论文标题:促进我国风险投资发展的财税政策研究
Research on Finance and Taxation Policy for Promoting the Development of the Venture Capital in China
论文作者
论文导师 李银珠,论文学位 硕士,论文专业 财政学
论文单位 暨南大学,点击次数 307,论文页数 65页File Size3524K
2007-05-08论文网 http://www.lw23.com/lunwen_3090812/
venture capital; finance and taxation policy; innovation
20世纪90年代以来美国、欧洲、日本等国家创新经济的迅猛发展已经证明，风险投资是提高创新能力的加速器。在我国，自改革开放以来，风险投资事业从无到有，对推动我国创新经济，尤其对科技型新经济发展发挥了极大的作用，取得了巨大的成绩。但同时我们也看到，我国的风险投资业还不够强大，发展速度落后于国民经济增长的步伐，不能满足于高新技术企业高速发展所面临的旺盛的融资需求。为落实自主创新战略目标，政府如何运用财税政策，扶持和引导风险投资业的加快发展，已显得日益重要和迫切。 本文结合风险投资运作机制，从其产生的理论的基础和提高资源配置效率角度出发，首先，从理论层面分析了风险投资是一种由经济内生的高效率的制度安排，代表了某些领域投融资模式发展的方向，能够为经济发展提供持续增长动力的一种新的投融资工具。 其次，对风险投资政府扶持政策相关的理论发展轨迹进行了探讨，对最新的文献进行了检索，并将其归纳为：支持政策的定位、支持政策的分类研究、政府直接出资政策、税收激励政策、金融支持政策、立法支持政策等政府支持风险投资理论。 第三，通过探讨财税与风险投资之间的互动发展机制，阐述了财税推动风险发展与风险投资推动财税发展是两个相辅相成、密不可分的过程。 第四，运用规范分析与实证分析相结合的方法，分析归纳发达国家促进风险投资发展的财税政策，及其对我国的启示和借鉴。 第五，对我国风险投资财税政策的发展现状及其产生原因作进行了深入的探讨，针对我国风险投资还处于行业发展的初期，现行与风险投资相关的财税政策制定工作存在比较滞后的问题，提出我国政府应在考虑我国国情的基础上，借鉴国外的经验，结合公共财政框架的建设，在包括税收政策、信贷政策、法律法规的完善、政策之间的配套衔接方面促进风险投资发展。
The enormous development of innovation economy in the United States, Europeand Japan since the 90s" of the 20th century has demonstrated that venture capita isan engine promoting the innovation capacity. Since the implementation of reformand opening up policies in China, venture capital investment grown out of nothing,and played an important role in advancing the innovation economy in our country,especially in promoting the development of knowledge-based economy. But weshould also note that venture capita is not very strong yet, and venture capitaldevelopment lags behind national economy development, unable to answer therigorous fund-raising demand of hi-tech enterprises. In order to put in place thestrategic goals of innovation, the government should utilize financial and taxpolicies, support and promote the rapid development of venture capital. In view of the operational mechanism, its theoretical basis and efficiency ofresource allocation, this article, first of all, analyses the highly effectiveinstitutional arrangement of venture capital. It represents the developmentdirection of invent and fundraising in some sectors, and a new tool of investmentand fundraising contributing the long-term economic development. Secondly, this article provides a discussion on the theoretical development ofgovernmental supportive policies of venture investment, and conducts a retrievalof the latest literature and sums up as the following categories: orientation ofsupportive policies, classified study, direct investment of government, taxincentives, financial support, legislative support and so on. Thirdly, through the discussion of the interactive development mechanism offinance and taxation with venture investment, this article explores that thedevelopment of venture investment through finance and taxation and thedevelopment of finance and taxation through venture capital are inseparatable. Finally, the status quo of the finance and taxation policies for the ventureinvestment in our country and its causes have been explored profoundly. In viewof the fact that the venture investment being at the initial stage and finance andtaxation policy-making lagging behind, this article, based on the status quo in ourcountry, drawing on the experiences of foreign countries, put forward somepropositions to enhance the development of venture capital, among which aretaxation policy, credit policy, perfection of laws and regulations and convergenceof policies.
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