王忠民：四大资本模态为“十五五”新质生产力培育注入动能

Core Insights - The event "Central Radio Finance Annual Dialogue 2025 (Third Session)" highlighted the need for capital mobilization and investment momentum to support high-quality economic development during the "14th Five-Year Plan" period [1] - Wang Zhongmin discussed four capital structure models suitable for the "14th Five-Year Plan" development needs, emphasizing the role of the registration system in enhancing capital circulation and application [1] Group 1: Capital Structure Models - The organic combination of limited and unlimited liability capital forms can create more excess returns for investors, as it allows for broader participation from various capital sources like social security funds and private capital [2] - This combination can significantly increase the total scale of mobilized social capital, enhancing the ability to cover the costs of innovation failures, thereby strengthening the capital foundation for new productive forces and high-quality economic development [2] Group 2: Open Source and CVC Investment Logic - The rise of open-source software and services is rapidly increasing product penetration and transforming product users into developers, which lowers development costs and strengthens industry moats [3] - The Corporate Venture Capital (CVC) investment model is crucial in this context, as it allows for precise capital injection based on the industry and development stage of startups, reducing opportunity costs of failure and enhancing cooperation efficiency [3] Group 3: New Voting Rights and Profit Distribution - The shift from "one share, one vote" to "different rights and benefits for the same share" is becoming more prominent, especially during rapid expansion phases when external capital exceeds founder capital [3] - This new logic helps balance decision-making and profit distribution among different shareholders, creating strong incentives for business growth [3] Group 4: Registration System Impact - The implementation of the registration system has significantly promoted the prosperity of China's capital market by enabling standardized trading of previously non-tradable assets and facilitating the "different rights and benefits" structure in secondary markets [4] - The core logic of capital market regulation is shifting towards objective and accurate disclosure of key information, which will support the broader application of new capital models during the "14th Five-Year Plan" [4]