让更多耐心资本陪跑创新型企业

Core Viewpoint - The article emphasizes the importance of cultivating patient capital to support the high-quality development of the real economy, particularly in the context of technological innovation and industrial transformation in China [1][3]. Group 1: Characteristics of Patient Capital - Patient capital is characterized by long-term investment behavior, a higher risk tolerance for short-term market fluctuations, and a focus on deep integration with the real economy [1][2]. - This type of capital can create "patience dividends" and achieve "patience premiums" by not pursuing quick profits, thus enabling more substantial long-term investment returns [2]. Group 2: Current Trends in Technological Innovation - Recent advancements in technology, driven by information and energy technologies, indicate a significant growth trend in China's technological and industrial innovation, with notable companies emerging in various high-tech sectors [3]. - The 2024 Central Economic Work Conference has called for the expansion of patient capital and greater efforts to attract social capital for venture investments, particularly in innovative enterprises [3]. Group 3: Challenges and Opportunities - Despite progress, China's overall technological innovation capabilities and industrial sophistication still lag behind developed countries, particularly in original and disruptive innovation, highlighting the urgency to develop patient capital [4]. - The cultivation of patient capital should involve a multi-faceted approach, targeting funding sources, institutional development, and market mechanisms to empower innovative enterprises [4]. Group 4: Funding and Institutional Development - On the funding side, there is a focus on directing long-term capital from sovereign wealth funds, social security funds, insurance funds, and other sources into technological innovation [4]. - Institutional support is needed to develop market-oriented investment institutions specializing in frontier technologies and industries, increasing the proportion of institutional investors in the stock market [4]. Group 5: Market Environment - The article advocates for improving the long-term mechanisms of the capital market to create a favorable environment for long-term investments, including enhancing information disclosure and increasing penalties for securities violations [5].