ï»?!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> 互联¾|‘股权融资åã^台存五大ä¹Þp±¡ - 甘肃证券期货业协会网ç«?/title> <meta content="彩票双色球走势图,浙江风采双色球走势图,双色球走势最近得奖分布" name="Keywords" /> <meta content="Welcome双色球走势分析法五步,双色球走势图新浪爱彩ÐÂÎÅ,星二双色球走势图,双色球app可靠吗Èȵã×ÊѶ,福彩双色球开奖结果查询,福利彩票双色球走势图,Ïà¹ØͼƬ双色球开奖结杲,双色球走势图五百,双色球走势近表,双色球走势基本走势图" name="Description"/> <link href="/Skin/B2C/static/sfag/css/layout.css" rel="stylesheet"> <script type="text/javascript" src="/js/Common.js"></script> <script type="text/javascript" src="/Skin/B2C/static/js/jquery.min.js"></script> <script type="text/javascript" src="/Skin/B2C/static/js/jqury.js"></script> <link href="/Skin/B2C/static/sfag/css/nry.css" rel="stylesheet"> <meta http-equiv="Cache-Control" content="no-transform" /> <meta http-equiv="Cache-Control" content="no-siteapp" /> </head> <body> <div class="warp"> <div class="top_nav"> <div class="left fl"> <nav class="m-crumb"> <ul class="f-cb"> <li><a href="/sfag/" target="_blank">甘肃证券期货业协ä¼?/a></li> <li><a href="/lcag/" target="_blank">甘肃省上市公司协ä¼?/a></li> </ul> </nav> </div> <div class="right fr"> <nav class="m-crumb fr"> <ul class="f-cb"> <li><a href="/sfag/" target="_blank">联系我们</a></li> <li><a href="/lcag/" target="_blank">¾|‘站地图</a></li> </ul> </nav> </div> </div> </div> <div class="layoutbg"> <div class="layout"> <div class="header"> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=7,0,19,0" width="998" height="160"> <param name="movie" value="/Skin/B2C/static/images/top_logo.swf" /> <param name="quality" value="high" /> <embed src="/Skin/B2C/static/images/top_logo.swf" quality="high" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="998" height="160"></embed> </object> </div> <!--å¯ÆDˆªæ¡å¼€å§?-> <div class="nav_container"> <ul class="menu"> <li class="char_gscm_x"><a href="/sfag/"><span>协会首页</span></a></li> <li class="sub"><a href="/sfag/about/"><span>协会概况</span></a> <table> <tr> <td> <ul> <li class="sub"><a href="/sfag/about/">协会½Ž€ä»?/a></li> <li class="sub"><a href="/sfag/about/Organization.html">¾l„织机构</a></li> <li class="sub"><a href="/sfag/about/regulations/">规章制度 <table style="width:80px;left:10px;"> <tr> <td> <ul class="right"> <li><a href="/sfag/about/regulations/Association/">协会章程</a></li> <li><a href="/sfag/about/regulations/measures/">会员½Ž¡ç†åŠžæ³•</a></li> <li><a href="/sfag/about/regulations/Convention/">会员公约</a></li> </ul> </td> </tr> </table> </a></li> </ul> </td> </tr> </table> </a></li> <li class="sub"><a href="/sfag/prompt/"><span>通知公告</span></a></li> <li class="sub"><a href="/sfag/news/"><span>协会动æ€?