CHINH SACH T H i C DAY DAU TU THIEN THAN TAI ISRAEL'
Nguyin Thi Kim Anh' Tran Hirang Linh"
TOM TAT
Chinh sdch hd trg cua chinh phu la mgt trong nhirng nhdn to quan trong cdi thien mdi truang Mnh doanh vd Id yiu Id dnh hrdng tdi quyit dinh ddu tu ihien ihin Bdi viil gidi thieu hai nhdm chinh sdch Israel dd thuc hi^n de tdng cuang ddu lu thien thdn qua dd thuc day suphdl trien cua startup a nudc nay: (1) Nhdm chinh sdch ddnh cho nhd ddu tu thien thdn bao gom: Chinh sdch iru ddi Ihue (tax incentives), Thdnh Igp cdc quy hgp tdc ddu tu (co-investment (matching) fimds), Khuyen khich Ihdnh lap mgng ludi ddu tu thien thdn: (2) Nbom chinh sdch hd trg startup bao gdm: Chinh sdch ve Idng cudng sir sdn sdng trong viic nhgn ddu tu vd chinh sdch tdi chink Bdi viel cung nit ra mot sd thdnh cdng vd hgn che khi thuc hi?n chinh sdch thuc ddy ddu tu thien Ihdn cua Israei
Tir khod Israei ddu tu thien thdn, startup, chinh sdch thtic ddy ddu tu thien thdn Nhgn bdi: 16/12/2019: Phdn bien vd sira chUa: 3/1/2019: Duyet ddng: 6/1/2020
\M mff dau cung cap mpt luong v6n khoang vai nghin do, Diu tu thien thSn 14 mpt ngu6n v6n quan ""^^ "^^ '^ '<''™g >>? '^^i voi nhu ciu cua trpng h6 trp sv phit tridn cua c5c startup 6 giai ' ' ^ P ; "^^ ^^^ W ^"^ ^ •"*° h i ^ " 'hi it khi doan ban d4u. V6n thien thin la ngudn von ''™8 cap lupng yon nho. Vi vjy, vai tro quan xuit hien tCr lau nhit, la lupng v6n nhiSu nhit, "'"i'E "^^ ™^ f ^ " ' " "lien than la lip diy sir va cung hay dupc sii dyng nhit trong s6 cac ""*" ''Vt ve von cho cac startup trong giai ngudn v6n tii ben ngoai cua cac startup ^°^ "*>'• 2™ '^^ i^o. "6" *ien thin con Osnabmgge & Robinson (2000). Theo Wong, " ^ 8 '*' ^^^ 8'* tn vo hinh, phi tai chinh Bhatia va Freeman (2009, tr.222) cac startup ''°"8 E°P '?« gia tn gia tang cao cho startup thudng gap nhQng kho khSn vi tai chinh trong ^^'- "^^ ' ' ^ E ^^ •'o^ch chien lupc, thi6t lap giai doan 6 gida giai doan huy dong v6n gia ^^ hoach marketing, phac thao ki hoach tac dinh va ban be, va giai doan goi v6n tii cac "S"^??', S'™ sat ket qua tai chinh, quang ba quy diu tu mao hi6m, hoSc cac t6 chuc tai ^ P''™ ' * l*ach hang, phat tri6n cac san chinh. Gia dinh va ban be thucmg chi co thj P''™' ^^ ' ' i * vu hien tai, giup do tao dung va ' Bii vUl mmg khuon kh6 « lii -riiu hui v6n m tu Ihien thin kiuh doanh (Business Angel) nude ngoai cho nhit trifin startup 6 nuoc chu nhi: Kinh nghigm qu6c te vi him y cho Viet Nam". Mi s6 QG 18 23
• Ph6 giio su. Tiin SI, Giing vi£n cao cip khoa Kinh li & Kinh doanh qu6c ti, Tniong DH Kinh Ik DHOGHN
" Cli nhan khoa Kinh le & Kinh doanh quoc te, Truong DH Kinh te, DHQGHN
Tgp chi nghien ciru CHAU PHI & ~
Chi'nh sach thuc day dau td... Nguyen Thj Kim Anh-Tren Ht/tfng Unh
dieu hanh ban dieu hanh (Scheela va Jittrapanun, 2012).
