摘要
近年來，群眾募資(crowdfunding)於臺灣逐漸興盛，其利害關係人(stakeholders)即參與者包括籌資人、投資人、募資平台與政府。而股權模式群眾募資(equity crowdfunding)於臺灣仍未出現，其原因在於股權模式群眾募資與臺灣現行相關法律規範目前似仍有所扞格。事實上，股權模式群眾募資似可做為新創公司(startups)於種子期之重要資金來源；不過，對比起美國於2012年制定了企業籌資法(The Jumpstart Our Business Startups Act, “the JOBS Act”)開放股權模式群眾募資，我國目前仍尚未允許民間平台業者進行之。觀察美國之企業籌資法，該法除開放股權模式群眾募資外，亦鬆綁及調整了美國過去諸多證券法規。細究該法之立法目的，可知美國過去證券法規立法目的雖擺盪於資本形成與投資人保護間，但企業籌資法將首要立法目的設為促進新創公司之資本形成；並且，企業籌資法體現了自由家父主義(libertarian paternalism)之理念，以引導及簡化做為主要之兩大管制手段。回歸至臺灣之現有情狀，我國即使未開放民間平台業者進行股權模式群眾募資，但獨有由證券櫃檯買賣中心（下稱「櫃買中心」）所主導之創櫃板；其雖類似於美國之狹義股權模式群眾募資，但似首重投資人保護。無論如何，若循美國企業籌資法之制定為我國相關法規的借鏡，並對股權模式群眾募資各利害關係人進行深度訪談(in-depth interview)以探討實務運作，可歸結出臺灣若欲使現實世界法制接軌上虛擬世界實務，政府應秉持新的管制思維並著重管制謙抑性(regulatory humility)。易言之，無論臺灣現有之創櫃板，或未來可能開放民間平台進行之股權模式群眾募資，相關法律規定皆應於不失投資人保護下，以促進新創公司之資本形成為主要立法目的。
並列摘要
Recently, crowdfunding has caused a revolution in startups’ financing in Taiwan. Nevertheless, equity crowdfunding is highly regulated by Taiwan’s securities laws, so it seems that running a project of equity crowdfunding on a funding portal is prohibited now in Taiwan. In fact, through equity crowdfunding, startups, who traditionally have difficulty obtaining capital, could format capital on early-stage. The Jobs Act, enacted in 2012, focused primarily promoting capital formation and provided exemptions for companies to raise capital through equity crowdfunding. To consider the background of the Jobs Act, the articles in the Jobs Act seems reflect the idea of libertarian paternalism and keep the rules governing equity crowdfunding simple to nudge people. However, in Taiwan, there is “Go Incubation Board for Startup and Acceleration, GISA” which is similar to the equity crowdfunding but managed and leaded by GreTai Securities Market, a quasi-government organization. Furthermore, the rules regarding GISA were primarily designed to provide investor protection but not to promote capital formation. There is no doubt that rules cannot be implemented without a consideration of investor protection, but to balance these two goals is needed. This article is based on the experience of the Jobs Act, and takes the viewpoint of the stakeholders of equity crowdfunding into account to rethink the laws regarding equity crowdfunding and GISA in Taiwan. In the view of regulatory humility, laws regarding equity crowdfunding and GISA should nudge people and promote capital formation but would not unduly compromise investor protection.
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