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 requires acceptance of diverse entrepreneurial traits, including those that may be seen as negative, such as being eccentric or difficult to work with [3]. - The characteristics of "super entrepreneurs" are essential for innovation, as they often think outside the box and drive technological advancements [3]. - The current venture capital market in China is characterized by a shorter fund lifespan of approximately 5-7 years compared to the 10-12 years typical 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]. - The lack of "patient capital" in China's venture capital landscape hinders the ability to support early-stage investments necessary for technological innovation [4]. Group 3: Secondary Market - A less aggressive secondary market is needed, characterized by strong anti-takeover provisions, limited stock liquidity, a focus on long-term institutional investors, fewer analysts tracking stocks, and less frequent information disclosure [4]. - The combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and finance to support innovation and achieve technological self-reliance [4].