摘 要
自 2012 年起，我國互聯網金融進入了一個快速發展期，各類互聯網金融業務模式逐漸興起。經過近三年的發展，我國互聯網金融已成為一個包含第三方支付、P2P、眾籌、大數據金融、信息化金融機構以及互聯網金融門戶在內的金融1足等問題。
近年來，我國眾籌融資在寬松的政策環境以及巨大的市場需求推動下快速發展。截止 2014 年底，我國累計有 127 家眾籌融資平臺，其中比較有代表性的有眾籌網、大家投、青橘眾籌、京東眾籌、百度眾籌等。然而，在眾籌發展過程中，由于法律與制度上的限制與缺失，自身模式創新中的失敗，信息泄露帶來的信任危機以及金融長尾風險等問題，有的眾籌平臺進行了轉型，甚或出現了停運的現象?；诒娀I發展過程中暴露出的種種問題，為了規范眾籌行業健康發展，維護投資者利益，需要在眾籌行業中引入監管。
本文首先對互聯網金融以及眾籌的概念進行了界定和分析?；ヂ摼W金融是依托于移動支付、云計算、社交網絡和搜索引擎等先進的信息技術，將“開放、平等、協作、分享”的互聯網精神全面滲透到傳統金融業中而衍生出來的具有互聯網理念和精神的金融業態或者金融服務模式。眾籌則是互聯網金融中的新銳，融資者通過互聯網展示自己的產品或創意以獲得所需資金，最后以實物、利息或者股權的形式回報投資者。其中，以利息形式回報投資者的眾籌模式即 P2P 網絡貸款，已從眾籌中脫離出來，逐漸發展成為一個較大的互聯網金融模式，因此，本文的研究對象僅為股權眾籌和商品眾籌，而不包含 P2P 網絡貸款。其次，筆者分析了眾籌融資監管的特殊性，法律與制度風險、模式安全風險、信息安全風險以及長尾風險等是眾籌融資監管特殊性的原因所在。通過對眾籌的發展、監管現狀的分析，筆者認為在眾籌監管過程中還存在許多問題和不足。譬如，眾籌融資的法律法規以及相關配套法規的缺位；監管主體、對象、范圍不明確；風險監測、預警、處理機制缺失；監管部門之間協調不到位，執行力不足；行業自律組織體系、自律規范缺位；媒體對市場參與者和監管機構監管行為的監督力不足，缺乏獨立性等。針對目前我國眾籌融資中存在的問題，筆者認為需要構建一個包括法律監管、行政監管、行業自律監督以及媒體監督在內的監管體系。關于如何有效構建眾籌融資的監管體系，在借鑒國外對眾籌融資監管經驗的基礎之上，筆者建議：一是加強基礎法規立法、修法工作，制定和完善眾籌融資配套法律體系，補充制定互聯網行業法規；二是明確監管主體及其監管職權，建立眾籌融資風險監測、預警和應急處理機制，加強跨部門、跨區域協調監管；三是加快眾籌行業自律組織體系建設，制定行業自律規范，加強自律組織行業保護、協調、監管的能力；四是完善媒體監督方面的法規，提高新聞媒介的獨立性。
關鍵字：互聯網金融；眾籌融資；眾籌監管；
Abstract
Since 2012, China's Internet finance has entered a rapid development period. Allkinds of Internet finance models are gradually emerging. After nearly three years'
development, China's Internet finance has established an financial system thatincludes third-party payment, P2P, crowdfunding, big data finance, informationfinance institutions, and Internet finance portals, which effectively improve theproblems that traditional finance exists, like information asymmetry, lower marketefficiency, lack of investment methods and other issues.
In recent years, driven by the relaxed policy environment and huge marketdemand, crowdfunding is experiencing a process of rapid growth. Zero One Financedata shows that by the end of 2014, there have been totally 127 crowdfundingfinancing platforms, such as Zhongchouwang , Dajiatou , Qingjuzhongchou ,Jingdongzhongchou , Baiduzhongchou and so on. However, in the process ofcrowdfunding development, due to the restrictions and absence of laws andinstitutions, failure in the patterns of innovation, confidential crisis of informationleakage, and financial issues such as the long tail risk, some of the crowdfundingplatform have carried on transformation, and even the phenomenon to stop operating.
Therefore,based on the all kinds of problems exposed in the development ofcrowdfunding, in order to standardize the development of the crowdfunding andprotect the interests of inventors, we need to introduce in regulation .
This thesis firstly defines and analyses the concept of Internet finance andcrowdfunding. Internet finance is a financial format or a financial service modelwhich fully penetrates the “open, equality, cooperation, sharing” spirits of the Internetinto the traditional finance sector by relying on mobile payments, cloud computing,social networking and search engines and other advanced information technologies.
