【正文】 nk is responsible for the coordination and should strengthen and unify the supervisions from various aspects to reduce the regulatory costs,improve regulatory efficiency, and avoid regulatory duplication.（五）設(shè)置行業(yè)規(guī)則與底線(xiàn)，引導(dǎo)行業(yè)健康發(fā)展對(duì)眾籌規(guī)則和流程做出明確規(guī)定，界定眾籌融資與P2P 網(wǎng)絡(luò)借貸的區(qū)別，將涉及到貨幣回報(bào)、債權(quán)債務(wù)關(guān)系的網(wǎng)絡(luò)融資統(tǒng)一劃入P2P網(wǎng)貸范圍，防止眾籌融資踩踏非法集資紅線(xiàn)。對(duì)于股權(quán)眾籌，積極制定監(jiān)管規(guī)則，通過(guò)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。(e) set the industry rules and the bottom line, and guide the healthy development of the industryWe should make clear provisions of the rules and procedures of should define the difference between the crowdfunding financing and the P2P network will classify the network financing involving monetary rewards and debtorcreditor relationship into the range of P2P network credit to prevent the crowdfunding financing stampeding the red line of illegal fund should make regulatory rules actively for the equity pattern crowdfunding,and limit the amount of financing, the maximum number of investors,the financing mode and other indicators to define the difference between the issue of securities and crowdfunding,so as to prevent them from being illegal securities we should pay close attention to the operating range of the crowdfunding platform to beware of the selfemployed development of the crowdfunding platform and the illegal absorption of investors’ funds.（六）區(qū)別對(duì)待不同類(lèi)型的眾籌融資風(fēng)險(xiǎn)，合理設(shè)定行業(yè)準(zhǔn)入與投資資質(zhì)針對(duì)股權(quán)眾籌融資風(fēng)險(xiǎn)大、專(zhuān)業(yè)性強(qiáng)等特點(diǎn)，需對(duì)股權(quán)眾籌平臺(tái)和眾籌發(fā)起人資質(zhì)做出嚴(yán)格約束，對(duì)融資上限和風(fēng)險(xiǎn)防范措施做出規(guī)定。根據(jù)專(zhuān)業(yè)能力水平和風(fēng)險(xiǎn)承受能力，將股權(quán)眾籌投資人劃分為合格投資人和普通投資人。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(méi)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。對(duì)于獎(jiǎng)勵(lì)類(lèi)眾籌，由于其金額少、風(fēng)險(xiǎn)小，更多地體現(xiàn)了眾籌平民化的特點(diǎn)，且大部分支持者出于興趣和熱愛(ài)而無(wú)條件支持等因素，可以適當(dāng)降低項(xiàng)目準(zhǔn)入資格和監(jiān)管要求。(e)Differentiate between different types of crowdfunding financing,and set reasonable industry standards of industry access and investing qualifications.For the characteristics of great risk and high level of specialization of the equity pattern crowdfunding,we should make strict constraints for the qualifications of the equity crowdfunding platforms and the sponsors,and set the financing ceiling and the risk prevention should divide the equity crowdfunding investors into qualified investors and ordinary investors according to the level of professional ability and the ability to withstand qualified investors need to reach a certain size of the assets and a certain level of the riskresist is no limitation of the investment ceiling for there is an investment ceiling set for the ordinary investors to prevent their blind investment which beyond their ability to the incentive crowdfunding,because of its small amount, low risk,the characteristic of more reflecting the civilianization feature of crowdfunding, and the factor that the majority of supporters unconditionally support it out of interest and love,We can appropriately reduce the project access qualifications and the regulatory requirements.（七）建立信息披露及風(fēng)險(xiǎn)評(píng)級(jí)制度，保護(hù)投資者利益(f)establish the system of information disclosure and risk rating to protect the interests of investors建立信息披露制度，規(guī)定獎(jiǎng)勵(lì)類(lèi)平臺(tái)必須按一定格式披露產(chǎn)品信息，對(duì)產(chǎn)品質(zhì)量、發(fā)貨期限、資金投向做出承諾，及時(shí)更新產(chǎn)品生產(chǎn)進(jìn)度、資金使用狀況、物流變動(dòng)信息，并結(jié)合生產(chǎn)實(shí)際對(duì)消費(fèi)者做出風(fēng)險(xiǎn)提示。股權(quán)類(lèi)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。兩類(lèi)眾籌平臺(tái)自身需要定期披露經(jīng)審計(jì)的財(cái)務(wù)報(bào)告，明確說(shuō)明投資者風(fēng)險(xiǎn)、業(yè)務(wù)流程、各參與機(jī)構(gòu)的關(guān)聯(lián)關(guān)系等，以增加行業(yè)透明度，保護(hù)投資者利益。同時(shí)建立或加入互聯(lián)網(wǎng)平臺(tái)風(fēng)險(xiǎn)評(píng)級(jí)制度，由專(zhuān)門(mén)評(píng)級(jí)機(jī)構(gòu)對(duì)眾籌平臺(tái)進(jìn)行評(píng)級(jí)， 定期向社會(huì)和投資者公布評(píng)級(jí)結(jié)果，發(fā)布風(fēng)險(xiǎn)警示，以保護(hù)投資者切身利益。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。s financial statements types of crowdfunding platform need to disclose their own audited financial reports regularly,and to clearly explain the risk of investors,the business processes, the relationship between the various participating agencies, to increase the transparency of the industry and protect the interests of investors.At the same time,they should establish or join the Internet platform risk rating system,which will rate the crowdfunding platforms through the specialized rating agencies and publish the rating results to the public and investors regularly to issue risk warning in order to protect the vital interests of investors.結(jié)語(yǔ)從國(guó)外經(jīng)驗(yàn)來(lái)看，由于存在著發(fā)達(dá)的創(chuàng)意產(chǎn)業(yè)、法律規(guī)范的有效保護(hù)、較強(qiáng)的個(gè)性化消費(fèi)需求和完善的信用體系等諸多有利因素，眾籌融資模式被廣泛接受并得到了很好的發(fā)展。從我國(guó)現(xiàn)狀來(lái)看，由于缺乏對(duì)眾籌這一新興行業(yè)的法律規(guī)制、創(chuàng)新能力不足、誠(chéng)信體系尚未建立等原因，眾籌融資模式仍需要較長(zhǎng)時(shí)間的運(yùn)營(yíng)來(lái)構(gòu)建商業(yè)氛圍。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(guó)實(shí)體經(jīng)濟(jì)的發(fā)展注入積極的因素。The conclusionFrom the point of view of foreign experience, because of the existence of the developed creative industry,the effective protection from the legal norms,the strong personalized consumption demand,the perfect credit system and so many other favorable factors, the crowdfunding financing mode is widely accepted and has a very good the point of view of the present situation in our country, due to the lack of the legal regulation to this emerging industry crowdfunding,the lack of innovation ability,and the lack of the establishment of the credit system, the crowdfunding financing mode still need a longer time of operation to build mercial looking for the identity of the values is a rigid demand, the crowdfunding financing mode must be generally recognized by the industry and break out the immense energy, so as to inject the positive factors into the development of China39。s real economy.31 / 31