二级市场不应“太积极”，田轩：应降低科创企业信披频率，为长期创新释放空间

Group 1 - The core task during the "14th Five-Year Plan" period focuses on vigorously developing the real economy and achieving high-level technological self-reliance and strength [3][20] - The capital market must undergo systematic reforms to better serve national strategies, particularly in the context of artificial intelligence as a key driving force [3][20] - There is an urgent need to construct a "less aggressive secondary market" that reduces short-term speculation and volatility, shifting towards a more stable state that emphasizes long-term value [3][20] Group 2 - To shape a "less aggressive secondary market," four specific paths are proposed: 1. Enhance the stability of control rights in listed companies through measures like the AB share system and staggered boards to protect founding teams from short-term capital interference [7][21] 2. Reasonably guide stock liquidity, as excessive liquidity may attract short-term arbitrage investors, potentially suppressing long-term innovation, with research indicating that high liquidity can lead to an approximately 11% decline in innovation output [7][24] 3. Cultivate long-term institutional investors who can provide patient capital and promote business focus, leading to significant improvements in innovation efficiency, as evidenced by over 400 case studies [11][27] 4. Optimize information disclosure and external supervision mechanisms to alleviate management's focus on short-term stock prices and quarterly performance, allowing for a more conducive environment for long-term strategic implementation [14][29] Group 3 - The goal of shaping a "less aggressive secondary market" is not to suppress market vitality but to guide the capital market from being transaction-driven to innovation-driven, thereby supporting the transformation and upgrading of the real economy and technological self-reliance [16][31]