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股权众筹具有公开发行证券的性质,应将其纳入《证券法》予以规范,同时引入小额发行豁免制度,以解决股权众筹在我国运行中存在的制度困境。小额发行豁免制度确立的关键在于明确豁免的融资金额和确立企业信息披露的标准。文章运用模型和数据考察,对企业融资收益与融资成本之间的关系进行了分析,提出应对融资额为500万元以下的股权众筹企业实行小额发行豁免;在案例解析和理论分析基础上,提出众筹企业的信息披露中应当引入律师和会计师等专业中介人士,以确保信息披露的真实、准确与完整。在此基础上,提出两项修法建议:其一,于《证券法》第2条增加股权众筹的证券类型;其二,于《证券法》第10条明确对于在一定融资额度下的股权众筹企业,实行小额发行豁免制度。
Equity crowdfunding has the nature of the public offering of securities and should be regulated by the Securities Law. At the same time, it should introduce the system of small-sum issuance exemption to solve the system predicament existing in the operation of equity crowdfunding. The key to the establishment of the micro-issue exemption system lies in clearly defining the amount of financing exempted and the criteria for establishing corporate information disclosure. Based on the case analysis and theoretical analysis, this paper analyzes the relationship between the corporate financing income and financing costs by using the model and data. It proposes that small-cap issue exemption should be implemented for equity crowdfunding enterprises with financing amount of 5 million yuan. On the basis of case analysis and theoretical analysis , Put forward that in the information disclosure of crowdfunding enterprises, professional intermediaries such as lawyers and accountants should be introduced to ensure the truthfulness, accuracy and completeness of information disclosure. On this basis, proposed two amendments to the law: First, in the “Securities Law” to increase equity crowdfunding type of securities; Second, the “Securities Law” clearly defined in Article 10 of a certain amount of financing under the equity Crowdfunding enterprises, the implementation of small-scale exemption system.