/span></a></li> <li class="sub"><a href="/sfag/Public/"><span>信息公示</span></a> <table> <tr> <td> <ul> <li class="sub big_sub"><a href="javascript:void(0)">合法证券期货¾lè¥æœºæž„公示 <table style="width:80px;left:10px;"> <tr> <td> <ul class="right big_left"> <li style="margin-left: 50px;"><a href="/sfag/Public/Legal/institution_list/">机构名单列表</a></li> <li style="margin-left: 50px;"><a href="/sfag/Public/Legal/map/">电子地图分布</a></li> </ul> </td> </tr> </table> </a></li> <li class="sub big_sub"><a href="/sfag/Public/link/">证券期货公司¾|‘站链接</a></li> <li class="sub big_sub"><a href="/sfag/Public/prevent/">非法仿冒机构黑名å?/a></li> </ul> </td> </tr> </table> </a></li> <li class="sub"><a href="/sfag/Member/"><span>协会会员</span></a> <table> <tr> <td> <ul> <li class="sub"><a href="/sfag/Member/Distribution/">会员分布</a></li> <li class="sub"><a href="/sfag/Member/report/">会员报道</a></li> <li class="sub"><a href="/sfag/Member/mer_style/">会员风采</a></li> <li class="sub"><a href="/sfag/Member/discipline/">诚信自律</a></li> <li class="sub"><a href="/sfag/Member/whq/">文化å¢?/a></li> <table style="width:80px;left:10px;"> <tr> <td> <ul class="right"> <li><a href="/sfag/Member/discipline/Honor/">荣誉æ¦?/a></li> <li><a href="/sfag/Member/discipline/public/">诚信信息公示</a></li> </ul> </td> </tr> </table> </a></li> </ul> </td> </tr> </table> </a></li> <li class="sub"><a href="/sfag/Industry/"><span>行业信息</span></a> <table> <tr> <td> <ul> <li class="sub"><a href="/sfag/Industry/news/">行业新闻 <table style="width:80px;left:10px;"> <tr> <td> <ul class="right"> <li><a href="/sfag/Industry/news/stock/">证券</a></li> <li><a href="/sfag/Industry/news/future/">期货</a></li> <li><a href="/sfag/Industry/news/fund/">基金</a></li> </ul> </td> </tr> </table> </a></li> <li class="sub"><a href="/sfag/Industry/data/">行业数据</a></li> <li class="sub"><a href="/sfag/Industry/link/">相关链接</a></li> </ul> </td> </tr> </table> </a></li> <li class="sub char_gscm_x"><a href="/sfag/Policy/"><span>政策法规</span></a> <table> <tr> <td> <ul> <li class="sub"><a href="/sfag/Policy/law/">法律</a></li> <li class="sub"><a href="/sfag/Policy/regulations/">行政法规</a></li> <li class="sub"><a href="/sfag/Policy/rules/">部门规章</a></li> <li class="sub"><a href="/sfag/Policy/discipline/">自律规则</a></li> </ul> </td> </tr> </table> </a></li> <li class="sub char_gscm_x"><a href="/sfag/Investor/"><span>投资者园åœ?