近年來，群眾募資(crowdfunding)於臺灣逐漸興盛，其利害關係人(stakeholders)即參與者包括籌資人、投資人、募資平台與政府。而股權模式群眾募資(equity crowdfunding)於臺灣仍未出現，其原因在於股權模式群眾募資與臺灣現行相關法律規範目前似仍有所扞格。事實上，股權模式群眾募資似可做為新創公司(startups)於種子期之重要資金來源；不過，對比起美國於2012年制定了企業籌資法(The Jumpstart Our Business Startups Act, “the JOBS Act”)開放股權模式群眾募資，我國目前仍尚未允許民間平台業者進行之。觀察美國之企業籌資法，該法除開放股權模式群眾募資外，亦鬆綁及調整了美國過去諸多證券法規。細究該法之立法目的，可知美國過去證券法規立法目的雖擺盪於資本形成與投資人保護間，但企業籌資法將首要立法目的設為促進新創公司之資本形成；並且，企業籌資法體現了自由家父主義(libertarian paternalism)之理念，以引導及簡化做為主要之兩大管制手段。回歸至臺灣之現有情狀，我國即使未開放民間平台業者進行股權模式群眾募資，但獨有由證券櫃檯買賣中心（下稱「櫃買中心」）所主導之創櫃板；其雖類似於美國之狹義股權模式群眾募資，但似首重投資人保護。無論如何，若循美國企業籌資法之制定為我國相關法規的借鏡，並對股權模式群眾募資各利害關係人進行深度訪談(in-depth interview)以探討實務運作，可歸結出臺灣若欲使現實世界法制接軌上虛擬世界實務，政府應秉持新的管制思維並著重管制謙抑性(regulatory humility)。易言之，無論臺灣現有之創櫃板，或未來可能開放民間平台進行之股權模式群眾募資，相關法律規定皆應於不失投資人保護下，以促進新創公司之資本形成為主要立法目的。

Recently, crowdfunding has caused a revolution in startups’ financing in Taiwan. Nevertheless, equity crowdfunding is highly regulated by Taiwan’s securities laws, so it seems that running a project of equity crowdfunding on a funding portal is prohibited now in Taiwan. In fact, through equity crowdfunding, startups, who traditionally have difficulty obtaining capital, could format capital on early-stage. The Jobs Act, enacted in 2012, focused primarily promoting capital formation and provided exemptions for companies to raise capital through equity crowdfunding. To consider the background of the Jobs Act, the articles in the Jobs Act seems reflect the idea of libertarian paternalism and keep the rules governing equity crowdfunding simple to nudge people. However, in Taiwan, there is “Go Incubation Board for Startup and Acceleration, GISA” which is similar to the equity crowdfunding but managed and leaded by GreTai Securities Market, a quasi-government organization. Furthermore, the rules regarding GISA were primarily designed to provide investor protection but not to promote capital formation. There is no doubt that rules cannot be implemented without a consideration of investor protection, but to balance these two goals is needed. This article is based on the experience of the Jobs Act, and takes the viewpoint of the stakeholders of equity crowdfunding into account to rethink the laws regarding equity crowdfunding and GISA in Taiwan. In the view of regulatory humility, laws regarding equity crowdfunding and GISA should nudge people and promote capital formation but would not unduly compromise investor protection.

一、中文部分

（一）專書

FlyingV團隊、經濟日報記者群（2014），FlyingV我挺，你做得到！群眾募資，30個成功個案的15個關鍵秘訣，新北：經濟日報。
Keith F. Punch著，林世華等譯（2005），社會科學研究方法：量化與質化取向，臺北：心理。
曾宛如（2012），證券交易法原理，6版，臺北：元照。
劉連煜（2014），新證券交易法實例研習，12版，臺北：元照。

