Venture capital fund is a special kind of equity investment fund, which mainly invests in the common stock of unlisted start-ups or equity investment funds convertible into common stock, preferred stock and convertible bonds. Because venture capital funds mainly invest in the initial stage of small and medium-sized enterprises, all countries in the world have adopted special legislation to clarify the fiscal and taxation support policies on the one hand and guide their investment fields on the other hand to ensure the realization of policy objectives. China's support policies for venture capital funds include: in terms of finance and taxation, State Taxation Administration of The People's Republic of China issued the Notice on Implementing Income Tax Preferences for Venture Capital Enterprises in 2009 (Guo Shui Fa [2009] No.87), which stipulated the financial support policies for venture capital funds; In terms of supervision, China Securities Regulatory Commission and its dispatched offices adopt differentiated supervision and management for venture capital funds in terms of investment direction inspection, and provide convenient services for venture capital funds in terms of account opening, issuance and trading, and investment withdrawal; In terms of self-discipline, China Fund Industry Association adopts differentiated industry self-discipline for venture capital funds in terms of fund manager registration, fund filing, investment declaration requirements and membership management, and provides differentiated membership services.