创投税收五大利好

经过漫长的一年等待，近日，国家相关部委出台了《关于促进创业投资企业发展有关税收政策的通知》，这个通知将对中国VC业的发展产生积极而深远的影响 。[编者按]     

促进创业投资发展税收政策解读

2月15日,财政部、国家税务总局联合下发了《关于促进创业投资企业发展有关税收政策的通知》(财税[2007]31号)。这项重要激励政策的出台,标志着中国创投行业正迎来一个蓬勃发展的春天《通知》指出,创业投资企业采取股权投资方式投资于未上市中小高新技术企业2年以上(含2年),符合规定条件的,可按其对中小高新技术企业投资额的70％抵扣该创业投资企业的应纳税所得额     

对《外商投资创业投资企业管理规定》的宏观审视

《外商投资创业投资企业管理规定》(以下简称“《规定》”)以及《国家税务总局关于外商投资创业投资公司缴纳企业所得税有关税收问题的通知》(以下简称“《税收问题通知》”)先后出台后．不少学者针对《规定》和《税收问题通知》的具体条款做了不少精辟的分析。但笔者认为，要完善我国创业投资的法律体系，还需要跳出《规定》和《税收问题通知》本身．从更广阔的视野来审视《规定》和《税收问题通知》中的一些带有根本性的问题。为此．本文结合两个文件的出台背景，既肯定了《规定》和《税收问题通知》的象征性意义，又提出了通过出台关于创业投资企业的一般性法规和在国务院层次上，从根本上解决我国创业投资企业发展的法律问题和税收政策问题的必要性。在此基础上．作者最后指出：要从根本上解决好创业投资企业的法律问题和税收政策问题．必须首先走出以下三个认识误区：第一，走出简单化地以为有限合伙便可以解决创业投资企业运作的所有法律问题的误区；第二，走出将创业投资企业混同为一般的投资性企业，从而对其实行政策歧视的误区；第三，走出单纯从“经营主体”来理解双重征税问题．从而无法真正解决创业投资企业的双重征税问题的误区。     

国家税务总局关于实施创业投资企业所得税优惠问题的通知

为落实创业投资企业所得税优惠政策，促进创业投资企业的发展，根据《中华人民共和国企业所得税法》及其实施条例等有关规定，现就创业投资企业所得税优惠的有关问题通知如下：     

湖北省创业投资发展状况分析

随着湖北省创业投资机构及其风险资本的增加,获得创业投资的高新技术企业及项目不断增多,特别是在1999年国务院出台<关于建立创业投资机制的若干意见>之后,创业投资对科技创新的影响力越来越大,对湖北省高新技术产业发展的推动力越来越强.本文拟在对湖北省创业投资行业进行全面调研的基础上,对湖北省创业投资发展状况作一简要分析.     

《暂行办法》十大亮点

《创业投资企业管理暂行办法》即将出台,其中有一些亮点,直接回答了困扰创投行业发展的重大问题。明确规定了资本募集方式《暂行办法》第九条规定,投资者不得超过200人。其中以有限责任公司形式设立创业投资企业的,投资者不得超过50人。单个投资者对创业投资企业的投资不得低于100万元人民币。     

国家税务总局 关于实施创业投资企业所得税优惠问题的通知

各省、自治区、直辖市和计划单列市国家税务局、地方税务局： 为落实创业投资企业所得税优惠政策，促进创业投资企业的发展，根据《中华人民共和国企业所得税法》及其实施条例等有关规定，现就创业投资企业所得税优惠的有关问题通知如下：     

促进创业投资机构集聚的政策分析——以北京市海淀区为例

创业投资是促进科技创新成果转化的助推器，是落实新发展理念、培育发展新动能和稳增长、扩就业的重要举措。近年来，金融监管进一步强化，创业投资市场募投双降，市场出清加速。本文通过对国内创业投资市场增长速度快、投资机构流入明显的主要城市的创业投资市场进行分析比较，发现北京市海淀区创投行业也面临着投资速度放缓、投资金额增长缓慢、投资机构外流、避险情绪明显等众多困难和挑战，因此，政府应出台相关政策，吸引和集聚天使投资、风险投资等创投机构，构建完善的科技金融体系，助力北京国际科技创新中心建设。     