/span></a> <table> <tr> <td> <ul> <li class="sub"><a href="/sfag/Investor/knowledge/">投资知识</a></li> <li class="sub"><a href="/sfag/Investor/Protection/">投资者保æŠ?/a></li> <li class="sub"><a href="/sfag/Investor/Prompt/">投教专题</a></li> <li class="sub"><a href="/sfag/Investor/Complaint/">举报投诉</a></li> </ul> </td> </tr> </table> </a></li> <li class="sub char_gscm_x"><a href="/sfag/Education/"><span>教育培训</span></a> <table> <tr> <td> <ul> <li class="sub"><a href="/sfag/Education/examination/">考试信息</a></li> <li class="sub"><a href="/sfag/Education/cultivate/">培训信息</a></li> </ul> </td> </tr> </table> </a></li> <li class="char_gscm_x"><a href="/sfag/Mediation/"><span>¾U çº·è°ƒè§£</span></a></li> <li class="char_gscm_last"><a href="/sfag/Report/"><span>å»ø™®®ç•™è¨€</span></a></li> </div> <!--å¯ÆDˆªæ¡ç»“æ?-> <!--ä¸ÖM½“中部开å§?-> <div class="contant_model"> <div class="contant_c contant_c_clear"> <h2 class="title contant_blue">互联¾|‘股权融资åã^台存五大ä¹Þp±¡</h2> <div class="contArticle"> <span>作者:佚名</span> <span>来源åQšæœ¬ç«™æ•´ç?/span> <span>发布旉™—´åQ?016òq?5æœ?4æ—?/span> <span>点击敎ͼš <script language="JavaScript" type="text/JavaScript" src="/Common/GetHits.aspx?id=6466"></script> </span> <span>ã€?a href="/User/Content/Favorite.aspx?Action=add&Id=6466">收藏</a>ã€?/span> <span>ã€?a href="/Print.aspx?id=6466">打印文章</a>ã€?/span> </span> <span><span id="content_AdminEdit"></span> <script type="text/javascript"> function CheckAdminStatus(id) { var x=new AjaxRequest('XML',''); x.para = ['itemId='+id]; x.post('admineditcheck','/ajax.aspx',function(s) { var xml = x.createXmlDom(s); var status = xml.getElementsByTagName("status")[0].firstChild.data; if(status=='OK') { var managedir = "/Common/GetContentEdit.aspx?itemId=6466" ; document.getElementById("content_AdminEdit").innerHTML = "ã€?a href='" + managedir + "' target='_blank'>˜q›å…¥åŽå°¾~–辑</a>ã€?; } }); } CheckAdminStatus(6466); </script></span> <span> <span id="content_signin"></span><span id="content_SigninAjaxStatus"></span> <script type="text/javascript"> function GetContentSigninStatus(id) { var x = new AjaxRequest('XML','content_SigninAjaxStatus'); x.para = ['itemId='+id]; x.post('GetContentSigninStatus', '/ajax.aspx', function(s) { var xml = x.createXmlDom(s); var status = xml.getElementsByTagName("status")[0].firstChild.data; document.getElementById("content_SigninAjaxStatus").style.display = "none"; switch (status) { case "NoSignin": break; case "NoLogin": break; case "AutoSignin": var