Abstract：The capital market's implementation of its new positioning and its role as a hub are crucial to the cultivation and emergence of new quality productive forces. The innovation incentive effect, factor allocation effect and industrial support effect are important ways for the capital market to empower the formation of new quality productive forces. Specifically, the capital market uses hierarchical direct financing channels to break the funding deadlock in many scientific and technological innovation activities and accelerates the concentration of innovation capital; in the transformation of innovation achievements, the capital market plays the factor allocation function through direct and indirect ways, and guides the matching of new production factors and new quality entities; as an important carrier for policy implementation, the capital market provides development momentum for emerging and future industries by consolidating capital chains and diversifying risks. Due to the short development history, China's capital market still has some problems, which are mainly reflected in the fact that the financial service function has not been fully exerted and the channels for innovative capital formation are narrow; the stock price information content is not high and the quality is poor, and the factors flow and allocation are blocked; a virtuous cycle of investment and financing has not yet been formed, and the capital market structure is poorly coordinated. These problems have caused blockages in the formation of innovative capital, allocation of production factors, and medium and long term financial support, blocking the capital market's path to empowering the formation of new quality productive forces. In the future, multiple measures should be taken to build the capital market into a substantial financial support that serves the real economy and creates new quality productive forces. Firstly, we should steadily optimize the financial structure and guide diversified financing channels to complement each other; secondly, accelerate the improvement of supporting regulatory mechanisms for the registration system to improve the quality and transmission efficiency of information disclosure; thirdly, continue to promote investment-side reforms and carry out in-depth investor structure optimization.
[1] 张辉,唐琦.新质生产力形成的条件、方向及着力点[J].学习与探索,2024,(1):82-91. [2] 吴晓求,方明浩,何青,等.资本市场成长的逻辑:金融脱媒与科技进步[J].财贸经济,2023,44(5):5-21. [3] Hu G X, Pan J, Wang J.Chinese capital market:An em-pirical overview[R].NBER Working Paper,2018,No.24346. [4] Amore M D, Schneider C, Žaldokas A.Credit supply and corporate innovation[J].Journal of Financial Economics,2013,109(3):835-855. [5] 杨胜刚,戴鹏毅,袁礼,等.资本市场开放与全要素生产率:基于国内金融市场与机制转换的双重逻辑[J].世界经济研究,2022,(12):88-100+132+134. [6] 宋泽明,张光宇.人工智能后发企业如何实现颠覆性创新?[J].技术经济,2023,42(12):14-27. [7] Didier T, Levine R, Montanes R L, et al.Capital market financing and firm growth[J].Journal of International Mo-ney and Finance,2021,118:102459. [8] 马治国,张楠.区块链赋能数据资产证券化及其法律治理[J].深圳大学学报(人文社会科学版),2023,40(3):114-124. [9] 余东华,马路萌.新质生产力与新型工业化:理论阐释和互动路径[J].天津社会科学,2023,(6):90-102. [10] 毛新述,王斌,林长泉,等.信息发布者与资本市场效率[J].经济研究,2013,48(10):69-81. [11] Carpenter J N, Lu F, Whitelaw R F.The real value of China's stock market[J].Journal of Financial Economics,2021,139(3):679-696. [12] Lovallo D, Brown A L, Teece D J, et al.Resource re‐allocation capabilities in internal capital markets: The value of overcoming inertia[J].Strategic Management Jo-urnal,2020,41(8):1365-1380. [13] 戴魁早,刘友金,潘爱民.技术要素市场发展促进了制造业生产率增长吗?[J].统计研究,2023,40(12):119-131. [14] 陈艳莹,于千惠,刘经珂.绿色产业政策能与资本市场有效“联动”吗——来自绿色工厂评定的证据[J].中国工业经济,2022,(12):89-107. [15] 喻彪,李沁洋,杨刚.资本市场开放与企业劳动投资效率——基于沪深港通的经验证据[J].