Crowdfunding is a new kind of financing model in internet finance, from whichfinanciers show their products or ideas in order to obtain the necessary funding andfinally return to investors in the form of material objects, interests or stock equity.
Among them, the pattern that returns to investors in the form of interests is P2Pnetwork loan. It has spun off from crowdfunding and gradually developed into alarger Internet financial model. Consequently, the research subjects of this thesis areonly the stock equity crowdfunding and the commodity crowdfunding, excluding theP2P network loan. Then, the thesis analyzes the particularity of the regulation of thecrowdfunding, the risk of laws and system, risk of patterns security, risk ofinformation security, the long tail risk and so on. These are the reason of regulatoryparticularity of crowdfunding. From the analysis of the development of thecrowdfunding and the current situation of supervision, the thesis holds that there stillexist many problems and defects in the process of the supervision on crowdfunding.
For example, the absence of the crowdfunding laws and supporting regulations; theuncertainty of regulatory body, object and scope; the deficiency of risk monitoring,early warning, handling mechanism; improper coordination among the regulatoryauthorities and insufficient execution; the absence of the industry self-regulationorganization system and self-discipline standard;insufficiency of media supervisionon market participants and regulator's regulatory action and the lack of independence.
Aiming at the problems existing in China's crowdfunding, the author thinks we needto build a supervision system that includes legal supervision, administrativesupervision, industry self-regulation and media supervision. As to how to effectivelybuild the supervision system of the crowdfunding, on the basis of drawing supervisionlessons from the international, the author suggests: firstly, strengthen the foundationof legislation, law work, formulate and improve the legal system of financesupporting regulations, making the internet industry laws; secondly, clear regulatorybody and its regulatory competence, establish the financing risk monitoring, earlywarning and emergency handling mechanism, and strengthen cross-sect, cross-regional coordination and supervision; thirdly, accelerate the construction ofcrowdfunding industry self regulatory organization system , develop self-regulationspecification, and strengthen the ability of coordination,protection,supervision ofself-regulation organizations in the industry ; fourthly, improve the regulations andlaws of media supervision, and enhance the independence of the media.
Key words: Internet finance;crowdfunding; supervision of crowdfunding;
目 錄
第一章 緒論
第一節 選題背景與意義
一、選題背景
二、選題意義
第二節 研究方法與技術路線
一、研究方法
二、技術路線
第三節 創新與不足
一、創新之處
二、不足之處
第二章 金融監管基本理論與眾籌監管文獻綜述
第一節 金融監管基本理論文獻綜述
第二節 有關眾籌監管的文獻評述
第三章 眾籌融資概念及其監管特殊性分析
第一節 互聯網金融與眾籌融資概念界定
一、互聯網金融概念界定
二、眾籌融資概念界定
三、眾籌項目運作流程
第二節 眾籌融資監管的特殊性
一、法律與制度風險
二、模式安全風險
三、信息安全風險
四、長尾風險
第三節 眾籌融資監管的技術與手段
一、法律監管手段
二、行政監管手段
三、行業自律手段
四、媒體監督手段
第四章 我國眾籌融資監管現狀與問題分析
第一節 我國眾籌融資發展現狀
一、眾籌平臺數量走勢
二、眾籌平臺類型分布
三、眾籌平臺籌款金額
第二節 我國眾籌融資監管現狀
一、現有法律法規對眾籌的規制
二、眾籌融資的行政監管
三、眾籌融資的自律監督
四、眾籌融資的媒體監督
第三節 我國眾籌融資監管存在的問題與不足
一、法律監管方面存在的問題
二、行政監管方面存在的不足
三、自律監管方面存在的不足
四、媒體監督方面存在的不足
第五章 國外眾籌融資監管實踐分析與借鑒
第一節 美國眾籌融資監管實踐分析
第二節 英國眾籌融資監管實踐分析
第三節 國外眾籌融資監管經驗對我國的借鑒
