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Commercial crowdfunding

2019-09-11 来源: 51Due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Commercial crowdfunding,供大家参考学习,这篇论文讨论了商业众筹。商业众筹,指的是利用互联网技术通过网络平台为项目发起人筹集资金,并向投资人提供一定回报的融资活动。众筹是一种“众包”和“替代性金融”。众包是指通过网络把不特定对象的服务、技术、知识、金钱等聚集起来,是一种互联网概念。因此,商业众筹的本质可以看作是金钱方面的众包。

Commercial crowdfunding,商业众筹,essay代写,作业代写,代写

After the American subprime crisis, the rise of Internet finance gradually changed the sluggish state of world economy. Even so, we are still troubled by the financing difficulties of smes. In order to solve this problem, the earliest and largest crowdfunding platform "roll call time" was established in China. Since then, many crowdfunding platforms have followed suit, and commercial crowdfunding has gradually become the first choice of investors. Commercial crowdfunding is growing fast, but so are many problems.

Commercial crowdfunding refers to the financing activities that use Internet technology to raise funds for project sponsors through online platforms and provide certain returns to investors. Crowdfunding, translated from crowdfunding in English, was first proposed by American scholar Michael Sullivan in 2006 when promoting a crowdfunding platform called Fundavlog, describing it as "a group collaboration that aims to pool funds to support projects initiated by others or organizations", and believing that this is the central idea of Fundavlog's crowdfunding platform. Crowdfunding is a kind of "crowdsourcing" and "alternative finance". Crowdsourcing refers to the aggregation of services, technologies, knowledge, money, etc. of non-specific objects through the network, which is an Internet concept. Therefore, the nature of commercial crowdfunding can be regarded as crowdsourcing in terms of money. Alternative finance refers to the financing methods and channels that have the same use outside the traditional financial system and can be replaced by each other, which is different from the traditional financial methods, such as network financing and P2P finance.

As for the specific content of commercial crowdfunding, there is no unified definition within the industry. According to the different forms of investors' investment returns, crowdfunding can be divided into four types: donation crowdfunding, pre-sale crowdfunding, loan crowdfunding and equity crowdfunding. From the perspective of law, donative crowdfunding refers to the legal relationship between investors and fund-raisers, which is essentially a contractual relationship of gift. Such gift should be a purposeful gift, which is applicable to the general provisions in China's public welfare donation law and contract law. Pre-sale crowdfunding is a contract signed on the basis of buying and selling specific commodities or providing specific services, and the contractual rights and obligations between the two should be clarified through the project description of the crowdfunding platform. In addition to the contract law, the product quality law can also be applied to specific product quality problems. For the crowdfunding of publications, relevant laws and regulations on press and publication should be complied with. Donated crowdfunding and presold crowdfunding are essentially different from the inter-temporal allocation of funds. Therefore, in the sense of Internet finance, "fund crowdfunding" mainly refers to loan crowdfunding and equity crowdfunding.

No matter what mode of commercial crowdfunding is, it plays a certain role in domestic economic life, but it is obvious that China's legal system fails to keep pace with the pace of social reality. The main manifestations are:

In terms of the existing legal system in China, under the background that the regulations on lenders have not been issued yet, the legal norms for commercial crowdfunding are almost blank in law at present. Current regulatory practice, raise management is the main reference for the "contract law", "company law", "commercial bank law" and other legal norms, but for the special property of commercial the raise and the resulting special legal relationship, including the legitimacy of the commercial and the raise, the market access of the raised platform exit, legal position and the main body of regulation, the basic problems such as the program is not legally be explicitly, so commercial the raise at present is still in the savage state of growth and too. In this context, the "one line, three meetings" and local financial bureaus lack the basis to regulate crowdfunding platforms, which makes it difficult to effectively regulate commercial crowdfunding, guide the healthy development of the industry and protect the legitimate rights and interests of investors.

There is only one wall between commercial crowdfunding and illegal fundraising. At present, there are many cases of illegal fund-raising in China under the cloak of commercial crowdfunding. Liu shiyu once stressed in 2013 "Internet finance BBS" that "Internet finance should be encouraged to develop and encourage the innovation of business forms", but "the two legal red lines of illegal fund-raising and illegal absorption of public deposits should not be touched". According to the interpretation of the supreme people's court on the specific application of law in the trial of criminal cases of illegal fund raising, the constitution of the crime of illegally absorbing public deposits consists of illegally absorbing funds, publicizing to the society, promising to pay returns and absorbing funds from non-specific objects. However, some characteristics of commercial crowdfunding in China, especially equity-based crowdfunding, are consistent with the constitutive elements of the crime of illegal fund-raising. In China's judicial practice, commercial crowd-funding and illegal fund-raising are easily confused. If we do not pay attention to it, commercial crowd-funding may be punished as the crime of illegal fund-raising, so where should legal public fund-raising go?

