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解决小微企业融资困境的渴望、投资者的发财梦想、金融民主化的理想以及对技术进步的迷信,在这些因素的综合影响下,美国创设了公募众筹豁免。不过,虽然在想象中,公募众筹豁免的理论基础是群体的智慧、社交媒体和大数据可以解决信息不对称问题、及时发现欺诈行为,但实际上,这些能否发挥作用还有待实践的进一步检验。以美国为首的各国,在立法豁免公募众筹发行时,仍然采用了传统的投资者保护手段,唯一的创新就是投资额度限制。投资限额的出现,其实是私募监管为了适应现实的需求,从对投资者风险识别能力的强调逐渐转移到重视风险承担能力的结果,这一创新扩展了证券法的视野,值得研究。
The desire of the small and micro-sized enterprises to solve the financing dilemma, the investor’s dream of making a fortune, the ideal of financial democratization, and their superstition of technological progress have created a public offering of crowdfunding exemptions under the combined influence of these factors. However, while it is imagined that the rationale for the public offering of crowdfunding exemptions is the wisdom of the community, social media and big data can solve the problem of information asymmetry and detect fraud in a timely manner, in fact, whether these can play a role needs to be further practiced test. Countries headed by the United States still adopt the traditional methods of investor protection while legislating for exemption from public offering of crowdfunding. The only innovation is investment quotas. In fact, the emergence of investment quotas is actually the regulation of private placement. In order to adapt to the real demand, this innovation expands the field of securities law from the emphasis on investor risk identification to the emphasis on risk appetite and deserves to be studied.