创业投资对在线旅游企业发展影响研究

近几年来,在线旅游行业呈现井喷式发展,而创业投资成为在线旅游企业高速发展的助推器。创业投资与在线旅游企业有着天然联系,创业投资通过资金支持、监管活动、资本增值服务来促进在线旅游企业的发展。在线旅游企业要借助创业投资提供的资本资源与管理资源来增强企业的核心竞争力,从而实现企业自身的快速、持久发展。     

天津市创业投资的发展状况

天津市自2000年全面建立创业投资机制以来,创业投资行业取得了较快发展.2005年末,天津市创业投资企业已由2000年的10家增长到65家,增长了5.5倍;创业投资企业的注册资本总额由2000年的9亿元增长到2005年的42亿元,增长了3.5倍;创业投资企业先后投资天津市150多家高新技术企业,累计投资额超过15亿元,在促进天津市科技创新、扶持高新技术企业发展中发挥了重要作用.     

On the role of inexperienced venture capitalists in taking companies public

We use venture-backed initial public offerings (IPOs) to identify and examine the comparative advantage of inexperienced venture capitalists. We argue that, vis-a-vis more established counterparts, younger venture capital firms have a comparative advantage at producing soft information about relatively opaque start-up companies due to their organizational structure. We then quantify an outcome—IPO initial return—from the matching of venture capitalists and start-up companies that demonstrates how this comparative advantage arises. Our findings thus reveal an important aspect of how inexperienced venture capitalists support start-up companies.     

Venture capital financing in the eSports industry

We examine the drivers of venture capital financing raised by eSports companies, using the Crunchbase database containing information on private and public companies receiving any type of venture capital funding worldwide. We find that companies located in Asia-Pacific and Americas attract more funding than in Europe. Venture capital funds are more likely to fund late stage and older companies, than innovative early stage and younger firms. We also observe that the founders’ previous experience plays a significant role in explaining the level of funding. Companies with at least one founder with previous eSport, managerial or start-up experience are more likely to get more funding by venture capital funds. Our research provides new evidence on how venture capital funding is allocated between late stage and early stage firms as well as between older and younger companies in the eSport-industry and in different markets.     

An empirical study of the effect of venture capital participation on the accounting information quality of IPO firms

Using a sample of IPO companies on the Shenzhen Small and Median Enterprise Board and the ChiNext Stock Market between 2005 and 2009, this paper analyzes the effect of venture capital participation on accounting information quality. We find that venture capitalists have a significant effect on earnings management, with reduced discretionary accruals before the expiration of the equity lock-up period and enhanced discretionary accruals after the expiration of the equity lock-up period. Our findings support the moral hazard hypothesis of venture capital, but not the certification/monitoring role of venture capital in IPOs. In addition, we find that venture capital plays a more important role in the earnings management of non-state-owned IPO companies than of state-owned companies.     

2006～2009:我国中资与外(合)资保险公司经营效率的比较研究

2011年是中国加入WTO十周年.十年来,我国保险业对外开放程度明显提高,保险业步入了快速发展的黄金时期.截至目前,我国共有外(合)资保险公司46家,世界上主要的跨国保险金融集团和发达国家的保险公司已经基本进入我国.2009年,我国外(合)资保险公司保费收入458.02亿元,与加入WTO前相比增长了约4.7倍.本文选择...     

Exchanges of innovation resources inside venture capital portfolios

I explore the prevalence of exchanges of innovation resources inside venture capital portfolios. I show that after companies join investors’ portfolios, several proxies of exchanges between them and portfolio companies (relative to matched nonportfolio companies) increase by an average of 60%. The increase holds when joining events are plausibly exogenous and when VCs’ bargaining power and potential conflicts of interest are low. Three novel mechanisms are supported: carve-outs, spawning, and recycling, whereby entrepreneurs divest innovation units, start new ventures, and reuse assets in other portfolio companies, respectively. Results suggest that returns to innovation are higher in venture capital portfolios.     

