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中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2016年10月第22卷第5期
   
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文章编号:1672-3104(2016)05-0052-08
 
从JOBS法案中的众筹投资限额看投资者保护
 
徐鹏
 
(浙江警察学院侦查系,浙江杭州,310053)
 
摘  要: JOBS法案中的众筹豁免制度允许非获许投资者通过众筹平台参与投资,这一规定减少了联邦证券法对投资者的传统保护措施。为了回应对众筹小额投资者权益保护的疑虑,SEC在JOBS法案中设立了投资上限,力图将投资者损失相对地限定在较小的范围内。但是,JOBS法案中投资限额的衡量标准及其执行机制都不能保证投资者在规定的限额进行投资。JOBS法案中的投资限额规则在本质上是SEC用来维护融资效率和投资者保护之间平衡的工具。中国应借鉴JOBS法案的立法经验,在未来的众筹监管规则中,以居民收支为根据,设置合理的投资限额,在提升资本市场效率的同时保护投资者利益。
 
关键词: JOBS法案;众筹豁免;投资限额
 
 
Analysis of investor protection from the perspective of crowdfunding investment caps of JOBS Act
 
XU Peng
 
(Investigation Department, Zhejiang Police College, Hangzhou 310053, China)
 
Abstract: Unaccredited investors can participate in crowdfunding investment according to JOBS Act, which reduces the traditional protection for investors provided by federal securities laws. In response to the concerns on crowdfunding investors protection, SEC created the investment caps in the JOBS Act, trying to prevent investors from losing money. However, the criteria for measurement and the implementation of investor caps of JOBS Act can not ensure investors from exceeding the investment limit. Investment caps of JOBS Act are essentially used by the SEC to maintain the balance between investor protection and efficient financing. China should draw lessons from legislation experience of JOBS Act, set reasonable investment caps based on the residents balance of payments, and enhance the efficiency in capital markets as well as protect the interests of investors.
 
Key words: JOBS Act; crowdfunding exemption; investment caps
 
 
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