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2017 2 518060 DF438. 7 DOI:10.15984/j.cnki.1005-9512.2017.02.011 A 1005-9512- 2017 02-0138 -13 2014 1 2 1 http / /news. cnstock. com /news /sns_yw /201409 /3186067. htm 2016 12 15 2Stephen Choi & A. C. Pritchard Securities Regulation Cases and Analysis 3rd 99-167 Foundation Press 2012. 138

3 1990 4 1991 5 6 7 8 1997 9 瑏瑠 瑏瑡 1984 瑏瑢 1987 3 2889 65. 47% http / /www. nsd. edu. cn /cn /article. asp articleid = 15079 2016 11 30 4 1990 11 27 5 1991 10 1 6 1985 1985 7 22 7 1987 12 8 1989 158 9 1997 242 瑏瑠 2005 2 瑏瑡 2008 1 瑏瑢 1980 ~ 1991 2004 54 139

2017 2 1998 1998 2 瑏瑣 2009 12 24 2009 10 23 瑏瑤 2008 4 2012 瑏瑥 2008 12 瑏瑣 2012 8 瑏瑤 2009 11 9 瑏瑥 2012 47 140

瑏瑦 瑏瑧 1999 Investment Contract 瑏瑨 1998 瑏瑩 瑐瑠 1998 瑐瑡 瑐瑢 瑐瑣 瑐瑤 瑏瑦 2013 9-10 274-277 瑏瑧 2003 6 2004 瑏瑨 2011 28-29 瑏瑩 1999 2 瑐瑠 112 1993 瑐瑡 2003 6 瑐瑢 http / /www. financialservicelaw. com. cn /article /default. asp id = 6558 2016 12 19 瑐瑣 M. O. Chibundu Globalizing the Rule of Law Some Thoughts at and on the Periphery 7 Indiana Journal of Global Legal Studies 79 1999. 瑐瑤 Yuwa Wei Securities Markets and Corporate Governance A Chinese Experience Ashgate 2009. 141

2017 2 瑐瑥 瑐瑦 瑐瑧 瑐瑨 瑐瑩 1776 瑑瑠 瑑瑡 瑑瑢 瑑瑣 1900 瑑瑤 1911 Blue Sky Law Merit Review 瑑瑥 瑑瑦 1911 1931 48 47 瑑瑧 瑑瑨 瑑瑩 瑒瑠 瑒瑡 瑒瑢 Ex ante Fraud Ex post Fraud 瑒瑣 瑐瑥 Max Weber the Protestant Ethic and the Spirit of Capitalism translated by Talcott Parsons 11 Routledge 2001. 瑐瑦 2011 1 瑐瑧 Nicolas C. Howson Quack Corporate Governance as Traditional Chinese Medicine - The Securities Regulation Cannibalization of China's Corporate Law and a State Regulator's Battle Against Party State Political Economic Power 37 Seattle U. L. Rev. 667, 2014. 瑐瑨 2015 2015 298 瑐瑩 Stuart Banner Anglo - American Securities Regulation Cultural and Political Roots 1690-1860 23 Cambridge University Press 1998. 瑑瑠 See id. at 122-131. 瑑瑡 Robert I. Warshow the Story of Wall Street Greenberg Publisher 1929. 瑑瑢 Max Weber the Protestant Ethic and the Spirit of Capitalism translated by Talcott Parsons 22 Routledge 2001. 瑑瑣 See id. at xxxiv. 瑑瑤 Geoffrey P. Miller Origin of the Blue Sky Laws 70 Texas L. Rev. 347 352-357 1991. 瑑瑥 1911 Kan. Laws 133. The mission of this act is to provide for the regulation and supervision of investment companies and providing penalties for the violation thereof. 瑑瑦 C. A. Dykstra Blue Sky Legislation 7 the American Political Science Review 230 1913. 瑑瑧 Paul G. Mahoney the Origins of the Blue - sky Laws A Test of Competing Hypotheses 46 J. L. & Econ. 229 249 2003. 瑑瑨 A. A. Sommer Jr. eds. Blue Sky Law Regulation 2-3 LexisNexis 2003. 瑑瑩 The Revised Statutes of Arizona 1913 Samuel L. comp. 772 1913. 瑒瑠 General Laws of California as Amended and in Force the Close of the Fortieth Session of the Legislature Annotated 2d ed. W. F. Henning & James H. Deering 800 1914. 瑒瑡 Laws of the State of Delaware 1931 Delaware - 103rd Session General Assembly. 瑒瑢 Geoffrey P. Miller supra note 34 at 377-389. 瑒瑣 Paul G. Mahoney supra note 37 at 231-232. 142

