我國農企群眾募資機制之發展與檢討

Development and Review on Mechanism of Equity Crowd-Funding for Agribusiness

張世潔(Frank S. Chang) ； 王淑美(Shu-Mei Wang)

《農林學報》 66卷3,4期 (2018/12) Pp. 141-152

https://doi.org/10.30089/JAF.201812_66(3_4).0002

摘要

全球群眾募資風潮不僅已席捲全球各地，且預計其規模將愈來愈強大，制度發展也將愈來愈成熟健全，將有助於促進全球創意產業與農業經濟發展。台灣於2015年4月參酌國外相關群眾募資經驗，建置股權群眾募資平台之籌資管道，以鼓勵青年開創新事業，並希望結合民間能量協助新創事業發展，活絡產業發展並促進總體經濟，搭配既有之上櫃、興櫃市場形成多層次市場，以滿足不同規模企業的籌資需求，解決其創業初期資金籌措的困擾。台灣對於股權性質群眾募資之規範，排除現行證券交易法部分規定之適用，大體上已採取低度性監管。然而，仍有些法律爭議問題尚待釐清與改善。數位時代變化迅速，主管機關應能了解市場脈動，隨時檢討法令，才能讓創意種子在日趨蓬勃及健全的群眾募資環境中開花結果。本文探討互聯網金融的特性，進行金融監理規範之法律經濟分析，導引出股權性質群眾募資應採取輕觸式管制，讓金融創新能有發展的生機。據此參酌英、美立法例，檢討幾項群眾募資管理辦法之法律爭議問題清，而這這些問題正是我國股權群眾募資無法做大的因素，故對包括放寬高淨值自然人投資金額不受限制、開放外國公司得於我國群眾募資及開放募集具股權性質之可轉換公司債等，提出立法建議。

關鍵字

互聯網金融 ； 股權性質群眾募資 ； 集體行動的困境 ； 監理沙盒 ； 負責任的創新 ； 輕觸式管制 ； 新創企業快速啟動法

並列摘要

The wave of crowd-funding has not only swept the globe, but it is expected that the scale will come to be larger, and the mechanism will become mature and will help stimulate the expansion of the global creative economy industry and agricultural economics. In April 2015, Taiwan has opened the channel of equity crowd-funding by learning foreign fundraising experience to encourage young people to start up new business, and hope to combine resource of private sector to assist the growth of new business and develop the overall economy. With the existing emerging stock market and Taipei Exchange, equity crowd-funding has formed a multi-layer capital market to meet the financial needs of enterprises in different sizes for solving their finding initial capital problems. To some degree, Taiwan's regulation on equity crowd-funding has excluded the application to the existing provisions of the Securities Exchange Act, and it takes low degree of supervision. However, there are still some legal issues that need to be clarified and resolved. In the fast-paced digital era, the competent authority should be able to understand the pulse of the market, at any time to review the related regulation, in order to make creative seeds in the increasingly vigorous and sound crowd-funding environment. This article discusses the characteristics of internet finance, does the economic analysis of law on financial supervision and find equity crowd-funding fund raising should be regulated in light-touch. Then financial innovation can keep surviving. Therefore, this article refers to regulations of the United Kingdom and the United States and reviews a number of Taiwan's legal issues. These issues are the obstacles to develop business of equity crowd-funding. Finally this article makes suggestions from legal aspects for further regulation revision as well, including unrestricted investment in the relaxation of high-net-worth individuals, opening up foreigners to raise funds by crowd-funding, and opening up issuing convertible bonds, etc.

並列關鍵字

Internet Finance ； Equity Crowd-funding ； Collective Action Dilemmas ； Regulatory Sandbox ； Responsible Innovation ； Light-touch Regulation ； JOBS Act