Dau tu thien than ngay cang dupc danh gia la mpt nguon von quan trpng cho phat trien he sinh thai khoi nghiep cua mpt qupc gia, dp vay cac chinh phii da thuc hien nhirng chinh sach, bien phap de thuc diy dau tu cua nguon vpn nay. Nghien cuu cua OCED nam 2011 da phan chia chinh sach thuc diy diu tu thien than thanh 2 nhom co ban: (i) chinh sach danh cho nha diu tu thien than, va (ii) chinh sach danh cho cac startup.
Tai Israel, dau tu thien than da dong gop mpt phan khong nho trong viec dua nucrc nay tro thanh mpt trong nhung quoc gia di dau ve khoi nghiep. Theo cuon sach "Start-up Natipn" cua Senor va Singer, tir sau nam 1990, chinh phii Israel da xac dinh viec thiic diy va thu hiit v6n dau tir mao hiem la mpt trong nhihig yeu tp then chot nhat de giiip nen kinh ti cit cdnh, trpng do, mpt luong lcm v6n diu tu mao hijm nay co dupc til cac nha dau tu thien thin ca trong va ngoai nuoc (Baygan, 2003, tr. 15). Israel la qu6c gia co tdc dp tSng truang vi thi trudng dau tu thien than nhanh nhit trong sd cac qudc gia da phat trien. Sd lupng cac nha diu tu thien thin ngay mpt tang len va mang ludi cac nha dau tu thien than ngay mdt md rdng. Nhieu du an dau tu thien thin thanh cdng ldn tai Israel. Tieu bieu nhu cac nha diu tu thien thin rot gan 2 trieu USD My cho Labpixies trong vdng 4 nam va da thu vi dupc gip 12,5 lin, tiic la 25 trieu USD sau khi dupc Gpogle thau tdm.
Vi vay, chinh phu Israel dat mdi quan tam ldn den xay dung he thdng chinh sach thuan loi, nhim khai thac ngudn vdn dau tu thien thin quan trpng nay. Bai viet mudn gidi thieu vdi ngudi dpc mpt sd chinh sach danh cho nha diu tu thien thin va chinh sach danh chp cac
startup de tang cudng thu hiil vdn thien than cho phat trien startup va he sinh thai khdi nghiep tai Israel.
1. Chinh sach danh cho nha dau tir thien than tai Israel
De tap dieu kien cho nha dau tu thien than, cac nudc thudng ap dung cac chinh sach sau:
• Uu dai thue true tiep va gian tiep (OECD, 2011, 2016, 2018; Wang, Tan & Liu, 2016;
Carpentier & Suret, 2016; Intarakumnerd &
Goto, 2016; World Bank Group, 2013);
• Thanh lap cac quy hd trp ciing hpp tac diu tu (OECD, 2011; Wprld Bank Group, 2013;
Wang, Tan & Liu, 2016; Aemoudt, 2005);
• Phat trien mang ludi dau tu thien than (OECD, 2011, 2014, 2018; Wang, Tan & Liu, 2016; Lahti & Keinonen, 2016; Loritz, 2008;
Aemoudt, 2005);
• Giao due vi diu tu thien thin (OECD, 2011; Scheela & Jittrapanun, 2012; Wang, Tan
& Liu, 2016; Aemoudt, 2005).
Tai Israel, chinh phii chu yiu tap trung thuc hien 03 chinh sach; Uu dai thul (tax incentives), Thanh lap cac quy hpp tic diu tu (co-investment matching hands), Khuyen khich thanh lap mang ludi diu tu thien thin (business angel networks) (OECD, 2011;
OECD, 2016).
l.L Chinh sdch ve uu dai Ihue iai Israel Theo bao cao ciia OECD, ban dau de dupc nhan uu dai dau tu, chinh phu quy dinh nha diu tu phai duy tri dupc lupng cd phan tai dpanh nghiep startup trong it nhat 3 nam. Quy dinh nay gay khd khan rat nhieu cho cac nha diu tu thien thin - nhtmg ngudi thudng diu tu khi startup cdn non tre. Cd le vi vay ma chinh phu Israel da phai ap dung nhihig luat mdi danh cho nhimg ai diu tu vao cac startup mdi thanh lap dudi 3 ntai vdi doanh thu
Tgp chi nghien cicu CHAD PHI & TRDNG BONG SO 01(173) thing 1/2020 15
Nguyen Thi Kim Anh-Tran Hu'cfng Linh Chinh sach thuc dav dau tu".:.
