一级市场的核心症结在这里

Core Viewpoint - The article emphasizes that the primary obstacle to the healthy development of China's venture capital market is the tax system, which imposes excessive burdens on private equity and venture capital funds, leading to significant financial losses for investors [5][6][7]. Tax Burden Cases - Case 1 highlights that a private equity fund misclassified as a "private equity fund" instead of a "venture capital fund" resulted in individual LPs paying 18 million yuan in excess taxes due to a higher tax rate of 35% instead of the 20% preferential rate [9]. - Case 2 illustrates a state-owned venture capital fund being forced to pay 210 million yuan in back taxes despite having a net loss of 230 million yuan, demonstrating the unpredictability of policy risks [10]. - Case 3 shows an angel investor facing a tax burden despite overall losses due to restrictions on loss carryforwards, leading to a situation where they must pay taxes on profits from one fund while unable to offset losses from another [11]. Systemic Inequities - The article identifies three systemic inequities in the tax system: 1. Identity discrimination based on administrative classification rather than actual investment behavior [12]. 2. Mismatched cycles where taxes are calculated annually instead of over the entire fund lifecycle [12]. 3. A split market where the tax system for primary and secondary markets is disconnected, penalizing long-term risk-taking [12]. Tax Burden Analysis - A detailed analysis of a hard technology fund reveals that an LP's effective tax burden can reach 52.87% of their profits under the current tax system, significantly higher than the 15% capital gains tax in the U.S. [14][15][17]. - The article argues that under an international tax system, the LP's tax burden would be drastically reduced, highlighting the detrimental impact of the current tax structure on investment returns [16][17]. Structural Deficiencies in Tax Design - The article discusses the core issues with the current tax system, including the imposition of a 6% value-added tax on equity transfers, which is not common internationally, and the misclassification of fund managers' performance fees as management fees, leading to higher tax burdens [20][21]. - It also points out that while there are provisions for tax deductions, the actual application is fraught with obstacles, and the lack of a loss carryforward mechanism severely impacts early-stage investments [22]. Policy Execution Challenges - The complexity of the application process for tax benefits is highlighted, with lengthy procedures and multiple approvals leading to missed opportunities for many funds [23]. International Tax System Comparison - The article contrasts China's tax policies with those of other countries, noting that many nations provide favorable tax treatments for venture capital, which encourages investment and innovation [24][25]. Consequences of Current Tax Policies - The high tax burden is leading to a concentration of capital sources, with long-term capital like insurance and pension funds being deterred from entering the venture capital space [25]. - The average holding period for funds has decreased to four years, as funds seek to avoid tax liabilities, which negatively impacts the ability to invest in long-term projects [25]. - The article warns that the current tax structure is further constraining exit channels for funds, exacerbating the challenges faced by the venture capital ecosystem [26]. Urgent Need for Tax Reform - The article concludes with a call for urgent tax reforms, including the elimination of the value-added tax on equity transfers, reclassification of performance fees, and the establishment of a loss carryforward mechanism [27]. - It emphasizes the need to simplify administrative processes to ensure that tax benefits are accessible to funds, thereby fostering a more conducive environment for innovation and investment [28].