四中全会关键词讲解——什么是功能完善的资本市场？如何建立健全？

Core Viewpoint - A well-functioning capital market is essential for the smooth flow of funds, promoting the development of the real economy, characterized by fairness, transparency, and efficiency [2][3]. Group 1: Characteristics of a Well-Functioning Capital Market - Fairness and Transparency: Ensures all participants receive real-time information, allowing investors to make informed decisions about the true state of companies [2]. - Efficient Financing: Enables companies, especially those focused on technological innovation, to obtain necessary funding in compliance with regulations [3]. - Multi-layered Matching: The market consists of various boards (Main Board, Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange) that provide suitable financing channels for companies at different development stages [3]. - Risk Control: Offers diverse tools such as stocks, bonds, and derivatives to help companies manage risks, while investors can choose products based on their risk preferences [3]. - Service to the Real Economy: Directs funds towards areas needed by the country, such as technological innovation and green development [3]. Group 2: Establishing a Sound Capital Market - Strengthening Basic Systems: Emphasizes strict entry standards and the responsibility of intermediary institutions as gatekeepers [5]. - Improving the Quality of Listed Companies: Advocates for strict delisting regulations and a diversified delisting mechanism to accelerate the exit of low-quality enterprises [6]. - Enhancing Regulation: Aims to protect investor rights through a robust regulatory framework that combats illegal activities such as insider trading and market manipulation [6]. - Promoting Long-term Investment: Encourages the establishment of a favorable environment for long-term capital, including mechanisms for assessing long-term investments [6]. - Deepening Reform and Opening Up: Focuses on enhancing market inclusivity and adaptability, particularly for technology companies and new business models, while gradually expanding high-level openness to attract global capital [6].