创业投资的会计处理与税收政策分析,会计学论文(中英文版).doc

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1、 创业投资的会计处理与税收政策分析,会计学论文(中英文版)Venture Capital and the accounting treatment of tax policy analysisAbstract: Chinas venture capital industry in the last 20 years of development, is now essential to build a relatively complete investment management and operation of the system. However, tax policy, not a

2、 special tax policy, venture capital companies to apply the basic application of the general corporate tax policy, resulting in double taxation, can not be limited partnership, research and development costs can not be tax deductible, such as pension funds can not be involved in risk Investment, res

3、tricted the development of enterprises. How to adjust the related accounting treatment, as well as tax policy to promote the development of the venture capital business? From the new policy environment under the conditions of the policy options, as well as the current tax system and the environment

4、within the framework of the policy choices of the two different points of view put forward their own ideas. Key words: Venture Capital; accounting treatment; tax policy; the tax system First, the development of Chinas Venture Capital and the reasons for the status quo Venture Capital refers to inves

5、tment enterprises (or venture capital funds) through a certain way to the investors (or individuals) to raise venture capital, and then venture into the venture capital business and take the initiative to participate in business management, and provide Value-added services, bigger and stronger after

6、 the start-ups through a certain way from the capital, to achieve return on investment, and will recover the investment into a business venture and investment in capital works. According to the Bureaus clearance survey data show that as of the first half of 2007, Chinas local venture capital institu

7、tions have reached 498, manages about 800 billion yuan in venture capital. Venture capital business is to promote the development of high-tech propeller. From this perspective, venture capital business is quite naive industry, competition in the market at a competitive disadvantage, in terms of taxa

8、tion or other preferential policies given that this is the practice in other countries as a Practice. In 1999, in the new global economy driven by a wave of domestic "through science and education" strategy inspired by, China has set off an upsurge of short-term investment. Since 1985, a f

9、resh start to explore the development of venture capital, then set up a company in our first real sense of the risk of venture capital companies. Over the years, Chinas venture capital business has also been a number of development, but compared with developed countries, the pace of development is q

10、uite slow. In 2000, the bubble burst in the network, coupled with the lack of necessary legal systems and policies to support the support of Chinas venture capital industry will soon enter the winter. From 2001 to 2004, the number of venture capital institutions and venture capital is almost the num

11、ber of continuing to negative growth. In November 2005, the National Development and Reform Commission issued jointly by the ministries and so on "Venture Capital Enterprise Management Procedures" (hereinafter referred toas "venture capital approach to business management"), not

12、only for the Venture Capital Fund to provide special legal protection, but also for the development of a series of Supporting policies to provide a legal basis. The risk of venture investment in the development of the most critical, most of the core, it should be a better mechanism to withdraw from

13、now, we venture capital market in venture capital from the channel or a single comparison, the venture capital business development is not only related to tax policy , The credit policy, but also from other countries support policies, especially the healthy development of capital markets for venture

14、 capital to support entrepreneurship development should play a key role. Venture capital needed to give special treatment to the tax, mainly for the use of preferential tax policies stimulate investment risk. Tax incentives to reduce the cost of venture capital, which is currently the world generall

15、y used in high-tech enterprises preferential policies for investors. Tax incentives to venture capital to support the Governments intention is to promote the development of risk investment an effective tool. Second, Chinas investment in tax policy For venture capitalists, China has successively prom

16、ulgated a series of tax policy. In 1991, "National Hi-Tech Industrial Development Zone, a number of temporary policy" that: "The relevant departments in high-tech industry development zones set up venture capital funds, the greater the risk for the development of high-tech industry, t

17、he conditions are ripe for high-tech development zone Can be set up venture capital firm. " In 1991, the State Council promulgated the "National Hi-Tech Industrial Development Zone tax policy" that finds for the development of Chinese and foreign enterprises, including value-added tax

18、, product tax, the tax money, building a number of tax incentives such as tax. In 1996, the State Council issued "on the" Ninth Five-Year Plan "period of the section chief level of structural reform" to re-emphasize the development of venture capital, a number of sectors and regi

19、ons are also actively explore and advance. State Economic and Trade Commission in 2002 published "on the use of high-tech and advanced applicable technologies to transform and upgrade traditional industries and the implementation of views", said: "increase investment in technological

20、innovation, venture capital mechanism to explore. To make full use of preferential tax policies to encourage and support enterprises Using high-tech and advanced applicable technologies to enhance transformation. " March 1, 2003 China launched the "foreign-invested venture capital enterpri

21、se management" in order for the first time in the form of formal legislation on venture capital in the form of business organization, governance and so on have made provisions, including the risk of tax-funded enterprises. On the 35th article stipulates: "The venture capital companies shou

22、ld be in accordance with the provisions of national law in accordance with the law to declare the tax. Unincorporated system of venture capital companies, investment by the parties in accordance with the relevant provisions of national law, the declaration were to pay corporate income tax; also by t

23、he Unincorporated-business venture to apply for approval, in accordance with the provisions of tax law to pay a unified corporate income tax calculation. " March 1, 2006 from the implementationof the "Interim Measures for the Administration venture capital business," the 23rd article:

24、 "The use of preferential tax policies to support national investment and enterprise development for small and medium enterprises to increase their lead in particular small and medium-sized enterprises in high-tech investment. The specific method by the State Council departments and taxation de

25、partments in a separate piece of legislation. "The" "venture capital companies for the" special nature "of enterprises laid the foundation for the companys norms. In accordance with the leadership of the State Council, "to lose no time in formulating policies," the