khong qua 1.5 trieu NIS (tucmg ducmg khoang hcm 400 nghin I SD M>). dang can khoan diu tu tix 25,000 MS dan khoang 10 trieu NIS. Nam 2010, trong Bo Luat Chinh Sach Kinh Te hay con dugc ggi la "Luat cho cac Thien thSn" (Angels' Law) do Bg Tai chinh dk xuk (Dollinger & Rhodes, 2016;
OECD, 2011: OECD, 2014; OECD 2016;
OECD, 2018), Chinh phii Israel thuc thi nhihig dieu luat img hg sir phat trien cua thi truing dSu tu thien than, khuyen khich dau tu tu nhan vao ITnh vuc startup cong nghe cao.
Cac nha diu tu thien than nucrc ngoai khi diu tu vao cac d\r an startup co the dugc khau trir thue thu nh$p ca nhan trong vong 3 nim ke tir khi bat dAu thuang vy diu tu, vdi raiic t6i da cho ph^p 1^ khoang 5 tri?u NIS tucmg ducmg 1,4 tri?u USD My. Tuy nhien, doanh nghi$p startup n h ^ diu tu phai dap iing mgt so tieu chi dugc danh gia la con kha ng|it ngheo nhu: t6i thieu 75% ciia khoan dau tu thien than li de danh rieng cho hogt dgng R&D ciia startup, 70% long chi phi cua doanh nghiep startup la de danh cho hoat dgng R&D trong do it nhat 75% chi phi R&D do lai phai dugc chi a trong nuoc, dong thai doanh thu cua cong ty khong dugc vugt qua 50% chi phi R&D (Nov, 2012; Dollinger & Rhodes, 2016;
OECD, 2011; OECD, 2014; OECD, 2016;
OECD, 2018).
Nam 2015, bg luat dugc chinh sua dk cho phep startup, doi tac, va cac cong ty muc tieu dap ung dugc tieu chi ngit ngheo. Cu Ihk nhu khong chi khi nha diu tu thi€n than diu tu vao cac cong ty trong giai doan startup ma ca cac cong ty dang trong giai doan thucmg mai hoa ciing c6 the dugc nhan uu dai, cho phep miin 100% thue trong I nSm diu tiep nhan v6n diu tu vai miic uu dai Ien den 5 trieu NIS. Quan trgng hom ca, luat lam r6 viec cong ty co
quyen thu Igi khi dang trong qua trinh nhan dau tu.
Chinh phli Israel co it chinh sach uu dai thue true tiep cho cac nguon von mao hiem noi chung. Tren thirc te miic thue suat can bien kha cao, Ien den 52%. Da co nhihig no lire xay dung mgt goi ho trg thue thu nhap toan dien nhim thay doi va cai thien tinh hinh vao nam 2002 song khong dugc thanh cong.
Tuy nhien, d§n thang 7 nam 2002 thi cai each vk thuk da dugc thong qua, cho phep cac nha diu tu nuac ngoai dugc mien thue thu hoi von dai han khi dau tu vao cac quy von mao hiem trong nuac va vao cac doanh nghiep startup cong nghe cao. Ngoai ra, Israel ciing khong CO dieu khoan cam nha dau tu nudc ngoii dugc lam chii sa hiru, trir mgt so ITnh vuc nhu ngan hang, bao hiem, hay lien quan den an ninh (Bayman, 2016, tr.l4).
