Some opinions on speeding up the development of Suzhou venture capital (for trial implementation)

In order to quicken the construction of innovation financing platform, to enhance the role of innovative venture capital in the promotion of scientific and technological innovation, according to the national "Venture capital Enterprise Management Interim Measures" (National development and Reform Commission, such as the ten ministries of the 39th Order 2005), "Foreign investment venture capital Enterprise management Provisions" (Moftec and other five Ministries 2003 order 2nd), And the Ministry of Finance, the State administration of taxation on the promotion of venture capital enterprises to develop relevant tax policy notice (tax (2007)31), such as the spirit of the document, is to accelerate the development of venture capital to make the following comments:

A full understanding of the importance of speeding up the development of venture capital

(a) venture capital, is to point to the high growth potential of unlisted enterprises, especially small and medium-sized High-tech Enterprises to carry out equity investment, and to provide entrepreneurial management services, with a view to the investment enterprises mature or relatively mature, mainly through the transfer of rights and interests to obtain capital gains in an investment behavior. Venture capital is the innovation of investment and financing system and mechanism, and it is an important means to ease the financing difficulty of start-up enterprises.

(b) Speeding up the development of venture capital is an important measure to promote the construction of innovative cities. As a new industry, venture capital is a kind of high-end service and an important engine of innovation economy development. Venture capital, which supports entrepreneurship, innovation and creation, is an important booster for the development of small and medium-sized enterprises and an important force to promote independent innovation. Speeding up the development of venture capital is in line with the policy orientation of the State to develop direct financing, which has a positive effect on improving the ability of independent innovation.

(c) Venture capital is an effective way to promote the integration of science and technology with the economy. Venture capital can set up a bridge for the effective combination of technology and finance, accelerate the transformation of scientific and technological innovation, and promote the product and industrialization of scientific and technological innovation results. The development of venture capital will help promote the formation and growth of High-tech industries, promote the transformation of economic structure and development mode, contribute to the agglomeration of production factors, promote industrial upgrading, realize the leaping development of High-tech industry, promote the growth and expansion of SMEs, promote the development of the service industry, and attract more employment. It can promote the development of regional capital market and improve the comprehensive competitive ability of urban economy.

Second, clear the guiding ideology and target task of venture capital development

(iv) Guiding ideology. Adhere to the government guidance, enterprise-led, the principle of market operation, encourage and promote all kinds of capital of society, especially private capital and foreign capital, enter into the field of venture capital of our city, enlarge the scale of VC investment, perfect the market system of venture investment, standardize the investment behavior, and promote the rapid growth of small and medium-sized enterprises with strong independent innovation ability and

(v) Basic principles. Adhere to the government and market enthusiasm, in accordance with the principles of "formulating policies, creating environment, strengthening supervision and controlling risks", the government broadens market access channels, improves social public services, promotes the construction of venture capital system, adheres to the principle of open development and multiple linkage, and boldly explores the forms of realization of agglomeration of social capitals and folk resources, Boldly develop areas and channels to attract overseas ventures more widely, adjusting and perfecting the policies and regulations, actively promoting domestic VC and international venture capital market; adhering to the principle of normative management and interest incentive, using market mechanism to strengthen the internal responsibility and interest incentive of venture investment enterprise, establishing risk prevention, information disclosure and supervision system of venture investment, Focus on fostering a market system that is conducive to the withdrawal, transfer, evaluation and trading of venture capital.

(vi) main objectives. Through the joint efforts of the Government, enterprises and society, the diversification pattern of "state-owned venture capital as guide, private venture capital as main body and overseas venture capital as supplement" is sought to make Suzhou a agglomeration of venture investment. By 2010, the city's standardized venture capital enterprises (funds) reached more than 40, including at all levels of development zone at least 1 venture capital enterprises, through the promotion of small and medium-sized High-tech Enterprises in the city to grow.

Third, widely attract all kinds of social capital into the field of venture investment

(vii) Broaden the channels for investment sources. To encourage domestic and foreign enterprises, social groups and natural persons such as investors to wholly-owned, joint ventures or other forms in the city to set up venture capital enterprises and branch offices. Actively support the city's private enterprises group, investment companies, guarantee companies and other enterprises with a certain capital strength through the establishment of new enterprises, change registration, increase capital registration, such as the formation of venture investment enterprises. VC Enterprises in accordance with the law through private placement to specific investors to raise funds, the object must be a certain risk tolerance investors, investors pledged funds can be phased in place.

