing securities to specific objects over 200 persons, natural persons lending to third-party and patrilineal relatives and affiliates, Loans to affiliates, legal persons to borrow or issue securities to specific objects of the first and second categories are not counted; legal persons borrow more than 500 from internal staff.