| Venture investment means a way of investment whereby investors invest the venture capital in a newly-built or quickly-growing unlisted new company, provide the long-run investment of share rights and value-added service, on the basis of undertaking a risky venture, to promote the company to move forward greatly and then withdraw his original investment by listing, merger or consolidation, or other methods of transfering the share rights, and to reap in high reward in the end. As far as a country's economy is concerned , venture investment is undoubtedly a fularum that can prize the whole level of economy, main functions as the following two aspects:1 promoting the transformation of scientical and technical achievements;2 advancing the originality of techniques and management. Along with the spread development of high and new techniques, the competition between countries gradually evolving into high-tech-oriented competition of the comprehensive national power, our government has switched the stress of economic development to the tactic of "vitalizing China by science and education"with the aim of stimulating high-tech developement, and simultaneously the venture investment closely related with the high-tech is being paid more attention to. At present, the theory and practice related with venture investment is getting prosperous, but if such problems, as small scale of capital, unitary channel of funding, lack of authentic venture company, defective operating system of investment, poor legal circumstances, couldn't be excluded as soon as possible, Chinese venture investment should hardly get in a fast, stable and sustainable track . This article is going to prospect for the future mechanism of legal regulation of Chinese venture investment on the basis of fundmental theory, the latest development, the existing problems and the system construction.Part I is about the fundamental theory of venture investment, generally introducing the concept and basic features of venture investment, and the legal reltionship involved in it.Part II introduces the latest development of our venture investment, including the development history and present scale of domestic venture investment;detailed and classified explanation about our venture investment institutes, namely dividing these institutes into two categories as corporation-like and public-service-like, expounding the pros and cons of them sepreately, and hereinafter providing a basis for " the best organization form of venture investment is the limited partnership" in Part IV.Part III points out the existing problems in domestic venture investment enterprises, namely: 1 .Venture capital being generally nationalized, governmental behaviors handling the venture investment market; 2.small-scaled venture capital and tremendous shortages of capital; 3.Lacking authentic venture enterprises; 4.Outgoing system of venture investment not yet in shape; 5.Corresponding regulations and policy not in place,and insufficient govemment-backing.This part is the second key of the article, paving way for how to perfect the legal-controlling system of our venture investment in Part IV.Part IV is the key of this article, stating a way to perfect the legal-controlling system of domestic venture investmment, on the basis of detailed analysis of existing problems in Part III,through six aspects.They are: (1) to speed-up the process of legislation to provide firm legal protection for venture investment; (2) to adjust fund-raising system to realize the pluralization of investors; (3) to attach the limited partnership to the formation of venture investment institutes; (4) to strengthen the protection of intellectual property rights in venture investment; (5) to perfect preferential tax system, create favored taxiation enviroment; (6) to amplify the outgoing systen of venture investment. |
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