Who are the active investors? : Evidence from venture capital

This paper examines the determinants and consequences of investor activism in venture capital. Using a hand-collected sample of European venture capital deals, it shows the importance of human capital. Venture capital firms with partners that have prior business experience are more active recruiting managers and directors, helping with fundraising, and interacting more frequently with their portfolio companies. Independent venture capital firms are also more active than ‘captive’ (bank-, corporate-, or government-owned) firms. After controlling for endogeneity, investor activism is shown to be positively related to the success of portfolio companies.     

吸收风险投资对企业投资效率的影响研究--基于创业板的数据研究

以创业板上市公司为研究对象,就初创公司上市后是否吸收风险投资、吸收风险投资的比例以及是否存在风险投资机构的联合投资展开实证研究。结果表明:公司上市后风险投资参与仍可以显著提高企业的投资效率,风险投资比例越高,越有利于提高投资效率,联合投资也对此有正向促进作用。     

An empirical study of the value-relevance of using proportionate consolidation accounting for investments in joint ventures

This research examines bond risk premiums to determine whether creditors of companies with investments in joint ventures reflect legal or implicit measures of the debts of joint ventures. The legal view suggests that the amount of potential loss from an investment in a joint venture is limited to the investment. The implicit view suggests that the operations of the joint venture and the venturer are interdependent. Equity method accounting reflects the legal view and proportionate consolidation reflects the implicit view.The study examines whether bond risk premiums are more highly associated with accounting numbers from proportionate consolidation than equity method accounting. The study uses data from 10Ks, the Wall Street Journal, and Moody's Bond Record from May 1, 1995 through April 30, 1998. These 4 years are used because US interest rates were fairly stable during this period, which is an important factor when examining bond risk premiums. Additionally, the companies in the study needed to remain stable across the window of study – no mergers, acquisitions, buy-outs, or liquidations – in order to maintain a comparative sample over the entire time period. The risk premium model uses measures of default that change between equity method accounting and proportionate consolidation. Differences in the explanatory power of the model determine how creditors view the joint venture debts.The study shows that approximately half of equity investments represent investments in joint ventures. Furthermore, the average joint venture uses debt to finance about two-thirds of the assets. The results show that proportionate consolidation fails to improve the explanatory power of the model when examining the entire set of companies that invest in joint ventures. However, the data reject the null hypothesis of no improvement with proportionate consolidation when examining companies who guarantee the debt of their joint venture. The policy implication of this study indicates that a change to proportionate consolidation would provide more value-relevant information to creditors when companies guarantee the debt of the joint venture.     

创业投资IPO偏低定价与退出绩效实证研究

本文以1993～2006年在香港主板和创业板上市的133家H股公司为研究对象，对其偏低定价和短长期绩效情况进行了实证分析。研究表明，创业投资支持的公司的IPO偏低定价程度低于非创业投资支持的公司。创业投资支持的公司在香港主板市场的IPO偏低定价程度、长短期绩效均低于香港创业板市场，且在香港主板上市后的长期绩效呈不断下降趋势。在香港主板市场上，退出绩效与IPO偏低定价显著负相关。对创业投资支持的公司来说，在热发行期退出将获得更好的绩效。     

When U.S. venture capital ventures abroad

Older, more experienced and smaller U.S. venture capital firms are most probable to sacrifice proximate distance for new opportunities in foreign, and mostly mature, portfolio companies. These companies are treated differently than the domestic ones, as U.S. venture capital firms collaborate with and delegate monitoring to foreign partners, rather than stage or syndicate. Successful outcomes mostly occur in more mature, non‐hi‐tech, portfolio companies that receive more financing per round. Our results are robust to the investee country's openness and industry classification, stage of the investment and possible sample selection problems.