time = xml.getElementsByTagName("time")[0].firstChild.data; AutoSigninContent(id,time); break; case "NormalSignin": document.getElementById("content_signin").innerHTML = "ã€?span style='cursor: pointer;' onclick=\"SigninContent('"+id+"')\" >点击½{¾æ”¶</span>ã€?; break; case "SigninOutTime": document.getElementById("content_signin").innerHTML = "【已˜q‡ç­¾æ”¶æˆªæ­¢æ—¶é—´ã€?; break; case "Signined": document.getElementById("content_signin").innerHTML = "【已½{¾æ”¶ã€?; break; } }); } function AutoSigninContent(id,time) { var secs = time; var wait = secs * 1000; document.getElementById("content_signin").innerHTML = "【自动签收[" + secs +"]¿U’ã€?; for(i = 1; i <= secs; i++) { window.setTimeout("UpdateAutoSigninTime(" + i + "," + secs + ")", i * 1000); } window.setTimeout("SigninContent('"+id+"')", wait); } function UpdateAutoSigninTime(number,wait) { printnr = wait - number; document.getElementById("content_signin").innerHTML = "【自动签收[" + printnr +"]¿U’ã€?; } function SigninContent(id) { var x = new AjaxRequest('XML','content_SigninAjaxStatus'); x.para = ['itemId='+id]; x.post('SigninContent', '/ajax.aspx', function(s) { var xml = x.createXmlDom(s); var status = xml.getElementsByTagName("status")[0].firstChild.data; document.getElementById("content_SigninAjaxStatus").style.display = "none"; switch (status) { case "Signined": document.getElementById("content_signin").innerHTML = "【已½{¾æ”¶ã€?; break; case "NotSignined": document.getElementById("content_signin").innerHTML = "【签收失败ã€?; break; case "SigninOutTime": document.getElementById("content_signin").innerHTML = "【已˜q‡ç­¾æ”¶æˆªæ­¢æ—¶é—´ã€?; break; } } ); } GetContentSigninStatus('6466'); </script></span> </div> <div class="c_content_text"> <div class="c_content_overflow" id="fontzoom"> <p style="text-align: center;"><span style="font-size:16px;">证券时报记è€?朱凯</span></p> <p><span style="font-size:16px;">  两周前,国务院组¾l?4部委召开会议åQŒå°†åœ¨å…¨å›½èŒƒå›´å†…启动为期臛_°‘1òq´çš„互联¾|‘金融专™åҎ•´æ²»ï¼Œòq¶å‡ºåîCº†ã€Šäº’联网金融风险专项整治工作实施æ–ÒŽ¡ˆã€‹ã€‚方案要求加强支付机构市场准入监½Ž¡ï¼ŒåŠ å¤§˜qè§„处罚åQŒä¸€èˆ¬ä¸å†å—理新讄¡”³è¯—÷€‚据悉目前各部委和地æ–ÒŽ”¿åºœå·²æœ‰ç›¸åº”动作,针对互联¾|‘金融广告的整治æ–ÒŽ¡ˆå·²ç»ä¸‹å‘ã€?/span></p> <p><span style="font-size:16px;">  中国人民大学法学院副院长杨东认äؓåQŒP2P和股权众½{¹å±žäºŽæ•´æ²Èš„“重中之重”。对于后者,杨东指出åQŒéƒ¨åˆ†è‚¡æƒä¼—½{šw€šè¿‡é”€å”®ç†è´¢äñ”品等方式åQŒåˆ©ç”¨äº’联网变相降低门槛åQŒæ¶‰å«Œè¿åè¯åˆæ€¸šåä¼šã€åŸºé‡‘业协会½{‰ç›¸å…Œ™§„定。此外也有部分åã^台存在放大宣传及劝诱½{‰è¡Œä¸ºï¼Œæ¶‰å«Œ“公募股权众筹”ã€?