CAJ | 학술논문

余额宝的混业经营型创新金融产品特征、金融法律相对于互联网金融市场创新的滞后性等是导致余额宝规制困境——过度规制与规制缺位并存的主要原因。突破困境，要基于增利宝业务的众筹本质填补规制缺位，借鉴美国JOBS法案，将众筹纳入我国证券法的调整范围，从发行总额限制、投资者总额限制、发行人的信息披露义务及众筹经纪人与集资门户的注册要求等方面，建立和完善我国的众筹发行豁免注册制度；还要纠正与防范对余额宝的过度规制，具体路径是对余额宝规制措施进行全面的成本收益分析，最终以规制措施的总体效果作为取舍的标准。
여액보적혼업경영형창신금융산품특정、금융법률상대우호련망금융시장창신적체후성등시도치여액보규제곤경——과도규제여규제결위병존적주요원인。돌파곤경，요기우증리보업무적음주본질전보규제결위，차감미국JOBS법안，장음주납입아국증권법적조정범위，종발행총액한제、투자자총액한제、발행인적신식피로의무급음주경기인여집자문호적주책요구등방면，건립화완선아국적음주발행활면주책제도；환요규정여방범대여액보적과도규제，구체로경시대여액보규제조시진행전면적성본수익분석，최종이규제조시적총체효과작위취사적표준。
There is a dilemma of regulation for Yu-E-Bao that is the coexistence of excessive regulation with absent regulation,most of reasons for which are Yu-E-Bao’s feature as a kind of mixed management innovation financial products,hysteresis quality of financial law relative to internet financial innovation.How to break through the dilemma? The absence of regulation should be filled on the basis of Zeng-Li-Bao’s essence of crowdfunding.In other words,crowdfunding should be adjusted by securities law in our country referred by the American JOBS Act and crowdfunding issuing exemption from registration systems should be established and improved such as issuer’s total amount limit,investor’s total amount limit,issuer’s information disclosure obligation and registration requirements for raising agent and raise portal.Secondly,excessive regulation against Yu-E-Bao should be corrected and prevented,the concrete path of which is to conduct a comprehensive cost-benefit analysis of regulation measures.At last the standard of trade-offs is the overall effect of regulation measures.