Research On Tax Incentives For Venture Capital Investment In High-tech Industries In China

High technology industry is to promote economic development,industrial structure upgrading,the important way to improve labor productivity,risk investment is the effective means to promote the development of high technology industry,tax incentive policies to guide our orientation in foreign investment risk high technology industry is one of the important policy objectives of government.Tax incentives in China started relatively late,although the national level and local level are introduced corresponding tax incentives,but also in the process of policy implementation,there are many imperfections,under the background of national innovation driven strategy,needs to guide risk investing more money into the high technology industry.Current our country related tax incentive system is not perfect,although in recent years have issued a lot of policy,but the body of the cover is relatively small,form is more onefold,legislative level is not high,mainly in the form of notification for investment partial deduction,this can lead to policy incentive effect is not satisfied.Some measures,such as lower tax rate and tax deduction,have been introduced in various regions according to their own situation.However,these policies are more regional and cannot form a policy linkage effect nationwide.This article adopts the method of empirical demonstration of tax incentives for risk investment into the guiding role of high technology industries;at the same time,the introduction of macro environment,human resources,innovation environment and four variables,the venture capital exit and environment in order to make the model more close to reality.The empirical results show that,under the current tax policy environment,the tax incentive effect of China's venture capital investment in high-tech industry is not obvious.At the end of the article,combining with the current situation and existing problems of China's tax incentive policy,and the results of the empirical test,some pertinent Suggestions are put forward.For example,the existing policies should be improved,and the risk investment institutions can enjoy the preferential time to form a long-term incentive effect on the high-tech industry.Allow institutions risk reserve fund,risk investment and investment failure,into the scope of incentive for venture capital exit measures,such as investment funds deferred tax incentives for risk investment omni-directional,in order to better promote the development of high technology industry.