摘 要
自 2012 年起，我国互联网金融进入了一个快速发展期，各类互联网金融业务模式逐渐兴起。经过近三年的发展，我国互联网金融已成为一个包含第三方支付、P2P、众筹、大数据金融、信息化金融机构以及互联网金融门户在内的金融1足等问题。
近年来，我国众筹融资在宽松的政策环境以及巨大的市场需求推动下快速发展。截止 2014 年底，我国累计有 127 家众筹融资平台，其中比较有代表性的有众筹网、大家投、青橘众筹、京东众筹、百度众筹等。然而，在众筹发展过程中，由于法律与制度上的限制与缺失，自身模式创新中的失败，信息泄露带来的信任危机以及金融长尾风险等问题，有的众筹平台进行了转型，甚或出现了停运的现象。基于众筹发展过程中暴露出的种种问题，为了规范众筹行业健康发展，维护投资者利益，需要在众筹行业中引入监管。
本文首先对互联网金融以及众筹的概念进行了界定和分析。互联网金融是依托于移动支付、云计算、社交网络和搜索引擎等先进的信息技术，将“开放、平等、协作、分享”的互联网精神全面渗透到传统金融业中而衍生出来的具有互联网理念和精神的金融业态或者金融服务模式。众筹则是互联网金融中的新锐，融资者通过互联网展示自己的产品或创意以获得所需资金，最后以实物、利息或者股权的形式回报投资者。其中，以利息形式回报投资者的众筹模式即 P2P 网络贷款，已从众筹中脱离出来，逐渐发展成为一个较大的互联网金融模式，因此，本文的研究对象仅为股权众筹和商品众筹，而不包含 P2P 网络贷款。其次，笔者分析了众筹融资监管的特殊性，法律与制度风险、模式安全风险、信息安全风险以及长尾风险等是众筹融资监管特殊性的原因所在。通过对众筹的发展、监管现状的分析，笔者认为在众筹监管过程中还存在许多问题和不足。譬如，众筹融资的法律法规以及相关配套法规的缺位；监管主体、对象、范围不明确；风险监测、预警、处理机制缺失；监管部门之间协调不到位，执行力不足；行业自律组织体系、自律规范缺位；媒体对市场参与者和监管机构监管行为的监督力不足，缺乏独立性等。针对目前我国众筹融资中存在的问题，笔者认为需要构建一个包括法律监管、行政监管、行业自律监督以及媒体监督在内的监管体系。关于如何有效构建众筹融资的监管体系，在借鉴国外对众筹融资监管经验的基础之上，笔者建议：一是加强基础法规立法、修法工作，制定和完善众筹融资配套法律体系，补充制定互联网行业法规；二是明确监管主体及其监管职权，建立众筹融资风险监测、预警和应急处理机制，加强跨部门、跨区域协调监管；三是加快众筹行业自律组织体系建设，制定行业自律规范，加强自律组织行业保护、协调、监管的能力；四是完善媒体监督方面的法规，提高新闻媒介的独立性。
关键字：互联网金融；众筹融资；众筹监管；
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 录
第一章 绪论
第一节 选题背景与意义
一、选题背景
二、选题意义
第二节 研究方法与技术路线
一、研究方法
二、技术路线
第三节 创新与不足
一、创新之处
二、不足之处
第二章 金融监管基本理论与众筹监管文献综述
第一节 金融监管基本理论文献综述
第二节 有关众筹监管的文献评述
第三章 众筹融资概念及其监管特殊性分析
第一节 互联网金融与众筹融资概念界定
一、互联网金融概念界定
二、众筹融资概念界定
三、众筹项目运作流程
第二节 众筹融资监管的特殊性
一、法律与制度风险
二、模式安全风险
三、信息安全风险
四、长尾风险
第三节 众筹融资监管的技术与手段
一、法律监管手段
二、行政监管手段
三、行业自律手段
四、媒体监督手段
第四章 我国众筹融资监管现状与问题分析
第一节 我国众筹融资发展现状
一、众筹平台数量走势
二、众筹平台类型分布
三、众筹平台筹款金额
第二节 我国众筹融资监管现状
一、现有法律法规对众筹的规制
二、众筹融资的行政监管
三、众筹融资的自律监督
四、众筹融资的媒体监督
第三节 我国众筹融资监管存在的问题与不足
一、法律监管方面存在的问题
二、行政监管方面存在的不足
三、自律监管方面存在的不足
四、媒体监督方面存在的不足
第五章 国外众筹融资监管实践分析与借鉴
第一节 美国众筹融资监管实践分析
第二节 英国众筹融资监管实践分析
第三节 国外众筹融资监管经验对我国的借鉴
一、创新监管思路，提升监管质量与效能
二、建立和完善法律法规，推进众筹融资法治监管
三、建立金融消费者保护机制，保障众筹融资投资者合法权益
第六章 构建有效的我国众筹融资监管体系的对策建议
第一节 法律监管方面的对策建议
一、加强基础法规立法、修法工作
二、制定和完善众筹融资配套法律体系
三、补充制定互联网行业法规
第二节 行政监管方面的对策建议
一、明确众筹融资监管主体及其监管职权
二、建立众筹融资风险监测、预警和应急处理机制
三、加强跨部门、跨区域协调监管
第三节 自律监管方面的对策建议
一、加快行业自律组织体系建设，制定行业自律规范
二、加强自律组织行业保护、协调监管的能力
第四节 媒体监督方面的对策建议
一、完善媒体监督方面的法规
二、提高新闻媒介的独立性
第七章 结论
参考文献