一、創新監管思路，提升監管質量與效能
二、建立和完善法律法規，推進眾籌融資法治監管
三、建立金融消費者保護機制，保障眾籌融資投資者合法權益
第六章 構建有效的我國眾籌融資監管體系的對策建議
第一節 法律監管方面的對策建議
一、加強基礎法規立法、修法工作
二、制定和完善眾籌融資配套法律體系
三、補充制定互聯網行業法規
第二節 行政監管方面的對策建議
一、明確眾籌融資監管主體及其監管職權
二、建立眾籌融資風險監測、預警和應急處理機制
三、加強跨部門、跨區域協調監管
第三節 自律監管方面的對策建議
一、加快行業自律組織體系建設，制定行業自律規范
二、加強自律組織行業保護、協調監管的能力
第四節 媒體監督方面的對策建議
一、完善媒體監督方面的法規
二、提高新聞媒介的獨立性
第七章 結論
參考文獻
致 謝
自 2012 年起，我國互聯網金融進入了一個快速發展期，各類互聯網金融業務模式逐漸興起。經過近三年的發展，我國互聯網金融已成為一個包含第三方支付、P2P、眾籌、大數據金融、信息化金融機構以及互聯網金融門戶在內的金融1足等問題。
近年來，我國眾籌融資在寬松的政策環境以及巨大的市場需求推動下快速發展。截止 2014 年底，我國累計有 127 家眾籌融資平臺，其中比較有代表性的有眾籌網、大家投、青橘眾籌、京東眾籌、百度眾籌等。然而，在眾籌發展過程中，由于法律與制度上的限制與缺失，自身模式創新中的失敗，信息泄露帶來的信任危機以及金融長尾風險等問題，有的眾籌平臺進行了轉型，甚或出現了停運的現象?；诒娀I發展過程中暴露出的種種問題，為了規范眾籌行業健康發展，維護投資者利益，需要在眾籌行業中引入監管。
本文首先對互聯網金融以及眾籌的概念進行了界定和分析?；ヂ摼W金融是依托于移動支付、云計算、社交網絡和搜索引擎等先進的信息技術，將“開放、平等、協作、分享”的互聯網精神全面滲透到傳統金融業中而衍生出來的具有互聯網理念和精神的金融業態或者金融服務模式。眾籌則是互聯網金融中的新銳，融資者通過互聯網展示自己的產品或創意以獲得所需資金，最后以實物、利息或者股權的形式回報投資者。其中，以利息形式回報投資者的眾籌模式即 P2P 網絡貸款，已從眾籌中脫離出來，逐漸發展成為一個較大的互聯網金融模式，因此，本文的研究對象僅為股權眾籌和商品眾籌，而不包含 P2P 網絡貸款。其次，筆者分析了眾籌融資監管的特殊性，法律與制度風險、模式安全風險、信息安全風險以及長尾風險等是眾籌融資監管特殊性的原因所在。通過對眾籌的發展、監管現狀的分析，筆者認為在眾籌監管過程中還存在許多問題和不足。譬如，眾籌融資的法律法規以及相關配套法規的缺位；監管主體、對象、范圍不明確；風險監測、預警、處理機制缺失；監管部門之間協調不到位，執行力不足；行業自律組織體系、自律規范缺位；媒體對市場參與者和監管機構監管行為的監督力不足，缺乏獨立性等。針對目前我國眾籌融資中存在的問題，筆者認為需要構建一個包括法律監管、行政監管、行業自律監督以及媒體監督在內的監管體系。關于如何有效構建眾籌融資的監管體系，在借鑒國外對眾籌融資監管經驗的基礎之上，筆者建議：一是加強基礎法規立法、修法工作，制定和完善眾籌融資配套法律體系，補充制定互聯網行業法規；二是明確監管主體及其監管職權，建立眾籌融資風險監測、預警和應急處理機制，加強跨部門、跨區域協調監管；三是加快眾籌行業自律組織體系建設，制定行業自律規范，加強自律組織行業保護、協調、監管的能力；四是完善媒體監督方面的法規，提高新聞媒介的獨立性。
關鍵字：互聯網金融；眾籌融資；眾籌監管；
Abstract
Since 2012, China's Internet finance has entered a rapid development period. Allkinds of Internet finance models are gradually emerging. After nearly three years'
development, China's Internet finance has established an financial system thatincludes third-party payment, P2P, crowdfunding, big data finance, informationfinance institutions, and Internet finance portals, which effectively improve theproblems that traditional finance exists, like information asymmetry, lower marketefficiency, lack of investment methods and other issues.
In recent years, driven by the relaxed policy environment and huge marketdemand, crowdfunding is experiencing a process of rapid growth. Zero One Financedata shows that by the end of 2014, there have been totally 127 crowdfundingfinancing platforms, such as Zhongchouwang , Dajiatou , Qingjuzhongchou ,Jingdongzhongchou , Baiduzhongchou and so on. However, in the process ofcrowdfunding development, due to the restrictions and absence of laws andinstitutions, failure in the patterns of innovation, confidential crisis of informationleakage, and financial issues such as the long tail risk, some of the crowdfundingplatform have carried on transformation, and even the phenomenon to stop operating.
Therefore,based on the all kinds of problems exposed in the development ofcrowdfunding, in order to standardize the development of the crowdfunding andprotect the interests of inventors, we need to introduce in regulation .
This thesis firstly defines and analyses the concept of Internet finance andcrowdfunding. Internet finance is a financial format or a financial service modelwhich fully penetrates the “open, equality, cooperation, sharing” spirits of the Internetinto the traditional finance sector by relying on mobile payments, cloud computing,social networking and search engines and other advanced information technologies.
