《私募股权众筹融资管理办法(试行)》征求意见稿(下称“意见稿”)的发布使我国股权众筹终于迈上了规范化、合法化发展的道路。然而意见稿将股权众筹定义为一种融资行为,借鉴《私募投资基金监督管理暂行办法》将股权众筹类比私募股权投资进行监管,忽略掉众筹本身小额、分散的互联网特点。“私”募与“众”筹具有天然的逻辑上的矛盾与冲突,将两者强行组合不仅存在违反证券法与公司法相关规定的法律障碍,也与两者各自运行的规律相违背。将“私募股权线上融资”及“股权众筹”融合在一起进行规制使得意见稿定位模糊,与股权众筹普惠金融以及大众创业、万众创新的互联网精神相违背。 The release of the Opinion Draft (Trial Version) of Private Equity Crowdfunding (Trial Version) has finally given way to the standardization and legalization of China’s crowdfunding. However, the draft opinion defines the crowdfunding as a kind of financing and refers to the “Provisional Measures for the Supervision and Administration of Private Equity Funds” to supervise the equity crowdfunding as compared with the private equity investment and ignores the small and scattered internet characteristics of the crowdfunding itself. “Private ” raised There are natural logic conflicts and conflicts, the combination of the two forcibly not only violates the Securities Law and Company Law, the relevant legal barriers, but also the law of operation of both Contrary. The integration of “private equity online financing” and “equity crowdfunding” to make regulation obscure the positioning of the draft opinions conflicts with the equity-based crowdfunding finance as well as the mass entrepreneurship and the mass innovation of the Internet.