1.2. Chinh sdch thdnh lap cdc quy ciing hgp tdc dau tu
Chinh phli thi hinh chuang trinh nhom YOZMA tir nam 1993 dk sur dung quy nha nuac Iim don biy thu hiit ngu6n tai chinh tir nuac ngoai, die biet l i tir My. Chuang trinh dugc thuc hien trong thoi ky thi truong trong nuoc con nho yeu vi trong tinh trang thiiu von. Tuy nhien tir nam 1998, khi Israel phit trien on djnh han thi chuang trinh da dugc nit lai de nham thiic diy c i ngu6n diu tu trong nuoc chii khong rieng gi nuac ngoai. Chinh sich niy bao g6m nhirng dam bao \h co phin cho nhi diu tu nuac ngoii, cac chuang trinh lien ket doanh nghiep Israel vai nha diu tu thien than nuoc ngoii, va chuang trinh thoai von cho cac doanh nghiep tren thi truang chiing khoan nuac ngoai. Cu thi, thong qua chuang trinh YOZMA, nhi nuac cung cap len den 40% lugng v6n thu hiit dugc qua cac quy voi dilu kien la cong ty phii dugc thu
Tgp chi nghien ctru CHAt PHi A r — - - A ^ - -A ni/i7^^ thdna iA>ft,n
Chinh sach thuc day dau tu"... Nguyen Thj Kim Anh-Tran Ht/gng Linh
mua (hay "acquired - mua lai") trong vong 7 nim ke tir khi bat dau c6 lgi tiic. Quyet dinh dau tu thucmg dugc dat ra bcri nha dau tu nuac ngoai, trong do da phan li My, tuy nhien ciing CO nhieu nha dau tu tir chau Au vi Nhat. Ban dau, chinh phii cung cap 100 trieu USD My de khcri dong YOZMA nham cung cap von dau tu cho startup cong nghe cao. Tir nam 1995, YOMZA Group triln khai quy thii 2, dau tu vao mgi giai doan phat trien ciia startup, tuy nhien chii yeu tap trung vio giai doan dau phat trien vi nham den cac cong ty ting truang nhanh trong ITnh vuc ICT, khoa hgc doi song, cong nghe sinh hgc... Cac khoin diu tu ca nhin ban diu thuang tir khoang 1 trieu USD My din 6 trieu USD My.
Cic khoin von bo sung dugc giir de tiep tuc dau tu. Dgng thii nay da co nhiing ho trg vo cimg to lan trong thai ky thieu cac khoan von dau tu mao hiem, thien than giai doan dau phit trien khai nghiep. Cu the, da co han 30 quy dau tu nuac ngoai co mit tai Israel.
YOZMA da lam don bay him ich vl mat tai chinh cho quoc gia nay khi chinh phu cung cip nhirng khoin dau tu tir 100 trieu USD My len din 250 trieu USD My. Sau thai ky thuc thi YOZMA, Israel dugc rot vio mgt lugng von dang kl tir cac nhi dau tu nuac ngoii dl tap trung phat trien ITnh vuc cong nghe cao vdi cac doanh nghiep dinh hudng phat trien nho (Bayman, 2003, tr. 13-14).
Chinh phu cung co mgt ke hoach dim bao CO phin trong nam 1991 dugc ggi la chucmg trinh INBAL dl nhim khuyin khich vi thu hut nhimg nguon von dau tu mao hiem. Chi tilt han, INBAL cung cip 70% bao dim cho nha diu tu khi diu tu mao hiem trong Israel.
Chuang trinh niy da ho trg cho su hinh thanh va phit triln cua 6 quy diu tu mao hiem tai Israel, m6i quy dugc cung cip von tir 15 trieu USD My din 20 trieu USD My. Chucmg trinh
ciing di ket thiic sau mgt vai nam do nhthig bien chuyen ve mat thi truang va nhu cau trong nuoc (Bayman, 2003).
7.i. Chinh sdch phdt trien mgng lu&i nhd ddu tu thien thdn
Chinh phu Israel da co nhieu bien phap, chinh sich de thu hiit nha dau tu thien than nuac ngoii (Bayman, 2003, tr.l5). Cac chinh sach ay bao gom uu dai thue cho nha dau tu thien than nhu da de cap d phan tren vi trien khai cac chuang trinh giiip lien ket doanh nghiep nho, hoac quy von mao hiem vai cic to chiic nuac ngoai, doanh nghiep da quoc gia, hay cic nhi dau tu thien than. Nhieu quy von mao hiem da thanh cong trong viec giiip cic cdng ty startup lim kiem phuang thiic lien lac vdi nhi diu tu, luon luon cap nhal vdi sy phat trien cong nghe vi thi trudng d nudc ngoai (Bayman, 2003, tr.l5).
