Shanghai urban block chain industry guidance fund established
On September 14, Shanghai blockchain Instry Development Research Alliance (hereinafter referred to as the alliance) was officially established. The alliance is an academic, public welfare, service-oriented and non-profit organization spontaneously and voluntarily composed of enterprises and institutions such as Shanghai urban blockchain policy research, technology research and development, business incubation, and relevant institutions
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the main sponsors of the alliance include Shanghai Institute of development and reform, China financial information center, Wanxiang blockchain laboratory and blockchain pencil; The co sponsors include bumeng (Shanghai) Technology Co., Ltd., bitse, Shanghai Juzhen Financial Information Service Co., Ltd., Shanghai Institute of science, Jiading Instrial Zone Economic Development Co., Ltd. and Lujiazui Internet Finance Association
with the rapid development of the Internet, the proportion of digital assets and digital assets in people's real life is increasing. The characteristics of blockchain, which can not be tampered with and shared, can solve the problems of data authenticity and data ownership, so it is regarded as the best solution for all data related instries, including the financial instry
the alliance is committed to building a platform for cooperation, exchange and dialogue between government departments, relevant enterprises, scientific research institutes, financial institutions and instrial parks, organizing in-depth cooperation among government, instry, University, research and finance, and promoting blockchain instry research, instrial policy support, technology research and development, standard formulation, business incubation, talent cultivation, etc, Attract high-end resource elements of blockchain to gather, promote self-discipline of instry development, create a good environment for the development of blockchain instry, and promote the development of Shanghai into a highland of blockchain technology R & D Application and instrial development with strong domestic and foreign influence
as the world's first commercial blockchain digital asset platform, bumeng actively responded to the call of the government and the needs of the instry and joined the alliance“ The mode of blockchain is free and democratic, but freedom and democracy need to be supervised. " Yang Fan, general manager of bumeng, said, "the reason why bumeng joined the alliance is that he hopes to have a platform for communication with government agencies, and promote the healthy development of the blockchain instry and financial market through communication with relevant government agencies."
as a hot topic of financial technology, Yang Fan provides a scene for the application of blockchain in the financial field: "blockchain technology can provide real and reliable data for the financial field, and has great potential in risk control, credit reference and other big data. At the same time, regulators can also become one of the nodes to better and lower the cost to achieve regulatory purposes and improve efficiency. "
"in the future, bumeng will actively participate in the alliance activities, actively communicate with alliance members through business sharing and other ways, show the public the innovative achievements of blockchain technology and application, and make its own contribution to the development of the alliance." Yang Fan concluded
Blockchain Yearbook: since the second half of 2016, more than 10 blockchain instrial parks have been established or will be established in China. In addition to Shanghai, Hangzhou and Guangzhou, which have been maintaining a strong momentum in the field of Finance and science and technology, other provinces and cities such as Wuhan, Chongqing, Qing and Suzhou have also laid out blockchain instrial parks Blockchain Yearbook not only summarizes the latest detailed information of global blockchain instrial parks, but also includes the support policies of local governments for blockchain
according to the blockchain Yearbook, as of the end of November 2018, the number of blockchain companies with blockchain as the main business in China has reached nearly 1000, and the instry has initially taken shape. At present, many local governments are also actively positioning blockchain technology from the instrial height, and the policy system and regulatory framework are graally developed and improved
I. blockchain Instrial Park
1. Shanghai Collaborative Innovation Center was established in the earliest but the lowest profile
