【正文】 股權(quán)類平臺(tái)需披露項(xiàng)目的融資范圍、投資風(fēng)險(xiǎn)、投資人資質(zhì)要求，定期公布項(xiàng)目融資總額、股東變動(dòng)狀況以及公司財(cái)務(wù)報(bào)表。在眾籌風(fēng)險(xiǎn)控制中，做好載體的風(fēng)險(xiǎn)控制工作非常重要，主要包括：完善相關(guān)的法律、政策，控制信息傳播，增強(qiáng)技術(shù)能力，保護(hù)網(wǎng)絡(luò)安全，控制資金使用，加強(qiáng)相關(guān)人員素質(zhì)教育，謹(jǐn)慎運(yùn)作等，尤其要注意防止風(fēng)險(xiǎn)的滋生與耦合作用的產(chǎn)生。而融資人的股權(quán)結(jié)構(gòu)的變動(dòng)會(huì)帶來一定的風(fēng)險(xiǎn)性，因?yàn)楣蓹?quán)糾紛容易導(dǎo)致投資人面臨無法收回投資和獲益的風(fēng)險(xiǎn)；還有就是制度風(fēng)險(xiǎn)包括眾籌平臺(tái)的制度和融資人的內(nèi)部管理制度的漏洞所帶來的風(fēng)險(xiǎn)。這讓一些處于初創(chuàng)期的創(chuàng)意性項(xiàng)目得到較少的融資機(jī)會(huì)，不利于我國自主創(chuàng)新的發(fā)展，尤其是在科技領(lǐng)域的創(chuàng)新。另外，由于我國法律的限制，每個(gè)項(xiàng)目的投資人參與人數(shù)也很少，這樣一來再兼顧風(fēng)險(xiǎn)考慮，每個(gè)項(xiàng)目的籌資額度也不會(huì)很大，所以現(xiàn)在的眾籌平臺(tái)對(duì)高科技的研發(fā)項(xiàng)目還不是很適用。我國引入眾籌投融資概念的時(shí)不長(zhǎng)，至今只有幾年，2011年7月，“點(diǎn)名時(shí)間”的上線成為我國第一個(gè)眾籌模式的融資平臺(tái)，后來又出現(xiàn)了諸如創(chuàng)投圈、大家投、眾籌網(wǎng)、天使匯等融資平臺(tái)，并且成功為一些創(chuàng)意項(xiàng)目籌得了資金。眾籌融資起源于美國，Artist Share公司作為眾籌的先鋒平臺(tái)于2001 年在美國成立。Fifth, from the scale of financing point of view, the domestic crowdfunding platform exceeded 100 in to the monitoring data of the China Electronic Commerce Research Center ,in the first half of 2014, there are 1423 crowdfunding financing events occurred in the crowdfunding industry of China, which raised a total amount of billion yuan which includes billion yuan from the equity pattern there had been 344 crowdfunding platform in the United States at the end of were nearly 5600 crowdfunding financing events in the American actual fundraising amount reached $ million , which reach at the success rate of crowdfunding of %.根據(jù)官方數(shù)據(jù)，美國眾籌平臺(tái) Kickstarter2013 年有 300 萬用戶為其接近 2萬個(gè)項(xiàng)目共籌資 億美元，截至 2014 年 3 月，通過該平臺(tái)實(shí)現(xiàn)的額資已超過 10 億美元。上述規(guī)定，無疑給眾籌投融資在推廣方面、籌資回報(bào)方面、投資人選方面設(shè)定了限制，讓更能激勵(lì)投資者的股權(quán)不能作為眾籌的砝碼。The risk of social circumstance mainly refers to the risk of wringing from the mass the scandals or failure cases of the crowdfunding investment and financing occurred, the media often hypes up them so that the crowdfunding investment and financing left a bad impression to the public, let more potential investors dare not set foot in all the chips in the risk of credit circumstance means that the national quality needs to be improved, and the national credit system needs to be the circumstance in which credit is not high, investors and financiers tend to do fraud,which raises the risk of risk of economic circumstance mainly refers to the risk of the slowdown of macroeconomic,that is to say, the economic downturn brings a greater uncertainty to the development of crowdfunding.從治理層面來看，眾籌投融資面臨的風(fēng)險(xiǎn)源主要包括眾籌平臺(tái)的治理和融資人的治理。只有管控住行為緊跟時(shí)代的步伐，才能控制好風(fēng)險(xiǎn)源不致造出更多的風(fēng)險(xiǎn)。合格投資人需達(dá)到一定的資產(chǎn)規(guī)模和風(fēng)險(xiǎn)承受能力，對(duì)其沒有投資上限的限制；對(duì)普通投資者設(shè)置投資額度上限，防止盲目投資，超出其承受能力。We should establish the system of information disclosure,which provides that the incentive crowdfunding platform would have to disclose the information of the products according to a certain format to make a promise on the product quality, the delivery period,and the using of capital,to timely update the progress of production, the situation of the use of funds ,the information of logistics changes, and to make risk warning to consumers bining with the production equity crowdfunding platforms need to disclose the financing scope of the project, the investment risks,and the qualification requirements of investor, and need to publish the total amount of the financing of the project,the changes in the status of the shareholders and the pany39。