Attract Venture Capital And Promote Hi-tech Enterprise Of China

This article utilizes multi-disciplinary theories and methods, applying theory to reality; embarks from China venture capital development's present situation and existing questions, carries on the analysis based on the enterprise life cycle theory, puts forward suggestions of tax policy, and points out China venture capital development's direction, leading from the government to the market leadership trend.The introduction is beginning of this article. It expounds the meaning of the venture capital's development and importance of establishing tax preferential policy to promote the high-tech enterprises'development. Then it lists the research methods and the innovation.The first chapter defines venture capital and Hi-tech enterprise, and reviews the domestic and foreign achievements in scientific research, foreshadows for each chapter of research below.The second chapter is present situation and existence question of tax policy on venture capital. This chapter introduces the tax policy on venture capital and profits from their experience to point out existing question according to the situation here in China. The third chapter researches influence of tax policy to venture capital based on enterprise life cycle model study. This chapter simulates the entrepreneur and the venture capital company's behavior, constructs microscopic model of diligence and suggestion and determines the enterprise quantity under the same agent marginal revenue condition. The general equilibrium model is constructed containing consumption, savings, tax and subsidy. This model begins with the entrepreneur diligence and the suggestion of venture capital companies, constructs two-period enterprise life cycle mode on the foundation of David Ricardo production model. This is one of article hard cores; it has given in various essential factors and interior mechanism in the life cycle of setting-up enterprise; makes up the insufficiency that lack of mathematical logic in the foundation research; this chapter proposes the act of government and tax policy's study and the final policy on the theory basis above.The fourth chapter is influence on tax policy while government directly participates in venture capital investment. With theories of government participates venture capital, we analyze the act of government to the venture capital and to the high technology enterprise development's promotion effect and the behavior distortion, pointing out our country's particular distribution, analyzing demonstration effect and squeezing-out effect conduction mechanism while government participates in the venture capital, as well as influences to the tax preference policy. Simultaneously we obtain that our government must lead to develop to the market leadership direction; at last, carrying on the case analysis of Sun-Tech Company about government support behaviors.The fifth chapter is conclusion and policy suggestions. Appraises our country's venture capital tax policy, and puts forward the reform policy suggestions.