in November 2016, Zhongguancun blockchain instry alliance and Shanghai Intellectual Instrial Park reached cooperation to jointly create Zhongguancun blockchain Instry Alliance Shanghai collaborative innovation center. At the same time, Shanghai intelligence instry sky blockchain incubation base and Shanghai equity trading trusteeship center were officially established, which means that China's first application blockchain incubation base is officially located in Baoshan, Shanghai
according to the regulations of the park, all kinds of enterprises registered in the park will be given a certain proportion of supporting policies according to the contribution of the enterprises
on the day of the establishment of Shanghai Collaborative Innovation Center, Shanghai Ruizi Investment Management Co., Ltd., Shanghai kuaibei Network Technology Co., Ltd. and Shanghai miaojao Network Technology Co., Ltd. entered. Nearly two years since its establishment, the low-key park has not been exposed much
2. Hangzhou has three blockchain entrepreneurial Parks: occupying the right time, favorable location and favorable people
in the 2018 government work report, the Hangzhou government explicitly listed the blockchain instry as one of the seven future instries to be cultivated in Hangzhou. At present, Hangzhou has formed three major blockchain instrial parks represented by xixigu blockchain Instrial Park, China (Xiaoshan) blockchain entrepreneurship and innovation base, and China Hangzhou blockchain Instrial Park
xixigou blockchain Instrial Park was established in April 2017, located in xixigou Internet Finance Town, Qianjiang Xixi Hejing, and invested and operated by Hangzhou urban investment asset management group
China (Xiaoshan) blockchain entrepreneurship and innovation base was established by the cooperation of China Institute of electronic technology standardization, Hangzhou Xiaoshan District People's government and China Wanxiang Holding Co., Ltd., and settled in Xiaoshan in May 2017
China Hangzhou blockchain Instrial Park, located in Yuhang District, was established in April 2018, and Li Xiaolai, the big man of the currency circle, also attended the ceremony. At the launching ceremony, Yao Yongjie, chairman of Hangzhou longlan investment, announced the establishment of xiong'an global blockchain innovation fund with a total scale of RMB 10 billion
3. Wuhan blockchain Instrial Park encourages college students to start blockchain businesses
Beijing
on November 9, 2018, Zhongguancun Management Committee, Beijing Municipal Bureau of financial work and Beijing Municipal Commission of science and technology jointly issued the "Beijing financial technology development plan (2018-2022)"
the plan brings blockchain technology into the scope of Beijing's "financial technology" development plan, actively promotes the development of underlying technologies that affect the application of financial technology functions, and improves all kinds of technology market facilities, including artificial intelligence, big data, Internet technology (mobile Internet, Internet of things), distributed technology (cloud computing, blockchain), security technology (quantum computing Biometrics, encryption technology, etc
on September 29, 2017, the Beijing Municipal Bureau of financial work and other eight departments jointly issued the implementation measures for the construction of the capital's green financial system, which mentioned the development of green financial information infrastructure based on blockchain and the improvement of the security level of green financial projects
on April 6, 2017, the Management Committee of Zhongguancun Science and Technology Park printed and issued the "ZhongGuanCun national independent innovation demonstration zone to promote the deep integration of science, technology and finance, innovation and development support fund management measures", which mentioned that financial technology enterprises should be supported to provide services for financial regulators and financial institutions, and carry out the demonstration and application of artificial intelligence, blockchain, quantitative investment, intelligent finance and other cutting-edge technologies, Improve the efficiency and convenience of financial services
enterprises shall be given financial support according to 30% of the amount of technology application contract or purchase agreement signed between financial technology enterprises and financial regulators or financial institutions, and the maximum amount of support for a single project shall not exceed 5 million yuan
on December 30, 2016, the Beijing Municipal Bureau of financial work issued the "13th five year plan for the development of financial instry in Beijing", which mentioned that blockchain should be classified as a technology of Internet Finance and encouraged the development of this technology
on August 10, 2016, Beijing Municipal Bureau of financial work issued the performance tasks of Beijing Municipal Bureau of financial work in 2016, in which Article 8 mentioned promoting the introction of Zhongguancun Internet finance comprehensive pilot scheme and the establishment of Zhongguancun blockchain alliance
