证券市场导报Issue(11)：3-14,24,13.
资本市场支持新质生产力发展研究:基于全生命周期的视角
摘要
Abstract
This paper analyzes the achievements and weaknesses of capital market support for the development of new quality productive forces from an enterprise full life cycle perspective,focusing on the differentiated financial needs of enterprises at various stages and the product service system of the multi-level capital market,and proposes targeted future development directions.The research finds:(1)Compared to the U.S.DARPA model and Israel's YOZMA fund model,China's funding and investment in original and disruptive technologies are still in the early stages,with greater emphasis on basic research than on achievement transformation and commercial operations;basic research is predominantly conducted in universities and research institutes,creating a certain distance between technological innovation and market demand.(2)Since 2009,the development level of new quality productive forces among A-share listed companies has steadily increased.On one hand,the capital market enables market participants to allocate funds to projects with better prospects through high-quality information disclosure;on the other hand,the market compensates for technological innovation risks through differentiated valuations,allowing companies with better expected performance to obtain higher valuations.(3)The development of new quality productive forces is not distinguished by"new"or"old"listed companies;companies that have been listed for 10 years demonstrate the best performance in new quality productive forces.Larger companies show higher levels of new quality productive forces development due to greater financing convenience and risk-bearing capacity.(4)Mergers and acquisitions in typical new quality productive forces industries such as computers,pharmaceutical manufacturing,software information technology,and internet services account for 15.32%of the market;valuations of mergers and acquisitions on the ChiNext and STAR Market primarily reflect the value of the target's basic assets,with room for improvement in reflecting growth potential;value assessment methods such as income approach,market approach,and asset-based approach have limited"inclusiveness"for new quality productive forces.Based on these findings,this paper proposes policy recommendations in areas such as clarifying enterprises'principal role in the innovation chain,establishing incubation funds for original and disruptive technologies,encouraging traditional industry transformation and upgrading,supporting listed companies to grow stronger,and innovating valuation methods for mergers and acquisitions.关键词
资本市场/新质生产力/企业全生命周期/并购重组/创新链Key words
capital market/new quality productive forces/enterprise full life cycle/mergers and acquisitions/innovation chain分类
管理科学引用本文复制引用
国泰海通证券课题组,荀玉根,纪尧,胡中元,岑扬,朱媛,唐莉,吴泱..资本市场支持新质生产力发展研究:基于全生命周期的视角[J].证券市场导报,2025,(11):3-14,24,13.基金项目
此文由中国证券业协会2024年度优秀课题"资本市场促进新质生产力发展研究"(2024SACKT027)改编 （2024SACKT027）
