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股权众筹是一种互联网金融,具有“公开、小额、大众”特征,满足了小微企业创业融资和公众小额投资需求。2011年进入我国后快速发展,监管部门将其募集投资方式定位为私募。参与方规避现行监管制度,加大了交易成本。以提高资源配置效率为价值取向,对公募和私募两种方式进行成本收益分析,可以此发现更高的公募净收益。目前,《证券法》修正案拟将股权众筹纳入法定融资法律体系。建议立法机关在修改《证券法》时,运用交易成本理论、信息不对称理论和囚徒困境理论,建立股权众筹特别公募投资制度,使股权众筹成为多层次资本市场的重要组成部分之一。
Equity crowdfunding is an Internet finance that has the characteristics of “public, small, mass” and meets the needs of small and micro enterprises for venture financing and public micro-investment. After entering China in 2011, the rapid development of regulators will be the way to raise funds for private placement. Participants to circumvent the current regulatory system, increased transaction costs. To improve the efficiency of resource allocation as the value orientation, both the public and private equity costs and benefits analysis, we can find a higher public offering net income. At present, the “Securities Law” amendment intends to stake crowdfunding legal financing legal system. It is suggested that the legislature should use the transaction cost theory, information asymmetry theory and Prisoners Dilemma Theory to establish a special equity crowdfunding special public offering investment system when amending the Securities Law, making the equity crowdfunding one of the important components of a multi-level capital market.