26、 written request of the National Development and Reform Commission and the participation of the Ministry of Science and Technology, the Ministry of Finance and State Administration of Taxation After more than a year of research and feasibility studies and the bills are finally in February 2007 15, j

27、ointly issued the "promotion of venture capital companies on the development of tax policy notice." "Notice of tax policy," as a "venture capital approach to corporate governance," one of the important policies is bound to the development of Chinas venture capital indus

28、try have a positive and far-reaching impact. The major policy incentives introduced, marking the venture capital business in China has ushered in a favorable period development, ushering in a venture capital industry is booming in the spring. More laws and regulations and other regulatory documents

29、in China coupled with the "Company Law" and "tax" and "partnership" and other regulatory documents in the relevant provisions constitute an initial venture capital in Chinas tax policy system of legal norms. Chinas preferential tax policy has been in operation for many

30、years, as an important economic and legal means to regulate, to accelerate the development of Chinas high-tech enterprises have played an important role. However, the control of foreign advanced industrial countries and newly industrialized countries and advanced sound on the development of high-tec

31、h enterprises of the tax system, the existing preferential tax policies for our country there are obvious shortcomings and loopholes in the development of high-tech enterprises should be the role has not been Bring into full play. Third, good practices from abroad The use of tax policy is to encoura

32、ge the development of venture investment-based economy, an essential requirement. With the economies of scale increasingly given way to economic systems, and business enterprises in the modern economy is growing process, to the extent that top management at the Drucker pointed out in 1984: from the

33、modern economy is dominated by large companies to the entrepreneurial economy Changes in the economy. Venture Capital as a "business support investment in innovation system" through training and support entrepreneurial enterprises, promoting entrepreneurship-based economic development is o

34、f great significance. However, venture-economic development brought about by the expansion of employment, enhance the capability of independent innovation, change the mode of economic growth, and other social benefits, can not venture into economic benefits. As the high-risk venture capital and scal

35、e, in its venture investment enterprises are also in the rights and obligations of the asymmetry in a weak position and therefore rely solely on market mechanisms to social capitalinto venture capital investments often have to face market Failure of the problem. For Venture Capital with the positive

36、 externalities and market failures, many countries have issued a series of specific policies to support the venture. In a wide range of government policy support, tax incentives have been proved to be the most efficient and venture capital funds would not lead to distortions in the governance mechan

37、isms to support one of the policy. (A) of the United States In the most well-developed venture capital industry in the United States, although driven by the people as early as 1946 on the establishment of the first venture capital firms, but 13 years later no one to imitate the second to set up vent

38、ure capital firms. In 1958, the federal government launched the "small business investment company program," by providing low-interest loans in support of the community set up a "small business investment company", specialized small business investment in the Venture Capital Fund

39、 was able to develop and promote the entire business Investment industry started quickly. However, because the United States in 1969 will be capital gains tax rate from 25% to 49%, resulting in a serious obstacle to the U.S. venture capital industry. Until 1978 will reduce the capital gains tax rate

40、 to 28% in 1981 to further reduce to 20%, business investment and speedy recovery. In 1986 to U.S. venture capital amounting to 24,100,000,000 U.S. dollars, is a pre-tax reform 10 times. Especially in less developed regions in order to encourage venture capital industry, the federal government in 20

41、00 also introduced the "new market tax credit program," the investment in low-income areas, "Community Development Fund" 7 years of age, from federal income tax Was equivalent to 39% of the amount of investment tax credits. In recent years, some of the less developed regions of t

42、he United States of the venture capital industry was the rapid start, also benefited from a number of state government introduced a more powerful than the federal governments tax incentive policy. For example, in Indiana, Vermont and West Virginia, and other states, qualified venture capital fund in

43、vestors can invest their funds in the amount of 20% to 30% of the income tax to apply for credit. In Louisiana, in order to attract investment into the insurance field, qualified for venture capital to invest in insurance companies, investment can be 100% to 120% of the company to provide tax credit

44、s. Colorado, Florida, Missouri, New York and Wisconsin, and other states also have similar tax policy.(B) Britain Britain has become one of the worlds second largest investment country, the size of its investment accounted for almost half of Europe as a whole, ranking far ahead of status. According

45、to OECD statistics, in 2001 against England at the initial expansion entrepreneurs and venture capital enterprises in the proportion of GDP accounted for Though ranked fourth, including the management of venture capital, mergers and acquisitions accounted for the proportion of GDP is among the best,

46、 Far more than the U.S. Their experience is important to have introduced the three venture capital for the tax incentive program. For example, in order to encourage the adoption of individual venture capital fund to engage in indirect investment, in 1995 introduced a "venture capital trust sche

47、me", specializing in venture capital "investment trust" (essentially Co., Ltd. isestablished in the form of the Venture Capital Fund) , To grant tax concessions in three areas: (1) venture capital companies be exempted from capital gains tax; (2) individual investors from the companys

48、 investment income (including dividends and proceeds from the disposal of venture capital stake in the companys capital gains) tax exemption; (3) shares held by venture capital firms more than 3 years of individual investors, according to the amount of investment of 20%, personal income tax credit.

49、In order to encourage large-scale industrial companies engaged in venture capital, launched in 2000, "the company plans to venture capitalists." The plan provides that carried out venture capital business, industrys access to the following tax benefits: (1) If you invest in small-scale processing trade enterprises and held for more than 3 years, the company will be equivalent to 20% of the investment tax credit of the company; (2) if the investm