股权众筹显性化路径:三位一体的法律界定

• 作者: 赵吟
• 来源期刊: 中国法学:英文版
• 学科: 工学
• 关键词: offering 显性化 FINANCE
• 年，卷（期）: 2020,（3）
• 页码范围: 140-158
• 页数: 19页
• 分类号: TP3

摘要

1.INTRODUCTION In the process of the development of Internet finance,while encouraging and protecting innovation,the State should also carefully control the risks contained in financial innovation.Furthermore,it shall be to set up the safe harbor for financial innovation and to draw the red line for regulation.Internet equity financing is a kind of securities issuance action,whose objects of issuance may be specific,or may not be specific.According to the provision of article 10 of the Securities Law, there is also the distinction between‘public offering’and‘private placement’. However,in the practice of the past few years,the nature of public offering and private placement of equity crowdfunding is generally not distinguished,and the mixed use of the expression‘equity crowdfunding’often appears.The confused judgment of Internet equity financing makes it difficult for regulatory authorities to carry out effective supervision,and there is much financial chaos,which directly damages the interests of investors.In order to change the status quo,various departments have continuously issued policies on Internet equity financing in recent years,and clarified the nature and scope of the two types of public offering and private placement under the Internet equity financing.