田轩：我们需要什么样的资本市场

Core Viewpoint - The report emphasizes the need for a capital market that supports technological innovation and the development of the real economy, focusing on two main aspects: a more inclusive venture capital market and a "less aggressive" secondary market [2][13]. Group 1: Inclusive Venture Capital Market - A more inclusive venture capital market is essential to support technological innovation, which is characterized by long cycles, high uncertainty, and high failure rates [4]. - The report highlights the importance of being tolerant towards entrepreneurs and venture capital funds, allowing for failures and encouraging early-stage investments [5]. - The comparison of venture capital fund durations between the U.S. (10-12 years) and China (5-7 years) indicates a need for longer investment horizons to support early-stage and high-risk projects [5]. Group 2: Less Aggressive Secondary Market - The secondary capital market is crucial, with approximately 600-700 million individuals involved, and the central government has emphasized its importance in recent policy discussions [6]. - A "less aggressive" secondary market is proposed to provide a quieter environment for high-growth and innovative companies, reducing short-term pressures from investors and analysts [6][7]. - Mechanisms such as strong anti-takeover provisions and controlled board member turnover are suggested to maintain stability and encourage long-term innovation [8]. - The report argues that excessive stock liquidity can attract short-term investors, which may negatively impact a company's innovation efforts [9]. - Long-term institutional investors are needed to better support innovative companies, as they can provide stability and oversight, especially during periods of failure [10]. - Reducing analyst pressure and the frequency of earnings disclosures can help alleviate short-term performance pressures on companies, allowing them to focus on long-term innovation [11][12]. Conclusion - A well-designed capital market that is both inclusive and less aggressive is essential for fostering an environment conducive to technological innovation and supporting the real economy [13].