The "Twelfth Five-Year Plan" will be the golden period for venture capital to choose four investment directions (VC316)

Venture capital was active in 2010, and investment and fundraising reached new highs in strategic emerging industries such as the Internet, low-carbon economy, healthcare, and e-commerce. The "Twelfth Five-Year Plan" will be the golden period of development for venture capital.

The first China Venture Capital Industry Summit and Awards Ceremony was held in Beijing, and the "China Venture Capital Industry Development Report 2011" was released. Nearly a thousand people from the heads of the relevant national ministries and commissions, relevant heads of the provincial record management departments, and representatives of the venture capital industry attended the meeting, and discussed the development of China's venture capital industry during the "12th Five-Year Plan" period.

Play the leading role of venture capital

Venture capital enterprises, as an important capital force to support entrepreneurial innovation, provide innovation drivers for economic restructuring and transformation of economic development. They have brought new opportunities to the development of strategic emerging industries, promoted industrial structure upgrades, and solved the financing problems of SMEs. And methods, play a strong supporting and leading role.

Chairman of the China Investment Association Zhang Hanya believes that although China's venture capital development has only a history of more than 20 years, in the past 20 years, China has introduced many innovative policies in terms of policies, regulations and institutional mechanisms. Investment companies have worked hard to make the venture capital industry develop rapidly and have made important contributions to the development of China's capital market and high-tech industries.

The "Twelfth Five-Year Plan" will be the golden period of development for venture capital. Zhang Hanya said that in 2010, venture capital was active. In the Internet, low-carbon economy, healthcare, e-commerce and other strategic emerging industries, investment and fundraising reached new highs. The "Twelfth Five-Year Plan" raises strategic emerging industries to an important position as the leading industry and pillar industry of the national economy, which means that there is great potential for venture capital investment in the promotion and cultivation of small and medium-sized enterprises, emerging enterprises, and high-tech industries. "The venture capital industry should continue to play a leading role in investment," he said.

Specifically, he believes that the leading role of venture capital in the development of the national economy will be fully realized through the choice of investment directions in the following four aspects. First, invest mainly in small and medium-sized enterprises, increase the output and employment of small and medium-sized enterprises, and support the growth of small and medium-sized enterprises. "At present, SMEs have become China's main economy. Most GDP, most taxes and employment are provided by SMEs, so the support for SMEs is the greatest support for the Chinese economy." He further explained.

Secondly, it should mainly invest in strategic emerging industries represented by independent innovative high-tech industries to promote the optimization and improvement of China's economic structure and industrial structure.

Third, it should mainly invest in the start-up and growth companies, focusing on solving the financing difficulties of immature companies.

Fourth, it should invest mainly in enterprises that are transformed and upgraded to enhance their sustainable development capabilities and lay a solid foundation for the transformation and upgrading of the main economy.

Venture Capital Development Needs Tightening Policies

According to Deng Feng, Managing Director of Northern Light Venture Capital, "Without government support, it is relatively difficult for companies invested by venture capital to go public. Venture capital investment in strategic emerging industries is not just a response to the government. The call is that we are going to invest in high-tech, which is in line with national policies. At the same time, the economic returns we receive are the best. "

According to statistics, from 2007 to 2010, the Innovation and Technology Guidance Fund set up by the Ministry of Finance and the Ministry of Science and Technology has reached 1.16 billion yuan, driving nearly 20 billion yuan in venture capital and supporting technology-based SMEs. 60 state-owned venture capital institutions have submitted more than 70 applications for exemption of state-owned shares. The Ministry of Finance has approved 42 of them, involving 90 million shares of state-owned shares. The market value of the exemption reached 2.4 billion yuan, of which 1.4 billion yuan was returned and unfrozen. .

Sun Wushan, deputy director of the Department of Income Tax of the State Administration of Taxation, said at the meeting that at present, it is more difficult to finance SMEs. This problem is more prominent. The State Administration of Taxation is considering expanding the scope of tax incentives from "small and medium-sized high-tech enterprises" to " SMEs. "

When talking about improving the tax policies of venture capital companies in the future, Sun Wushan made three suggestions: First, continue to increase the income tax incentives for venture capital companies, and continue to increase the proportion of enterprises enjoying tax preferential policies. The second is to straighten out the tax treatment of corporate ventures and partnership ventures and eliminate the "coincidence" between corporate income tax and personal income tax. Third, we must formulate specific operating methods for the tax policies of venture capital enterprises. The State Administration of Taxation welcomes venture capital enterprises to reflect through various channels for unclear problems.

During the "Twelfth Five-Year Plan" period, in order to promote the sound and rapid development of China's venture capital industry, Zhu Zhixin made four suggestions: First, support, coordinate relevant departments to speed up the improvement of related support policies, increase support efforts, and accelerate according to the preferential policies Implementation; Second, standardization, we must continue to seriously implement the Interim Measures for the Management of Venture Capital Enterprises of Ten Ministries and Commissions, and resolutely cancel the qualifications for filing for enterprises with non-standard investment; Third, guide, focus on guiding venture capital enterprises to support more early-stage enterprises, more Support the technological innovation of enterprises well; Fourth, self-discipline.

Issues facing venture capital

The meeting conducted in-depth exchanges and discussions on topics such as the development environment and challenges faced by the "Twelfth Five-Year Plan" venture capital. Zhu Zhixin pointed out that various types of venture capital enterprises have made significant contributions in increasing employment, improving development capabilities, promoting product innovation, promoting economic growth and increasing taxation by supporting their venture capital work. However, compared with developed countries, China's venture capital industry still has relatively backward scale and quality, insufficient support and support for early-stage entrepreneurial enterprises, and weak awareness and ability of value-added services.

Jin Haitao, chairman of Shenzhen Innovation Investment Group Co., Ltd., proposed that during the "Twelfth Five-Year Plan" period, the development of venture capital should establish a coordination mechanism for the participation of multiple ministries and commissions and collective deliberations to form a national and national level venture capital supervision system. On this basis, carry out the certification and management of venture capital fund management qualifications, strengthen the transparency and supervision of venture capital funds, and strengthen the credit system construction of venture capital funds.

In response to the national supporting policy, Zhang Wei, President of Jiangsu High-Tech Investment Group, proposed to further expand the coverage of preferential tax policies, guide more social capital into the venture capital industry, and guide more venture capital institutions to support the development of SMEs. He pointed out that the current preferential policies for venture capital need to be recognized in accordance with the double standards of small, medium and high-tech. From the perspective of subjective wishes, this provision can guide capital to flow more to small, medium and high-tech enterprises, but in the implementation process, the effect is not very good. Because in practice, the number of companies that can meet this double standard is relatively small. Therefore, Zhang Wei suggested that the criteria for enjoying preferential policies for venture capital should be further relaxed, and the threshold should be further reduced. On the basis of meeting the “small and medium-sized standards to directly enjoy tax incentives”, enterprises that meet high and new standards should be given greater support.

The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. Please indicate the source when reprinting.