| 摘要: | 群眾募資經歷318學運集資廣告活動上線即於30分鐘內募資達新台幣150萬元，得以買下隔日「蘋果日報頭版半版廣告」；上線後3小時內即募資達新台幣633萬元，得以買下紐約時報國際版全版廣告。其不僅讓臺灣民眾看見人民意識的凝聚，亦使人期待這股群眾募資的活泉將對我國經濟於可見之未來注入新的動能。
在群眾募資各型態中，股權式群眾募資為相對現代化之類型。我國股權式群眾募資制度設計乃係參考美國JOBS法案，現區分為創櫃板及民間股權性質群眾募資平台，分別為 財團法人中華民國證券櫃檯買賣中心創櫃板管理辦法及財團法人中華民國證券櫃檯買賣中心證券商經營股權性質群眾募資管理辦法所規範。然於法規之制定及具體規範之適用似乎存有未盡細緻、缺乏彈性、欠缺法源依據、規定矛盾之疑慮；就股權式群眾募資實務面制度之運作及業務推動亦有乏人問津而欠缺成效之遺憾。本文嘗試追本溯源美國JOBS法案及JOBS法案授權美國證券管理委員會制定之群眾募資規範，就其與我國股權式群眾募資相關規定之差異進行比較分析；並就同處亞洲而具極高群眾募資市場潛力之中國法律制度及現況作檢視，探討其領投跟投模式活化我國股權式群眾募資之可能。末就政策上建議得透過區塊鏈技術有效節省成本、增進募資效率、提升募資過程及金流透明度、改善資訊不對稱以維投資人保護、降低投資人風險，真正實現群眾募資「小額、公開、大眾」之普惠金融理念。
By seeing the achievement of Cowdfunding of raising funds to NTD 1.5 million within 30 minutes after the fund-raising advertising campaign was launched to buy ads of half of the front page of Apple Daily of the very next day, and raising funds to NTD 6.33 million within 3 hours after launched to buy ads of full page of New York Times World during the Sun Flower Student Movement, not only enables the Taiwan people to see the cohesion of people's awareness, but also makes people looking forward to the new momentum injected into the future of our economy by it.
Upon all the types of Crowdfunding, the Equity Crowdfunding is relatively modern. The design of our equity crowdfunding system was based on the JOBS Act of the United States. It is now divided into the Go Incubation Board for Startup and Acceleration Firms, and the securities broker conducting equity crowdfunding business, both are regulated by the regulations issued by Taipei Exchange. However, the laws and the application of specific norms seem to have some contradictory problems such as lacking of meticulosity, flexibility, legal basis. There is also a regret of the lackness of effectiveness and the going begging of the operation and business promotion of equity funding.
We herein attempt to trace back to the origins of the JOBS Act of the United States and the authorized regulations and try to analysis the differences between those mentioned above and ours, and also review the system of China, which is also Asia located and has a great potention of Crowdfunding development, so as to discuss about the possibility of activating the equity funding of our country through its investment model of traction investment system.
Finally, we suggest to adopt the blockchain technology to Crowdfunding system. We are at the view that through the blockchain technology, Crowdfunding can save costs, improve efficiency, enhance the process and transparency of flow, improve the information asymmetry in order to protect investors and reduce their risks, so as to truly accomplish the philosophy of “small amount and public” of the universal financial in Crowdfunding. |
