我國股權性質群眾募資之管制發展：從創櫃板到民間募資平台

The Changing Regulation of Equity-based Crowdfunding in Taiwan: From the GISA Board to Private Crowdfunding

資本市場法制之規範目的，總結來說乃資本形成及投資人保護。觀察美國迄2012年企業籌資法（Jumpstart Our Business Startups Act, JOBS Act，下稱「企業籌資法」）制定前之歷史，資本市場法制之規範目的鐘擺，似擺向絕對之投資人保護。儘管如此，2012年企業籌資法之制定，調整了過去諸多資本市場法律限制且偏向促進小型企業之資本形成；開放股權性質群眾募資（下簡稱「股權群募」）此一新型態之籌資管道即為著例。對比起美國2012年已立法明文開放民間平台進行股權群募，我國於2014年初開放由櫃買中心主導之創櫃板從事類似的股權群募業務，2015年4月底再開放民間業者經營股權群募平台。相對於美國企業籌資法提供之基本的投資人保護機制，我國在雙軌制下均有所調整；且除促進小型企業資本形成之目的外，更透過諸如創櫃板特有之輔導機制進一步提升投資人保護的強度。然而，短期而言，本文認為無論是創櫃板或是2015年新開放之民間股權群募平台，皆應以管制謙抑性作為基礎理念，在不失一定程度投資人保護之前提下，以協助新創公司的資本形成為優先考量。中長期而言，似應規劃於證券交易法設置類如私募專節之股權群募專節，以符法律保留原則；且長期而論，創櫃板在完成過渡階段之示範任務後，可思考於一定時期適宜地功成身退，讓我國股權群募雙軌制最終回歸單純民間募資平台間之良性競爭。

The two goals of securities regulation are capital formation and investor protection. Before the JOBS Act (short for The Jumpstart Our Business Startups Act) of 2012, securities regulation in the United States has swung towards absolute investor protection. Nevertheless, the JOBS Act swung back towards the other side of the balance: promoting capital formation by small businesses, which is illustrated by the authorization of equity crowdfunding (“EC”). After the JOBS Act authorized private crowdfunding platforms, Taiwan’s government created the Go Incubation Board for Startup and Acceleration (“GISA”), run by the GreTai Securities Market, to play a role similar to a crowdfunding platform; thereafter in the end of April, 2015, private crowdfund platforms were authorized eventually in Taiwan. The two EC regulations in Taiwan were patterned after the JOBS Act but adapted to local conditions. Even though the goal of capital formation was mentioned in rhetoric under both the EC regulations, investor protection was focused and bolstered in reality, which could be exemplified by the Public Integrative Counseling Mechanism under Regulations Governing the Go Incubation Board for Startup and Acceleration Firms. However, this paper argues that in the short run, the regulation of the GISA board and private crowdfunding platforms should be based on the philosophy of regulatory humility; EC regulation is supposed to be tilted more towards the promotion of small business capital formation without compromising necessary investor protection. In the long run, the two EC Regulations should be written into the Securities and Exchange Act in accordance with the principle of constitutional requirement of a specific enactment while there should be only private platforms competing with each other with the GISA board retired after playing a role model in the early stage.