财税政策对风险投资的影响
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摘要
自问世以来,风险投资对世界各国的经济发展、科技进步、自主创业等方面都做出了巨大的贡献。具体来说,风险投资将从社会募集到的资金聚集起来进行规模经营,有助于实现社会资本的集中；风险投资不仅有助于高风险企业实现价值增值,而且有助于劳动力素质的提升,最终推动技术的创新和产业结构的升级。
风险投资在我国的发展可以追溯到1985年,随着我国改革开放的不断深入,尤其是在加入世界贸易组织后风险投资不断发展壮大,国际风险投资公司也逐渐进入我国金融市场。而且随着我国经济的不断发展和相关法律法规的不断完善,将会有更多的资本流向风险投资行业。但目前我国风险投资行业存在的问题也是不容忽视的：运作不规范,专业的风险投资管理队伍匮乏；资金来源有限,过于依赖政府；可选择的退出方式较少；相关的法律法规不完善,缺乏良好的制度环境。要实现我国风险投资的全面发展还面临着诸多挑战,我们需要不断地探索才能建立更好、更完善的风险投资体系。
其中,政府应当如何运用财政税收政策这一重要政策工具来鼓励和引导风险投资的发展是一个值得深入研究的问题。从现有文献来看,目前国内外的研究主要集中在以下几个方面：不同税种税率变化对风险投资业发展的不同影响；与发达国家相比我国现有风险投资相关财政税收政策体系中存在的问题及改进方向等。然而针对财政税收政策是如何对风险投资产生影响及这种影响的显著性等问题,目前还缺乏系统的研究。
本文共分为五部分。第一部分,即导论部分介绍了本篇论文的研究意义和研究目的,后续对与风险投资相关的财政及税收政策,和一些相关文献进行了综述。最后介绍了本文的研究内容、研究方法、创新点以及今后的努力方向。
第二部分是本文的理论准备,首先介绍了风险投资的内涵、组织形式、风险投资的现状以及风险投资的三种效应。其次,由历史和现状我们可以得出我国风险投资还未发展成熟,仍需政府扶持的结论。最后分析了财政税收政策对风险投资产生影响的经济学原理。从税收角度,本文构建了有税-无税状态下的风险投资模型,并分别揭示了税收是如何影响风险投资的成本和收益的：就成本角度而言,提供一定的税收优惠可以降低资本的成本,促使企业更多地进行风险投资；就收益角度而言,本文得出累进税制不利于风险投资发展,且减少对风险投资家征税可鼓励人才从事风险投资业,并付出高努力的结论。然后从实践角度分析了税收政策对风险投资四个主要阶段的影响,同时分别论述了不同财政政策,即政府采购、财政担保和财政出资对风险投资的影响。
第三部分为财政税收政策对风险投资影响的实证研究。在第二章理论分析基础之上,本章首先对研究背景进行阐述,指出我国政府现阶段应通过合理的财政税收政策刺激风险投资的发展,以达到促进经济发展和经济结构转型的目的。随后,本文设计了计量模型,提出相关假设,并对选择的数据样本作了统计检验。本文使用各省市自治区2005-2011年的相关数据,通过政府部门研发投入和科技总经费代表财政政策的强度。回归结果表明,这两个因素与风险投资的发展都有正向关系。通过使用行业层面的数据,采用一个行业每个年度出台的政策法规数据代表相关部门对行业发展的财政支持,研究行业发布的财政政策数量与该行业得到的风险投资支持之间的关系。关于税收政策与风险投资的关系中,本文同样采用了各省市自治区的数据,通过收集一个地区出台的税收优惠政策数量,试图量化税收优惠对风险投资的影响。在控制了经济发展规模和经济发展水平的条件下,论文中使用了当年发布的税收优惠政策,过去些年发布的所有政策的累积数,还考虑了领先一年之前发布的税收优惠政策等多个角度,来考察税收优惠政策对一个地区风险投资金额和投资项目数量的影响。
第四部分对全球主要发达国家,即美国、日本、主要欧洲国家等地的风险投资及其财政税收政策的发展历程进行了描述。在几十年的发展过程中,这些国家的风险投资都经历了从萌芽、衰退到复兴的阶段,这不仅是由某个时期的经济环境决定的,还在很大程度上受到当时当地政府的财政税收政策的影响。通过对以上各国的风险投资发展史进行比较分析,本文结合我国实际国情,讨论了我国风险投资存在的问题,与发达国家之间的差距。
第五部分在总结分析的基础上提出了优化财政税收政策,促进风险投资的对策；最后对不同国家风险投资发展的经验教训及对我国的启示进行了总结,针对我国现行风险投资财税制度提出建议。
As a kind of innovative financial activity, Venture Capital has made great contributions to economy development, technology improvement and entrepreneurship all around the world since it was born. It has gradually become a wide-spread investment means to invest in the high-technology industry and SME (small-medium enterprise) as well as to provide various services in the world nowadays. Although VC in China has a later start and a weak foundation, it is going to a mature stage after suffering more than20years ups and downs. By analyzing the total investment of VC on2008,2009and2010, we could find that the scale of VC in China has a steady upward trend. However, there are still many problems existing, which call for our continuous exploration and research. Besides, the VC development mode is determined by the current economic situation, which is complex and particular. That is to say, there is still a long way to go before the VC system suitable for China is built up.
