戴自力

[摘 要] 小微企业融资难是困扰世界各国的难题。多年来，我国从中央到地方各级政府频频出台一系列金融扶持政策，却未能从根本上破解小微企业融资困局。近年来刚兴起的股权众筹，以其互联网信息传播的优势，成为破解小微企业融资难题的一种新型利器。然而，股权众筹在我国现行法律架构下，游走在罪与非罪边缘，运作模式存在着诸多风险。为此，本文针对股权众筹视角下破解小微企业融资难题的对策问题进行探研。

[关键词] 股权众筹；小微企业；融资难

[中图分类号] F276.3 [文献标识码] A [文章编号] 1671-0037（2017）3-46-4

Measures to Solve the Financing Difficulities of Small and Micro Enterprises from the Perspective of Equity-based Crowdfunding

Dai Zili

（ Henan University of Finance and Economics， Zhengzhou Henan 451464 ）

Abstract： The financing difficulties of small and micro enterprises perplex the countries all over the world. Over the years， China's central and local governments at all levels have issued a series of financial supporting policies frequently， but failed to crack the financing difficulties of small and micro enterprises fundamentally. Equity-based crowdfunding， rising in recent years with the advantages of Internet information dissemination， has become a new tool to solve the financing difficulties of small and micro enterprises. However， the legality of equity-based crowdfunding is blurry in current legal framework of our country， so crowdfunding walks on the edge of crime and non-crime， and the mode of operation faces risks inherently. Considering all the above， this paper focuses on studying measures to solve the financing difficulties of small and micro enterprises.

Key words： equity-based crowdfunding； small and micro enterprises； financing difficulties

1 引言

隨着我国步入经济下行的“新常态”，占全国企业总数比重高达75%以上，并为我国GDP产值贡献了近2/3力量的小微企业所面临的融资难题愈发突出[1]。大多数小微企业由于达不到传统融资渠道的相应条件，在银行信贷中申请不到贷款，在资本市场挂牌融资则更不可能成功。多年来的实践表明，小微企业所面临的融资瓶颈，在传统金融体系内无法从根本上得以有效破解。不久前轰动全国的山东聊城辱母杀人案，从一个侧面折射出当前我国小微企业融资困境之严重。因此，如何有效破解小微企业融资困局，成为“新常态”下我国经济发展的一项紧迫性课题。

近年来刚兴起的股权众筹，以其互联网信息传播的特点，摆脱了传统融资过程中金融机构的束缚，通过互联网强大的社交功能以及传播融资项目信息的便利性，为融资者与投资者提供直接、高效而又低成本的投融资双方交流互动。……