Shanghai
on April 28, 2017, the Shanghai Internet Finance Instry Association issued the self discipline rules for blockchain technology application of Internet Finance practitioners, which requires blockchain technology to serve the real economy, pay attention to the balance between innovation and standardization, and security, and clarify the bottom line of financial stability and information security, Internet financial institutions applying blockchain technology should report to local regulatory authorities and instry self regulatory organizations, and actively accept instry supervision and self regulatory management. The reporting information should at least include project name, responsible person, business model, business risk, risk control measures, etc
on March 7, 2017, the development and Reform Commission of Baoshan District of Shanghai printed and issued the key points of financial services in Baoshan District in 2017. It was mentioned that the construction of Miaohang blockchain incubation base and Songnan Shanghai Internet finance evaluation center should be followed up to promote the development of financial technology companies as an important part of Baoshan financial ecosystem relying on professional teams and market forces, We should form a development model in which venture capital funds and angel investors gather actively, science and technology finance support is strong, and enterprise investment motivation is fully stimulated
On December 8, 2017, the office of the people's Government of Huangpu District and the office of the Management Committee of Guangzhou Development Zone issued the measures for promoting the development of blockchain instry in Guangzhou Development Zone, Huangpu District, Guangzhou, aiming at the instrial and commercial registration place, tax collection and management relationship and statistical relationship within Huangpu District, Guangzhou Development Zone and its entrusted management and subordinate parks, Blockchain enterprises or institutions with sound financial system, independent legal personality, and commitment not to move away from their registered and office address within 10 years, not to change their tax obligations in the area, and not to rece their registered capital shall implement incentive measures such as cultivation award, growth award, platform award, Application Award, Technology Award, financial support, activity subsidy, etc. This is the biggest policy measure in China at presenton September 25, 2017, the Shenzhen Municipal People's Government printed and issued several measures to support the development of the financial instry in Shenzhen. It was mentioned that the financial technology special award focuses on excellent projects in the fields of blockchain, digital currency, financial big data application, and the annual award amount is controlled within 6 million yuan
on August 17, 2017, Shenzhen Economic and trade and Information Commission issued the notice of Shenzhen Economic and Trade Information Commission on organizing and implementing the 2018 special support plan for information security of new generation information technology in Shenzhen strategic emerging instries, which mentioned that it is necessary to support blockchain technology
on November 3, 2016, the Financial Development Service Office of Shenzhen Municipal People's government issued the 13th five year plan for the development of Shenzhen's financial instry, which mentioned supporting financial institutions to strengthen the research and exploration of emerging technologies such as blockchain and digital currency
Chongqing
on March 7, 2018, Chongqing municipal government issued the notice on implementing and promoting the task division of the guidance on supply chain innovation and application, which mentioned that it is necessary to study the use of blockchain, artificial intelligence and other emerging technologies to establish a credit evaluation mechanism based on supply chain
on November 7, 2017, Chongqing Economic and Information Technology Commission issued the opinions on accelerating the cultivation and innovative application of blockchain instry. It is mentioned that by 2020, we will strive to build 2-5 blockchain instry bases in Chongqing, introce and cultivate more than 10 leading enterprises in the domestic subdivision field of blockchain, and more than 50 blockchain enterprises with core technology or growth type, The introction and cultivation of more than 500 middle and senior talents in blockchain will build Chongqing into an important instrial highland and innovative application base of blockchain in China
1. Government design scheme; 2
2. The government should inject capital to guide the fund, set up a management organization, and bid for fund management companies
