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论文编号：	9788
作者编号：	2120152559
上传时间：	2017/12/11 13:14:41
中文题目：	私募股权基金的所得税政策分析
英文题目：	Analysis of Income Tax Policies of Private Equity Funds
指导老师：	王永进
中文关键字：	私募股权基金、税收政策、所得税
英文关键字：	private equity funds; tax policy; income tax
中文摘要：	伴随世界金融一体化的迅速发展，现代经济主要以金融为核心,金融又以资本市场为核心,融资既是资本市场最为重要的功能。受制于内源融资方式的局限性,企业更多的选择外源融资方式，同时由于间接融资成本较高,因此融资方式以直接融资为主。在外源直接融资中，私募股权基金以成本低、无担保且收益高等特点,成为高新技术企业在无法通过银行贷款及公开上市困境时首选融资方式。 从微观上看，税收直接影响着投资方的投资收益风险。从宏观上看，税收对国家经济起着重要的影响作用，税收政策表明着政府对于某一行业进行干预的态度。由此，无论是从微观还是宏观而言，税收政策对于私募股权基金业发展的作用影响不容小觑。2016年营改增后，与私募股权基金相关的税种主要为增值税和所得税，增值税税率相对单一，而涉及的所得税政策复杂且税率较高，尤其是近年全国各个地方政府出台的不同对私募股权基金的优惠政策，所得税对投资收益与投资风险的影响变得更为重要。本文基于私募股权基金的不同模式，结合我国目前相关的税收制度及格地方政府对于私募股权基金的激励措施，重点对相应模式下的所得税政策进行详细梳理与透彻分析，解决针对不同投资者如何选择投资组织形式以提高投资盈利降低投资风险，以及如何利用私募股权基金的税收优惠政策节省税收成本，鼓励积极投融资，以推动我国中小企业的发展，加快我国产业结构的优化升级以拉动我国经济转型。
英文摘要：	With the rapid development of world financial integration, the modern economy mainly takes finance as the core, and finance takes capital market as the core. Financing is the most important function of capital market. Restricted by the limitations of the internal financing, enterprises choose more external financing methods, while the indirect financing costs are higher, so the direct financing is the main way of financing. In the foreign direct financing, private equity fund is characterized by low cost, no guarantee and high income. It becomes the preferred financing mode for high-tech enterprises when they can’t get through the bank loans and public listing. From the microscopic point of view, tax directly affects the investment income risk of investors. From the macro point of view, tax plays an important role in the national economy, and tax policy shows the government's attitude towards the intervention of an industry. Therefore, the influence of tax policy on the development of the private equity fund can’t be underestimated either from the micro or macro level. In 2016, replacing business tax with value-added tax, associated with the private equity fund tax for value-added tax and income tax, the value-added tax rate is relatively simple, and involves complex and income tax rate is higher, especially in all parts of the country government to private equity fund preferential policies become effect of income tax on investment income and the investment risk is more important. In this paper, based on different modes of private equity funds, combined with China's current tax system related to pass the local government for the private equity fund incentive measures, focus on the corresponding income under the mode of tax policy analysis and thorough detailed analysis, aiming at different investors how to choose investment organization to improve the investment profit and how to reduce the investment risk. The use of preferential tax policies for private equity funds to save tax costs, encourage investment and financing, to promote the development of China's small and medium-sized enterprises, accelerate the optimization and upgrading of industrial structure of our country to pull the economic transformation in china.
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