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논문 기본 정보

자료유형
학술저널
저자정보
손영화 (인하대학교)
저널정보
한국증권법학회 증권법연구 증권법 연구 제19권 제3호 (통권 제46호)
발행연도
2018.12
수록면
141 - 191 (51page)

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초록· 키워드

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Crowdfunding is a mechanism whereby business entities and project execution entities receive funds from the unspecified public(crowd) via the Internet, and they are donated, supported, purchase of goods and services, investment financing and so on. Such crowdfunding grows further due to the development of information and communication technology and the activation of SNS(Social Network Service) in the offline financial market.
Regarding securities type crowdfunding, it is considered necessary to strengthen the obligation of online small retail investment brokerage under current FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT(Capital Market Act) and to activate investment. Securities that can be recruited through securities type crowdfunding are equity securities, debt securities, investment contract securities. Through securities type crowdfunding, companies can benefit from being able to attract diverse crowd capital as well as traditional financial institutions. Angel investment can be activated. In order to develop such securities type crowdfundings, improvement of market reliability, harmonization of investment responsibility, and sustained revitalization of capital market are key to the success of the system.
It is necessary to relax investment advertisement regulations that do not match the reality of online transactions. It is necessary to relax investment advertisement regulation and resolve restriction on project information provision. In addition, after funding of a company raising funds through crowdfunding, it is necessary to allow online small retail investment brokerage for post-management consultation to issuing companies for growth management.
It is necessary to raise the success rate of crowdfunding and revise the issuance limit and the investment limit upwards in order to revitalize investment. Considering the case of the JOBS Act of the United States, in the case of a qualified investor, it is considered that the investment limit of 20 million won annually for each of the same companies in the cloud funding can be raised.
Companies that are difficult to raise funds are not limited to unlisted small and medium enterprises and venture companies. In addition, there are small and medium-sized enterprises whose funds are not sufficient even when the company"s business career is old. Therefore, it is desirable to expand the scope of issuers of crowdfunding from venture companies to small and medium enterprises.
In order to block offenses by securities type crowdfunding, it is necessary to prevent funds recruitment by major shareholders or by executives with criminal backgrounds. In addition, from the recent case of attempting to capitalize by crowdfunding in the state of excess debt, measures must be established to ensure the credibility of the financial statements of the issuers of crowdfunding. Considering the reality that financial fraud intermediaries sell as crowdfunding in various portals, proper monitering on crowdfunding will be made so that investment risk of investors participating in crowdfunding can be minimized.

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【초록】
Ⅰ. 서론
Ⅱ. 자본시장법상의 증권형 크라우드펀딩 제도
Ⅲ. 주요 국가의 증권형 크라우드펀딩 제도 비교·소개
Ⅳ. 증권형 크라우드펀딩 제도의 개선방안
Ⅴ. 결론
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ABSTRACT

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