致 谢
自 2012 年起，我国互联网金融进入了一个快速发展期，各类互联网金融业务模式逐渐兴起。经过近三年的发展，我国互联网金融已成为一个包含第三方支付、P2P、众筹、大数据金融、信息化金融机构以及互联网金融门户在内的金融1足等问题。
近年来，我国众筹融资在宽松的政策环境以及巨大的市场需求推动下快速发展。截止 2014 年底，我国累计有 127 家众筹融资平台，其中比较有代表性的有众筹网、大家投、青橘众筹、京东众筹、百度众筹等。然而，在众筹发展过程中，由于法律与制度上的限制与缺失，自身模式创新中的失败，信息泄露带来的信任危机以及金融长尾风险等问题，有的众筹平台进行了转型，甚或出现了停运的现象。基于众筹发展过程中暴露出的种种问题，为了规范众筹行业健康发展，维护投资者利益，需要在众筹行业中引入监管。
本文首先对互联网金融以及众筹的概念进行了界定和分析。互联网金融是依托于移动支付、云计算、社交网络和搜索引擎等先进的信息技术，将“开放、平等、协作、分享”的互联网精神全面渗透到传统金融业中而衍生出来的具有互联网理念和精神的金融业态或者金融服务模式。众筹则是互联网金融中的新锐，融资者通过互联网展示自己的产品或创意以获得所需资金，最后以实物、利息或者股权的形式回报投资者。其中，以利息形式回报投资者的众筹模式即 P2P 网络贷款，已从众筹中脱离出来，逐渐发展成为一个较大的互联网金融模式，因此，本文的研究对象仅为股权众筹和商品众筹，而不包含 P2P 网络贷款。其次，笔者分析了众筹融资监管的特殊性，法律与制度风险、模式安全风险、信息安全风险以及长尾风险等是众筹融资监管特殊性的原因所在。通过对众筹的发展、监管现状的分析，笔者认为在众筹监管过程中还存在许多问题和不足。譬如，众筹融资的法律法规以及相关配套法规的缺位；监管主体、对象、范围不明确；风险监测、预警、处理机制缺失；监管部门之间协调不到位，执行力不足；行业自律组织体系、自律规范缺位；媒体对市场参与者和监管机构监管行为的监督力不足，缺乏独立性等。针对目前我国众筹融资中存在的问题，笔者认为需要构建一个包括法律监管、行政监管、行业自律监督以及媒体监督在内的监管体系。关于如何有效构建众筹融资的监管体系，在借鉴国外对众筹融资监管经验的基础之上，笔者建议：一是加强基础法规立法、修法工作，制定和完善众筹融资配套法律体系，补充制定互联网行业法规；二是明确监管主体及其监管职权，建立众筹融资风险监测、预警和应急处理机制，加强跨部门、跨区域协调监管；三是加快众筹行业自律组织体系建设，制定行业自律规范，加强自律组织行业保护、协调、监管的能力；四是完善媒体监督方面的法规，提高新闻媒介的独立性。
关键字：互联网金融；众筹融资；众筹监管；
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 录
第一章 绪论
第一节 选题背景与意义
一、选题背景
二、选题意义
第二节 研究方法与技术路线
一、研究方法
二、技术路线
第三节 创新与不足
一、创新之处
二、不足之处
第二章 金融监管基本理论与众筹监管文献综述
第一节 金融监管基本理论文献综述
第二节 有关众筹监管的文献评述
第三章 众筹融资概念及其监管特殊性分析
第一节 互联网金融与众筹融资概念界定
一、互联网金融概念界定
二、众筹融资概念界定
三、众筹项目运作流程
第二节 众筹融资监管的特殊性
一、法律与制度风险
二、模式安全风险
三、信息安全风险
四、长尾风险
第三节 众筹融资监管的技术与手段
一、法律监管手段
二、行政监管手段
三、行业自律手段
四、媒体监督手段
第四章 我国众筹融资监管现状与问题分析
第一节 我国众筹融资发展现状
一、众筹平台数量走势
二、众筹平台类型分布
三、众筹平台筹款金额
第二节 我国众筹融资监管现状
一、现有法律法规对众筹的规制
二、众筹融资的行政监管
三、众筹融资的自律监督
四、众筹融资的媒体监督
第三节 我国众筹融资监管存在的问题与不足
一、法律监管方面存在的问题
二、行政监管方面存在的不足
三、自律监管方面存在的不足
四、媒体监督方面存在的不足
第五章 国外众筹融资监管实践分析与借鉴
第一节 美国众筹融资监管实践分析
第二节 英国众筹融资监管实践分析
第三节 国外众筹融资监管经验对我国的借鉴
一、创新监管思路，提升监管质量与效能
二、建立和完善法律法规，推进众筹融资法治监管
三、建立金融消费者保护机制，保障众筹融资投资者合法权益
第六章 构建有效的我国众筹融资监管体系的对策建议
第一节 法律监管方面的对策建议
一、加强基础法规立法、修法工作
二、制定和完善众筹融资配套法律体系
三、补充制定互联网行业法规
第二节 行政监管方面的对策建议
一、明确众筹融资监管主体及其监管职权
二、建立众筹融资风险监测、预警和应急处理机制
三、加强跨部门、跨区域协调监管
第三节 自律监管方面的对策建议
一、加快行业自律组织体系建设，制定行业自律规范
二、加强自律组织行业保护、协调监管的能力
第四节 媒体监督方面的对策建议
一、完善媒体监督方面的法规
二、提高新闻媒介的独立性
第七章 结论
参考文献
致 谢