State v. Gopher Tire & Rubber Co. 瑒瑤 1933 瑒瑥 77 b 瑒瑦 Warrant 瑒瑧 1934 1982 2000 2010 1982 Straddle 2000 2008 Swap 瑒瑨 Security - based Swap 1933 1933 瑒瑩 SEC v. W. J. Howey Co. 瑓瑠 Landreth Timber Co. v. Landreth 瑓瑡 Reves v. Ernst & Young 瑓瑢 瑓瑣 1933 1933 1933 1933 瑓瑤 瑓瑥 1933 Louis Brandeis 瑒瑤 State v. Gopher Tire & Rubber Co. 146 Minn. 52 177 N. W. 937 1920. 瑒瑥 Joel Siligaman The Transformation of Wall Street 3rd Ed. 39-72 Aspen Publisher 2003. 瑒瑦 Louis Loss Joel Seligman and Troy Paredes Fundamentals of Securities Regulation 6th Ed. 353 Wolters Kluwer 2011. 瑒瑧 73 d Congress. Sess. I. CII. 38. May 27 1933. 瑒瑨 Dodd - Frank Wall Street Reform and Consumer Protection Act 2010. 瑒瑩 Douglas M. Branson & Karl Shumpei Okamoto The Supreme Court's Literalism and the Definition of " Security" in the State Courts, 50 Washington and Lee Law Review 1043, 1993. 瑓瑠 SEC v. W. J. Howey Co. 328 U. S. 293 1946. 瑓瑡 Landreth Timber Co. v. Landreth 471 U. S. 681 1985. 瑓瑢 Reves v. Ernst & Young 494 U. S. 56 1990. 瑓瑣 Joel Siligaman supra note 45 at 41. 瑓瑤 Securities & Exchange Com. v. Crude Oil Corp. 1937 CA7 93 F2d 844. 瑓瑥 H. R. Rep. No. 85 73d Cong. 1 st Sess. 11 1933. 143

2017 2 瑓瑦 SEC 瑓瑧 瑓瑨 Mcginty Equity Arrangement Debt Arrangement 瑓瑩 1. Mcginty 1933 瑔瑠 Limited Liability Company 1992 瑔瑡 2005 2011 瑔瑢 瑔瑣 瑓瑦 Louis D. Brandeis Other People's Money and How the Bankers Use it 62 Cosimo Inc. 2009. 瑓瑧 2013 2 瑓瑨 Donald Clark Lost in Translation Corporate Legal Transplants in China SSRN Working Paper available at http / /papers. ssrn. com /sol3 / papers. cfm abstract_id = 913784 retrieved on December 10 2016. 瑓瑩 Park Mcginty What Is A Security 1993 Wis. L. Rev. 1033 1993. 瑔瑠 15 USCS 77b. 瑔瑡 http: / /www. civillaw. com. cn /article /default. asp?id = 33630,2016 12 10 瑔瑢 http / /www. sse. com. cn /assortment /warrants /list / 2016 12 10 瑔瑣 2005 17 144

