王一鸣：解决创投“退出难”仅靠IPO不够，要大力发展并购

Group 1 - The core viewpoint emphasizes the need for a diversified financial support system for technology innovation, highlighting that relying solely on commercial banks has limitations due to their preference for short-term loans and certainty in returns [1][2] - Wang Yiming suggests that the financial tools required for technology innovation vary across different stages, from seed funding needing government support and angel investment to later stages where private equity and venture capital can play a role [1] - The current banking system is still essential for supporting technology innovation, with many commercial banks exploring new financing models such as credit loans and mixed equity-debt financing [1] Group 2 - Direct financing, particularly through stock markets, is seen as more compatible with technology innovation compared to traditional bank loans, which can hinder the integration of technology and capital [2] - There is a call for enhancing the service levels of the Science and Technology Innovation Board and the Growth Enterprise Market to better support innovative enterprises, alongside a push for the development of venture capital [2] - To address the challenge of exit strategies for venture capital, it is suggested that the merger and acquisition market should be significantly developed, as relying solely on IPOs is insufficient [2]