专访全国人大代表、北京证监局原局长贾文勤：完善制度供给 引导资金流向科创领域

Core Viewpoint - The article emphasizes the importance of enhancing financial services for technological innovation throughout its lifecycle, as proposed in the government work report, and discusses the need for capital market reforms to better support innovation and regulatory measures to ensure market stability [1][3]. Group 1: Capital Market Support for Innovation - The capital market has unique advantages in sharing innovation risks and promoting the formation of innovative capital, with the China Securities Regulatory Commission (CSRC) implementing reforms to support innovation-driven development [3][4]. - The multi-tiered market system is being expanded to cover technological innovation, with reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and the establishment of the Beijing Stock Exchange [4]. - The efficiency of mergers and acquisitions (M&A) has significantly improved, with over 2,000 asset restructuring projects in the A-share market in 2025, totaling over 1.5 trillion yuan, a 30% increase year-on-year [4]. Group 2: Private Equity and Venture Capital - There is a growing market ecosystem guiding private equity and venture capital funds to invest early, in smaller amounts, and for the long term in hard technology sectors, with significant investments in strategic emerging industries like semiconductors and renewable energy [4][5]. - The cumulative issuance of Sci-Tech bonds has exceeded 2 trillion yuan, primarily funding sectors such as semiconductors, artificial intelligence, and high-end manufacturing [5]. Group 3: Regulatory Measures for Market Stability - The CSRC maintains a strict regulatory environment to ensure fair market order, focusing on combating fraud, financial misconduct, and insider trading, with over 2,500 administrative penalties issued during the 14th Five-Year Plan period [7]. - In 2025, the CSRC handled 701 securities and futures law violation cases, imposing fines totaling 15.47 billion yuan, reinforcing the foundation for stable and sustainable market development [7]. Group 4: Enhancing Quality of Listed Companies - The CSRC has implemented measures to improve the operational standards of listed companies, including enhancing governance and encouraging value growth through M&A activities [9][10]. - Specific recommendations include promoting market value management, facilitating M&A for upgrading to new productive forces, and ensuring a coordinated development of investment and financing [10].