3. Fund management companies win the bid and introce social investors
4. All funds are in place to guide the establishment and operation of the fund.
Instry guidance fund is an instrial financing platform created by the state and local governments to guide the development of high-tech instries. The purpose of the government guidance fund is to leverage private capital into high-tech instry. Generally, there are several different operation modes:
for the areas where the development of venture capital is in the initial stage, the mode of "Compensation Fund + equity investment" can be used to quickly start the guidance fund and try to guide social capital into the field of venture capital
for the regions where the development of venture capital is in the growth stage, the mode of "guiding fund + guarantee institution" can be introced to expand the financing scale and accelerate the development of venture capital
for the areas where the development of venture capital is relatively mature, we can guide the fund as the master fund to attract social investment, give full play to its maximum effect and promote the development of venture capital
development materials:
the role of government guidance fund in venture capital investment has the following four points:
1. Support stage participation. Guide the fund to participate in venture capital institutions, support the establishment of new venture capital institutions and expand the total amount of investment in science and technology-based small and medium-sized enterprises according to the conditions and time limit agreed in advance
2. Support follow up investment. In order to support the established venture capital institutions and rece their investment risks, the fund and venture capital institutions should be guided to invest in the start-up SMEs
3. Risk subsidy. In order to enhance the ability of venture capital institutions to resist risks, some subsidies should be given to venture capital institutions that have invested in high-tech small and medium-sized enterprises at the start-up stage 4. Investment guarantee. For start-up small and medium-sized enterprises with investment value but certain risks, the venture capital guidance fund will provide subsidies in advance. On the basis of equity investment from venture capital institutions, the guidance fund will give subsidies for the second time, so as to solve the problem that venture capital institutions are afraid to invest because they are worried about risks and want to invest, It is especially suitable for small and medium-sized enterprises such as technology business incubatorsmost of the government instry guidance funds are invested in the form of equity, and a few of them can also be invested in the form of creditor's rights
the structure and purpose of the instry guidance fund can be divided into:
1. The mode of master Fund + sub fund. At the master fund level, many local government guidance funds require the prohibition of financial funds as inferior, so the parallel investment structure is adopted to attract the participation of large financial institutions and enlarge the leverage advantage
2. Special fund model
in this mode, the financial funds, together with instry leaders, financial institutions or other social capital, set up a single tier fund structure, focusing on supporting specific instries or specific types of enterprises. This kind of single-layer limited partnership is more common
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the most common way is to set priority and inferior structural design, with leverage ratio ranging from 2:1 to 4:1, or even higher. The subscription priority of financial institutions is lower than that of state-owned enterprises or designated entities, which provides a part of safety cushion for priority funds. There are few parallel investment funds.
the government guidance fund supports the entrepreneurship and technological innovation of small and medium-sized science and technology-based enterprises in the start-up period by guiding venture capital behavior
more than 50% of the capital of the provincial guidance fund is used to participate in the establishment of 3-5 venture capital funds, each with a scale of about 400 million yuan. The provincial guidance fund will be completed within 2-3 years. In accordance with the documents of the State Council, the fund management is set up as an independent enterprise legal person, and a Council is set up. It is responsible for the management of the provincial guiding fund, the rights and interests of the provincial guiding fund in the external situation, the corresponding obligations and responsibilities, and the selection, supervision and assessment of the venture capital fund established with the participation of the provincial guiding fund. The Council has an office to deal with the specific matters related to punishment, while the daily management and operation of the fund are guided by the Council through public bidding and entrusted by qualified agencies. For the requirements of the venture capital fund supported by the provincial guiding fund, the Council selects the professional management company that meets the conditions of autonomy through public bidding to manage the venture capital fund supported by the provincial guiding fund. The management company has relevant requirements. On the one hand, it can well operate the government's funds through the market-oriented way; on the other hand, it can effectively manage the government's funds through the market-oriented way, The government's intention can be well implemented through leverage. At the same time, it can also improve the operating efficiency of state-owned capital through marketization, support the development of emerging instries through this leverage, and introce venture capital to the local area through venture capital, so as to form a financial environment for financial investment and venture capital. In addition, through the intervention of venture capital, local enterprises can be standardized operation, restructured, listed, quickly enter the capital market, and help local enterprises form leading and advantageous instrial groups.
