An Empirical Study On The Effect Of Venture Capital To The Tax Planning

Venture capital originated in the United States,experienced nearly 70 years of development,has formed a relatively complete system.Compared with the developed countries,China's venture capital started relatively late.However,as a high-risk investment activity that integrates capital,management,technology,talent and market,venture capital has not only promoted the optimization and upgrading of national industrial structure,but also promoted the further development of the enterprise's innovation capability and also an important fund for the growth and development of SMEs source.Venture capital not only brings financial support,which provides value-added services for enterprises to inject more vitality and improve the level of enterprise innovation and management capabilities.With the development and expansion of the venture capital industry,an upsurge in the listing of Chinese companies has arisen.However,it has also brought a series of problems in the securities market,including the over-packaging of companies and the sudden drop in performance.The venture capital industry also has sudden assaults and stock losses,holding behavior.Most domestic scholars agree that venture capital has played a positive role in the development of Chinese enterprises.In terms of the influencing factors of venture capital,the exit mechanism of venture capital and the venture capital management of earnings of invested enterprises A lot of discussion.In terms of taxation,the research mainly focuses on the improvement of tax policies on venture capital.This article will venture capital and corporate tax planning to stimulate the degree of radical,empirical analysis of venture capital to join the enterprise tax planning will affect whether it will be on our field of venture capital and tax planning research areas to explore and supplement.In terms of venture capital,venture capital in our country is not yet mature in terms of regulatory system and evaluation mechanism.This dissertation analyzes from the aspects of reputation mechanism and property right,which will provide reference for the development of venture capital and policy guidance.This paper collects the relevant data of China's listed companies in the SME board and the GEM from 2008 to 1016 through the CVSource database and the Wind database,establishes the multiple regression model,and carries out the correlation between the venture capital participation and the tax planning of the invested enterprises Empirical Research.The study found that the participation of venture capital institutions has a significant positive effect on curbing the enthusiasm of enterprises in tax planning.The enterprises with venture capital institutions participating in the study have a lower degree of tax avoidance,indicating that the theory of "effective supervision" of venture capital in China's capital market On the same applies;the reputation of venture capital institutions and the nature of property rights will also affect the relationship between venture capital and the tax planning of the invested enterprises,the higher the reputation of venture capital institutions,the less motivated the tax-paid investment in the invested enterprises,while the government of venture capital The background will promote the enthusiasm of the enterprise's tax planning,that is,the enterprises participating in the venture capital institutions with the state-owned background will have higher level of tax planning.The innovation point of this paper is to study and analyze the influential factors of the enterprise tax planning from the perspective of venture capital and to open up a new perspective of the tax planning of the enterprise.Meanwhile,this article not only analyzes the effect of the venture capital on the enterprise tax planning but also further analyzes the reputation of the venture capital And the different nature of the property rights of the invested enterprises tax planning,which is also a major innovation of this article.This article also has many shortcomings: In the selection of samples,this article mainly selects the small and medium-sized board and the GEM of listed companies,although venture capital is mainly concentrated in these two sections,but this article did not select the main board listed companies,so the results of the study Not necessarily in full compliance with the situation in the Chinese market;In the data collection,because of the empirical data in this paper many of the data collected by hand,so it will inevitably be an error in the division of property rights of venture capital institutions,due to the availability of data,there is no Considering the political background of the management of the organization,there may be some inaccuracies.In the aspect of the research,there is no deep research on the shareholding proportion and joint investment of venture capital firms,which is also the research direction later.