山西财经大学学报,2022,44(10):58-72. [16] Kilic M, Wachter J A.Risk, unemployment, and the stock market:A rare-event-based explanation of labor market volatility[J].The Review of Financial Studies,2018, 31(12):4762-4814. [17] 焦方义,张东超.发展战略性新兴产业与未来产业加快形成新质生产力的机理研究[J].湖南科技大学学报(社会科学版),2024,27(1):110-116. [18] 王宇.以新促质:战略性新兴产业与未来产业的有效培育[J].人民论坛,2024,(2):32-35. [19] Georgallis P, Dowell G, Durand R.Shine on me: Industry coherence and policy support for emerging in-dustries[J].Administrative Science Quarterly,2019,64(3):503-541. [20] 何杰,程进文,韩磊.新兴产业崛起、产业政策与资本市场的关系——基于中国光伏产业发展沉浮的视角[J].证券市场导报,2020,(12):2-7+18. [21] 余东华. “十四五”期间我国未来产业的培育与发展研究[J].天津社会科学,2020,(3):12-22. [22] Lu C, Rong K, You J, et al.Business ecosystem and stakeholders' role transformation: Evidence from Chinese emerging electric vehicle industry[J].Expert Systems with Applications,2014,41(10):4579-4595. [23] 哈梅芳,王小琴,李建平.政府科技支出如何作用于区域创新能力?——区域创新中政府与企业、市场关系的思考[J].技术经济,2023,42(2):11-19. [24] Chen L, Naughton B.An institutionalized policy-making mechanism: China's return to techno-industrial policy[J].Research Policy,2016,45(10):2138-2152. [25] 杜传忠,曹艳乔.金融资本与新兴产业发展[J].南开学报(哲学社会科学版),2017,(1):118-132. [26] 辜胜阻,曹誉波,庄芹芹.推进企业创新亟需重构创业板制度安排[J].中国软科学,2015,(4):8-17. [27] Conti A, Dass N, Di Lorenzo F, et al.Venture capital investment strategies under financing constraints: Evi-dence from the 2008 financial crisis[J].Research Policy,2019,48(3):799-812. [28] Carpenter R E, Petersen B C.Capital market imper-fections,high-tech investment,and new equity financing[J].The Economic Journal,2002,112(477):F54-F72. [29] Chen Q, Goldstein I, Jiang W.Price informativeness and investment sensitivity to stock price[J].The Review of Financial Studies,2007,20(3):619-650. [30] 金大卫,陈镜宇,夏梦冉.社交媒体投资者行为、行业波动与溢出效应[J].科研管理,2023,44(5):174-183. [31] 黄新飞,叶梓南,王升泉.反倾销与中国资本市场信息效率——基于股价同步性的研究[J].经济学(季刊),2023,23(5):1954-1972. [32] 曹纳,田高良.基于信息不对称测度模型的投资者关注与股价崩盘风险[J].财经理论与实践,2023,44(6):51-58. [33] 罗进辉,董怀丽,李璐.注册制改革是否强化了保荐人专业能力的作用?——基于首次公开发行股票审核进程视角的考察[J].管理世界,2023,39(7):140-166. [34] 何熙琼,顾湘,刘昊.注册制背景下风险信息披露对新股破发的影响研究[J].南开管理评论,2023,26(3):86-100. [35] 杨成长,龚芳,袁宇泽.资本市场投资端改革研究[J].证券市场导报,2022,(1):2-11. [36] Kumar A, Lee C M C.Retail investor sentiment and return comovements[J].The Journal of Finance,2006,61(5):2451-2486. [37] 王萦心. 个人投资者交易比例提升:美股市场结构变迁及启示[J].证券市场导报,2021,(5):45-55. [38] Lee G, Masulis R W.Do more reputable financial ins-titutions reduce earnings management by IPO issuers?[J].Journal of Corporate Finance,2011,17(4):982-1000. [39] Fehn R, Fuchs T. Capital market institutions and ven-ture capital:Do they affect unemployment and labor de-mand?[R].SSRN Working Paper,2003,No.388642. [40] 张明喜,苏牧,张俊芳,等.科技—产业—金融循环的逻辑解构与政策启示[J].中国软科学,2024,(2):27-37. [41] Liu G, Zhang C.Does financial structure matter for econ-omic growth in China[J].China Economic Review,2020,61:101194. [42] Haggard K S, Martin X, Pereira R.Does voluntary dis-closure improve stock price informativeness?[J].Financ-ial Management,2008,37(4):747-768. [43] 渠慎宁. 未来产业发展的支持性政策及其取向选择[J].改革,2022,(3):77-86. [44] Dasgupta S, Gan J, Gao N.Transparency,price inform-ativeness, and stock return synchronicity: Theory and evidence[J].Journal of Financial and Quantitative Anal-ysis,2010,45(5):1189-1220. [45] Welch I.The wisdom of the Robinhood crowd[J].The Journal of Finance,2022,77(3):1489-1527. [46] Farrell M, Green T C, Jame R, et al.The democrat-ization of investment research and the informativeness of retail investor trading[J].Journal of Financial Economics,2022,145(2): 616-641. [47] Fjesme S L.Retail investor experience, asset learning, and portfolio risk-adjusted returns[J].Finance Research Lette-rs,2020,36:101315. [48] 周文,许凌云.再论新质生产力:认识误区、形成条件与实现路径[J/OL].改革,http://kns.cnki.net/kcms/detail/50.1012.F.20240229.0904.002.html.2024-03-02.
2024, Vol. 41 
粤公网安备44030502007936号