⊙记者 赵晓琳 ○编辑 全泽源

⊙ reporter ZhaoXiaoLin ○ edit all ze source

　　“国内没有对天使投资方面进行扶持的税收政策。”由创业者转变为天使投资人的杨宁在接受记者采访时如是表示，“说实话，在目前国情体制下，这种状况要改变也很难。”

"No domestic investment to the angel in support of tax policy."The entrepreneur into angel investors YangNing when accepting a reporter to interview said so,"To tell you the truth,In the present system of national conditions,This situation is difficult to change."

　　杨宁是由成功的创业者转变为天使投资人的典型代表。1998年，23岁的杨宁和陈一舟一起创办“ChinaRen.com”，25岁时以3500万美元将之卖给搜狐；随后又创办空中网，在其29岁时空中网登陆纳斯达克。2008年8月再度创办无线搜索引擎唔箜搜索，至今发展甚好。在有过多次成功的创业经历后，杨宁开始一边经营唔箜搜索一边做起了天使投资人。

YangNing is by the successful entrepreneurs into the typical representative of angels.In 1998,,The 23-year-old YangNing and ChenYiZhou founded together"ChinaRen.com",At the age of 25 to 35 million dollars will sell to sohu;Then started the air net,In the 29 years old ZhongWang time and space on the nasdaq.In August 2008, founded again wireless search engine well Kong search,Has very good development.In there have been a number of successful entrepreneurial experience,YangNing began to side management well Kong search side with the angels.

　　杨宁代表了我国天使投资事业的一种发展方式，但此类人群在国内还很少；且整体相较于欧美日等国，我国的天使投资发展还非常不充分。

YangNing represents our country angel investment business of a kind of development mode,But this kind of crowd in domestic is little;And the overall compared with Europe and the United States, and other countries,Our angel investment development is very inadequate.

　　“可以说，天使投资在中国尚处于婴儿期，尤其在中国经济结构转型的重要阶段，初创期及种子期企业亟待扶持，天使投资也亟待扶持和发展。”清科研究中心分析师罗玉认为。婴儿期理应是被倍加呵护的特殊时期，但在我国并没有相应的切实可行的扶持政策或法案出台。

"Can say,Angel investment in China is still in infancy,Especially in China's economic structure transformation of the important stage,Initial and seed enterprise to support,Angel investment has to support and development."Clear division research center LuoYu analysts think.Infantile should be care was the special period,But in our country and no corresponding feasible support policy or act on.

　　据了解，目前在国内，如果是天使投资者个人投资，在缴税时是按照20%个人资本利得税率上缴税收，若是基金形式（合伙制），则按照合伙制企业税收标准征缴。

It is understood,At present in China,If it is angel investor personal investment,In the tax is according to 20% tax rate to personal capital gains tax,If fund form(partnership),According to the partnership enterprise tax standard collects pay.

　　“在实际操作中，会有一些地方政府对天使投资基金抛出类似于政府引导基金的优惠政策，但我几乎都回绝掉了。”杨宁告诉记者，“比如，实施税收返还（先交后还），但与之伴随的是限制天使基金的投资行业、投资地域等附加条件。受政府指导的这种方式不是天使投资的初衷，也不适合天使投资发展。我们要投资有创新的高技术企业，甚至可能投资一个idea。这与条条框框的指导相违背。地域的限制可能使我都找不到值得投资的项目。”

"In practice,There will be some local governments to angel investment fund out similar to the government guidance fund preferential policies,But I am almost all rebuff off."YangNing told reporters,"For example,The implementation of the tax return(To make the),But the accompanying is limit angel fund investment industry/Investment region additional conditions.Under the government guidance this way is not the original intention of angel investment,Also not suitable for angel investment development.We have to invest a innovation of high technology enterprise,Even may invest in a idea.With the guidance of the rules against.Regional restrictions may be I can not find worthy of investment projects."

　　“天使投资与PE/VC实施一样的税收政策是不合理的。显然，天使投资项目的成功率比PE/VC要低得多，沉没成本更大，但缴税时并不能扣除成本。”中伦律师事务所合伙人郭克军对记者表示。

"Angel investment and PE/VC implementation of tax policy is not reasonable.obviously,Angel investment projects than the success rate of PE/VC are much lower,Sunk costs more,But when the tax and cannot deduct cost."Aaron in the law firm partner GuoKeJun told reporters.

　　发达国家的天使投资行业之所以成熟，不仅是因为经过了长期的发展，更是因为有政府在天使投资的“婴儿期”给予了诸多政策扶持，比如专门立法、税收优惠以示鼓励等。

The developed countries angel investment industry is mature,Not only because after a long-term development,But because government in angel investment"infantile"Given many policy support,Such as special legislation/Preferential tax as a gesture of encouragement, etc.

　　如，美国政府在2005年制定了《天使投资法案》，对天使投资的概念、运作及如何发展天使投资的基础设施及联邦政府会赋予的各种优惠措施进行规定。同年英国也修订了《金融服务和市场法》，特别豁免天使投资人可以免于遵守该法的某些规定，以促进天使投资在英国的发展。

if,The United States government in 2005 formulated the[Angel investment act],The concept of investment to the angel/Operation and how to develop the angel investment of the infrastructure and the federal government will give all kinds of preferential measures to rule.The British also revised[Financial services and ShiChangFa],Special exemption from angel investors can from abide by the certain provisions,In order to promote the development of angel investment in the UK.

　　对天使投资活动本身进行直接的税收支持，则是各国政府更普遍更早期的做法。英国1983年制定的“企业扩大计划”规定，个人向投资机构投资4000英镑以上可免交所得税5年，免税数额最高可达收益的三分之一；日本政府在1997年的税收激励政策中规定只对天使投资人交易时产生的25%的资本利润额征税；日本同年4月还颁布了“天使税收待遇”条例，规定在企业注册登记之前投资于该企业的资本，可以延迟三年报税。

The angel investment activity itself direct tax support,It is more common governments more early practice.British enacted in 1983"Enterprise expand the plan"provisions,Personal investment institutions to invest 4000 pounds omissible income tax for five years,Tax exemption amount highest can amount to a third of the income;The Japanese government in 1997 in tax incentive policy provisions in only to the angels trade generates 25% of the capital amount of profit tax;Japan has also promulgated in April"Angel tax treatment"regulations,Provisions in the enterprise registration before investing in the enterprise's capital,Can delay three years tax.