两会丨全国人大代表、北京证监局原局长贾文勤建议：完善投贷联动机制 引导金融资源流向科创领域

Core Viewpoint - The article presents three key recommendations from Jia Wenqin, a representative at the National People's Congress, aimed at enhancing the investment and financing mechanisms in China, specifically focusing on improving the investment-loan linkage mechanism, supporting the healthy development of merger and acquisition (M&A) funds, and refining the high-yield bond market [1]. Group 1: Improving Investment-Loan Linkage Mechanism - The investment-loan linkage business is crucial for directing financial resources towards technological innovation and facilitating the "technology-industry-finance" cycle [3]. - Challenges in the current system include limited information sharing between banks and investment institutions, lack of standardized cooperation platforms, and insufficient policy support [3]. - Recommendations include establishing standardized cooperation platforms, enhancing communication and training mechanisms, and improving the professional capabilities of business entities involved [3][4]. Group 2: Supporting Healthy Development of M&A Funds - Developing M&A funds can optimize industrial layout, enhance core competitiveness, and improve capital allocation efficiency [6]. - Current challenges include long investment cycles, limited exit channels, and an immature investment market environment [6]. - Suggestions include clarifying the definition of M&A funds, implementing differentiated regulatory measures, and supporting long-term capital investments from insurance and pension funds [6][7]. Group 3: Refining High-Yield Bond Market - High-yield bonds can enrich the bond market, improve financing conditions for enterprises, and mitigate financing risks for technology companies [9]. - The current high-yield bond market lacks a clear structure and regulatory framework, despite having developed to a certain scale [9]. - Recommendations include unifying rules for high-yield bonds, establishing a tiered access mechanism, and enhancing the information disclosure system [9][10][11].