另外，風(fēng)險(xiǎn)共擔(dān)也可以增強(qiáng)受體的抗風(fēng)險(xiǎn)能力，將風(fēng)險(xiǎn)按收益比例分散到融資人、平臺(tái)和投資人之間，減輕個(gè)體承受風(fēng)險(xiǎn)的強(qiáng)度，增強(qiáng)受體的抵抗能力。應(yīng)在嚴(yán)格投資者準(zhǔn)入條件的同時(shí)放開投資者數(shù)量限制，這樣有利于風(fēng)險(xiǎn)的分散。我國雖然人口眾多，但是參與眾籌投資的人還很少，一方面是由于眾籌平臺(tái)的限制，另一方面是由于我國普通大眾比較保守，還不能夠接受這種新興的融資舶來品，對(duì)其風(fēng)險(xiǎn)性還不太了解，要使我國投資者接受還需要一個(gè)過程。s crowdfunding industry眾籌投融資模式為我國創(chuàng)意項(xiàng)目的發(fā)展和青年創(chuàng)業(yè)、中小企業(yè)融資帶來了福音。The IntroductionCrowdfunding is a way in which fundraiser attracts many ordinary investors by a project through the Internet platform in order to raise the funds forms of crowdfunding can be divided into 4 kinds of patterns:donation pattern, return pattern, debt pattern, equity pattern.crowdfunding financing originated in the United Share pany was established in 2001 in the United states as a pioneer of crowdfunding April 2009, Kickstarter established and developed into the world39。 crowdfunding financing。Fourth,from the perspective of the purposes of financiers,the American financiers often use new ideas and new projects to build a platform for raising the initial the financiers of our country often use some more mature projects to build platform to carry out propaganda and financing,which lost the original intention of crowdfunding to support the creative projects.第五，從融資規(guī)模來看，國內(nèi)眾籌平臺(tái) 2014 年突破100 家，據(jù)中國電子商務(wù)研究中心（）監(jiān)測(cè)數(shù)據(jù)顯示，2014 年上半年中國眾籌行業(yè)發(fā)生融資事件1423起，募集總金額 億元，其中有 億元來自股權(quán)眾籌。to propagandize openly to the public through media, promotion, leaflets,text messages of mobile phone and other means。信用環(huán)境風(fēng)險(xiǎn)是指國民素質(zhì)有待提高、國民信用體系有待完善。更加線上化是指充分利用互聯(lián)網(wǎng)平臺(tái)進(jìn)行投融資的交易，減少線下活動(dòng)，使互聯(lián)網(wǎng)更加方便快捷地服務(wù)于眾籌。對(duì)于股權(quán)眾籌，積極制定監(jiān)管規(guī)則，通過限定融資上限、最高投資人數(shù)、融資方式等指標(biāo)，界定其與證券發(fā)行的區(qū)別，防止其變成非法證券活動(dòng)，并密切關(guān)注眾籌平臺(tái)的經(jīng)營(yíng)范圍，謹(jǐn)防平臺(tái)向“自營(yíng)”方向發(fā)展，非法吸收投資者資金。但尋找價(jià)值觀的認(rèn)同是一種剛性需求，眾籌融資模式一定會(huì)得到業(yè)界的普遍認(rèn)同并爆發(fā)出巨大引力和能量，從而為中國實(shí)體經(jīng)濟(jì)的發(fā)展注入積極的因素。在涉及跨行業(yè)跨部門的監(jiān)管時(shí)，由人民銀行負(fù)責(zé)協(xié)調(diào)統(tǒng)一，從多角度加強(qiáng)和統(tǒng)一監(jiān)管，降低監(jiān)管成本，提高監(jiān)管效率，避免出現(xiàn)監(jiān)管重復(fù)。The healthy development of the crowdfunding investment and financing of China needs to overe the obstacles and risks of all, it should be supported and bound by laws and regulations to ensure that the crowdfunding investment and financing is on the right direction of should strictly restrict the access conditions of investors, at the same time release the limit of the number of investors,which is conducive to the spread of , We should establish industry associations of the crowdfunding platform to do the selfregulation of the industry,to develop the rules and regulations of the industry,to regulate the project audit strictly, to ensure the quality of the project, and to raise the should strictly regulate the project audit, to ensure the quality of the project, raise public financing credit of the crowdfunding investment and , we should strengthen the investment to education,which will make more financial investors understanding the meaning of the crowdfunding investment and financing and the risks of project so as to enhance the awareness of risk prevention of investors.在上述基礎(chǔ)上，我國眾籌投融資還應(yīng)向著專業(yè)化，更加線上化方向發(fā)展。法律環(huán)境風(fēng)險(xiǎn)主要涉及合同設(shè)計(jì)是否合法合規(guī)合理、