The differences between instrial support fund and instrial guidance fund are as follows:
1. Different purposes
the establishment of instrial investment fund is based on the mature capital market; Instrial Investment Fund & quot; It is an exploration and attempt to solve the financing problem of cultural instry by means of equity investment
the instry guidance fund aims to promote scientific and technological innovation, help entrepreneurship, and support the national policy of cultivating strategic emerging instries. We should guide the behavior of venture capital and support the entrepreneurship and technological innovation of small and medium-sized science and technology enterprises in the start-up period
2. Different investment objects
the objects of instrial investment funds are mainly non listed enterprises. The investment period is usually 3-7 years. Actively participate in the operation and management of the invested enterprises
the purpose of investment is to promote the development of enterprises through investment based on the potential value of enterprises, and realize the capital appreciation income through various exit ways at the right time
The object of instry guidance fund is small and medium-sized enterprises. Its purpose is to give full play to the leverage effect of financial funds, increase the supply of venture capital, and overcome the market failure problem of simply allocating venture capital through the market Especially by encouraging venture capital enterprises to invest in early start-up enterprises such as seed stage and start-up stage, it can make up for the deficiency of general venture capital enterprises that mainly invest in growth stage, mature stage and reconstruction enterprisesextended data
accounting treatment methods of instrial support funds:
at present, financial funds supporting enterprise reform and development are roughly divided into five categories. According to incomplete statistics, there are dozens of relevant central financial funds alone. However, there has been a lack of unified and clear financial treatment principles for the relevant financial funds. Specific provisions are made on the financial treatment of financial funds obtained by enterprises:
1. Financial funds that belong to national direct investment and capital injection, such as capital construction investment, national debt investment projects, etc. This kind of capital belongs to the state's capital investment in enterprises as investors. Therefore, the state capital should be increased, and the state-owned capital reserve should be increased for the investment exceeding the registered capital
Financial funds belonging to investment subsidies, such as subsidies for public welfare and public infrastructure investment projects, subsidies for investment projects to promote scientific and technological progress and high-tech instrialization, etcthis kind of funds is a subsidy for investors to invest capital, but the biggest difference with the former kind of funds is that the state does not necessarily invest as an investor. Most of the time, it is the government's guiding funds given to enterprises in order to implement macroeconomic policies or achieve regulatory objectives
Financial funds that belong to loan discount and special fund subsidy, such as loan discount for technology renovation project, special fund for development of small and medium-sized enterprises, instrial technology research and development fund, technology innovation fund for science and technology-based small and medium-sized enterprises, international market development fund for small and medium-sized enterprises, etcthis kind of fund is generally the compensation for the cost paid by the enterprise for the specific economic activities, so when the enterprise uses this kind of fund, it is treated as income. When an enterprise uses this kind of financial funds to form fixed assets or intangible assets, it should be recognized as deferred income by stages according to the service life of the assets
4. Financial funds that belong to government re lending and repayable funding, such as world bank loan projects, etc. Such funds are required to return the principal after use. Therefore, when they are received by enterprises, they should be managed as liabilities
Financial funds for making up losses, rescuing losses or other purposes, such as loss subsidies for state-owned enterprises, compensation for losses of civil aviation companies ring SARS, subsidies for closing small enterprises, etc. When an enterprise receives such funds, they shall be treated as current income or deferred incomeAs one of the important subjects in the field of venture capital, the government plays a very important role in the economic development and instrial promotion of a country. It should give full play to the function of macro guidance and regulation, ensure a good external environment for venture capital, provide policy and legal support for venture capital, overcome the problem of "market failure" and prevent the occurrence of "crowding out effect". At the same time, as one of the main providers of capital, the government will also participate in the operation of the capital market. Through direct or indirect participation, it will focus on supporting the innovative enterprises in the "faltering" initial stage. It will promote the integration of technology and market, the docking of innovation and instry, incubate and cultivate the future oriented emerging instries, and guide and regulate the investment behavior of the capital market, It is of great significance to push the economy to the middle and high level