| At the age of knowledge economy, the high-tech industry has been of vital importance to the development of nation's economy. If China wants to be the most powerful country in the knowledge-economy society, she should pay great attention to the development of high-tech industry. Because the financing problem has been the main obstacle that retains the development of high-tech industry, how to establish a high efficient financing system under legal protect not only affects whether China can realize the orientation of industry of science and technology, but also is the important research topic of economic law. After inducing the financing market and legislating situation of high-tech industry in China, and comparatively analyzing the present status in other countries and areas, this article explore to establish a multi-sided and multi-leveled channel of capital raising and legal system combining macro-control and micro-flexibility, government and businesses, which can solve the capital problem and accelerate to realize the orientation of industry of science and technology. This article is divided into five parts in addition to the introduction, which has about 48, 000 words.Part I , the systematic demand and legal supply of high-tech industry financing in China. Firstly this section briefly introduces the definition of high technology, high-tech industry and high-tech enterprises, the financing characters and the problem arising from it. On the basis of above statement, the author analyzes the systematic demand of high-tech industry financing, especially points out that the economic law plays an unique and special role in the establishment of legal system. Lastly the author induces the current financing situation and present legal supply in China, and draws a conclusion that we must establish a perfect legal system of high-tech industry financing.Part II, comparative analysis of the different legal systems of high-tech industry financing. This section introduces the legal systems of high-tech industry financing in the main developed countries and areas in order to give some advice for our country. This section is divided into four main points. Firstly, the authorcompares the different legislative macro-environments, and holds that the government must provide some convenience and stimulating measures for promoting financing ability in such aspects: enacting an Act of Industry Adjustment, fiscal subsidy, government load, guarantee for load, favorable revenue and so on. Secondly this section studies the different organizing forms of the venture capital organizations, and draws a conclusion that the America-British model and Taiwan model is prior to the Japan-Germany model. Thirdly, this section compares the indirect capital market and direct capital market and believes that China must improve a multi-sided and multi-leveled crediting system, explore to establish the Second Board Market, and regulate the Third Board Market.Part III to Part V are the main parts of this article. In view of the present status in China, the author puts forward some suggestions which involve the legal support of macro regulation, the improvement of legal systems in direct financing market and indirect financing market.Part III, the legal support of macro regulation in high-tech industry financing. At first, we must enact an Act of Industry Adjustment. Then, under the guidance of this act, we will enact some operating laws, whose main context is the fiscal subsidy and science and technology budget. In addition, we also will found governmental funds. The exploration of governmental funds is one of the most creative concepts of this article, in which the author designs the funds in such aspects: definition of the name, the source of funds and supervision of it.Part IV, the improvement of legal system in direct financing market. The legal system of direct financing market should have include the form of bond, but because the enterprise securities in China have a character of nation securities, want to finance through issuing enterprise... |
PDF Full Text Request