美國眾籌融資法律的新發展及其對中國的啟示

The New Development of Crowdsouring Rules in the United States and Its Inspiration to China

近年來，眾籌融資在美國發展迅速。為了完善多層次資本市場建設、推進金融監管制度改革，美國於2012年通過了《JOBS法案》。然而，該法案的通過在美國引起了很大爭論。為此，本文圍繞爭論較集中的《JOBS法案》第三部分，即美國眾籌融資相關規定展開討論，並認為美國對金融監管制度的持續創新、改革，是美國經濟得以持續發展的重要推手，而其對民間融資採用立法「疏通」保護而不是「堵塞」限制的做法，更為中國金融市場監管提供了有益的經驗，即通過修改立法，將「非法集資」範疇下的資金引入良性的資本循環軌道並納入我國金融監管框架中。

In recent year, crowdsouring has been developing rapidly in the United States. In order to improve the multi-level capital market and financial supervision reform, the U.S. Congress passed the JOBS Act in 2012, which caused great controversy. The discussion of this article focuses on Part Ⅲ of the JOBS Act—rules of crowdsouring. The author points out that the continuous innovation and reform of financial supervision regime is an important impetus of U.S. economy. The「dredging」rather than「blocking in legislative protection of private lending activities is a helpful experience for China's financial market supervision. China should amend its legislation to induce capital under "illegal fund-raising" into virtuous cycle and put it under financial supervision framework.