| Venture capital is generally defined as such an action: investing in research and development of high-tech and its products which faces high possibility of failure, providing management and consultation services for venture firms in order to gain high capital gains through shares transferring when the venture firms grow up. Venture capital must face market, so as to exert the force of the market to allocate the resources. As a new type of capital, its main sources is from the private sections.The investors invst in the high-tech firms which has potential of commercial tech innovation,pursuting capital gains by their value-adding service. Market based mechanism of obligation and interest distribution must fuction in invest institution as well as in venture firms;specialized agencies serving venture capital can grow up in market competition. Market based mechanism of competition and interest incentive force should always function in venture capital.Government support is also indispensable to venture capital.The natural limitation of market pulls back the development of venture capital; The sum of venture capital can't meet the need of "Pareto Optism" because of the "tech-innovation"feature of of venture capital and the high possibility of failure which rises from the feature.All of these above make government support necessary.Resources advantage and authority ,which government possesses,make the propell possible.As a major policy means of government, fiscal policy bears critical support to venture capital.This article consists of four parts. Part1 : basic knowledge of venture capital.beginning with the definition of venture capital,its source and operation is introduced in this part,followed by the introduction of the feature of venture capital--"Three High" and the analysis of its effect.At last,the market mechanism and government support are breafly discussed,which is the core of this part.Part2:research on the relation between fiscal policies and venture capital.The high-tech items of commercial value is the subjest of venture capital.The volume of"item flow" is determined by the intensity of tech-research and development.At the beginning of this part,the author discussed the connection between the source of venture capital and government expenditure. The discuss starts from the "positive externalities" of tech-research and development,pointing out that the products of tech-research and development somewhat has the property of "public good".Without government's interfere,the intensity of tech-research and development by private section can't meet the need of "Pareto Optism" because of the "positive externalities",as a result,the items of venture capital are insufficient and the development of venture captal will be pull back.Rational policies of government expediture can internalize the "positive externalities"-transforming them to more revenue or less cost of the tech-research and development private suppliers.Be feared of the high risk at the beginning of venture capital,the private section can't provide enough capital, the "capital gap"should be fetched up by government with equity capital,creditor's right capital, subcidy,at the same time,some other means,such as government purchase,credit guarantee,capital insurance,tax expenditure can promte private capital,is also important.In this part,the function of the above means,the establishment and enforcment of them are breafly discussed.Because tax policies play a critical role in fiscal policy,r-Y chart is used to analyse the relation between tax and venture capital,at last,a conclution is drawn:tax expenditure can promote venture capital.Part3:the problems with china's fiscal policy on venture capital.The problems include: a definite and integrated system of fiscal law on venture capital has not be built up.The present tax law and code are not fit for the development.The government expenditure on tech-research and product-transform is not enough.The structure of government expenditure is not in reason.The efficiency o...
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