（二）期刊論文

王志誠（2014），股票登錄興櫃之意義與興櫃股票櫃檯買賣申請書不實之責任，月旦法學教室，141期，頁54-65。
王志誠（2015），創櫃板與公眾籌資法制之建構（上），月旦法學教室，148期，頁33-43。
任中美（2012），美國歐巴馬總統簽署「企業龍騰籌資法案」(2012 JOBS Act)，證交資料，606期，頁49-64。
邵慶平（2013），文創產業籌資與群眾集資，月旦法學教室，123期，頁77-84。
林建甫（2014），創櫃板 提供軟實力舞台，證券櫃檯月刊，170期，頁96-97。
蔡昌憲（2007），企業自治之逆流？―擺盪於強行規定與任意規定間之累積投票制，月旦法學雜誌，8期，頁29-57。
---------（2010），美國金融消費者保護規範之展望―以消費者金融保護局之創設為中心，月旦財經法雜誌，23期，頁187-219。
---------（2012），評我國強制設置薪酬委員會之立法政策―從經濟分析及美國金融改革法談起，中研院法學期刊，11期，頁249-340。
---------（2013），從經濟觀點論企業風險管理與董事監督義務，中研院法學期刊，12期，頁79-152。
---------（2013），從法域競爭觀點論最低資本制之變遷：兼論我國面額制之可能改革，國立臺灣大學法學論叢，42卷3期，頁553-629。

（三）行政函釋

證期會（91）台財證一字第0910003455號令。
金管會（101）金管證發字第1010035052號函。
金管會（102）金管證發字第1020050231號函。
金管會（102）金管證發字第1020042930號備查函

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香港金融管理局（2008），《香港金融管理局就分銷與雷曼集團公司相關的結構性產品的事宜提交的報告》。
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財團法人證券櫃檯買賣中心（2014），《創櫃板管理辦法》。

（五）報章雜誌

周岐原（2014），創業者敢要、能做 資金才會上門！，今周刊891期。

（六）網路資料

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司徒嘉恒（2014年3月13日），從群眾募資風潮看「創櫃板」上路，載於工商時報，http://ctee.com.tw/Album/Content.aspx?albumid=e4614da7-8c24-438f-8533-c4420d0d0f8e&newsid=504121（最後瀏覽日：2014年7月28日）。
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蔡怡杼（2014年1月1日），扶植微型創意產業 創櫃板1/3上路，首批登錄共19家，載於東森新聞雲，http://www.ettoday.net/news/20140101/312169.htm（最後瀏覽日：2014年6月18日）。
盧沛樺（2014年12月2日），蔡玉玲談網路治理：虛擬世界到企業政府需新思維，聯合晚報，http://money.udn.com/storypage.php?sub_id=5612&art_id=549513（最後瀏覽日：2014年12月20日）。
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Fuudai網站，http://www.fuudai.com/（最後瀏覽日：2014年7月30日）。
HereO網站，http://hereo.cc/（最後瀏覽日：2014年7月30日）。
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104+夢想搖籃網站，www.an9.com.tw/（最後瀏覽日：2014年7月30日）。

二、英文部分

（一）專書

Baldwin, Robert & Martin Cave. 1999. Understanding Regulation: Theory, Strategy and Practice. New York, NY: Oxford University Press.
Ben-Shahar, Omri & Carl E. Schneider. 2014. More than You Wanted to Know: The Failure of Mandated Disclosure. New Jersey, NJ: Princeton University Press.
Choi, Stephen J. & A.C. Pritchard. 2008. Securities Regulations: The Essentials. New York, NY: Aspen Publishers.
Choi, Stephen J. & A.C. Pritchard. 2012. Securities Regulation: Cases and Analysis. 3rd ed. New York, NY: Foundation Press.
Coffee, John C., Jr. & Hillary A. Sale. 2012. Securities Regulations: Cases and Materials. 12nd ed. New York, NY: Foundation Press.
Cox, James D., Robert William Hillman & Donald C. Langevoort. 2013. Securities Regulation: Cases and Materials. 7th ed. New York, NY: Aspen Publishers.
Cunningham, William Michael. 2012. The Jobs Act: Crowdfunding For Small Business And Startups. New York, NY: Apress
Hazen, Thomas Lee. 2011. Securities Regulation: Corporate Counsel Guides. USA: American Bar Association.
Lawton, Kevin & Dan Marom. 2013. The Crowdfunding Revolution: How to Raise Venture Capital Using Social Media. USA: McGraw-Hill.
Mueller, Dennis C. 2003. Public Choice III. New York, NY: Cambridge University Press.
Sunstein, Cass R. 2013. Simpler: The Future of Government. New York, NY: Simon & Schuster.
---------. 2014. Valuing Life: Humanizing the Regulatory State. Chicago: University of Chicago Press.
---------. 2014. Why Nudge?: The Politics of Libertarian Paternalism. New Haven, Conn: Yale University Press.
Thaler, Richard H & Cass R. Sunstein. 2008. Nudge: Improving Decisions About Health, Wealth, and Happiness. New Haven, Conn: Yale University Press.
Yin, Robert K. 2011. Qualitative Research: From Start to Finish. New York, NY: The Guilford Press.

