对话清华大学田轩：股债“科创板”互补发力，提升服务科创的精准度

Core Viewpoint - The article discusses the recent reforms in China's capital markets, particularly focusing on the Science and Technology Innovation Board (STAR Market) and the introduction of a "Technology Board" in the bond market, aimed at enhancing financing options for technology innovation [1][4][9]. Group 1: STAR Market Reforms - The STAR Market has introduced a new "growth layer" to support unprofitable companies with high growth potential, allowing them to access financing [4][5]. - The recent reforms include six key measures to enhance the inclusivity and adaptability of the STAR Market, such as introducing a pre-review mechanism for IPOs and expanding the scope of the fifth listing standard [5][6]. - The STAR Market has grown to nearly 590 listed companies with a total market capitalization exceeding 7.9 trillion yuan, demonstrating significant innovation momentum [5]. Group 2: Technology Board in Bond Market - The establishment of a "Technology Board" in the bond market aims to provide new financing channels for technology innovation enterprises, enhancing their funding support [9][10]. - The bond market reforms include expanding the range of issuers and optimizing the issuance and trading mechanisms for technology innovation bonds [9][10]. - Challenges exist in the bond market, such as the need for a mature credit risk pricing mechanism for technology companies and improving transparency in information disclosure [10]. Group 3: Multi-layered Capital Market Construction - The article emphasizes the need for a more inclusive and adaptable capital market to better support technology innovation and industrial upgrades [12][13]. - Recommendations include enhancing the attractiveness of the main board for large innovative enterprises, optimizing listing standards for the STAR and Growth Enterprise Markets, and improving the financing efficiency for small and medium-sized enterprises [12][13]. - The development of diversified equity financing channels, including private equity and venture capital, is crucial for providing comprehensive funding support to technology enterprises [13].