本报记者 吴晓璐 12月5日，中国证监会主席吴清发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精 神）》。 吴清表示，经过30多年的改革发展，我国资本市场从无到有、从小到大，当前正处在向高质量发展快速转变的关键阶段。 提高资本市场制度包容性、适应性，是站在新的历史起点上，开启的一次全方位、深层次、系统性的变革。 必须更好统筹投资与融资协调发展 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）提 出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。 吴清表示，深刻认识提高资本市场制度包容性、适应性的重大意义。这是更好服务新质生产力发展的迫切要求，是促进发 展成果惠及广大人民的应有之义，是推动资本市场高质量发展和金融强国建设的必然要求，是建设更高水平开放型经济的重要 内容。 吴清提出，准确把握提高资本市场制度包容性、适应性的内涵和主要原则。要坚持目标导向、问题导向，紧紧围绕健全投 资和融资相协调的资本市场功能，进一步全面深化资本市场改革，持续提高资本市场制度包容性、适应性和吸引力、竞争力。 一是更大力度支持科技创 ...

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system to better support technological innovation, meet diverse investor needs, and improve regulatory efficiency [2][3][4]. Group 1: Support for Technological Innovation - The capital market should provide greater support for technological innovation by implementing more inclusive listing and merger systems, addressing the unique characteristics of tech companies such as high R&D costs and long profit cycles [2]. - There is a focus on developing a multi-layered market system and product service matrix to better meet the wealth management needs of investors [2]. Group 2: Regulatory Improvements - The article highlights the importance of enhancing regulatory efficiency and risk prevention measures, adapting to both domestic and international market trends [2][3]. - It calls for a more scientific and effective regulatory approach, leveraging technology to improve risk monitoring and response capabilities [2]. Group 3: Market System Enhancements - The need to improve the foundational institutional framework of the capital market is stressed, aiming for greater policy stability, continuity, and predictability [3]. - The article advocates for breaking down institutional barriers that hinder market inclusiveness and adaptability, thereby stimulating market vitality [3]. Group 4: Investor Protection and Market Coordination - There is a strong emphasis on protecting the rights of investors, particularly small and medium-sized investors, while balancing investment and financing development [4]. - The article suggests optimizing the financing structure to facilitate the conversion of household savings into social investments [4]. Group 5: Support for Innovative Enterprises - The need to refine mechanisms for identifying and pricing innovative enterprises is highlighted, with a focus on enhancing the service capabilities for the entire lifecycle of these companies [5]. - The article encourages the development of private equity and venture capital funds, as well as a multi-tiered bond market [5]. Group 6: Mergers and Acquisitions - Continuous reform in the mergers and acquisitions market is necessary to enhance the flexibility and convenience of refinancing mechanisms [6]. - The article stresses the importance of optimizing the structure of listed companies to improve investment value [6]. Group 7: Shareholder Returns - Companies are urged to actively engage in cash dividends and share buybacks to enhance shareholder returns [7][8]. - The article discusses the need for a robust exit mechanism to ensure a healthy market ecosystem [8]. Group 8: Long-term Investment Environment - The creation of a more attractive environment for long-term investments is essential, focusing on retaining and developing long-term capital [9]. - The article promotes the reform of public funds and the establishment of mechanisms that align investor interests with fund performance [9].