清华大学田轩：构建长效激励制度，培育耐心资本生态

Group 1 - The core viewpoint of the articles emphasizes the transition of China's capital market from "channel-based" to "institutional" opening, focusing on deepening reforms and optimizing the investment ecosystem to foster "patient capital" and enhance financial stability for high-quality economic development [1][2][6][13]. Group 2 - During the "14th Five-Year Plan" period, significant progress was made in the foundational institutional construction of the capital market, particularly with the comprehensive implementation of the registration system, which fundamentally reshaped the market ecology and improved the service for technological innovation and industrial upgrading [6][9]. - The registration system reform transitioned from a pilot on the Sci-Tech Innovation Board to full market coverage, establishing a stock issuance system centered on information disclosure [6]. - The merger and acquisition mechanism saw systematic innovation, with the introduction of the "Six Guidelines for Mergers and Acquisitions," leading to increased activity in M&A transactions, especially in strategic emerging industries [6][9]. - The rigid enforcement of the delisting system has significantly improved market clearing efficiency, with a notable increase in cases of delisting due to face value and financial issues [6][9]. Group 3 - Key challenges in achieving a high-quality dynamic balance between investment and financing include insufficient adaptability of institutional supply, structural barriers in long-term capital market entry, and a lack of maturity in market ecology [7][9]. - The investment structure is characterized by a high proportion of individual investors and short-term trading funds dominating institutional investors, leading to difficulties in realizing value investment principles [7][9]. - Recommendations for reform include optimizing policies for long-term capital market entry, encouraging the development of equity ETFs and pension target funds, and enhancing the quality of information disclosure and corporate governance [7][9]. Group 4 - 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 a dynamic stock repurchase mechanism and improved decision-making transparency [9][10]. - However, deep-seated contradictions remain, such as formalized governance mechanisms and increasing disparities in shareholder returns [9][10]. - Proposed solutions include establishing a market value management assessment system and promoting long-term capital entry to enhance market stability [9][10]. Group 5 - The capital market has made notable achievements in interconnectivity and product openness during the "14th Five-Year Plan," with China's large market size and economic growth potential being key advantages in attracting foreign long-term capital [13]. - To further enhance attractiveness, it is suggested to deepen capital market reforms, improve market transparency, and strengthen intellectual property protection [13][14]. - The transition from "channel-based" to "institutional" opening requires aligning specific rules with international standards, particularly in information disclosure and accounting standards [13][14].