专访田轩：构建长效激励制度，培育耐心资本生态

Core Viewpoint - The Chinese capital market is undergoing significant reforms as it transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan," focusing on deepening institutional reforms and enhancing the investment ecosystem to foster "patient capital" and achieve high-quality balance in investment and financing [1][2]. Group 1: Achievements in Capital Market Reforms - The capital market has made notable progress in foundational institutional construction during the "14th Five-Year Plan," particularly with the comprehensive implementation of the registration system, which has fundamentally reshaped the market ecology [5]. - Key breakthroughs include the transition to a registration-based issuance system, the innovation of the merger and acquisition mechanism, and the rigid enforcement of the delisting system, which has significantly improved market clearing efficiency [5][6]. - The registration system's full implementation has had the most profound impact on the market ecology, enhancing information disclosure responsibilities and rationalizing pricing mechanisms, thereby positioning the capital market as a driver of technological innovation and industrial upgrading [5]. Group 2: Challenges and Core Bottlenecks - Despite the progress, challenges remain in achieving a high-quality dynamic balance between investment and financing, including insufficient adaptability of institutional supply and structural barriers for long-term capital entering the market [6][7]. - The market ecology is still maturing, with a high proportion of individual investors and a dominance of short-term trading funds among institutional investors, leading to difficulties in realizing value investment concepts [6][7]. - There is a lack of clear functional differentiation among various market segments, which complicates the positioning of different boards and their services for small and medium-sized enterprises [6][7]. Group 3: Recommendations for Future Reforms - To deepen reforms, it is essential to optimize policies for long-term capital entering the market, relax investment ratio restrictions for social security and insurance funds, and establish assessment mechanisms aligned with long-term return goals [7][8]. - Enhancing the quality of information disclosure and corporate governance, as well as improving delisting efficiency, will compel companies to focus on their core businesses and strengthen their competitive advantages [7][8]. - The establishment of a market-oriented mechanism for entry and exit will help attract high-quality companies and improve the overall investment environment [7][8]. Group 4: Enhancing Investor Returns and Governance - The implementation of the new "National Nine Articles" has led to significant positive changes in corporate governance structures and investor return mechanisms, including the establishment of dynamic stock repurchase mechanisms [8][9]. - However, deep-seated contradictions remain, such as formalized governance mechanisms and increasing disparities in shareholder returns, necessitating the construction of a value management assessment system [8][9]. - Future efforts should focus on improving internal controls, enhancing board independence, and aligning stock incentives with long-term performance to avoid governance failures [9][10]. Group 5: Attracting Long-term Foreign Capital - The Chinese capital market has made significant strides in interconnectivity and product openness, with its large market size and sustained economic growth potential being key advantages in attracting long-term foreign capital [11][12]. - To further enhance attractiveness, continued reforms to improve market transparency, strengthen intellectual property protection, and optimize the investment environment are necessary [11][12]. - Establishing a dynamic adjustment mechanism for information disclosure standards and aligning with international financial reporting standards will also be crucial for attracting foreign investment [13].