CAJ | 학술논문

股权众筹在我国的发展，喜忧参半。监管是必然的选择，国外成熟的监管经验值得我们借鉴。证券业协会股权众筹监管征求意见稿中对股权众筹进行单独专门监管的思路。但股权众筹的合法性不应通过将其限制为私募来实现；在众筹平台设立上，应给予年众筹额在一定额度内的众筹平台以豁免；应允许普通投资者跟投众筹项目；对融资额度未超过一定限额的融资企业可豁免或减轻其信息披露义务。
고권음주재아국적발전，희우삼반。감관시필연적선택，국외성숙적감관경험치득아문차감。증권업협회고권음주감관정구의견고중대고권음주진행단독전문감관적사로。단고권음주적합법성불응통과장기한제위사모래실현；재음주평태설립상，응급여년음주액재일정액도내적음주평태이활면；응윤허보통투자자근투음주항목；대융자액도미초과일정한액적융자기업가활면혹감경기신식피로의무。
The development of equity crowdfunding （EC） in China presents a mixed picture, and calls for necessary regulations and supervision. Securities Association of China in its published draft EC Administration Measures proposed to regulate and supervise EC separately, in line with the approach in many other jurisdictions. It is questionable, however, to narrow EC to private offer. Moreover, proposed rules on qualifications for EC portals , qualified investors, and information disclosure, the are suppressive rather than encouraging. In those regards, China shall draw the experiences from the US, EU and its member states and shift to a more nurturing approach.