With the development of Venture Capital, more and more scholars begin to focus on some studies of VC. Current domestic and abroad studies on VC mostly concentrate on several aspects, such as the studies on the developing history of Venture Capital, the discussions about the organizational forms of Venture Capital, the research on legal normalization of Venture Capital, and the analysis about the influences on the technology improvement in new SME and on the capital market, which are caused by Venture Capital. The issue of how to apply fiscal and taxation policies to encourage and guide VC development, which is an important VC promoting measure supported by government, has attracted more and more attention as well. The existing literatures focus on issues such as the influence of tax rate on the Venture Capital and the defects in the current fiscal and taxation policies of VC in China. This thesis studies fiscal and taxation policies of VC in China in a more systemic way, which is a rarely studied perspective.
This article is divided into five parts. The prolegomena introduces the prnpose and the significance of this research. Thereafter, the paper summarizes a great amount of old literatures about VC, and introduces the relationship between VC and fiscal and taxation policies.
The second chapter is a normative analysis on Venture Capital and the interrelated fiscal and taxation policies. First, the connotation is venture capital is defined, followed by the three effects of VC:capital aggregation effect, labor optimization effect and technological advancement effect. The paper introduces the development evolution of fiscal and taxation policies related to Venture Capital in China, as well as the main problems existing in current regulations. To continue, the paper summarizes the mechanism how the. fiscal and taxation policies affect the venture capital in both theory and practice. Through a tax-no tax model, the paper analysis the economics mechanism how tax affects the VC, followed by how the tax affects the costs and profits. In the practical prospective, the whole operation process of venture capital fund-from fund collection, project choosing, post investment project management and withdrawal link was affected by taxation in different ways. As for fiscal policies, the paper elaborates the effects of distinct policies on Venture Capital, such as the government procurement, financial guarantees and financial assistance.
In latter chapters, at last, by collecting and sorting a great deal of data from2006to2011provided by VC-backed companies, the paper makes a model connecting the fiscal and taxation policies with the Venture Capital and economic development. The paper also provides an empirical analysis on the positive correlation between the fiscal and taxation policies and the Venture Capital, as well as the Venture Capital and the economic growth.
Then America, Japan and European districts are chosen in this paper as three typical examples to make a comprehensive comparison by analyzing their good experiences and mistakes during the development process. Also through the summary of the venture capital status in those three countries or districts, the paper points out that we could learn lessons and experiences from those developed countries or districts to perfect the system of fiscal and taxation policies related to venture capital in China.