Legislation should first establish the legitimate status of commercial crowdfunding. Commercial crowdfunding still belongs to the financial industry. From the characteristics of commercial crowdfunding, it applies Internet technology for investment and financing in the financial field. Moreover, it absorbs funds from the public, that is, from non-specific social objects. The commercial crowdfunding mentioned above mainly refers to loan crowdfunding and equity crowdfunding in China. The loan crowdfunding has been determined to be supervised by the banking regulatory commission, which regards it as similar credit business and classifies P2P online lending platforms as quasi-financial institutions engaged in banking business. This can be seen from the expression of supervision principles of P2P by the banking regulatory commission. The banking regulatory commission has said that P2P business development should follow the following principles: first, P2P institutions are positioned as online information intermediary platforms; Second, P2P companies need paid-in capital to set up, raising the threshold; Third, P2P institutions should be an independent institution; Fourth, there should be clear limits on the amount of funds for both lenders and borrowers. Fifth, the P2P practitioners are required to have professional dedication; Six is to crack down on counterfeit P2P. While equity-based crowdfunding should be regarded as securities business, equity-based crowdfunding platform should be brought into the supervision scope of the securities regulatory commission as a securities intermediary. Due to the narrow definition of securities in China's securities law, it falls far behind the capital market's demand for investor protection and improvement of capital formation efficiency. As a result, many essential securities transactions cannot be regulated and protected by the securities law. Therefore, it is urgent to construct China's crowd-funding legal system to expand the extension of securities issuance and bring equity-based crowd-funding into the regulatory scope of the securities law.

As for the identification standard of illegal fund-raising crime, there are many criticisms in the theoretical circle. To redefine the relevant identification standard is a key step to solve the problem of decriminalization of commercial crowdfunding. There are two levels of analysis. At the first level, criminal violations of commercial crowd-funding should be criminalized and punished by means of "the crime of unauthorized public issuance of securities" rather than "the crime of illegal absorption of public deposits". The crime of illegally taking deposits from the public was set up to protect Banks' exclusive right to currency or the special market access system of financial institutions. This is essentially different from the legal interests that may be violated by crowdfunding as a direct financing behavior. And considering our country criminal law regulation of direct financing behavior, mainly for the "criminal law" article 179, article 160 of the "do STH without authorization to issue shares, company, enterprise bonds of sin" and "the crime of fraud issue stocks and bonds", and the raise the contract is not strictly a stock or bond, thus apply this two charges and may violate the principle of a legally prescribed punishment, so it can expand to "do STH without authorization to issue shares, company, enterprise bonds of sin" applicable scope, and to "public offering of securities crimes without authorization" is able to effectively solve the above problem, will be illegal under direct financing behavior into the criminal law. At the second level, the behavior of using the raised funds for production rather than lending for profit should not be considered as "crime of illegally absorbing public deposits". If there is no malice subjectively, it should be treated as innocence. "Crime of illegal deposits" will hit the issuer in the credit intermediary business without authorization, with rolling of the behavior of the public to raise funds for the purpose of making a profit, so this crime law mainly for monetary management of commercial Banks and commercial Banks which agency market access system, the protection of property rights and interests of investors just came in second sequence object. The purpose of crowdfunding is not for lending to earn interest margin, but for production and operation. In crowdfunding, if there is no fraud or malice subjectively and investors' rights and interests are damaged due to investment failure, they should be regulated by civil and commercial law or administrative law instead of criminal law.

As an emerging way of financing, commercial crowdfunding promotes the rapid development of small and medium-sized enterprises and increases market vitality. But high returns come with high risks. At present, in the development process of the commercial crowdfunding model in China, the practice comes first and the law lags behind. Therefore, aiming at the existing problems in the field of commercial crowdfunding, it is of great practical significance to establish the legal status of commercial crowdfunding and clarify the boundary between commercial crowdfunding and illegal fund-raising crimes, so as to alleviate the financing difficulties of small and medium-sized enterprises and encourage innovation and entrepreneurship.

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