证券时报记者 程丹 中国证监会近期召开两场座谈会，广邀专家学者、上市公司代表围绕"资本市场'十五五'规划"，共商资本市场发展 大计，共探改革路径。 一场是在去年12月中旬，参会者主要是以中国资本市场学会学术委员会委员为代表的专家学者；另一场是在1月 底，参会者涉及部分境内外上市公司代表等。两场座谈会精准对接"十五五"规划建议要求，聚焦顶层设计和实践 需求，从问题导向出发，让资本市场改革更具针对性、更有温度。 在融资端，重点推动科创板"1+6"改革落地见效，加快创业板改革进程，完善更适配新兴领域、未来产业的上市标 准，让具备发展潜力的科技企业登陆资本市场。深化再融资改革，择机推出储架发行制度，提升企业融资效率。 推动北交所与新三板一体化高质量发展，筑牢多层次资本市场"塔基"，让不同规模、不同发展阶段的企业，都能 找到适配自身的融资渠道。 上市公司则是资本市场之基，是改革的先行军，必须深耕主业，加大研发投入，用好并购重组、再融资等工具， 完善治理，防止资金占用、违规担保等损害公司利益的行为，筑牢价值成长的"防护堤"，为资本市场高质量发展 提供坚实支撑。 如何持续深化资本市场投融资综合改革，提高制度包容性、适应性是 ...

Core Viewpoint - The establishment of the Academic Committee of the China Capital Market Society marks a significant advancement in the theoretical research and intellectual support for the high-quality development of China's capital market, with 29 authoritative experts forming a "super think tank" [1][3][14]. Group 1: Establishment and Purpose - The Academic Committee was officially established on December 18, 2023, and is composed of 29 experts from various fields related to capital market research [3][15]. - The committee aims to enhance academic research, promote academic exchange, encourage innovation, and uphold academic ethics, serving as a think tank for theoretical research and a consultant for policy-making [3][15][18]. - The committee's formation is seen as a crucial step in transitioning capital market theory from fragmentation to a more systematic and professional approach [1][14]. Group 2: Leadership and Structure - Li Yang, a prominent figure in financial theory and policy research, has been appointed as the chair of the Academic Committee, with four vice chairs from academic institutions, highlighting the committee's academic independence [18][19]. - The committee's members come from diverse backgrounds, including government research institutions, universities, international investment banks, and market practitioners, ensuring a rich blend of theoretical and practical insights [19][20]. Group 3: Focus on the 14th and 15th Five-Year Plans - During the meeting, experts discussed the "14th Five-Year Plan" and provided constructive suggestions for the "15th Five-Year Plan," emphasizing the importance of enhancing the capital market's quality and functionality [21][22]. - Key recommendations included improving the inclusiveness and adaptability of listing and trading systems, expanding patient and long-term capital supply, and strengthening investor protection [21][22]. Group 4: Future Developments - The China Capital Market Society plans to launch an official academic journal titled "Capital Market Research," which will serve as a platform for cutting-edge research on significant theoretical and policy issues in the capital market [24]. - The establishment of the Academic Committee and the journal signifies a move towards a more systematic, professional, and international approach to capital market theory, enhancing China's influence in global financial governance [24].

Group 1 - The core viewpoint emphasizes the importance of the capital market in supporting economic stability and high-quality development, as highlighted by the Central Economic Work Conference [2][4] - The China Securities Regulatory Commission (CSRC) will actively cooperate in formulating the national "14th Five-Year" plan, focusing on the systematic design of the capital market's development framework [4][6] - The planning will outline the main goals, tasks, and significant measures for the capital market over the next five years, aligning with national strategic needs [5][6] Group 2 - The CSRC aims to enhance the internal resilience of the capital market by strengthening foundational aspects and improving market stability [7][8] - Key initiatives include fostering high-quality listed companies, promoting long-term investment mechanisms, and enhancing risk monitoring across markets [8][10] - The management of market expectations will be prioritized, with a focus on policy interpretation and reputation management for industry institutions and listed companies [8][10] Group 3 - The CSRC is committed to reforming the capital market to increase its inclusivity and attractiveness, with specific reforms planned for the ChiNext and STAR Market [10][11] - There will be a push for the high-quality development of private equity funds and the introduction of new financial products, such as commercial real estate REITs [11] - Regulatory measures will be strengthened, including the use of technology in supervision and the enforcement of laws against financial misconduct [11][12]

Group 1 - The core viewpoint of the meeting is to scientifically plan the key tasks and measures for the capital market during the "15th Five-Year Plan" period, following the important instructions from General Secretary Xi Jinping [2][3] - Experts and scholars emphasized the effectiveness of the "1+N" policy system in the capital market, which has led to improved market fundamentals and increased confidence, resulting in a recovery and increased activity in the A-share market this year [2][3] - Suggestions for the "15th Five-Year Plan" include enhancing the multi-tiered capital market system, deepening institutional reforms, improving the quality and investment value of listed companies, and promoting the entry of more long-term capital into the market [2][3] Group 2 - The "15th Five-Year Plan" period is seen as a critical stage for achieving high-quality development in the capital market, with ongoing reforms and regulatory measures aimed at risk prevention and market stability [3] - The China Securities Regulatory Commission (CSRC) aims to consolidate the positive momentum in the capital market and promote a new round of reforms and opening-up, enhancing market attractiveness and inclusiveness [3] - Experts are encouraged to leverage their professional expertise and the platform of the China Capital Market Society to conduct research on significant strategic and foundational issues in the capital market [3]