瑔瑤 1933 1933 1973 1974 瑔瑥 LLC 瑔瑦 SEC v. Parkersburg Wireless Limited Company 瑔瑧 瑔瑨 瑔瑩 LLC Crowdfunding 瑖瑠 2016 5 140 90 瑖瑡 36 瑖瑢 瑖瑣 200 瑔瑤 2005 9 瑔瑥 Louis Loss et al. Securities Regulation II 5th 1253-1291 Wolters Kluwer 2014. 瑔瑦 A. A. Sommer Jr. supra note 38 at 2-71. 瑔瑧 SEC v. Parkersburg Wireless Limited Company 991 F. Supp. 6 D. D. C. 1997. 瑔瑨 2013 3 瑔瑩 2006 1 瑖瑠 瑖瑡 http / /finance. ifeng. com /a /20160617 /14499326_0. shtml 2016 12 15 瑖瑢 http / /dj. jd. com / http / /www. niutou. com /#/Newbird 36 https / /z. 36kr. com / 2016 6 18 瑖瑣 2015 44 145

2017 2 1933 77b 瑖瑤 Jumpstart Our Business Startups Act 瑖瑥 2. 瑖瑦 1933 瑖瑧 瑖瑨 1943 SEC. v. Joiner Leasing Corp. 瑖瑩 瑘瑠 1946 Howey Howey 2004 SEC v. Edwards 瑘瑡 瑘瑢 瑖瑤 Letter from Darrell E. Issa Chairman House Comm. on Oversight & Gov't Reform to Mary L. Schapiro Chairman SEC Mar. 22 2011. 瑖瑥 Jumpstart Our Business Startups Act H. R. 3606 Apr. 5 2012. 瑖瑦 1 瑖瑧 Securities & Exchange Com. v. Crude Oil Corp. 1937 CA7 93 F2d 844. 瑖瑨 Larry Soderquist Reach of the Securities Act Regulation 1490 PLI / CORP. 113 2005. 瑖瑩 SEC v. Joiner Leasing Corp. 320 U. S. 344 1943. 瑘瑠 Park Mcginty supra note 59. 瑘瑡 SEC v. Edwards 540 U. S. 389 2004. 瑘瑢 Walter Hutchens Private Securities Litigation in China Material Disclosure about China s Legal System 24 U. Pa. J. Int'l Econ. L. 599 620 2003. 146

3. 瑘瑣 Note Reves v. Ernst & Young Family Resemblance Test 1933 1933 瑘瑤 1933 77b 2008 瑘瑥 943 SEC 瑘瑦 Howey Reves 瑘瑧 1997 瑘瑨 瑘瑣 Park Mcginty supra note 59. 瑘瑤 Reves v. Ernst & Young 494 U. S. 56 1990. 瑘瑥 Frederick H. C. Mazando the Taxonomy of Global Securities is the U. S. Definition of a Security too broad? 33 NW. J. Int l L. & Bus. 121 188-191. 瑘瑦 Dodd - Frank Wall Street Reform and Collsumer Protection Act 2010 943. 瑘瑧 瑘瑨 http / /www. nafmii. org. cn /scyjfx /gkwz /201312 /t20131213_28076. html 2016 12 9 147

2017 2 1 Incrementalism 瑘瑩 瑝瑠 1 Crowdfunding 瑝瑡 2015 2016 瑝瑢 瑘瑩 Charles E. Lindblom the Science of Muddling Through 19 Public Administration Review 79 1959. 瑝瑠 10 2014 180 瑝瑡 瑝瑢 http / /www. stcn. com /2016 /1212 /12976090. shtml 2016 12 20 148

瑝瑣 瑝瑤 瑝瑥 SEC Commodity Futures Trading Commission 瑝瑦 瑝瑧 瑝瑣 5 2011 瑝瑤 Robert C. Merton A Functional Perspective of Financial Intermediation 24 Financial Management 23 1995. 瑝瑥 2011 7 瑝瑦 2012 6 瑝瑧 JOBS 2016 11 149

2017 2 瑝瑨 瑝瑩 2002 2011 65 2001 WTO 2008 瑝瑨 2014 7 瑝瑩 2011 6 Hui Huang Private Enforcement of Securities Law in China A Ten - Year Retrospective and Empirical Assessment 61 Am. J. Comp. L. 757 763 2013. Weixia Gu Securities Arbitration in China A Better Alternative to Retail Shareholder Protection 33 NW. J. Int'l. & Bus. 283 296 2013. Laifan Lin Judicial Independence in Japan A Re - Investigation for China 13 Colum. J. Asian L. 185 198 1999. 150