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英国essay代写:Legal analysis of venture capital in technological innovation

2019-01-29 | 来源:51due教员组 | 类别:Essay代写范文

本篇essay代写- Legal analysis of venture capital in technological innovation讨论了风险投资在科技金创新中的法律分析。风险投资也称创业风险投资,最早起源于美国,随后在世界各国兴起。在美国形成的以资本为主导的科技金融体系,其资本市场和风险投资市场非常发达。美国政府制定的法律不仅规定政府对高新技术企业提供资助和发展经费,而且以法律的形式规定了有关优惠政策,保证了政策的稳定和贯彻实施,在更大程度上吸引了风险投资进入高技术领域。同时,为维护多层次市场结构的秩序,形成了以法律规范为主,行政监管为辅的监管体系。本篇essay代写51due代写平台整理,供大家参考阅读。

venture capital,风险投资,essay代写,代写,paper代写

Since the central committee of the communist party of China issued the decision on the reform of the system of science and technology in March 1985, China has started the integration and development of venture capital and scientific and technological innovation. Since then, the state council has issued a series of laws and regulations conducive to promoting scientific and technological innovation, financial innovation and venture capital development. For example, the interim provisions on certain policies of the national development zones for new and high technology industries in 1991 and the decision on accelerating scientific and technological progress in 1995.

Laws and regulations are a member of the mandatory support environment for venture capital investment. Among the existing laws in China, there are laws concerning the investment of venture capital capital, such as security law, insurance law, law on commercial Banks and measures for the investment management of basic endowment insurance fund. Laws related to the promotion of effective counterpart between venture capital and scientific and technological financial information -- law on the promotion of the transformation of scientific and technological achievements, law on intellectual property and law on government procurement; Laws related to improving operational efficiency -- company law, partnership enterprise law, trust law and tax law; Laws and regulations related to the improvement of exit mechanism -- securities law, interim regulations on the administration of stock issuance and trading, interim measures on the administration of venture capital funds and bankruptcy law.

Venture capital develops rapidly in the early stage in China, but there are still great limitations in scientific and technological innovation. For example, article 4 of the interim measures on the management of venture capital funds states that "equity participation funds shall be jointly organized and implemented by the ministry of finance and the national development and reform commission." In the context of China's socialist market economy, it is necessary to gradually break through the constraints of the legal system to adhere to the principle of "market-oriented, supplemented by government intervention".

To test whether a country's legal system is suitable for the development of venture capital, we can evaluate whether a venture capitalist can complete a complete venture capital course in scientific and technological innovation, including a complete venture investment loop from capital input -- technology intermediary service -- operation -- withdrawal mechanism -- capital input.

According to statistics, in the composition of venture capital in China in 2015, the government and wholly state-owned enterprises totaled 35.5%. Private and mixed-ownership enterprises accounted for 19.6% of the total capital; Personal investment accounted for 12.0%; Foreign-funded enterprises accounted for 2.2%; In addition, social security fund began to enter the field of venture capital. The regulations on the national social security fund and other measures for the management of social security funds aim to strengthen supervision, maintain and increase the value of social security funds on the premise of ensuring safety, and restrict social security funds from making venture investments in the field of scientific and technological innovation. However, according to foreign development experience, institutional funds including social security fund are an important fixed and important source of "venture capital" in high-tech industry, accounting for about 35% in the development of the United States. For the further development of our country, we need to open up the limitation in this aspect step by step and make up the legal defects.

Article 30 of the law on promoting the transformation of scientific and technological achievements of China "the state fosters and develops the technology market, encourages the establishment of technology intermediary service institutions, and provides trading places, information platforms, information retrieval, processing, analysis, evaluation, brokerage and other services for technology trading. ", which reflects the state's emphasis on information counterpart in the development of science and technology finance. However, due to its advocacy and policy nature and too high level, it is not suitable for the initial science and technology finance environment. Therefore, it is necessary for local governments to establish and improve specific regulations for the development of local high-tech enterprises in combination with national guiding opinions, actively supervise and regulate the construction of local science and technology intermediary service institutions.

