清华大学五道口金融学院副院长田轩：支持科技创新，创投市场需要耐心资本，需包容像马斯克一样的“疯子与天才”

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][3]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be open to diverse entrepreneurs, including those with unconventional traits that drive innovation [3]. - The characteristics of "super unicorn" entrepreneurs often include traits that are typically seen as negative, such as being eccentric or difficult to work with, which are essential for groundbreaking innovation [3]. - The current structure of venture capital in China, with a typical fund lifespan of "5+2" years, is significantly shorter than the "10+2" model in the U.S., limiting the ability to invest in early-stage and high-risk projects [3][4]. Group 2: Limited Patience Capital - The composition of Limited Partners (LPs) in China has shifted from individual investors to state-owned entities, which tend to be more risk-averse due to concerns over state asset preservation [4][5]. - The lack of "patient capital" in China's venture capital market results in insufficient support for early-stage investments, which are crucial for fostering technological innovation [5]. Group 3: Secondary Market - A less aggressive secondary market is needed, characterized by strong anti-takeover provisions, limited stock liquidity, and a focus on long-term institutional investors [5]. - The secondary market should also have fewer analysts tracking stocks and less frequent information disclosure to create a stable investment environment [5].