CAJ | 학술논문

众筹融资过程中存在诸多信息失灵问题，造成交易双方在判断能力、谈判能力等方面的不对等，不仅违反“意思自治、平等和诚信”等基本原则，而且可能因逆向选择和道德风险引发“劣币驱逐良币”效应，导致众筹市场的消亡。市场自身无法解决信息失灵问题，需要制度克服，路径包括公权力的强制介入，对双方权利、义务和责任的重新分配，实现双方地位的实质平等，或者通过冷静期、担保等制度设计达到上述目的。
음주융자과정중존재제다신식실령문제，조성교역쌍방재판단능력、담판능력등방면적불대등，불부위반“의사자치、평등화성신”등기본원칙，이차가능인역향선택화도덕풍험인발“렬폐구축량폐”효응，도치음주시장적소망。시장자신무법해결신식실령문제，수요제도극복，로경포괄공권력적강제개입，대쌍방권리、의무화책임적중신분배，실현쌍방지위적실질평등，혹자통과랭정기、담보등제도설계체도상술목적。
The information failure during the process of crowd-funding may result in the inequality of judgment abili-ty and negotiation ability between dealers, which not only violates the basic principle of “autonomy, equality and good faith”, but also may lead to “bad money drives out good money” effect due to adverse selection and moral risk, leading to the demise of the crowd funding market.The market itself cannot solve the problem of information system failure, which needs the institution to overcome.The overcoming path includes the compulsory intervention from a public power, the re-assignment of the rights, obligations and responsibilities of dealers involved, the realiza-tion of substantive equality for both parties, or achieving the above purposes through the institutional design for calmness period and guarantee.