摘要
根据企业成长路线,企业在初创期需要天使投资支持,但对于科技型中小企业,由于发展存在较大风险和不确定性,天使投资往往不足。日本1997年开始实施"天使税制",并几经修改,不断完善。税制规定,个人投资者投资风险企业(类似我国的科技型中小企业),根据风险企业的实际情况,可享受不同的税收优惠;个人投资者转让未上市风险企业股权产生的资本损失可以享受一定的税收优惠。日本的"天使税制"显示出政府加大了与个人投资者分担相关投资风险的力度,对民间资本对风险企业进行天使投资起到了激励作用。借鉴日本经验,我国应尽快建立对科技型中小企业长期投资者的税收激励机制,改变我国现行税制对股权投资的所得税激励重"后端、短期"的问题。
Corporations need angel investment during the seed and start-up period but such investment is usually less than the expected because of the bigger risk and uncertainty for small- and medium-sized enterprise(SME) in science and technology ifelds. The tax incentive for angel investors has been implemented in Japan since 1997, and it has been updated all the time to be more reasonable and effective. The tax system claims that the angel investors could have different preferential tax when having a venture investment or earning corresponding proifts or losses. The system aims to promote the private capitals to invest SEMs and make the government share the responsibility of the investment risk, which is worthy of using for reference for China in its tax incentives policy making.
出处
《全球科技经济瞭望》
2015年第1期71-76,共6页
Global Science，Technology and Economy Outlook
关键词
日本
天使投资
税收激励
中小企业
Japan
angel investment
tax incentive
small-and medium-sized enterprise(SME)
