IT start-ups lack most is what?
Funds.
11 months, known as China's first "Venture Capital Law," "Interim Measures on Management Venture Capital" (hereinafter referred to as "measures") formally introduced, which has been caught in between the Chinese IT venture capital is a landmark event.
"Financial Times" recently interviewed several venture capital firms and start-up companies, they generally felt that the "measures" put on the Mainland IT industry is of great significance, as the year Taiwan Province of China venture capital industry directly contributed to the rise of Taiwan's IT industry take-off and the Hsinchu Science and Technology industries.
Mitzvah
This is the first half of this year, many venture capitalists did not think things.
When the first half of the Administration of Foreign Exchange issued a pair of venture capital to restrict foreign access to the "11th Man" and other policy, venture capitalists have become very cautious once.
However, the situation was surprisingly better.
"Many IT venture enterprises in the first half of the financing is difficult, several companies received almost no investment", IT World Network CEO Qin Gang said, in sharp contrast with the first half, second half of IT companies can be heard almost every week to take to investment.
Why is there such unexpected situations?
November 1, Administration of Foreign Exchange issued several amendments of the regulations, venture capitalists generally agreed that "foreign exchange policy of the Authority directly affects investment, the situation improved in the second half."
November 15, "Venture Capital Law," published, from the policy level is expanded and standardized environment for the survival of China's venture investment.
Domestic venture capital mainly from foreign investment, the model is fully a "two out" - funds from overseas, venture capital firms out of the system is dependent on the overseas market.
Once the risk of exchange controls to strengthen investment, venture capital will be like a fishbone stuck in the throat.
Has a direct impact on venture capital business of the IT enterprise. According to a venture capital consultancy and Qing dynasties estimates, SAFE's "No. 11" was unveiled, the domestic IT venture company financing is very much affected, once a standstill.
Compared to "two out" of the overseas venture capital, lack of local venture capital companies and stock market strength of the exit, has been in a slow growth phase, IT start-up companies access to investment opportunities for local wind is very small.
"Procedures" marks the advent of the first Chinese venture capital companies have the policy level support, it has been described as China's venture capital industry, "adult ceremony", it could greatly increase the start-ups have access to investment opportunities.
Breakthrough point
In the past, domestic venture capitalists main problem is the lack of exit mechanism to restrict the proportion of investment, venture capital company's dividend yield from enterprises to small and slow investment in their liquidity.
The new "approach" from the policy level to solve a part of the problem.
For example, the provisions of state and local governments can set up Venture Capital Fund, to provide financing through equity participation and guarantees, etc. to support the establishment of venture investment and development company.
RSS technology providers feedsky.com professional, a vice president of the view that, like them, are prepared to finance start-up companies, the introduction of this policy, the greatest good may be it clear to the venture capital business tax support .
In fact, in some venture capital industry in developed countries and regions have developed policies to support venture capital tax. "Procedures" is also clearly defined "national use tax policy to support venture capital business development, and guide them to increase small and medium enterprises, especially small and medium high-tech business investment," The specific measures shall be formulated separately, and strive to introduce as soon as possible.
Exit mechanisms are also some positive changes, such as "actively promote the construction of multi-level capital market system, improve corporate venture capital investment exit mechanism", the withdrawal mechanism may include the future of GEM and property rights trading market, foreign investors can have a positive meaning.
Hope that the tax incentives
The risk of major domestic investment adviser and General Manager, CHEN Li-Ching said the government hoped the "measures" to establish an effective mechanism to encourage more capital flow to the market, on the territory of the capital is positive.
But he also said, "" approach "is not perfect." Example of the manager's incentives, "means" do not support the limited partner and limited partner system is a foreign venture investors, one of the main incentives.
Tax policy is another very important aspect, if the light has a policy, the lack of actual tax support, "means" the actual meaning is compromised.
CHEN Li-that certainly would put state and local tax benefits actually, it can encourage risk capital into IT and other high technology fields.
Taiwan Province is an example: of the last century 80's the rise of venture capital in Taiwan, and the corresponding tax incentives to venture capital firms in Taiwan Province was a rapid development, just 20 years, Taiwan's IT industry in the world lead a lot of attention, at present, Taiwan has nearly 300 venture capital companies.
Currently, Taiwan has entered a mature venture capital competition period, the profitability has declined, IT industry, the trend of moving to mainland China is also evident, Acer, investment recovery and other venture capital firms also have operations in the Mainland.
If the introduction of tax incentives for real good, no doubt there will be more of Hong Kong and Taiwan and overseas venture capital into the Mainland.
2006 was the beginning of the golden age of venture capital in China, the reporter interviewed several more well-known venture capitalists.
"This is good news." DFJ vice president of SUN Wenhai told the "Financial Times," China "means" come out of great significance to China venture capital in 2006 will be the number of venture investment in China to expand their year.
Hina Xi Wang, Managing Director with a "good" word to describe the risk of investment in 2005 is a good year.
Source of innovation policy in conjunction Chen Keyi also think that in 2006 there will be more investors into China, the competition will be more intense.
A few months ago are still responsible for venture investment Cisco's Zhou Yinghua are told reporters that there are many venture capital are preparing to enter China, he himself is a U.S. venture capitalists will be introduced to China.
And Qing dynasties estimates, there are 700 million U.S. dollars last year overseas venture capital into China, the first half of 2005, this figure reached 1.6 billion U.S. dollars, the year at least more than 2 billion U.S. dollars, in 2006 this number could be further refreshed.
Link
Shenzhen, the number of venture capital institutions and venture capital ranks first in the country. As of the end of 2004, 193 venture capital firms in Shenzhen accounted for 1 / 3, total 13 billion yuan venture capital accounts for 2 / 5. On this basis, venture capital firms across the country about 579, the National Venture Capital a total of about 32.5 billion yuan.
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