| 张换兆.美国风险投资风险补偿机制研究及对我国的启示[J].全球科技经济瞭望,2017,32(4):20~25 |
| 美国风险投资风险补偿机制研究及对我国的启示 |
| Analysis on Risk Compensation Mechanism of Venture Investment in US and Enlightenment to China |
| 投稿时间：2017-04-05 |
| DOI：10.3772/j.issn.1009-8623.2017.04.005 |
| 中文关键词: 美国；风险投资；风险补偿机制；税收抵免；资本利得；财政支持 |
| 英文关键词: US; venture investment; risk compensation mechanism; tax credit; capital gain; fiscal support |
| 基金项目: |
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| 摘要点击次数: 2438 |
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| 中文摘要: |
| 风险投资成为美国推动创新的主要动力之一。当前美国风险投资发展良好，其原因在于美国建立了有效的风险补偿机制，主要包括低资本利得税、广泛使用的税收抵免政策、政府担保和联邦财政投入。美国风险补偿机制有三个明显的特点：市场与政府相互配合但以市场为主，直接间接手段相辅但以间接手段为主，服务监管相互促进但以服务为主。建议我国实施更加精准的税收激励政策，实施更加普惠的财政支持政策，建立更加高效的公共服务体系。 |
| 英文摘要: |
| Venture capital (VC) has become one of the important engines to promote innovation in US. In recent years, VC develops very well. One main reason is the highly effective risk compensation mechanism implemented in US, which includes low tax rate on capital gain, popularly used tax credit policies, government guarantee and federal fiscal investment. There are three obvious features of US risk compensation mechanism, namely coordination between the market and the government (market-based), complementary direct and indirect tools (based on indirect tools), mutual improvement from public service and regulatory (based on public service). In the paper we propose that more precise tax policies and more favorable financial policies should be implemented in China, and a more effective public service system should be established. |
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