Earticle

Abstract

중국어

股权众筹行业作为互联网+金融的新型产业, 近五年来发展迅速。 一些小微初创企业在缺乏资 金的发展初期, 可以采用股权众筹的方式来获得融资, 而这也满足了一部分投资者想要将手中闲置 资金进行投资的需求, 所以众筹行业在市场上有广阔的发展前景。 由于股权众筹行业是一种新兴行 业, 其发展中涉及的法规政策不够完善, 如, 投资者对项目进行投资后, 想要退出时却没有良好的 退出机制, 致使投资者无法退出或给自身带来巨大损失等。 目前中国股权众筹企业的投资者在实践中应用的退出机制主要有众筹公司的上市和破产清 算, 以及投资者个人的股权转让。 公司上市是最有效的退出机制, 但是上市的条件严格且周期长, 不适宜小微初创企业；转让的应用较为广泛, 但是受到法律法规的限制也很多；破产清算虽然也 是一种退出机制, 但是各方最不愿看到的结果。 所以, 应当从三个方面来完善股权众筹投资者退出 机制。 首先, 健全相关法律法规, 明确股权众筹的公募融资性质及破除股东人数不得超过200人的规 定, 放宽中小企业板的上市条件, 颁行特别法来支持众筹行业的发展, 以便为融资企业提供更多资 金和空间, 壮大其发展, 为快速上市做好准备；其次, 建立强制信息披露制度, 通过线下约谈和注重 融资人的信息披露, 让投资人能够及时了解企业发展状况。 利用分层原则进行信息披露, 通过对对 小微初创企业的融资额度进行分层, 能够对股权众筹行业发展过程中的问题做出及时应对；最后, 寻求新型退出机制。 通过分时段和分批次的退出, 来平衡投资者与融资者的利益冲突；同时要构建 “领投+跟投”的契约型股权基金模式, 帮助投资者尽可能了解投资状况, 以便投资者做出未来的继 续或退出的选择。 另外, 中国也可以构建专门的众筹股权交易市场来支持众筹行业的发展。

영어

Equity crowdfunding industry, as a new type of Internet+finance industry, has developed rapidly in the past five years. Some small and micro startups can use equity crowdfunding to obtain financing in the early stages of the development of lack of funds. This also meets the demand of some investors who want to invest idle funds in their hands. Therefore, the crowdfunding industry has a broad prospects for development. As the equity crowdfunding industry is a new industry, the regulations and policies involved in its development are not perfect. For example, after an investor invests in a project, he does not have a good exit mechanism when he wants to withdraw, leaving investors unable to withdraw or bring themselves huge losses and so on. At present, the exit mechanism for investors in China’s equity crowdfunding enterprises is mainly the public listing and bankruptcy liquidation of crowdfunding companies, and the individual investor’s equity transfer. The company's listing is the most effective exit mechanism, but the conditions for listing are strict and long-term, and it is not suitable for small and micro start-up companies; the application of transfer is more extensive, but it is also subject to many laws and regulations; bankruptcy liquidation is also an exit mechanism, but the most unwillingness of the parties to see the result. Therefore, the exit mechanism of equity crowdfunded investors should be improved from three aspects. First, improving relevant laws and regulations. Clarifying the public financing nature of equity crowdfunding、 eliminating the requirement that the number of shareholders not exceed 200, relaxing the listing conditions for SME boards, and enacting a special law to support the development of crowdfunding industries so as to provide financing for enterprises to expand its development and rapid listing; Second, establishing a mandatory information disclosure system, through offline interviews and focus on the financing of information disclosure, so that investors can understand the development of the enterprise in a timely manner. Using layered principles to disclose information and stratifying the amount of financing for small and micro start-ups can promptly respond to problems in the development of the equity crowdfunding industry; finally, we should seek new exit mechanisms. By balancing time and batch withdrawals, the conflict of interests between investors and financiers can be balanced; At the same time, a contractual equity fund model of “lead investment + follow-up investment” should be constructed to help investors understand investment conditions as much as possible, so that investors can make future choices to continue or withdraw. In addition, China can also build a special crowdfunded equity trading market to support the development of the crowdfunding industry.

Contents

摘要
 I. 绪论
 II. 股权众筹投资者退出机制的基本理论
 III. 中国股权众筹的立法现状及退出机制存在的问题
 IV. 中国股权众筹投资者退出机制的完善建议
 V. 结论
 参考文献
 

Authors

• 崔东日 [ 최동일 | 延边大学法学院 讲师. ]
• 杨文丽 [ 양문려 | 延边大学法学院 在读硕士. ]

Reference