资本市场赋能新质生产力的作用机制与政策启示

Group 1: Understanding New Quality Productivity - New quality productivity is a comprehensive form of productivity resulting from the synergy of technological progress, institutional arrangements, and capital allocation under modern economic conditions[8] - The capital market plays a crucial role in the deep integration of technological and industrial innovation, providing systematic support in risk sharing, resource allocation, and incentive constraints[8] Group 2: Mechanisms of Capital Market Empowerment - The capital market serves as a "price discovery" mechanism for technological value, integrating dispersed information and reflecting future technology prospects in asset prices[10] - It acts as a "risk-sharing mechanism" for innovation activities, where a higher proportion of equity capital in the financial structure is associated with greater support for high-risk, high-volatility innovation[11] - Through mergers and acquisitions, the capital market promotes the large-scale diffusion of technology, enabling new technologies to be embedded in mature industrial systems for widespread application[12] - The governance mechanisms of the capital market improve innovation efficiency by reducing agency costs and enhancing corporate governance structures[13] Group 3: Current Situation and Policy Implications - China's financial system is primarily debt-driven, with a low proportion of equity capital, which constrains the transformation of technological breakthroughs into real productivity[14] - Key policy recommendations include enhancing the valuation capabilities of technological assets, developing a multi-tiered equity financing system, optimizing merger and acquisition regulations, and improving corporate governance to boost innovation efficiency[19]