股权众筹的现实基础及监管路径构想

股权众筹中,融资方与投资方的信息不对称程度高,融资方欺诈行为成本低,易引发"道德败坏行为"。为兼顾金融创新与金融风险,可以将"监管沙盒"应用于股权众筹,并逐步制定适当的信息披露要求、强化股权众筹平台信息交流功能、构建股权众筹投资者保护制度。

The Realistic Basis of Equity Crowdfunding and Its Regulatory Path

In the equity crowdfunding, the information asymmetry between the financing party and the investor is high, and the financing Party’s fraud cost is low, which is easy to cause"moral corrupt behavior". In order to balance financial innovation and financial risk, we can apply"regulatory sandbox" to equity crowdfunding, gradually formulate appropriate information disclosure requirements, strengthen the information exchange function of equity crowdfunding platform, and construct the investor protection system of equity crowdfunding.