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2012年奥巴马签署生效的《JOBS法案》轰动了美国内外。已被禁锢了80余年的广告式私募终于放开,而公众式的集资也终为法律所认可。我国的股权众筹由于相关法律法规的限制尚处于萌芽状态,与美国的集资模式仍有很大的差距。本文以金融抑制理论与普惠金融作为理论基础,通过对《JOBS法案》新规则的研究,探讨了美国《JOBS法案》规定之下的“众筹”模式及其对中国的启示,并进一步探讨了股权众筹在我国的制度性完善建议,提出了股权众筹监管的“连通器”效应,以及在对投资者的保护最大化基础上,促进中小企业发展的宗旨,并基于互联网精神的要求从众筹网站、初创企业、投资者三个方面分别提出了具体建议,以助推我国股权众筹的进一步发展。
The signing of the “JOBS Act” that entered into force in 2012 by Obama signions both inside and outside the United States. Has been detained for more than 80 years of advertising private finally let go, while public-style fund-raising is ultimately recognized by law. As China’s equity crowdfunding is still in its infancy because of the restrictions on relevant laws and regulations, there is still a long way to go before the fund-raising mode of the United States. Based on the theory of financial repression and the theory of inclusive financial system, this article explores the “Crowdfunding” model under the JOBS Act of the United States and its implications for China through the study of the new rules in JOBS Act. Further discussed the suggestion of system improvement of equity crowdfunding in our country, put forward the “communication” effect of the regulation of equity crowdfunding and the purpose of promoting the development of small and medium-sized enterprises on the basis of maximizing the protection of investors, The requirements of the Internet spirit put forward specific suggestions from the crowdfunding websites, start-ups and investors in order to boost the further development of China’s equity crowdfunding.