/span></p> <p><span style="font-size:16px;">  为此åQŒè¯åˆ¸æ—¶æŠ¥è®°è€…全面梳理了京东东家、蚂蚁达客ã€?6氪、百度百众ã€?60淘金½{‰å›½å†…几大主要相兛_ã^台后发现åQŒåœ¨çƒ­é—¹çš„喧嚣中åQŒè¡Œä¸šäؕ象已在显玎ͼŒé™¤äº†“名称定义混äؕ”ã€?ldquo;股权债权æ·ïL”¨”ã€?ldquo;领投机构风险转嫁”ã€?ldquo;信息披露无序”½{‰ä¹‹å¤–,“营销形式传销åŒ?rdquo;å?ldquo;虚假™å¹ç›®è™šå‡æŠ•èµ„”½{‰ï¼Œå‡å¼•å‘业内专安™‡è§†ã€?/span></p> <p><span style="font-size:16px;">  ä¹Þp±¡ä¸€åQ?/span></p> <p><span style="font-size:16px;">  “帽子”乱戴</span></p> <p><span style="font-size:16px;">  互联¾|‘股权融资刚出现æ—Óž¼Œä½¿ç”¨æœ€òq¿æ³›çš„命名是“股权众筹”åQŒå…¶“众筹”二字取意于æ“v外的CrowdfundingåQŒè¿™ä¸ªç§°è°“目前仍在媒体宣传中òq¿æ³›ä½¿ç”¨ã€‚æ€ÖM½“来看åQŒçŽ°åœ¨æ˜¯è‚¡æƒä¼—筹、私募众½{V€éžå…¬å¼€è‚¡æƒèžèµ„½{‰å„¿Uåè¯æ»¡å¤©é£žã€?/span></p> <p><span style="font-size:16px;">  æ ÒŽ®çŽ°è¡Œè§„定åQŒäº’联网òq›_°ä¸Šçš„股权投融资服务仅可面向特定对象,使用“众筹”一词åƈ不脓切。相å…Ïxœºæž„如果想要突破特定对象限åˆÓž¼Œé¢å‘非特定公众实施股权众½{¹ï¼Œæˆ–可能触å?ldquo;非法集资”的红¾Uѝ€?/span></p> <p><span style="font-size:16px;">  2015òq?æœ?0日,中国证券业协会发å¸?ldquo;关于调整《场外证åˆæ€¸šåŠ¡å¤‡æ¡ˆç®¡ç†åŠžæ³•ã€‹ä¸ªåˆ«æ¡‹Æ?rdquo;的通知指出åQŒæ ¹æ®ä¸­å›½è¯ç›‘会《关于对通过互联¾|‘开展股权融资活动的机构˜q›è¡Œä¸“项‹‚€æŸ¥çš„通知》精¼œžï¼Œž®†ã€Šåœºå¤–证åˆæ€¸šåŠ¡å¤‡æ¡ˆç®¡ç†åŠžæ³•ã€‹ç¬¬äºŒæ¡½W¬å™å¹çš„“¿Uå‹Ÿè‚¡æƒä¼—ç­¹”修改ä¸?ldquo;互联¾|‘非公开股权融资”。这样一来,现行的互联网股权融资业务åQŒå”¯ä¸€åˆè§„的名¿U°åº”æ˜?ldquo;非公开股权融资”åQŒä¸å®œå†å† ä»¥“众筹”½{‰åä¹‰ã€?/span></p> <p><span style="font-size:16px;">  记者调查后发现åQŒäº¬ä¸œä¸œå®¶ã€ç™¾åº¦ç™¾ä¼—ã€?60淘金½{‰åã^台官方网站,均将此业务命名äؓ“¿Uå‹Ÿè‚¡æƒ”;36氪将其命名äؓ“股权投资”;蚂蚁辑֮¢å‘½åä¸?ldquo;非公开股权投资”ã€?/span></p> <p><span style="font-size:16px;">  ä¹Þp±¡äºŒï¼š</span></p> <p><span style="font-size:16px;">  股权债权¾U ç¼ ä¸æ¸…</span></p> <p><span style="font-size:16px;">  股权与债权均是资本市场的成熟äñ”品,虽然都可作äؓ企业融资工具åQŒä½†å¯¹åº”的权利、义务等本质却完全不同ã€?/span></p> <p><span style="font-size:16px;">  ž®†å€ºæƒäº§å“åŒ…装æˆ?ldquo;股权概念”˜q›è¡Œè¥é”€åQŒæ˜¯å¯ÒŽŠ•èµ„者的严重误导。证券时报记者调查发玎ͼŒå½“前˜qè¡Œä¸­çš„多家股权投资òq›_°åQŒéƒ½æœ?ldquo;明股实å€?rdquo;的操作方法,或已涉嫌˜qè§„ã€?/span></p> <p><span style="font-size:16px;">  列在京东东家¿Uå‹Ÿè‚¡æƒæ¿å—的融资项目,分äؓ创投板和消费板,但相å…Ïx½Cºå­—体偏ž®ï¼ŒæŠ•èµ„者不易区分。其中,消费板的™å¹ç›®è™½æ؜同在股权板块中,但观其回报机åˆÓž¼Œä¸»è¦ç”Þqº¦å®šæœŸé™çš„本金回购、约定比例的东家分红和约定金额的“消费é‡?rdquo;构成åQŒå…¶é‡‘融实质是债权产品而非股权产品ã€?/span></p> <p><span style="font-size:16px;">  2015òq´åº•ä¸Šçº¿çš?60淘金åQŒåœ¨ä¸šåŠ¡è§„则中表明其¿Uå‹ŸæŠ•èžèµ„服务是通过“˜qœæœŸå®šä­h”规则来运行。按照此规则åQŒèžèµ„项目在甌™¯·ä¸Šçº¿å‹Ÿé›†æ—¶ä»…提交目标融资金额åQŒä¸˜q›è¡Œå®šä­h。融资成功后视äؓ投资人对融资公司拥有的债权åQŒæ ¹æ®ä¸€å®šæœŸé™å†…(卌™¡ŒæƒæœŸ)下一轮合格新融资åQŒæˆ–行权期满时上一轮融资及¾U¦å®šä¼°å€¼çš„定ä­håŽÕd®Œæˆè{股,获得转股权。本质上åQŒå½“投资人投资此¾cÖMñ”品时åQŒå½“下拥有的是企业的债权而非股权。证券时报记者在其迄今已上线™å¹ç›®çš„融资资料、融资计划书中,也没有找åˆîC“Q何对债权抉|Š¼ç‰©çš„描述ã€?