本文選題：跨境股權眾籌 + 信息披露　； 參考：《對外經濟貿易大學》2017年博士論文

【摘要】：股權眾籌是指通過互聯網把企業(yè)和眾多投資者直接聯系起來,為融資項目募集資金,投資者通過少量的投資從融資企業(yè)獲得股權回報。股權眾籌以互聯網技術為依托,融資主體是中小微企業(yè)和初創(chuàng)企業(yè),具有公開、小額、大眾的特征。股權眾籌的本質是小額證券發(fā)行行為,對股權眾籌的監(jiān)管屬于證券監(jiān)管的范疇。在國內股權眾籌業(yè)務蓬勃發(fā)展的同時,跨境股權眾籌業(yè)務開始發(fā)展,為股權眾籌監(jiān)管提出了新的挑戰(zhàn)�？缇彻蓹啾娀I與我國“萬眾創(chuàng)業(yè)”、“一帶一路”經濟新戰(zhàn)略同步發(fā)展,可緩解世界中小企業(yè)融資困境,促進國際金融監(jiān)管合作,促進我國多層次資本市場的形成和資本市場國際化。信息披露制度是證券監(jiān)管的核心制度,也是投資者保護的利器。從內容上講,跨境股權眾籌信息披露制度主要包括:信息披露主體制度,即融資企業(yè)制度、融資平臺制度、投資者制度;信息披露內容,包括融資企業(yè)的治理結構信息、財務信息及其他信息,以及股權眾籌平臺披露的信息內容。但是,每個國家關于股權眾籌的立法差異很大,使得跨境股權眾籌信息披露監(jiān)管非常困難。在信息披露主體制度方面,各國立法關于融資企業(yè)的范圍、準入資格、融資金額、組織形式,以及關于股權眾籌平臺準入和管理等方面的規(guī)定,存在很多差異。另外,各國對合格投資者、適格投資者的概念和范圍界定存在爭議。信息披露主體制度的差異,導致各國關于股權眾籌信息披露內容繁簡程度、信息披露形式、信息披露豁免的規(guī)定也存在很多差別。基于現有的差異性,跨境股權眾籌信息披露監(jiān)管可以通過以下幾種協調機制實現:一是通過證券法律沖突規(guī)范進行協調�？缇匙C券監(jiān)管中,一般采用證券所在地法、證券行為地法、證券交易所所在地法和屬人法進行監(jiān)管。本文認為,關于股權眾籌信息披露主體資格認定、主體準入等立法沖突,適用屬人法;關于股權眾籌主體的信息披露行為、信息披露形式、信息披露不實責任的承擔等立法沖突,適用行為地地法。采取此方法的優(yōu)點是可以依據沖突規(guī)范的指引確定準據法;缺點是并非世界各國都有股權眾籌立法,可能出現沒有準據法可用的情況。二是通過相互認可機制協調跨境股權眾籌信息披露監(jiān)管。相互認可機制既有明確的監(jiān)管框架和法律約束力,也有一定的靈活性,不要求對國內現行制度進行大規(guī)模的調整,只要求各方對他國國內核心制度進行認可,達到監(jiān)管效果整體相似即可。而且,相互認可機制在傳統(tǒng)證券監(jiān)管領域中已經廣泛應用,比較適宜跨境股權眾籌監(jiān)管。相互認可機制又有不同的實施方式,具體有美國和歐盟的可替代性遵守框架機制、美國和加拿大的多法域信息披露機制、歐盟的多邊互認機制。本文認為,歐盟的多邊互認機制最符合跨境股權眾籌信息披露監(jiān)管�？缇彻蓹啾娀I信息披露相互認可機制的實施,應該堅持信息披露最低標準原則、重大信息披露原則以及最低限度協調原則。相互認可中,融資企業(yè)的范圍可擴大至所有中小微企業(yè),但需要對初創(chuàng)企業(yè)進行適當限制;股權眾籌平臺的認可,只需各國有相應的管理制度即可;關于投資者制度的認可,采用適格投資者的概念,并針對不同的投資者進行分類信息披露;從公司治理機構信息、公司財務信息、其他信息三方面認可融資企業(yè)信息披露內容的范圍;股權眾籌平臺信息披露范圍的認可,可主要包括融資企業(yè)真實性審查信息、領投人審核信息、融資項目審核信息三方面。三是通過國際軟法實現跨境股權眾籌信息披露監(jiān)管協調。國際軟法不具有法律約束力,其本質僅僅是一種協調機制,具有很強的靈活性。跨境股權眾籌是一個新興事物,通過國際軟法協調更容易實現跨境監(jiān)管目的�？缇匙C券監(jiān)管領域的國際軟法主要是諒解備忘錄,以及國際證監(jiān)會組織(IOSCO)公布的相關指令、指引、備忘錄。跨境股權眾籌信息披露,也可以采用雙邊或多邊諒解備忘的形式實現協調監(jiān)管。
[Abstract]:The public interest is the direct link between enterprises and many investors through the Internet to raise funds for financing projects. Investors obtain equity returns through a small amount of investment. The stock of equity is supported by Internet technology, and the main body of financing is small and medium enterprises and initial ventures, with public, small, public characteristics. The essence of all the chips is small the issuance of securities, securities regulation belongs to the public equity raise regulatory category. In the domestic equity raised in booming business, cross-border business development began to raise public equity, public equity raise new regulatory challenges. Cross-border equity raise and China's "the creation" "The Belt and Road" new economy Strategic synchronous development can alleviate the financing difficulties of small and medium-sized enterprises in the world, promote international financial supervision and cooperation, promote the formation of multi-level capital market and internationalization of capital market in China. Information disclosure system is the core system of securities regulation and also a weapon for investor protection. It includes: the system of information disclosure subject, that is, the system of financing enterprises, the system of financing platform, the investor system, the content of information disclosure, the information of the governance structure of the financing enterprises, the financial information and other information, as well as the information content disclosed by the public equity platform. There are many differences in the scope of financing enterprises, the qualification of access, the amount of financing, the form of organization, and the regulations on the access and management of the platform for the public equity. In addition, the concept and scope of the qualified investors and the appropriate investors in each country are different. There are disputes. The difference of the information disclosure subject system leads to many differences in the content of the information disclosure of the public equity, the form of information disclosure and the exemption of information disclosure. Based on the existing differences, the