Through analyzing the final model, the paper proposes that government should provide financial subsidies and preferential tax for Venture Capital in order to promote economic development. In the end of this paper, some advices are given on how to perfect the system of fiscal and taxation policies of Venture Capital in China.
风险投资在我国的发展可以追溯到1985年,随着我国改革开放的不断深入,尤其是在加入世界贸易组织后风险投资不断发展壮大,国际风险投资公司也逐渐进入我国金融市场。而且随着我国经济的不断发展和相关法律法规的不断完善,将会有更多的资本流向风险投资行业。但目前我国风险投资行业存在的问题也是不容忽视的：运作不规范,专业的风险投资管理队伍匮乏；资金来源有限,过于依赖政府；可选择的退出方式较少；相关的法律法规不完善,缺乏良好的制度环境。要实现我国风险投资的全面发展还面临着诸多挑战,我们需要不断地探索才能建立更好、更完善的风险投资体系。
其中,政府应当如何运用财政税收政策这一重要政策工具来鼓励和引导风险投资的发展是一个值得深入研究的问题。从现有文献来看,目前国内外的研究主要集中在以下几个方面：不同税种税率变化对风险投资业发展的不同影响；与发达国家相比我国现有风险投资相关财政税收政策体系中存在的问题及改进方向等。然而针对财政税收政策是如何对风险投资产生影响及这种影响的显著性等问题,目前还缺乏系统的研究。
本文共分为五部分。第一部分,即导论部分介绍了本篇论文的研究意义和研究目的,后续对与风险投资相关的财政及税收政策,和一些相关文献进行了综述。最后介绍了本文的研究内容、研究方法、创新点以及今后的努力方向。
第二部分是本文的理论准备,首先介绍了风险投资的内涵、组织形式、风险投资的现状以及风险投资的三种效应。其次,由历史和现状我们可以得出我国风险投资还未发展成熟,仍需政府扶持的结论。最后分析了财政税收政策对风险投资产生影响的经济学原理。从税收角度,本文构建了有税-无税状态下的风险投资模型,并分别揭示了税收是如何影响风险投资的成本和收益的：就成本角度而言,提供一定的税收优惠可以降低资本的成本,促使企业更多地进行风险投资；就收益角度而言,本文得出累进税制不利于风险投资发展,且减少对风险投资家征税可鼓励人才从事风险投资业,并付出高努力的结论。然后从实践角度分析了税收政策对风险投资四个主要阶段的影响,同时分别论述了不同财政政策,即政府采购、财政担保和财政出资对风险投资的影响。
第三部分为财政税收政策对风险投资影响的实证研究。在第二章理论分析基础之上,本章首先对研究背景进行阐述,指出我国政府现阶段应通过合理的财政税收政策刺激风险投资的发展,以达到促进经济发展和经济结构转型的目的。随后,本文设计了计量模型,提出相关假设,并对选择的数据样本作了统计检验。本文使用各省市自治区2005-2011年的相关数据,通过政府部门研发投入和科技总经费代表财政政策的强度。回归结果表明,这两个因素与风险投资的发展都有正向关系。通过使用行业层面的数据,采用一个行业每个年度出台的政策法规数据代表相关部门对行业发展的财政支持,研究行业发布的财政政策数量与该行业得到的风险投资支持之间的关系。关于税收政策与风险投资的关系中,本文同样采用了各省市自治区的数据,通过收集一个地区出台的税收优惠政策数量,试图量化税收优惠对风险投资的影响。在控制了经济发展规模和经济发展水平的条件下,论文中使用了当年发布的税收优惠政策,过去些年发布的所有政策的累积数,还考虑了领先一年之前发布的税收优惠政策等多个角度,来考察税收优惠政策对一个地区风险投资金额和投资项目数量的影响。
第四部分对全球主要发达国家,即美国、日本、主要欧洲国家等地的风险投资及其财政税收政策的发展历程进行了描述。在几十年的发展过程中,这些国家的风险投资都经历了从萌芽、衰退到复兴的阶段,这不仅是由某个时期的经济环境决定的,还在很大程度上受到当时当地政府的财政税收政策的影响。通过对以上各国的风险投资发展史进行比较分析,本文结合我国实际国情,讨论了我国风险投资存在的问题,与发达国家之间的差距。
第五部分在总结分析的基础上提出了优化财政税收政策,促进风险投资的对策；最后对不同国家风险投资发展的经验教训及对我国的启示进行了总结,针对我国现行风险投资财税制度提出建议。
As a kind of innovative financial activity, Venture Capital has made great contributions to economy development, technology improvement and entrepreneurship all around the world since it was born. It has gradually become a wide-spread investment means to invest in the high-technology industry and SME (small-medium enterprise) as well as to provide various services in the world nowadays. Although VC in China has a later start and a weak foundation, it is going to a mature stage after suffering more than20years ups and downs. By analyzing the total investment of VC on2008,2009and2010, we could find that the scale of VC in China has a steady upward trend. However, there are still many problems existing, which call for our continuous exploration and research. Besides, the VC development mode is determined by the current economic situation, which is complex and particular. That is to say, there is still a long way to go before the VC system suitable for China is built up.