(eight) standardize the establishment of venture investment institutions. Venture capital Enterprises can adopt company system, limited partnership system and other forms of organization. Set up a standardized venture capital Enterprise (Fund) in our city, if the paid-in capital reaches 30 million yuan, or the first instalment Paid-in capital reaches 10 million RMB and the company's investors promise to fill up not less than 30 million RMB paid-in capital within 5 years after registration, they can apply for the record according to relevant regulations, and enjoy the relevant support policies. Domestic funds to apply for the establishment of venture capital enterprises and venture capital Management Enterprises, directly to the industrial and commercial administrative departments to register. The establishment of a foreign-funded venture capital institution shall be registered in accordance with the relevant provisions of the State.

(ix) Effective prevention and control of risk of venture. Actively encourage VC enterprises to carry out venture capital business, standardize and control other investment behavior, reduce investment risk. Venture capital Enterprises may invest in the equity of many unlisted enterprises with full assets, but the investment of individual enterprises shall not exceed 20% of the total assets of VC enterprises. Venture capital enterprises shall not engage in the guarantee business and real estate business (except for the purchase of their own real estate), and the idle funds of the venture investment enterprises may gain profits by depositing the bank, buying government bonds or other fixed income securities.

(10) to cultivate a group of innovative entrepreneurial enterprises. Through tax and money tilt, on the basis of High-tech Park, combined with the construction of Science and Technology pioneering service center (incubator) and professional Park, we actively develop the industrial clusters of innovative enterprises, highlight characteristic industries and related supporting industries, form the habitat of venture capital, accelerate the process of High-tech products and industrialization, Efforts to form a high-tech industrial chain. Encourage enterprises and colleges and universities, research institutes and research institutes, Engineering and Technology Research Center, Enterprise postdoctoral mobile station, the formation of scientific research and Production consortium, to carry out project cooperation, to provide a rich project source. To encourage all types of venture investment institutions to develop a good future, absorb more employment and the use of new technology, the business of small and medium-sized service enterprises.

Iv. increasing the support for venture capital

(11) The implementation of the investment tax support policy. After the development and Reform Commission system to record the venture capital enterprises, according to the provisions of tax support policy: venture capital Enterprises to invest in investment in unlisted small and medium-sized High-tech enterprises for more than 2 years, can be in accordance with the investment of 70% of the shares held 2 years of the year to deduct the venture capital taxable income, If the year is insufficient, the deduction can be carried forward in the later tax year.

(12) To strengthen the creation of investment guidance, the establishment of the city-level venture capital guidance Fund. According to the national medium and long term Science and technology development Plan outline and the provincial Science and technology development "Eleven-Five" the plan outline as well as the Suzhou Science and Technology development "Eleven-Five" the plan outline and to 2020 Vision goal request, positively supports the venture capital and the enterprise's independent innovation activity, directs the pioneering investment organization to the start-up Set up a total scale of 500 million yuan of the city-level venture capital Investment Guide fund, mainly used to guide all kinds of social capitals to venture investment enterprises, to guide the venture investors in the seed stage, start-up period of small and medium-sized enterprises. To guide the fund in the form of equity participation or the provision of collateral to provide support to venture capital enterprises, to help VC enterprises to expand the size of the investment and enhance confidence, the share of shares as a preferred stock in accordance with the interest rate of the same period to obtain dividend income, the rest of the excess income by other shareholders Specific measures to guide the establishment and operation of the Fund shall be formulated separately.

(13) Establishing risk compensation mechanism for venture investment. Allow the record of venture capital enterprises can be no higher than the proportion of total income of 10% to extract the risk reserve, the financial provision of a certain proportion of matching funds, the formation of venture capital risks, the newly established eligible venture capital to give start-up subsidy, The losses incurred in the investment process of venture capital enterprises which are in line with the government policy and invested in the start-up enterprises are subsidized by a certain proportion of their investment losses. The specific criteria for venture capital risk compensation are formulated separately.