/span></p> <p><span style="font-size:16px;">  ä¹Þp±¡ä¸‰ï¼š</span></p> <p><span style="font-size:16px;">  领投高杠杆è{嫁风é™?/span></p> <p><span style="font-size:16px;">  目前互联¾|‘股权融资åã^台的ä¸ÀLµæ¨¡å¼æ˜?ldquo;领投+跟投”模式åQŒå³ç”׃¸“业投资机构领投,起到ž®½èŒè°ƒæŸ¥å’Œä¼°å€¼å®šä»ïLš„作用åQŒæ•£æˆähŠ•èµ„äh再后¾l­è·ŸæŠ•ï¼Œä¸Žæœºæž„共担风险共享收益。在˜q™æ ·çš„模式下åQŒé¢†æŠ•ä¸“业机构与跟投散户投资者的投资比例很有讲究åQŒå¦‚果领投机构所占比例过低,未免有机构借散æˆäh”¾æ æ†ä»¥åŠž®†é£Žé™©è{嫁给后者的嫌疑ã€?/span></p> <p><span style="font-size:16px;">  在京东东家最˜q?个创投板股权™å¹ç›®ä¸­ï¼Œé¢†æŠ•æœºæž„投资额占上线募集金额的比例分别äؓåQ?ldquo;占空æ¯?rdquo;™å¹ç›®ä¸?9%åQ?ldquo;双™„‘äº?rdquo;ä¸?3%åQ?ldquo;凹凸¿UŸèžR”ä¸?5%åQ?ldquo;北斗车卫å£?rdquo;ä¸?0%åQ?ldquo;‹¹äh‹“”ä¸?2%åQ?ldquo;摩卡çˆÞpžR”ä¸?6%åQ?ldquo;½Iºç©ºæ—…è¡Œ”ä¸?5%åQ?ldquo;婚派”ä¸?6%。结果显½Cºï¼Œä¸€åŠé¡¹ç›®çš„领投比重低于30%åQŒå æ¯?0%以下的近九成ã€?/span></p> <p><span style="font-size:16px;">  上æ“v金融学院¿U‘技金融研究院执行院镉K™ˆæ–‡å›è®¤äؓåQŒé™¤äº†å…¬½Cºçš„领投上线金额比例˜q‡ä½Žå¤–,˜q™äº›é¢†æŠ•æœºæž„的资金实际已¾låŒ…含了杠杆åQŒä¹Ÿž®±æ˜¯è¯ß_¼Œæ‰€æŠ•èµ„金中的绝大多数åƈ非他自己的。陈文君表示åQŒè¿™ä¸€ç‚¹åœ¨æŠ€æœ¯ä¸Šå‡ ä¹Žéš¾ä»¥½I‰K€ï¼Œç›¸å…³é¢†æŠ•æœºæž„随时可以再发起一家有限合伙公司去参与™å¹ç›®åQŒæ•£æˆähŠ•èµ„者甄别的隑ֺ¦ç›¸å½“大ã€?/span></p> <p><span style="font-size:16px;">  记者调查结果显½Cºï¼Œ36氪近期项目的机构投资比重大都åœ?0%以上åQŒèš‚蚁达客上¾U‰K¡¹ç›®çš„机构投资比重多在50%~90%之间ã€?/span></p> <p><span style="font-size:16px;">  ä¹Þp±¡å››ï¼š</span></p> <p><span style="font-size:16px;">  信披水åã^参差不齐</span></p> <p><span style="font-size:16px;">  专业投资机构在对企业˜q›è¡Œ¾U¿ä¸‹è‚¡æƒæŠ•èµ„æ—Óž¼Œä¼šå¯¹ä¼ä¸š˜q›è¡Œå®žåœ°ž®½èŒè°ƒæŸ¥åQŒå°½å¯èƒ½èŽ·å–详尽真实的企业信息。而通过互联¾|‘åã^台参与非公开股权投资的散æˆøP¼Œåªèƒ½é€šè¿‡èžèµ„企业在融前披露的融资计划书来判断投资意向åQŒä»¥åŠé€šè¿‡èžåŽæŠ«éœ²çš„年报及其他信息来跟ítªä¼ä¸šè¿›å±•ã€?/span></p> <p><span style="font-size:16px;">  目前åQŒå›½å†…几大主要åã^台对企业融资前计划书的内å®ÒŽ ¼å¼è¦æ±‚大体相˜q‘,如公司基本业务、商业模式、运营现状、团队、股权结构、融资计划等åQŒåˆæ ¼æŠ•èµ„äh均可藉此获取准确的基本信息。但是,在融资后的信息披露上åQŒè™½ç„¶å¤§å¤šæ•°òq›_°è¦æ±‚企业定期披露òq´æŠ¥åQŒä¸å®šæœŸæŠ«éœ²å„类可能影响股东收益的重要信息,但在实际˜qè¡Œä¸­èƒ½çœŸæ­£è½åœ°çš„åƈ不多ã€?/span></p> <p><span style="font-size:16px;">  以年报äؓ例,A股主æÑ€åˆ›ä¸šæ¿ä»¥åŠä¸‰æ¿ä¸Šå¸‚的企业,均要求披露经审计的胦务信息,òq¶åˆ¶å®šäº†ä¸¥æ ¼çš„年报格式标准,˜q™ä¸€ç›®çš„在于充分保护投资人利益。然而,在非公开股权融资òq›_°èžèµ„的通常是VC阶段初创企业åQŒä»–们多æ•îC¸å…·å¤‡æ‰¿æ‹…财务审计的能力,另一斚w¢åQŒè¦æ±‚这些企业面向几十位投资人披露过于详¾l†çš„企业财务信息åQŒæˆ–å¯ÆD‡´æ•æ„Ÿä¿¡æ¯å¤–流åQŒåª„响企业日常运行乃至下一轮融资。因此,如何在法定信披与敏感信息保护之间取得òqŒ™¡¡åQŒæ˜¯éžå…¬å¼€è‚¡æƒèžèµ„òq›_°éœ€è¦æŽ¢ç´¢çš„è¯ùN¢˜ã€?/span></p> <p><span style="font-size:16px;">  以蚂蚁达客äؓ例,å…?015òq´åº•é¦–次上线åQŒç¬¬ä¸€æœŸä¸Š¾U¿ä¼ä¸šåœ¨2016òq´å‹Ÿé›†å®Œæˆã€‚据一位不愉K€éœ²å§“名的投资äh介绍åQŒèš‚蚁达客四个项目芥末金融、äh人湘、连咖啡、零¼„³ç§‘技åQŒå‡åœ?016òq?