非法集资活动规制研究

非法集资活动近年来越演越烈,是对非法集资的打击力度仍然不够,还是处理方式有问题?研究发现,现有对非法集资的处理制度不能准确界定非法集资活动,无法明确区分一般的商业交易行为与集资行为;同时,以非法吸收或者变相吸收公众存款定性和处理非法集资行为,实际是以间接融资手段处理了所有直接融资问题,不符合法律解释的逻辑,不能实现保护投资者的公共目标,也无法为民间融资的合法化预留空间。本文建议将更多非法集资活动划入直接融资监管领域,从而既符合法律本身的逻辑,也符合金融实践的现实。为了实现这一建议,需要扩大《证券法》的适用范围,扩大对证券的定义,从而使其能够应对现实中花样翻新的各类集资活动。

A Study on the Regulation of Illegal Finance

Underground Fund-Raising is an enduring problem in China,though it will be criminalized as Illegal Accepting Public Deposits.We use the wrong way to deal with the problem.It can't clearly define the activities to raising money undergroundly and distinguish the investment activities from business activities.The way also can't accord with legal logic as using indirect finance means to deal with direct finance problem,so it will not protect investors and legalize the underground finance activities.The correct way to deal with underground fund-raising activities is using Securities Law,which is the direct finance means.To make this possible,we should expand the definition of securities.