股權重籌投資功能優化的可行路徑

Possible Approaches to Optimize the Investment Function of Crowdfunding

股權眾籌與互聯網非公開股權融資應當明確區分定位並予以差異化監管。基於二者的功能傾向及投資者資質的顯著差別，對股權眾籌實行「寬進嚴管」，對互聯網非公開股權融資實行「嚴進寬管」。為充分發揮股權眾籌的投資功能，制度的設計應允許廣大普通投資者參與投資，不設準入門檻，通過對投資者進行分類並限制投資額實現投資者適當性管理。同時，設立領投人制度、冷靜期制度，建立多元化的退出機制，以保護投資者的合法利益。

It’s advisable to differentiate between crowdfunding and non-public equity financing via the Internet with different regulations. Due to the obvious discrepancies in their functions and investors’ qualifications, it’s thus advisable to impose “easing entry barriers and strict supervision” against crowdfunding while adopting “strict entry barriers and easy supervision” for non-public equity financing via the Internet. To fully facilitate crowdfunding’s investment function, the system’s design shall allow participation from general investors without entry barriers, and implement appropriate supervision by categorizing investors into different tiers and limiting investment amounts. Simultaneously, we shall establish systems of lead investor and cooling-off period with diversified exit mechanisms to protect investors’ legitimate interests.