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20 11 9 Journal of Zhejiang University(Humanities and Social Sciences) Sep. 20 11
DOI: 10 . 3785/ j. issn. 100 8- 942X. 2011. 06 . 2 11
非法集资中的不特定对象标准探析
证券私募视角的全新解读
李有星 范俊浩
( , 310008)
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On the Standard for Unspecific O jects in Illegal Fund-Raising: A New Explanation
from the Perspective of Private Placement
L i Y ouxing Fan Junhao
(Guanghua L aw School, Zhej iang University , H angz hou 310008, China)
A stract: Whe her o r no he f und- raising objec s are specif ic w ill af fec he na ure of he f und
raising in priva e sec or . One o f he necessary com ponen s fo r illegal f und- raising is raising f unds
fro m unspecific objec s. A l hough here ar e rules on illegal f und- raising, he rules ar e so vague
and sim ple and hav e many def ec s such as he v ag ue s andar d for f riend- rela ive, he improper
charac er iz a ion o f spreading f rom mou h o m ou h and so on. In he case of W u Y in, hese prob-
lems became he f oci of he con ro versy, and fur herm ore, one canno reach he co rrec conclu-
sion by m er ely relying on crim inal law . T o perf ec he s andard f or unspecif ic objec s, he ins i u-
ion o f saf e- harbor in he U . S . secur i ies law is of sig nif ican ref erence value. In o rder o a-
chieve his g oal, w e shoul d amend he crim inal law , clarify he s andards, chang e he leg al regu-
[ ] 20 11-06-2 1 [ ] h p: / / ww w . journals . zju. edu . cn/ soc
[ ] 20 11-08- 26
[ ] 2 11 ( 203000- 1232 1030 1) ;
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