文/ 浙江大学经济学院党委书记、浙 江大学金融研究院执行院长 王义中 ，浙江 大学经济学院博士研究生 王哲 科创板制度改革既是我国资本市场市场化、法制化和国际化建设的重要里程碑，也 是完善资本市场功能、支持科技创新的核心制度创新。本文探讨科创板制度改革历 程与现实挑战，并在此基础上，研究科创板制度优化路径。 自2018年宣布设立以来，科创板在推动科技型企业直接融资、促进资本与产业深度融合、探索信息披露导向型监管体系方面取得了显著成效，成为我国资 本市场改革的"试验田"。然而，随着市场规模的快速扩大和企业类型的不断丰富，科创板部分制度设计仍须与科技创新的发展节奏更加契合。面对新一 轮"1+6"改革机遇，亟须在制度设计上实现"由试点走向体系化"。 科创板制度改革历程与现实挑战 科创板制度演进大体经历了三个阶段：2019年至2020年是制度创设阶段。科创板设立并试点注册制，确立了五套以市值为基础的上市标准，首次允许未盈 利企业和特殊股权结构企业上市，首批25家公司成功上市，为生物医药、集成电路和人工智能等高研发投入行业打开了融资通道，并通过市场化定价机制 提升了发行效率；2021年至2023年是制度完善阶段。证监会 ...

Core Viewpoint - The introduction of a professional institutional investor system aims to enhance the identification and evaluation of high-quality technology enterprises in China's Sci-Tech Innovation Board, addressing the challenges of assessing the innovation attributes and commercial prospects of tech companies [1][2]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has proposed a pilot program to introduce professional institutional investors for companies meeting the fifth set of listing standards on the Sci-Tech Innovation Board [2][4]. - This initiative is designed to provide a new pathway for investors to discover the investment value of enterprises while improving the market mechanism for identifying quality tech firms [2][4]. Group 2: Characteristics of Tech Enterprises - Early-stage, unprofitable tech companies often face high R&D costs, long application cycles, and significant commercialization risks, leading to uncertainty in their ongoing operations and profitability [2][3]. - Successful identification of these companies can lead to exponential growth, making the assessment of investment risks and values challenging [2][3]. Group 3: Advantages of Professional Institutional Investors - Professional institutional investors possess specialized judgment capabilities regarding the innovation attributes and future development potential of tech companies, particularly those with core technologies [3][5]. - The backing of professional investors can reduce risks and provide market validation for a company's technological strength and commercial prospects [5]. Group 4: Market Practices and Statistics - The Hong Kong Stock Exchange has successfully implemented a similar system since 2018, with significant growth in revenue and net profit for companies listed under specific rules [4]. - As of the end of 2024, 67 companies were listed under the relevant rules, with an average of 3 professional investors per company, holding an average of 21% of shares collectively [4]. Group 5: Industry Implications - The introduction of this system may reshape the competitive landscape of the VC/PE industry, favoring capital-rich and technically adept leading institutions [6]. - There is a need for clear standards and regulatory oversight regarding the identification and behavior of professional institutional investors to ensure effective implementation [6].