With the development of Venture Capital, more and more scholars begin to focus on some studies of VC. Current domestic and abroad studies on VC mostly concentrate on several aspects, such as the studies on the developing history of Venture Capital, the discussions about the organizational forms of Venture Capital, the research on legal normalization of Venture Capital, and the analysis about the influences on the technology improvement in new SME and on the capital market, which are caused by Venture Capital. The issue of how to apply fiscal and taxation policies to encourage and guide VC development, which is an important VC promoting measure supported by government, has attracted more and more attention as well. The existing literatures focus on issues such as the influence of tax rate on the Venture Capital and the defects in the current fiscal and taxation policies of VC in China. This thesis studies fiscal and taxation policies of VC in China in a more systemic way, which is a rarely studied perspective.
This article is divided into five parts. The prolegomena introduces the prnpose and the significance of this research. Thereafter, the paper summarizes a great amount of old literatures about VC, and introduces the relationship between VC and fiscal and taxation policies.
The second chapter is a normative analysis on Venture Capital and the interrelated fiscal and taxation policies. First, the connotation is venture capital is defined, followed by the three effects of VC:capital aggregation effect, labor optimization effect and technological advancement effect. The paper introduces the development evolution of fiscal and taxation policies related to Venture Capital in China, as well as the main problems existing in current regulations. To continue, the paper summarizes the mechanism how the. fiscal and taxation policies affect the venture capital in both theory and practice. Through a tax-no tax model, the paper analysis the economics mechanism how tax affects the VC, followed by how the tax affects the costs and profits. In the practical prospective, the whole operation process of venture capital fund-from fund collection, project choosing, post investment project management and withdrawal link was affected by taxation in different ways. As for fiscal policies, the paper elaborates the effects of distinct policies on Venture Capital, such as the government procurement, financial guarantees and financial assistance.
In latter chapters, at last, by collecting and sorting a great deal of data from2006to2011provided by VC-backed companies, the paper makes a model connecting the fiscal and taxation policies with the Venture Capital and economic development. The paper also provides an empirical analysis on the positive correlation between the fiscal and taxation policies and the Venture Capital, as well as the Venture Capital and the economic growth.
Then America, Japan and European districts are chosen in this paper as three typical examples to make a comprehensive comparison by analyzing their good experiences and mistakes during the development process. Also through the summary of the venture capital status in those three countries or districts, the paper points out that we could learn lessons and experiences from those developed countries or districts to perfect the system of fiscal and taxation policies related to venture capital in China.
Through analyzing the final model, the paper proposes that government should provide financial subsidies and preferential tax for Venture Capital in order to promote economic development. In the end of this paper, some advices are given on how to perfect the system of fiscal and taxation policies of Venture Capital in China.
引文
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