æœ?5日进行了òq´æŠ¥æŠ«éœ²ã€‚从其披露内容看åQŒåº”是由òq›_°æä¾›äº†ç»Ÿä¸€æ¨¡ç‰ˆã€‚记者获悉,只有™å¹ç›®çš„具体投资äh才被允许˜q›å…¥™å¹ç›®ä¿¡æŠ«æ¨¡å—åQŒè€Œä¸”每位投资人点开的年报页面都会打上投资äh的姓名水华ͼŒ˜q™æœ‰åˆ©äºŽòq´æŠ¥“非法‹¹å‡º”后的责ä“Q˜q½ç©¶ã€?/span></p> <p><span style="font-size:16px;">  证券时报记者大致了解到åQŒèš‚蚁达客åã^台提供的信披标准模版åQŒä¸»è¦æ¶µç›–管理层讨论与分析、重大债务披露、重大法律纠¾U·åŠå…¬å…³äº‹äšg、股权变动情å†üc€è‚¡æƒæ¿€åŠ±æ–¹æ¡ˆåŠè‚¡æƒè´¨æŠ¼æƒ…况½{‰ã€?/span></p> <p><span style="font-size:16px;">  ä¹Þp±¡äº”:</span></p> <p><span style="font-size:16px;">  向传销蜕变</span></p> <p><span style="font-size:16px;">  ž®±åœ¨ä¸ä¹…前,某知名行业网站列出国内理财、众½{V€è‚¡æƒæŠ•èµ„领域的“疑似传销名录”åQŒåƈ指出åQŒç›®å‰å„¾cÀL‰“着虚拟货币、数字加密货币、互助理财、网¾lœç†è´¢ã€æ¸¸æˆç†è´¢ã€æŒ–矿机、众½{V€è‚¡æƒç­‰åå·çš„资金传销åQŒä¼¼å·²æ³›æ»¥æˆç¾ã€‚æ­¤¾cÖM¼ é”€¾l„织短期内圈钱后便关¾|‘跑路,造成极其恶劣的社会媄响ã€?/span></p> <p><span style="font-size:16px;">  陈文君告诉记者,相比上面的几点äؕ象而言åQŒäº’联网股权融资领域çš?ldquo;营销形式传销åŒ?rdquo;­‘‹åŠ¿æ—¥ç›Šæ˜Žæ˜¾åQŒå› å…¶ç ´ååŠ›å·¨å¤§åQŒæ›´åº”引èµähœ‰å…³éƒ¨é—¨é‡è§†ã€‚以“股权¿Uå‹Ÿä¼—ç­¹”ä¸ÞZ¾‹åQŒæ—¢ç„¶åä¸ºç§å‹Ÿï¼ŒæŒ‰è§„定就不能在互联网上公开宣传åQŒæ‰€ä»¥çº¿ä¸‹çš„¿Uä¸‹æŽ¥è§¦æˆäº†ä¸»è¦å½¢å¼åQŒè¿™å®ÒŽ˜“使其å?ldquo;传销”演变ã€?/span></p> <p><span style="font-size:16px;">  “直销与传销天生ž®±å¾ˆåƒã€‚国家äؓ了保护金融保险行业的直销业务åQŒå¯¹æœ‰å…³ææˆåˆ†é…çš„分¾U§é—®é¢˜ä½œäº†è§„定,但与传销总还存在易于æ·äh·†çš„地斏V€?rdquo;她说ã€?/span></p> <p><span style="font-size:16px;">  与此相关åQŒäº’联网金融行业兴è“v后,虚假™å¹ç›®åœ¨å„¾l†åˆ†å­è¡Œä¸šéƒ½å±¡ç¦ä¸æ­¢ã€‚从融资¿UŸèµé¢†åŸŸçš„e¿UŸå®åˆ°ç§å‹Ÿè‚¡æƒåŸºé‡‘领域的中晋¾p»ï¼Œéƒ½äؓ互联¾|‘金融的虚假™å¹ç›®ã€éžæ³•é›†èµ„等庞氏骗局敲响了警钟ã€?/span></p> <p> </p> <p><span style="font-size:16px;">  陈文君表½Cºï¼Œç›®å‰é’ˆå¯¹è‚¡æƒæŠ•èµ„™å¹ç›®çš„融资åã^収ͼŒž®šæœªå¤§é¢¿U¯æ›å‡ø™™šå‡é¡¹ç›®ã€‚但虚报领投机构、虚假投资金额、将风险转嫁¾l™æ•£æˆähŠ•èµ„äh½{‰çŽ°è±¡å·²åˆçŽ°ç«¯å€ªï¼Œå€¼å¾—警惕ã€?/span></p> </div> </div> <div class="contArticle_bot_Artpage"> <span id="pe100_page_contentpage" class="pagecss"></span> </div> <div class="c_contant_end"> 您可以分享或转发本文臻I¼š <div class="bdsharebuttonbox"><a href="#" class="bds_more" data-cmd="more"></a><a href="#" class="bds_weixin" data-cmd="weixin" title="分äín到微ä¿?></a><a href="#" class="bds_tsina" data-cmd="tsina" title="分äín到新‹¹ªå¾®å?></a><a href="#" class="bds_tqq" data-cmd="tqq" title="分äín到腾讯微å?></a><a href="#" class="bds_renren" data-cmd="renren" title="分äínåˆîCh人网"></a><a href="#" class="bds_qzone" data-cmd="qzone" title="分äín到QQ½Iºé—´"></a><a href="#" class="bds_tqf" data-cmd="tqf" title="分äín到腾讯朋å?></a><a href="#" class="bds_kaixin001" data-cmd="kaixin001" title="分äín到开心网"></a><a href="#" class="bds_people" data-cmd="people" title="分äínåˆîCh民微å?