第十四届全国人大代表、清华大学国家金融研究院院长田轩：构建与科技创新更匹配的资本市场

Group 1 - The core viewpoint emphasizes the need for a capital market that supports technological innovation, which requires a more inclusive venture capital market and a less aggressive secondary market [1][2] - The "14th Five-Year Plan" outlines seven development goals focused on the real economy and technological innovation, necessitating strong support from the capital market [1] - Technological innovation is characterized by long cycles, high uncertainty, and high failure rates, which necessitates a more accommodating venture capital environment [1] Group 2 - A less aggressive secondary market is essential for providing a stable environment for innovative companies, which includes five key aspects: strong anti-takeover provisions, moderate stock liquidity, long-term institutional investors, reduced analyst pressure, and less frequent information disclosure [2] - Strong anti-takeover provisions, such as dual-class share structures, can protect the stability of company control and encourage innovation [2] - Moderate stock liquidity is linked to innovation, where low liquidity can be beneficial, but excessive liquidity may attract short-term investors, creating pressure on companies [2] - Long-term institutional investors are crucial as they can better identify and support innovative companies, enhancing their focus on core business and innovation efficiency [2] - Reducing analyst pressure can prevent management from overly focusing on short-term earnings, which may lead to cuts in R&D spending and harm long-term innovation [2] - Less frequent information disclosure is preferred by investors in innovative companies, as it can mitigate short-sighted management behavior [2]