한국조세재정연구원 - OAK리포지터리

Korea Institute of Public Finance
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벤처기업의 건전한 발전을 위한 정책방향

Keyword
조세지원, 창업지원, 기술지원, 코스닥
Title
벤처기업의 건전한 발전을 위한 정책방향
Authors
김진수; 김재진
Issue Date
2002-12-01
Publisher
KIPF
Citation
pp. 374
Abstract
This study reviews the current tax system that is relevant to venture backed company and attempts to offer tax policies that can promote the progress of venture backed company. For this purpose, the intensive systems for venture backed company in some advanced countries have been examined and the utilization and effectiveness of incentive systems of Korea have been analyzed.

The main findings of this study are as follows: First, in major advanced countries, they do not separate venture backed company from small and medium company(SMC), and do not apply the different incentive system to venture backed company. Also, they do not support the company directly but to support the stockholder or investor of SMC.

Second, it has been found that the general and tax incentive systems for venture backed company are not effectively used. One of the reasons for this is that the general and tax systems are too complex to be used easily. Simplifying the general and tax incentive systems will be one of the best way to improve the utilization of those systems.

Third, there has been no positive correlation between the profits of the company and the extent of utilization of the general and tax incentive systems, while there has been a positive correlation between the profits of the company and the amount of sales or the amount of export. This result does not necessarily mean that an unconditional support to venture backed company significantly promotes the competitiveness of a company and the extent of profits.

Based on the results of this research, we suggest that incentive systems for Korea''''''''s venture backed company should be those to complement the externalities occurred in R&D. The existing policies, which support venture backed company more than SMC, separating venture backed company from SMC, should be changed. And it is desirable to cultivate basic circumstances which give birth to more venture backed companies.

In this study, following suggestions are proposed for improving the general incentive system for venture backed company. First, as we consider existing general and tax incentive systems for venture backed company will be abolished in 2005, we have to make an effort to simplify the general incentive system that will be applied to SMC. Second, the function of universities and research institutes to help starting a new enterprise should be reinforced, the integrated facilities of SME and venture backed company should be effectively used, and the science park should be formed effectively. Third, it is desirable that supports to R&D investment and R&D manpower should be extended, considering the market failure in relation to those factors. Fourth, in the long run, it is desirable that direct supports to venture backed company should be reduced to the same level for SME, and indirect supports to venture backed company through venture capitals should be actively utilized instead. Fifth, in order to induce an activation of venture capital partnerships, it is necessary for pensions and funds to be participated in venture capital partnerships. Sixth, we should foster the KOSDAQ stock market by advancing the system of KOSDAQ stock market.

This study also proposes following suggestions as ways to improve tax incentive systems for venture backed company. First, the system should be revised simply for venture backed company to understand the contents of tax incentive systems easily. Second, it is necessary that the company eligible for tax incentive system should be generalized in order to solve the financial difficulties from shortage of enterprising funds generated in the process of starting a new enterprise. Third, it is desirable that tax incentives to R&D investment and R&D manpower should be extended. Fourt
Keywords
조세지원, 창업지원, 기술지원, 코스닥
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