摘 要

Abstract

第1章 绪论 1

1.1研究背景 1

1.2意义 1

1.3国内外研究现状 2

1.3.1国外研究现状 2

1.3.2国内研究现状 2

第2章 众筹融资概况 4

2.1介绍众筹的基本概念 4

2.1.1 定义股权众筹 4

2.1.2股权众筹的流程 4

2.2我国众筹融资发展现状 5

2.2.1股权众筹平台的数量 5

2.2.2股权众筹平台的地区分布 5

第3章 我国股权众筹的发展环境分析 6

3.1.经济环境分析 6

3.1.1对比其他投资方式 6

3.1.1.1债权投资 6

3.1.2.2股权投资 6

3.1.2.3风险投资 7

3.2政策环境分析 7

3.3本章小结 8

第4章 股权众筹在我国的风险分析 9

4.1 平台的风险分析 9

4.1.1非法集资 9

4.1.2非法储蓄 9

4.1.3违反《证券法》 9

4.1.4集资诈骗 10

4.2发起者的风险分析 10

4.2.1 擅自发行股票、公司、企业债券罪定罪 10

4.2.2 知识产权得不到保护 10

4.3 投资者的风险分析 11

4.3.1 项目方恶意欺诈 11

4.3.2 项目方估值过高风险 11

4.3.3 项目亏损风险 11

4.3.4 大股东利用控股地位侵害小股东权益 12

第5章 我国股权众筹风险防范研究 13

5.1 平台运作机制研究 13

5.2 分阶段发布项目防止创意剽窃 13

5.3 设置严格的程序筛选领投人 14

5.4 采取荷兰式定价法 14

第6章 结论 15

参考文献 16

致谢 17

摘要

股权众筹是一种从国外引入的新的的融资方式，是互联网金融背景下应运而生的，代表了互联网金融的发展趋势与发展方向。在我国，尽管完整完善的法律监管体制尚未出台，但是市场已经对股权众筹进行尝试，使之发挥作用。股权众筹的发展不仅仅是发展互联网金融市场的需要，同时也是我国解决中小企业发展融资问题，构建更加多层次的资本市场结构的需求。在我国互联网金融的大背景下，政策上对大众创业，万众创新的号召下，股权众筹对于小微金融的发展的帮助，以及对我国资本市场多层次化有着重要的影响。通过对中国股权众筹发展的分析，可以发现我国的股权众筹存在着不少问题，例如股权众筹的合法性问题、法律对股东人数的限制问题、对小股东权益保障问题、项目安全性问题，以及投资人收益得不到保障等问题。

本文首先介绍了众筹融资的概念，包括其定义、流程、运作模式及发展现状，并分析了我国股权众筹发展道路上的经济环境和政策环境，列出了我发展国股权众筹的必要性和发展环境提供的有利条件。然后结合股权众筹在我国的发展环境还有众筹平台的运作机制，分析了进行股权众筹的过程中各个参与者可能承担的风险。由于我国在股权众筹方面的法律法规尚未落实，股权众筹平台面临着违反法律的风险；而发起者面临擅自发行股票、公司、企业债券罪定罪的风险和知识产权得不到保护的风险；投资者面临项目方恶意欺诈风险、项目估值风险、权益得不到保护的风险。最后，本文通过对众筹平台实际运作的机制分析，研究了众筹平台该采取哪些方式完善自身的管理和运作机制，规避由于法律不完善造成的违法风险以及各个参与者所面临的风险。同时，本文也对监管当局提供了一些建议，探讨如何在合理监管下，使得股权众筹能够有效地发挥自身的优势，为我国经济发展贡献力量。

关键词：股权众筹；融资手段；运作机制；风险防范

Abstract

As a new financing model, the stock raising represents the development direction and inevitable trend of Internet banking. Although China's current regulatory system is not allowed, but the market is still trying to equity investors raised in a small scale. The development of shareholding is not only an inevitable outcome of the development of the financial market in the Internet era, but also a realistic demand for the development of China's small and medium-sized enterprises and the multi-level capital market. Equity raising is an important means of financing to promote innovation in the Internet era, for small and micro financial development, as well as multi-level capital market construction is of great significance. A comparative analysis of China and the United States' equity raising platform shows that there are many problems and obstacles, such as the lack of legitimacy, the limited number of shareholders, the lack of protection of minority shareholders, and the lack of sound corporate governance mechanisms.

This paper first introduces the concept of financing, including its definition, process, operation mode and development status, and analyzed our country to raise public equity and policy environment on the road of the development of economic environment, points out the necessity and favorable conditions for China to raise public equity development. Then, combined with the development environment of the stock raising, as well as the platform operation mechanism, the risks faced by all participants in the stock raising are analyzed. Because China has not yet issued a formal legal, public equity raised platform now faces legal risk; and the initiator face of issuing stocks or corporate bonds, corporate crime conviction and lack of protection of intellectual property rights of the project risk; investors face malicious fraud risk, project risk, equity valuation was not protected risks, these risks to investors to raise public equity brought a lot of problems, so that they in the choice to pay special attention to. Finally, by analyzing the operation mechanism of the raised platform, on the platform to raise the public to take what way to improve its management and operation mechanism, to avoid due to the lack of law caused by illegal risks and the risks faced by the various participants. At the same time, this article also provides some suggestions to the regulatory authorities, and discusses how to make the equity investors play their own advantages and contribute to the economic development under the reasonable supervision.

Key Words：Equity-based crowdfunding；Corporate finance；Operation mechanism；Risk prevention