(14) Preferential support for small and medium High-tech enterprises. In our city registered investment in small and medium-sized High-tech Enterprises of the fund balance of more than 50% of the net assets, and other investment capital balance does not exceed the net assets of 30% of venture enterprises, can be identified as High-tech enterprises. The science and technology projects undertaken by the nationally recognized high growth science and technology enterprises, especially the high-level scientific research personnel in institutions of higher learning, scientific research institutions and overseas returnees to enter the market to establish Shang enterprises, are actively supported by the municipal science and technology projects.

(15) To expand the allocation of autonomy of venture investment institutions. To encourage venture investment institutions including venture Investment management enterprises to establish internal and perfect internal incentive and restraint mechanisms; encourage the capital, technology, management and other factors of production to participate in the distribution of income, and allow different types of investment institutions to take stock, options, rewards and other ways of distribution in order to mobilize the enthusiasm of the management team To relax the distribution autonomy of the state-owned venture investment enterprises.

Perfecting the service platform of venture capital

(16) Strengthen the Organization and management of the work of venture investment. The establishment of a joint venture investment work Department system, the specific work by the municipal Development and Reform Commission led organization coordination. Establish and improve the organization system and work network, actively promote the capital, projects and personnel effective docking, help and guide enterprises to carry out various ventures. The relevant departments of the city should combine their own functions, strengthen coordination and cooperation, and further improve service efficiency. At the same time, we should increase the publicity of the venture, enlarge the social influence and popularization degree of the venture, and create a good social environment conducive to the development of venture investment.

(17) record management of venture investment enterprises according to law. Venture investment enterprises in the Industrial and Commercial Administration Department registration, you can apply for record. After the record of the venture investment enterprises can enjoy the national and provincial-related supporting policies, at the same time accept the record Management department supervision. The Municipal Development and Reform Commission, in accordance with the authority of the provincial Development and Reform Commission, is responsible for the first instance of the record materials of the venture investment enterprise in our city, and assists the higher authorities to do the annual audit work of the record-making enterprises and coordinate and implement the relevant policies.

(18) Perfecting the exit mechanism of venture capital. According to the capital flow of unlisted companies, the objective needs of asset reorganization and relevant policies and regulations, strengthening the construction of property market in our city, especially supporting the development of regional property right exchange market, technology property market, speeding up system innovation, promoting service function, actively striving for, carrying out the pilot of equity transfer of unlisted companies Efforts to build a unified interconnected regional property rights trading market for the merger and reorganization of enterprises, equity trading, venture capital to provide an important platform for withdrawal.

(19) Strengthen cooperation with various financial institutions. To strengthen the business exchanges and cooperation between banks, insurance, securities and other financial institutions and venture capital enterprises, to increase the financial support of enterprises invested by venture capital enterprises and venture investment enterprises, venture capital enterprises can try to finance creditor's rights by borrowing and issuing bonds to loan-type financial institutions within the limits stipulated by laws, administrative regulations and regulations, Improve the refinancing ability of venture capital enterprises. At the same time, non-bank financial institutions, listed companies, industrial investment funds or other companies are actively encouraged to participate in the acquisition and activities of start-up enterprises.

(20) Further improve the venture investment intermediary service system. It plays an important role in consulting, evaluating and guaranteeing the intermediary service agencies. Support Intermediary service agencies to provide technical information, market forecasts, project evaluation, financial and legal consulting services, and gradually establish and improve the social service system required by the venture.

(21) Cooperate closely with industry. Give full play to the role of Suzhou Venture Capital Association, strengthen industry cooperation, formulate industry norms and service standards, and gradually form the self-discipline mechanism of venture investment industry, organize the promotion of venture investment projects, strengthen exchanges and cooperation with domestic and foreign venture investment industry, learn and draw lessons from advanced experience, promote the healthy and orderly development of venture investment industry in our city.

(22) Strengthen the construction of professional talent team of venture investment. The establishment of a good talent mechanism, to increase talent training, introduction and use of strength, to attract a group of familiar with the capital operation, with industry background, proficient in modern management talent to join in the investment industry in our city. Accelerate the flow of talent between industry and finance and capital markets. We should encourage the qualified universities in our city to set up professional courses for venture investment and strengthen the training of professional creative talents.