证监会副主席陈华平：上市公司质量不过关，股价即使一时炒高也不可持续

Core Viewpoint - The speech by Chen Huaping emphasizes the importance of coordinating investment and financing functions in the capital market to enhance market stability and support the real economy [1][3]. Group 1: Investment and Financing Coordination - Investment and financing are two fundamental functions of the capital market that are interdependent; without financing, the market cannot serve the real economy, and without investment, sustainable market development is unattainable [1][3]. - A lack of balance between investment and financing can increase market volatility and amplify market fragility [1][3]. - The coordination of investment and financing is a dynamic process that requires continuous adjustment rather than a static equilibrium [1][3]. Group 2: Improving Listed Company Quality - Enhancing the quality of listed companies is crucial for promoting coordinated investment and financing; high-quality companies attract stable long-term investments, leading to a virtuous cycle of improved financing efficiency [1][3]. - Poor quality of listed companies can lead to unsustainable stock price increases, ultimately damaging investor confidence and hindering the normal functioning of financing [1][3]. Group 3: Support for Technology Innovation Enterprises - There will be a focus on enhancing the precision and effectiveness of services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [2][4]. - The aim is to strengthen the multi-tiered capital market system and optimize private equity and venture capital, enhancing the lifecycle service capabilities for technology innovation enterprises [2][4]. Group 4: Regulatory Enhancements - There will be an emphasis on improving the effectiveness of regulatory enforcement and continuously enhancing investor education and protection systems [2][4]. - Strict enforcement of laws will be prioritized, targeting serious violations and enhancing investor trust and confidence through initiatives like representative litigation and advance compensation [2][4].