Nhim giiip startup trd nen hip dan hcm, vi de Igt vio lim ngam ciia cic nhi dau tu thien thin, chinh phii thiic day cic hiep dinh nghien ciru va phit trien quoc te vi du nhu Uy ban Khoa hgc vi Cong nghe My - Israel vi Quy tii trg R&D song phucmg giu:a My va Israel, ggi tit li BIRD. BIRD co mdi lien he chit che vdi cgng dong cac nhi diu tu mao hiem, vi vay CO the de ding Iam cau noi cho cic cong ty startup tim den nhi diu tu thien than mi hg dang tim kiem.
Bg Kinh te vi Cong nghiep khuyen khich phat triln mgt s6 mang ludi dau tu thien than d cic vimg vi du nhu Nhom cic nhi diu tu thien thin Tel Aviv, Mang ludi diu tu thien thin Israel, nhom cac nha diu tu thien than Israel (OECD, 2016, tr. 152).
2. Chinh sach cho cdc startup tai Israel D I thiic diy diu tu thien than, chinh phii cac nudc ciing thuc hien cac chinh sach de ho
Tgp chi nghien ciru CHAU PHI & TRUNG DONG SO 01(173) thang 1/2020 17
Nguyen Thj Kim Anh-Tran Hu'ong Linh Chfnh sach thuc day dau^
trg cho startup, tao thuin lgi cho startup thu hiit va sir dung lit von diu tu thien thin. Cac chinh sach niy bao gdm 3 nhdm cu the sau:
• Ting tinh sin sing tiep nhin dau tu cho startup (OECD, 2011; Aemoudt, 2005)
• Phit triln he sinh thai khdi nghiep (OECD, 2011; Mason & Brown, 2014)
• Ho Irg tai chinh (Wang, Tan & Liu, 2016; Intarakumnerd & Goto, 2016;
Aemoudt, 2005; Lemer, 1998)
Israel cd mgt so chinh sich noi bit dinh cho cic startup bao gom: chinh sach ve ting cuong sy sin sing tiep nhan dau tu vi chinh sich lai chinh.
2.1. Chinh sdch tdng cucmg sir sdn sdng tiip nh^n dau tu cho startup Israel
Chinh phii co m^t so chinh sich de giiip doanh nghidp startup, cic doanh nghiep nho trd nen sin sing nhan von dau tu hon (Bayman, 2003, lr.I6; OECD, 2016, tr.l52).
Cic chucmg trinh quan ly va dao tao cho cac doanh nghifp nho dugc Ca quan cong nghiep nhd vi vira Israel, viet tit li ISMEA, td chiic.
Cac CO quan chinh phii nhu Trung tam cong nghiep Israel dinh cho R&D, Vien xuit khau Israel, vi Tnmg tam xiic tien y tudng Israel giiip cic nhi khdi nghiep va cac doanh nghiep nhd dua sin phim, dich vu ciia hg tiep can vdi thj trudng trong nudc vi quoc te. Cac nha khdi sir doanh nghiep tai Israel cd nhieu nen ling khic nhau nen ddi khi co nhieu dieu con thieu hyt. Nhieu nhi khdi nghiep d Israel timg tham gia vio lire lugng an ninh vi ap dung nhOng kien thiic hgc tip trong quan dgi vio ip dyng lai mdi trudng kinh doanh. Mgt sd ngudi nhap cu tir cac qudc gia Xd Viet nen dii CO kien thiic \ e cdng nghe tuyf t vdi nhtmg lai thieu nhin thiic ve md hinh kinh doanh phuang tay. CJ Israei, mgt trong nhiing van de dugc quan tam trpng yiu do la cung cip ky
nang quan ly cho nhung tai nang khdi nghiep- Cu the, viec dao tao bad) gom danh gl.i tinh khi thi ve mat cong nghe va tai chinh ciia du an, tin dung nhimg kenh Hen lac vdi nhi dau tu va quy dau tu, giiip rlhi khdi nghiep hieu dugc nhumg dilu gi cin thiet khi quin ly. cho ldi khuyen ddi vdi du in diu lu, va chuan hi cho viec thoii v6n cd lgi nhuan cho cong ty.