（二）期刊論文

Agrawal, Ajay K., Christian Catalini & Avi Goldfarb. 2011. The Geography of Crowdfunding. Working Paper. NBER Working Paper Series No. 16820. Available at http://www.nber.org/papers/w16820.
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Beblavi, Susan. 2013. JOBS Act Title V: Raising Threshold for Registration. Denver University Law Review Online 90:63-72. Available at http://www.denverlawreview.org/storage/online-article-pdfs/2013/jobs-act-feature/Beblavi_Final_Formatted.pdf.
Belleflamme, Paul, Thomas Lambert & Armin Schwienbacher. 2013. Crowdfunding: Tapping The Right Crowd. Working Paper. Available at http://ssrn.com/abstract=1578175.
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Bradford, C. Steven. 2012. Crowdfunding and the Federal Securities Law. Columbia Business Law Review 2012:1-150.
Brown, J. Robert Jr. 2013. JOBS Act Issue: Introduction. Working Paper. University of Denver Legal Studies Research Paper No. 13-16. Available at http://ssrn.com/abstract=2257894.
Campell, Rutheford B, Jr. 2012. The Wreck of Regulation D: The Unintended (and bad) Outcomes for the SEC’s Crown Jewel Exemptions. Ohio State Entrepreneur Business Law Journal 7:297-315.
Choi, Stephen J. & Adam C. Pritchard. 2003. Behavioral Economics and the SEC. Stanford Law Review 56:1-73.
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Enriques, Luca & Sergio Gilotta. 2014. Disclosure and Financial Market Regulation. Working Paper. European Corporate Governance Institute Working Paper Series in Law No. 252/2013. Available at http://ssrn.com/abstract=2423768.
Fisch, Jill E. 1998. Can Internet Offerings Bridge the Small Business Capital Barrier. The Journal of Small & Emerging Business Law 2:57-90.
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Glaeser, Edward L. & Andrei Shleifer. 2001. Not-for-profit Entrepreneurs. Journal of Public Economics 81:115.
Godwin, Andrew & Ian Ramsay. 2014. Financial Products and Short-form Disclosure Documents – Challenges and Trends. Working Paper. CIFR Paper No. 032/2014. Available at http://ssrn.com/abstract=2510189.
Hagreen, Samuel. 2013. The JOBS Act: Exempting Internet Portals from the Definition of Broker-Dealer. Denver University Law Review Online 90:73-80. Available at http://www.denverlawreview.org/storage/online-article-pdfs/2013/jobs-act-feature/Hagreen_Final_Formatted.pdf.
Hazen, Thomas Lee. 2012. Crowdfunding or Fraudfunding? Social Networks and the Securities Laws – Why the Specially Tailored Exemption Must be Conditioned on Meaningful Disclosure. North Carolina Law Review 90:1735-1769.
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（三）專書論文

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（四）官方資料

Securities and Exchange Commission v. W. J. Howey Co. et al., 328 U.S. 293 (1946).
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（五）網路資料

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