田轩：中国风投存续期仅为美国一半，如何培养“耐心资本”？

Group 1 - The forum on the outlook of global and Chinese capital markets was held on January 15, 2026, featuring a keynote speech by Tian Xuan, highlighting the need for an effective capital market [1] - Venture capital is identified as a key driver of technological innovation, with significant differences between the venture capital markets in the US and China [3][13] - US venture capital funds typically have a lifespan of 10 to 12 years, while Chinese funds have a shorter lifespan of 5 to 7 years, limiting the ability of Chinese firms to invest in early-stage, high-tech projects [3][13] Group 2 - The structure of venture capital funding in the US is predominantly composed of institutional investors, with about 98% being such entities, providing stable long-term support for innovation [4][14] - In contrast, over 80% of Chinese venture capital investors have state-owned backgrounds, including government-led funds and state-owned enterprises, which may lead to less patient capital [4][14] - The current investment evaluation and assessment mechanisms in China are based on annual cycles, which may discourage early-stage investments due to the high failure rates typically associated with such ventures [9][18] Group 3 - Higher tolerance for failure among lead venture capitalists correlates with increased innovation quantity and quality in portfolio companies post-IPO [11][19] - The need for a more inclusive innovation market is emphasized, suggesting that a shift in mindset towards accepting failures could enhance overall innovation outcomes [11][19]