Dilu niy se giiip cong ty trd nen vo cimg thu hut nhi diu tu bdi ky nang quin ly lit li mgt trong nhung ngudn tai sin diu tu vd hinh rat quan trgng dl gia tang gii tri cdng ty (Bayman, 2003, tr.l6).
2.2. Chinh sdch vi tdi chinh
Co quan Phit trien Kinh tl cac nganh thieu sd rit tich cue trong vieb cung cap tai chinh cho cac doanh nghiep khdi nghiep de nham cung cap cic hd trg bd sung cho nhi dau tu thien thin. Sing kien ciia td chiic niy li hd trg chucmg trinh Tii chinh vi mo Koret SAWA, cung cip cic khoin cho vay dim bio cho cac doanh nghiep thugc sd hiru ciia ngudi Arab, ddng thdi cam kit cung cip 50 trieu NIS dl thinh lap quy vdn dau tu mao hiim Al Bawader (OECD, 2016, tr.39).
Startup cd dilu kien phit triln tdt se la mgt trong nhimg ddng luc ^iin liep thu hiil nha dau tu thien thin rot vdn. Mot s6 chinh sach, chuang trinh dugc thud hien bdi Office of Chief Scientist nhim hd trg vl tii chinh cho cic startup, die biet trong cdng doan R&D (Dollinger & Rhodes, 2016, tr.71).
• Tnufa: Trg cip len din 80% kinh phi dugc chap thu|n tuang duong vdi khoang
$65,000 cho mdi du an. Dilu nay cd nghTa la cac chi phi trudc khi uom mim bao gdm xay dung bin miu, chiing nhin sang chl, vi xay dung kl hoach kinh doanh.
• Quy h6 trg cho R&D: Quy nay h6 trg cho cic chuang trinh R&D cii tiin mdi, cho
Tgp chi nghiin cuu CHAL PHI &" - 4 n i / i - j i \ #KAn
Chfnh sach thuc day dau tu"... Nguyen Thj Kim Anh-Tran Hu'ong Unh
cic cong ty ke tir khi mdi hinh thanh va ke ca khi da phit triln. Trg cip tir 20 din 60% ting chi phi cho R&D vdi dieu kien se hoin tra dan sau khi sin pham thinh cdng tren thi trudng.
U'dc tinh 400 trieu do dugc phan bo hang nam cho cic du an dugc duyet.
• Quy ho trg song phucmg: Israel co cac hiep djnh song phuang de ho trg cac du an R&D hgp tic vdi cic qudc gia nhu My, Canada, Han Qudc, Singapore, cdng nhu Due, Phap, va nhieu nudc chiu Au khac.
Theo nhu nhimg ban hiep dinh niy, mgt cdng ty Israel hgp tic vdi 1 cdng ty nudc ngoai de ciing thuc hien mgt dy an R&D se dugc chinh phli ho trg 25% kinh phi dugc duyet, 50% con lai se do cdng ty ty minh chi tri. Cic hiep dinh nay l i ddn bay cho nhieu cong ty startup cii lien san pham, cdng nghe. Thudng thi mdt trong nhthig trich nhiem ciia doi tic nudc ngoii la dua sin pham ra thi trudng.
3. Nhan xet chung ve chinh sach dau tvr thien than ciia Israel
Nhin chung, vdn dau tu Ihien thin dem lai cic hieu qui tich cyc ddi vdi nen kinh te lai Israel khi da ddng gop mgt phin khdng nhd trong viec dua Israel trd thinh mgt trong nhiing qudc gia di diu ve khdi nghiep.
Israel l i mgt trong sd nhumg qu6c gia da phin nao cd nhumg quy dinh can bin v l ddi tugng nha diu tu thien thin vao trong chinh sach ciia minh. Israel l i nudc duy nhit, trong khu vyc Dia Trung Hii Trung Ddng da xay dung dugc he thing nhimg chinh sach h5 trg true tiip cho diu tu thien than (OECD, 2014, lr.l28). Mgt sd qudc gia khac d i lim dugc dilu dd tuy chi irong pham vi vung, vi du nhu Trung Qudc. Dieu niy da chiing td miic do quan tam ciia nhi nudc Israel vio van de thu hiil diu tu thien than l i rit dang ke. Ben canh viec thu hiit nha dau tu tir ngudc ngoii - vdn da la trgng lam trong chinh sach ciia Israel tir
dau nhihig nam 1990, hien nay, chinh phii con danh sy quan tam to ldn den cac nhi dau tu trong nudc bang rat nhieu chinh sach ung hg vi khuyen khich ddl tugng nhi diu tu niy da cd nhimg dong gdp to Idn va ro rang nhat, giiip hinh thanh len mdt qudc gia khdi nghiep nhu Israel ngiy hdm nay vdi toe do tang trudng ve thi tnrdng dau tu thien thin nhanh nhit trong so cic qudc gia di phat trien. Cic nhom chinh sich da cd bien phip cy the ho trg cho nhi dau tu thien thin v i startups.
