我国私募股权投资的发展对策

How to Develop China's Private Equity

私募股权投资在中国发展经历了三个阶段,即"创业期""、发展期"和"扩张期",每个阶段特征不同。当前我国私募股权投资处在稳定"扩张"阶段,依然存在"官办官营"模式、税收政策激励作用有限以及社会软环境有待改善等问题。应加快现有政府出资的私募股权投资基金在功能上向政府引导基金转变;改善企业所得税法,增强社会资金参与企业创新的潜力;完善资本市场体系,健全私募股权投资退出渠道;壮大中介组织服务体系,加强诚信环境建设。

The private equity in China experienced three stages： venturing period, development period and expansion period. Each stage has its own special features. Currently China＇s private equity has entered the stage of stable expansion. But still there are several problems to be resolved： the mode of government founding and managing private equity, the limited stimulation of taxation policies, and undesired soft social environment. It is necessary to transform the present government- funded private equity fund to government-guided fund, improve corporate tax law to expand potential of the social capital to participate in corporate innovation, improve market system to perfect the withdrawal of private equity, and encourage the intermediary service system to strengthen the construction of an honest environment.