众筹融资作为互联网金融的一种形态,深刻地冲击着传统融资模式和金融法制。尤其是投资型众筹融资与现行监管制度的不相容,要求我们及时进行制度回应。以初创企业为主的筹资者、提供融资平台的众筹门户和众多的投资者共同构成了众筹融资的体系。我们需要顺应时代发展潮流,借鉴以美国JOBS法案为代表的域外经验,准确界定三者的法律地位和特征,并在妥善协调资本形成与投资者保护关系的基础上,针对众筹融资作出相应的制度回应。 As a form of Internet finance, crowdfunding has a profound impact on the traditional financing model and the financial legal system. In particular, the incompatibility of investment-based crowdfunding financing with the existing regulatory regime requires timely institutional response. Start-up-based fundraisers, crowdfunding portals that provide financing platforms and numerous investors collectively form a system of crowdfunding. We need to conform to the trend of development of the times and learn from the extraterritorial experience represented by the United States JOBS Act to accurately define the legal status and characteristics of the three. On the basis of properly coordinating the relationship between capital formation and investor protection, we should make corresponding System response.