南开大学金融学教授田利辉：中长期资金入市对资本市场良性发展具备重要意义

Core Viewpoint - The introduction of long-term capital into the capital market is essential for its healthy development, as it can stabilize the market, support quality enterprises, and shift focus from speculative trading to fundamental value investing [1][2][3]. Group 1: Characteristics and Advantages of Long-term Capital - Long-term capital and patient capital are characterized by their ability to cross cycles, create value through post-investment management, and stabilize the market by reducing speculative behavior [1][3]. - These types of capital can optimize market structure, lower retail investor proportions, and enhance institutional investor influence, thereby increasing market stability [1][2]. Group 2: Impact on Capital Market and Enterprises - The influx of medium to long-term funds can lower market volatility, optimize investor structure, and enhance market resilience, creating a stable investment environment [2][3]. - Long-term capital can directly support sectors like technology innovation and green economy through equity investments, private placements, and mergers and acquisitions [3][7]. Group 3: Recommendations for Enhancing Long-term Investment - To cultivate long-term capital, it is suggested to extend the assessment cycle for institutions, improve exit mechanisms, and allow the use of derivatives for risk hedging [4][5]. - Asset management institutions should innovate products to include "fixed income plus" offerings and educate investors on the long-term benefits of equity investments [5][6]. Group 4: Financial Institutions' Role in Supporting New Industries - Financial institutions should leverage their strengths to guide funds effectively, supporting infrastructure and manufacturing mergers, and investing in blue-chip stocks and dividend assets [7][8]. - A collaborative ecosystem involving banks, securities firms, and public funds is necessary to create a robust financial support system for the capital market [8][9]. Group 5: Balancing Innovation and Risk in Emerging Industries - Investment in emerging industries should be phased, with small-scale trials in early stages and increased funding as projects mature, while also ensuring diversified investments to mitigate risks [9]. - Attention should be given to the balance between innovation opportunities and risks, including valuation bubbles and regulatory challenges [9].