supervision of the disclosure of information disclosure of cross-border equity can be realized through the following coordination mechanisms: one is through the certificate In the supervision of cross-border securities, the place law of the securities, the law of the securities behavior, the location of the stock exchange and the personal law are generally used to supervise. This article holds that the legislative impulse on the qualification of the main body of the public stock information disclosure, the admittance of the main body and so on, is applicable to the personal law, and the information about the main body of the stock right. The legal conflict of disclosure behavior, information disclosure form, information disclosure of untrue responsibility and other legislative conflicts and the application of behavior ground law. The advantage of this method is that the applicable law can be determined according to the guidelines of the conflict norms; the disadvantage is that not all countries in the world have the public equity raising legislation and may appear without the applicable law. Two is through mutual recognition. The mechanism coordinates the supervision of information disclosure of cross-border equity. The mutual recognition mechanism has a clear regulatory framework and legal binding force, but also has a certain flexibility. It does not require a large-scale adjustment to the current domestic system. It only requires the parties to recognize the domestic core system in the country and achieve the overall similarity of the regulatory effect. The accreditation mechanism has been widely used in the field of traditional securities regulation, and it is more suitable for the supervision of cross-border equity. The mutual recognition mechanism has different ways of implementation, specifically the replaceable framework mechanism of the United States and the EU, the multi domain information disclosure system in the United States and Canada and the multilateral mutual recognition mechanism of the EU. The multilateral mutual recognition mechanism is the most consistent with the supervision of cross border equity public information disclosure. The implementation of the mutual recognition mechanism for cross border equity public information disclosure should adhere to the principle of minimum standards of information disclosure, the principle of major information disclosure and the principle of minimum coordination. It is necessary to make appropriate restrictions on start-ups, and the approval of the public equity platform requires only the corresponding management system in all countries; the approval of the investor system, the concept of appropriate investors, and classified information disclosure for different investors; three aspects of corporate governance information, corporate financial information, and other information. The scope of information disclosure of financing enterprises, the recognition of the scope of public equity platform information disclosure can mainly include the authenticity review information of financing enterprises, the audit information of the leaders and the three aspects of financing project audit information. Three is through international soft law to realize the supervision and coordination of the supervision of the public information disclosure of cross-border shares. International soft law does not have legal constraints. Force, its essence is only a coordination mechanism with strong flexibility. Cross border equity is a new thing, it is easier to achieve cross-border regulatory purposes through international soft law coordination. International soft law in the field of cross-border securities regulation is mainly the memorandum of understanding, and the relevant directives, guidelines, and memorandums published by the IOSCO. It is also possible to achieve coordinated supervision in the form of bilateral or multilateral memorandums of understanding.
【學位授予單位】：對外經濟貿易大學
【學位級別】：博士
【學位授予年份】：2017
【分類號】：D922.287
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本文編號：2036351