新业态金融风险的回应性监管——以网络股权众筹平台为例

股权众筹融资模式是一种典型的新业态互联网金融模式。处于股权众筹融资产业链核心的股权众筹平台近年来快速发展,并伴随着道德风险、法律风险、投资风险和管理风险4大风险类别。基于回应性监管原理,对金融新业态的回应性监管,在行业发展初期应该采取超罚策略与鼓励强化自我监管策略同时使用的方法,使全行业树立底线思维,防止大规模道德风险的产生。同时应通过监管逐步升级、引入和加强第三方监管、倡导强化自我监管、加强与行业内发展较快企业的沟通等多种方式建立多方共治的"大监管"格局,防止严重的法律风险、投资风险发生,并改善管理风险。

Responsive Regulation of Risks in New Financial Formats:A Case Study of Online Equity-based Crowdfunding Platforms

In the development of new business forms, how to deal with the contradiction between development and supervision and improve the problem of "deregulation leads to chaos and regulation leads to death" has important research significance under the background of the endless emergence of new economic business forms. Equity-based crowdfunding is a typical new Internet financial model. Equity-based crowdfunding platforms, which are at the core of the equity-based crowdfunding industry chain, have developed rapidly in recent years with various risks. Taking 16 equity-based crowdfunding platforms as the research object, through qualitative analysis of interview materials and second-hand data, 12 key risk indicators and 4 major risk categories of equity-based crowdfunding platforms were summarized, including moral risk, legal risk, investment risk and management risk. Based on the principle of responsive regulation, responsive regulation of financial new forms, at the beginning of the industrial development should take the ultra-punishment strategy and use methods to encourage self-regulation strategies at the same time, in order to make the industry sets up the bottom line of thinking and to prevent the mass production of moral hazard. At the same time, through regulation escalate, introducing and strengthening the supervision of a third party, advocating to strengthen self-regulation, strengthening the communication with the rapid development of industry enterprise should all be used to establish work pattern of "big regulation", and to prevent the occurrence of serious legal risk, investment risk, and reduce management risk. This study has theoretical and practical meaning for promoting the application and development of responsive regulatory theory in China’s new business form regulation, risk regulation of equity-based crowdfunding and healthy development of this new business form.