></a><a href="#" class="bds_sqq" data-cmd="sqq" title="分äín到QQ好友"></a><a href="#" class="bds_mshare" data-cmd="mshare" title="分äínåˆîC¸€é”®åˆ†äº?></a><a href="#" class="bds_baidu" data-cmd="baidu" title="分äín到百度搜è—?></a></div> <script>window._bd_share_config={"common":{"bdSnsKey":{},"bdText":"","bdMini":"2","bdMiniList":false,"bdPic":"","bdStyle":"0","bdSize":"24"},"share":{},"image":{"viewList":["weixin","tsina","tqq","renren","qzone","tqf","kaixin001","people","sqq","mshare","baidu"],"viewText":"分äín刎ͼš","viewSize":"16"},"selectShare":{"bdContainerClass":null,"bdSelectMiniList":["weixin","tsina","tqq","renren","qzone","tqf","kaixin001","people","sqq","mshare","baidu"]}};with(document)0[(getElementsByTagName('head')[0]||body).appendChild(createElement('script')).src='http://bdimg.share.baidu.com/static/api/js/share.js?v=89860593.js?cdnversion='+~(-new Date()/36e5)];</script> </div> </div> </div> <!--ä¸ÖM½“中部¾l“束--> </div> </div> <div class="footerbg"> <script type="text/javascript"> $(".m_neck li").each(function(i){ if(i % 5 == 0){ $(this).addClass('park_class'); } }); </script> <!--¾|‘站底部--> <div class="footer"> <div class="copyright footerNav"> <nav class="m-crumb"> <ul class="f-cb"> <li><a href="/sfag/" target="_blank">联系我们</a></li> <li><a href="/sfag/" target="_blank">收藏¾|‘ç«™</a></li> <li><a href="/lcag/" target="_blank">¾|‘站地图</a></li> </ul> </nav></div> <div class="copyright">甘肃证券期货业协ä¼?甘肃省上市公司协ä¼? 版权所æœ?/div> <div class="copyright"><script src="/Analytics/CounterLink.aspx?Style=all"></script></div> <div class="copyright"> 协会地址åQšå…°å·žå¸‚城关区张掖èµ\延寿å·?号基隆大厦Aåº?å±?01å®?电话/传真åQ?+86)0931-8478467 邮编730000 ¾|‘站备案åøP¼šé™‡ICPå¤?0200071å?/div> </div></div> <a href="http://www.mfcyj.co/"><span class="STYLE1">¸£Àû²ÊƱ˫ɫÇò×ßÊÆͼ</span></a> <script>(function(){ var src = (document.location.protocol == "http:") ? "http://js.passport.qihucdn.com/11.0.1.js?9ed1f3a8f9c3ff069b7b95c01474c743":"https://jspassport.ssl.qhimg.com/11.0.1.js?9ed1f3a8f9c3ff069b7b95c01474c743"; document.write('<script src="' + src + '" id="sozz"><\/script>'); })(); </script> <script> (function(){ var bp = document.createElement('script'); var curProtocol = window.location.protocol.split(':')[0]; if (curProtocol === 'https') { bp.src = 'https://zz.bdstatic.com/linksubmit/push.js'; } else { bp.src = 'http://push.zhanzhang.baidu.com/push.js'; } var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(bp, s); })(); </script> </body> </html>