两会｜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 need for enhancing financial services throughout the entire lifecycle of technology innovation, particularly for technology-driven enterprises in key core technology sectors, through mechanisms like "green channels" for financing and mergers and acquisitions [1]. Group 1: Capital Market Support for Innovation - The capital market has unique advantages in sharing innovation risks and promoting the formation of innovation capital, with recent reforms aimed at optimizing systems and product supply to support new productive forces and industrial upgrades [2]. - The multi-tiered market system is being expanded to cover technology innovation more effectively, with reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and the steady development of the Beijing Stock Exchange [2]. - The merger and acquisition system has been enhanced to better support the development of new productive forces, with significant increases in the efficiency and convenience of M&A activities, particularly in the hard technology sector [3]. - Private equity and venture capital funds are increasingly directed towards strategic emerging industries, with a notable impact on the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. - The development of Sci-Tech bonds has been supported, with over 2 trillion yuan raised for sectors like semiconductors, artificial intelligence, and high-end manufacturing [3]. Group 2: Regulatory Framework and Market Stability - The health of the capital market relies on a fair market order and strict law enforcement, with the China Securities Regulatory Commission (CSRC) maintaining a high-pressure stance on regulatory enforcement [6]. - The CSRC has taken significant actions against financial fraud and market manipulation, with over 2,500 administrative penalties issued during the 14th Five-Year Plan period, totaling more than 440 billion yuan in fines [6]. - In 2025, the CSRC handled 701 cases of securities and futures violations, with fines amounting to 154.7 billion yuan, reinforcing the foundation for stable and sustainable high-quality market development [6]. Group 3: Enhancing Quality of Listed Companies - The CSRC has implemented measures to promote the value growth and governance of listed companies, including enhancing operational standards and encouraging mergers and acquisitions [7]. - Specific recommendations for improving the quality of listed companies include enhancing market value management, promoting mergers and acquisitions towards new productive forces, and encouraging long-term capital investment [8]. - A comprehensive mechanism for preventing and addressing financial fraud is being established, alongside strict delisting regulations to ensure an orderly market ecosystem [8].