In the scientific and technological innovation of venture capital, the threshold of tax preference is too high, double taxation and unreasonable taxation. Although in order to support the development of venture capital enterprises, the preferential policies such as "investment in unlisted small and medium-sized high-tech enterprises for more than 2 years can be deducted according to the 70% of the investment amount in the year in which the equity has been held for more than 2 years". According to the investigation, its object is limited to the record of venture capital enterprises, limited partnership venture capital enterprises are not among them; Double taxation of dividends on equity investment in a limited partnership; Non-public market transfer loss and investment loss pre-tax deduction difficulty; It is also unreasonable for limited liability companies to pay individual income tax on capital stock transferred from capital reserve to capital stock. In addition, since venture capital funds are regarded as securities investment fund management in China, there are also problems such as excessive supervision and multiple supervision, so administrative regulations should be adjusted.

At present, the main withdrawal mechanisms of venture capital in China include listing, merger and acquisition, buyback, liquidation and new third board. China's multi-level capital market has formed the framework of main board, small and medium-sized board, growth enterprise board and new third board market. But for small and medium-sized enterprises the threshold is too high; In addition, since venture capital funds are regarded as securities investment fund management in China, there are also problems such as excessive supervision and multiple supervision, so administrative regulations should be adjusted.

Venture capital, also known as venture capital, first originated in the United States, and then rose in countries around the world. In the United States, the capital-oriented financial system of science and technology has been formed, and its capital market and venture capital market are very developed. It was inseparable from various activities of the us government to encourage venture capital investment, including the income act in 1978 and the economic recovery act in 1981 respectively, which continuously reduced the capital gains tax from 49.5% to 20%, thus increasing the venture capital investment in 1982 to 12 times that in 1970. In 1986, the United States passed the tax reform act, which lowered the capital gains tax for a long time. In September 1978, the United States department of labor of the employee retirement income security act puts forward new interpretation, without jeopardising pension fund security under the premise of the entire portfolio, no longer ban pension funds into the venture capital industry, the rapid surge in risk investment, from $039 million in 1977 to a surge in $1978 at the end of 570 million, formed the second climax in the development of America's venture capital. The small and medium-sized enterprise technology innovation promotion act enacted by the United States in 1982 not only stipulates that the government provides financial aid and development funds for high-tech enterprises, but also stipulates relevant preferential policies in the form of laws, which ensures the stability and implementation of policies and attracts venture capital to enter the high-tech field to a greater extent. At the same time, in order to maintain the order of multi-level market structure, a supervision system with legal norms as the main and administrative supervision as the auxiliary has been formed.

The legal environment of venture capital in science and technology finance in China is not optimistic. To find the defects of the existing laws and make up and amend them in time can effectively solve the financing difficulties of science and technology finance. Combined with foreign experience, China should make the following adjustments:

The first is to remove the legal restrictions on fund access. According to the market environment, the restrictions on the investment scope of pension funds in the basic endowment insurance fund investment management measures will be gradually lifted. At the same time of establishing perfect information supervision system, it will maintain and increase the value of the national security fund, promote the emergence of corresponding new insurance products, and add corresponding risk avoidance clauses. Secondly, it is necessary to implement the administrative supervision of science and technology intermediary services, learn the economic laws and regulations of special economic zones, use multi-level administrative laws and regulations to restrain the information disclosure behaviors such as science and technology intermediary services, and strengthen the administrative laws and regulations to punish dishonest information disclosure behaviors. Establish a complete set of administrative regulations and supervision system for information docking service. At the same time, separate treatment of venture capital funds and securities investment funds, the development of a separate regulatory approach. Can be "classified supervision, moderate supervision." Thirdly, laws and regulations to speed up operation efficiency. From foreign experience, the improvement of operation efficiency cannot be separated from the continuous integration of capital and reasonable internal mechanism. To further promote the entry of financing, corresponding tax incentives must be made. At the same time, the company law, partnership enterprise law and trust law should make risk avoidance plans for the internal constraints of venture investment, and try to prevent capital flight. Finally, to perfect the law of multi-level exit mechanism, in the context of multi-level capital market, the threshold of the exit mechanism of small and medium-sized enterprises should be lowered.

Since 1985, the state has been continuously supporting the development of high-tech industries and promoting the development of the new economy. At present, it has entered a critical stage, that is, a deep integration of scientific and technological innovation and financial innovation. However, China is facing the financing bottleneck of science and technology finance, and venture capital can fully play an effective role in scientific and technological innovation. Perfect laws and regulations are its guarantee, so it is extremely urgent to find out relevant legal problems and solve them.

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