A Study Of Improving The Fiscal And Taxation Policy Of China's Venture Capital

As a new investment and financing mechanism,Venture Capital plays an import role in promoting innovation,high-tech development and industrial restructuring.After 20-years' development,Venture capital still faces many obstacles.This paper analyzes the related theory of venture capital and its situation in the foreign countries.It studies the current situation and problem of the financial and taxation policy related to venture capital in our country by methods of qualitative analysis and quantitative analysis and makes some practical advice.This paper researches the function of China's fiscal and taxationpolicies to the development of venture capital.Through econometrics analysis,it gets the conclusion that the current fiscal policy on the venture capital expenditures do have some impact,but the impact needs to be improved.Through comparative analysis with other countries and regions,it finds the problems of double-taxation,single tax incentives mode.Through Learning from other countries and regions' advanced experience of developing VC with fiscal and taxation policies,as well as in accordance with China's actual situation,the paper makes the following recommendations:formulate fiscal and taxation policies of incenting various main part and capital participating the venture capital;diversify the incentive taxation policy of VC to enhance the function of fiscal payout.