Crowdfunding is a new kind of financing model in internet finance, from whichfinanciers show their products or ideas in order to obtain the necessary funding andfinally return to investors in the form of material objects, interests or stock equity.
Among them, the pattern that returns to investors in the form of interests is P2Pnetwork loan. It has spun off from crowdfunding and gradually developed into alarger Internet financial model. Consequently, the research subjects of this thesis areonly the stock equity crowdfunding and the commodity crowdfunding, excluding theP2P network loan. Then, the thesis analyzes the particularity of the regulation of thecrowdfunding, the risk of laws and system, risk of patterns security, risk ofinformation security, the long tail risk and so on. These are the reason of regulatoryparticularity of crowdfunding. From the analysis of the development of thecrowdfunding and the current situation of supervision, the thesis holds that there stillexist many problems and defects in the process of the supervision on crowdfunding.
For example, the absence of the crowdfunding laws and supporting regulations; theuncertainty of regulatory body, object and scope; the deficiency of risk monitoring,early warning, handling mechanism; improper coordination among the regulatoryauthorities and insufficient execution; the absence of the industry self-regulationorganization system and self-discipline standard;insufficiency of media supervisionon market participants and regulator's regulatory action and the lack of independence.
Aiming at the problems existing in China's crowdfunding, the author thinks we needto build a supervision system that includes legal supervision, administrativesupervision, industry self-regulation and media supervision. As to how to effectivelybuild the supervision system of the crowdfunding, on the basis of drawing supervisionlessons from the international, the author suggests: firstly, strengthen the foundationof legislation, law work, formulate and improve the legal system of financesupporting regulations, making the internet industry laws; secondly, clear regulatorybody and its regulatory competence, establish the financing risk monitoring, earlywarning and emergency handling mechanism, and strengthen cross-sect, cross-regional coordination and supervision; thirdly, accelerate the construction ofcrowdfunding industry self regulatory organization system , develop self-regulationspecification, and strengthen the ability of coordination,protection,supervision ofself-regulation organizations in the industry ; fourthly, improve the regulations andlaws of media supervision, and enhance the independence of the media.
Key words: Internet finance;crowdfunding; supervision of crowdfunding;
目 錄
第一章 緒論
第一節 選題背景與意義
一、選題背景
二、選題意義
第二節 研究方法與技術路線
一、研究方法
二、技術路線
第三節 創新與不足
一、創新之處
二、不足之處
第二章 金融監管基本理論與眾籌監管文獻綜述
第一節 金融監管基本理論文獻綜述
第二節 有關眾籌監管的文獻評述
第三章 眾籌融資概念及其監管特殊性分析
第一節 互聯網金融與眾籌融資概念界定
一、互聯網金融概念界定
二、眾籌融資概念界定
三、眾籌項目運作流程
第二節 眾籌融資監管的特殊性
一、法律與制度風險
二、模式安全風險
三、信息安全風險
四、長尾風險
第三節 眾籌融資監管的技術與手段
一、法律監管手段
二、行政監管手段
三、行業自律手段
四、媒體監督手段
第四章 我國眾籌融資監管現狀與問題分析
第一節 我國眾籌融資發展現狀
一、眾籌平臺數量走勢
二、眾籌平臺類型分布
三、眾籌平臺籌款金額
第二節 我國眾籌融資監管現狀
一、現有法律法規對眾籌的規制
二、眾籌融資的行政監管
三、眾籌融資的自律監督
四、眾籌融資的媒體監督
第三節 我國眾籌融資監管存在的問題與不足
一、法律監管方面存在的問題
二、行政監管方面存在的不足
三、自律監管方面存在的不足
四、媒體監督方面存在的不足
第五章 國外眾籌融資監管實踐分析與借鑒
第一節 美國眾籌融資監管實踐分析
第二節 英國眾籌融資監管實踐分析
第三節 國外眾籌融資監管經驗對我國的借鑒
一、創新監管思路，提升監管質量與效能
二、建立和完善法律法規，推進眾籌融資法治監管
三、建立金融消費者保護機制，保障眾籌融資投資者合法權益
第六章 構建有效的我國眾籌融資監管體系的對策建議
第一節 法律監管方面的對策建議
一、加強基礎法規立法、修法工作
二、制定和完善眾籌融資配套法律體系
三、補充制定互聯網行業法規
第二節 行政監管方面的對策建議
一、明確眾籌融資監管主體及其監管職權
二、建立眾籌融資風險監測、預警和應急處理機制
三、加強跨部門、跨區域協調監管
第三節 自律監管方面的對策建議
一、加快行業自律組織體系建設，制定行業自律規范
二、加強自律組織行業保護、協調監管的能力
第四節 媒體監督方面的對策建議
一、完善媒體監督方面的法規
二、提高新聞媒介的獨立性
第七章 結論
參考文獻
致 謝
