清华大学田轩：构建长效激励制度，培育耐心资本生态

Group 1 - The core viewpoint of the article emphasizes the transition of China's capital market from "channel-based" to "institutional" opening, focusing on optimizing the investment ecosystem and enhancing financial momentum for high-quality economic development [2][12] - During the "14th Five-Year Plan" period, significant progress was made in the foundational institutional construction of the capital market, particularly with the comprehensive implementation of the registration system, which fundamentally reshaped the market ecology [6][5] - The article identifies three major breakthroughs in the capital market during the "14th Five-Year Plan": the establishment of a stock issuance system centered on information disclosure, systematic innovation in the merger and acquisition mechanism, and the rigid enforcement of the delisting system [6][5] Group 2 - The article discusses the need to address core bottlenecks in achieving a high-quality dynamic balance between investment and financing, including insufficient adaptability of institutional supply and structural barriers for long-term capital entering the market [6][7] - Recommendations for reform include optimizing policies for long-term capital market entry, relaxing investment ratio restrictions for social security and insurance funds, and enhancing the quality of information disclosure and corporate governance [7][10] Group 3 - The implementation of the new "National Nine Articles" has led to significant positive changes in corporate governance structures and investor return mechanisms, such as the establishment of a dynamic stock repurchase mechanism [10][11] - However, deep-seated contradictions remain, including formalized governance mechanisms and uneven shareholder returns, necessitating the construction of a market value management assessment system [10][11] Group 4 - To cultivate "patient capital," the article suggests exploring tax incentives for institutional investors holding stocks for over five years and extending assessment periods for pension and insurance funds to five years or more [11][12] - The article emphasizes the importance of enhancing the transparency and fairness of the market to attract foreign long-term capital, leveraging China's large market size and growth potential [13][14]