资本市场如何推动科技创新？清华大学田轩：需要“更加包容”的创投市场与“不太积极”的二级市场

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be accommodating to the unique traits of "super unicorn" entrepreneurs, who often possess unconventional characteristics that drive innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund durations averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. - The composition of Limited Partners (LPs) in China has shifted from individual investors to state-owned entities, which tend to be risk-averse and less willing to invest in early-stage ventures due to concerns over state asset preservation [4][9]. Group 2: Secondary Market - The secondary market in China needs to be less aggressive, requiring strong anti-takeover provisions, reduced stock liquidity, and a focus on long-term institutional investors [4][9]. - There should be fewer analysts tracking stocks and less frequent information disclosure to create a more stable investment environment [9].