田轩：科技竞争新格局下的中国资本市场战略转型｜资本市场

Core Viewpoint - The capital market in China needs a profound "ideological innovation" to break free from traditional evaluation systems and support the country's technological future through a comprehensive capital support ecosystem that includes "basic research - results transformation - industry incubation" [3]. Group 1: Capital Market Transformation - The capital market must shift from passive adaptation to active leadership, especially in the context of global technological competition and supply chain security challenges, to become a core engine for driving technological breakthroughs and industrial iterations [5]. - By optimizing the issuance and listing system, the market can better identify and support technology companies with strategic significance and core technologies [5]. - Mergers and acquisitions can facilitate resource integration and technological collaboration among tech companies, fostering internationally competitive tech leaders and industrial clusters [5]. Group 2: Supporting Technological Independence - The capital market can provide strong financial support, effective incentive mechanisms, and optimized resource allocation platforms to enhance the level of technological independence [6]. - Long-term capital can support tech companies in exploring innovative "uncharted territories," while equity incentives and market value management can stimulate innovation and retain top talent [6]. - A virtuous cycle of "innovation input - results transformation - value realization - reinvestment" can be established to boost technological independence [6]. Group 3: New Evaluation Logic - The capital market should adjust its service logic from focusing on company size and profitability to emphasizing technological barriers, R&D sustainability, and strategic value [7]. - A new evaluation system should be established that highlights technological attributes and long-term growth potential, moving away from traditional metrics [7]. - Financing support mechanisms should cover the entire innovation cycle, allowing for the listing of companies that may not yet be profitable but have advanced technology and significant R&D achievements [7]. Group 4: Private Equity and Long-term Investment - Improving the exit mechanisms for private equity investments can guide more social capital towards early-stage tech projects [8]. - A multi-tiered capital market system should be constructed to enhance the efficiency of capital allocation and risk adaptation [8]. - Long-term capital, such as insurance and pension funds, should increase their allocation to equity assets, particularly in basic research and common technology development platforms [8]. Group 5: Addressing Short-term Focus - The capital market needs to shift from an excessive focus on short-term performance to encouraging long-term value creation [11]. - Analysts should be guided to focus on long-term value factors such as R&D paths and core competitiveness rather than just financial metrics [11]. - A differentiated information disclosure system should be established to allow tech companies in R&D phases to have more flexible reporting requirements [11]. Group 6: Corporate Venture Capital (CVC) Advantages - CVC can provide comprehensive support to startups by integrating capital, technology, and market resources, enhancing the financing bargaining power of Chinese companies [13]. - Policies should be strengthened to promote CVC, including tax incentives and support for cross-border capital flows [13]. - CVC should be positioned as a systemic support for national technological competitiveness, enabling Chinese tech companies to form multi-dimensional advantages in global competition [14]. Group 7: Policy Stability for Innovation - Policy uncertainty is a major barrier to innovation, as it disrupts the cost-benefit models of innovation activities [16]. - A stable policy environment is essential for long-term R&D investments, particularly in foundational research and disruptive technology development [16]. - Policies should be institutionalized to provide clear guidelines and a buffer period for adjustments, ensuring a conducive environment for innovation [16]. Group 8: Systematic Reform of Capital Markets - A comprehensive capital support system should be established, focusing on basic research and technology commercialization [19]. - The financial support ecosystem for tech companies should cover their entire lifecycle, with an emphasis on "hard tech" [19]. - Long-term capital should be encouraged to participate in early-stage tech financing through innovative financial instruments [19].