清华田轩：用包容创投、“不太积极”的二级市场激发科技创新

Core Viewpoint - The article emphasizes the need for a more inclusive venture capital market and a "not overly aggressive" secondary market to support high-level technological self-reliance and innovation in China's capital market [1]. Group 1: Front-End Inclusion - The primary focus of financial support for technological innovation is to create a truly inclusive venture capital market, which is centered around the introduction and expansion of "patient capital" [3]. - The concept of "patient capital" has been repeatedly highlighted in several important policy documents from the central government, underscoring the role of venture capital in nurturing new productive forces [3]. - A healthy innovation ecosystem must first embrace "atypical" entrepreneurs who possess unique traits necessary for disruptive innovation, which requires a long-term capital base to support them [4]. Group 2: Back-End Safeguarding - As innovative companies transition from startup to growth and public listing, a critical shift in the capital market environment is necessary [6]. - A "not overly aggressive" secondary market can effectively motivate listed companies to engage in long-term, high-quality technological innovation, countering the pressure for short-term performance [6]. - Strong anti-takeover provisions, such as dual-class share structures, can protect management from short-term acquisition threats, allowing them to invest in long-term R&D projects [7]. - Maintaining moderate stock liquidity is crucial, as excessive liquidity can attract short-term traders, pressuring companies to prioritize immediate profits over long-term innovation [7]. - The introduction of genuine long-term institutional investors is essential, as they can help companies focus on core operations and enhance the efficiency of innovation resource allocation [8]. Group 3: Systemic Innovation - The integration of an inclusive venture capital market and a supportive secondary market forms a cohesive "dual" ecosystem that addresses both the survival of innovation seeds and the amplification of innovation outcomes [8]. - The ultimate mission of comprehensive reform in China's capital market is not merely to pursue short-term market activity but to establish a financial ecosystem that understands and supports long-term technological innovation [8].