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| Capital Markets Empowering the Formation of New Quality Productive Forces: Theoretical Logic, Practical Problems, and Upgrading Paths |
| LIN Chun, WEN Xiao-ou |
| School of Finance and Trade, Liaoning University, Shenyang, Liaoning, 110036 |
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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.
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Received: 04 March 2024
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2024, Vol. 41 