Tuy nhien, thyc le cho thiy, quy md dau lu thien than vio cic startup Israel con rit han che di phin nio phan anh sy kh6 khin de cac nha diu tu thien than cd the thda man dugc cic lieu chi nhin uu dai ve dau tu. Ching ban nhu vice chinh phii quy djnh nhi diu tu phai duy tri dugc lugng cd phan trong doanh nghiep startup it nhit li 3 nam. Cd le vi the ma chinh phu Israel da phii ip dyng nhimg luit mdi dinh cho nhimg nhi dau tu vao cac startup mdi thinh lip chua day 3 nim (OECD, 2016, tr.llO). Day Ii mgt budc cii tien mdi, song thyc te thi cic tieu chi lien quan din cdng ty nhin diu tu nhu ly Ie chi cho R&D... cdn qui ciing nhic.
Luil vl diu tu thien than cdn co nhieu dieu thiiu sdt. Tren thuc te, Hgi ddng lap phip cua Israel van dang phai tiep tyc nghien cuu va cai thien bd luit nay (Dollinger & Rhodes, 2016, tr. 71). OECD (2016, tr.l52) cting dl cap din viec bd luit niy (bin nim 2010) vin cdn nhieu thiiu sot v i nhan nhieu y kiln trai chieu. Tuy nhi diu tu thien than dugc khiu trir thul khi diu tu vao cac "cdng ty muc tieu" nhung cic quy dinh xoay quanh "cdng ty myc tieu" con rit phiic tap. Vi du nhu cdng ly phai duy tri tinh trang startup khi dang nhin diu tu, cdng ty phai chimg minh dugc vdi nhi chiic trach vl thul ring cdng ty hg gan lien vdi trang thii startup nay kl tir khi nhan diu tu, neu khdng
Tgp chi nghien cuu CHAU PHI & TRUNG DONG SO 01(173) thang 1/2020 19
N g u ^ n Thj Kim Anh-Tran Hu'ong Linh Chfnh sach thuc day dau j t ^
\ icc giam thue cho n h i d i u tu ihien thin se bi hiiy bd ngay lap luc. Dieu nay da\ len nhieu Io ngai cho cac n h i d i u tu thien thin.
Nhimg thieu sot trong luat ve dau tu thien thin tai Israel doi hdi phai cd nhtmg thay ddi hon niia de hoin thien he thdng chinh sich niy. Theo OECD (2016, tr. 34-42), Israel hudng tdi cac chinh sach khuyen khich d i u t u thien thin thdng qua viec p h i t trien mang ludi d i u t u thien than Iheo vimg. Ben canh do, bd sung them cac chuang trinh hoat dgng nham ting k h i n i n g san sang n h i n d i u t u cho cac startup mdi de co the tan dyng dugc lgi ich tir nguon vdn thien than mgt c i c h tdt nhal. Chinh phu can khuyen khich cac mang ludi d i u t u thien than, n h i m tdi cung cap vdn dau tu cho cic doanh nghiep thudc sd hiru ciia ngudi Arab. Dong thdi, can cd chinh sach uu dai thul va van hanh mgt quy kel ndi trong nudc d l t i n g cudng va thu hiit von dau t u thien than v i o c i c i c startup khong dua v i o R&D (non- R&D startup), v i cic doanh nghiep vira v i nhd d giai d o ^ dau phit trien, bdi hien nay n h i d i u tu thien than chii yeu n h i m v i o cac doanh nghi?p doi hdi cdng nghe R&D cao thay vi cic doanh nghi?p cii tien theo cac chiiu hudng khac (OECD, 2016, tr.42,45).
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