政企协同视角下资本市场赋能新质生产力的机理、摩擦与深圳范式

政企协同视角下资本市场赋能新质生产力的机理、

摩擦与深圳范式

陈思瑞¹ 邢洋²

(1.资本市场学院，广东深圳，518000;

2.深圳职业技术大学经济学院，广东深圳，518055)

摘 要:新质生产力的培育与跃迁，本质上是一场全要素生产率(TFP)的制度竞赛。在“十五五”规划的前瞻视角下，资本市场不应仅被视为单纯的资金融通渠道，而应成为完善有效市场与有为政府动态关系的制度引擎。本文旨在通过重塑政企协同在战略科技领域的对冲机理，剖析并购重组、数据要素及跨境金融在生产力质态提升中的枢纽作用，并以深圳先行示范区的金融治理为样本，探讨构建激励兼容的宏观治理体系。研究认为，跨越创新“死亡之谷”的关键在于政府职能从微观的“挑选赢家”转向宏观的“生态赋能”，通过制度型开放与敏捷监管，实现资本市场对创新溢出的精准定价。

关键词:有为政府;有效市场;新质生产力;资本市场

Mechanism, Friction, and the Shenzhen Paradigm: Capital Market Empowering

New Quality Productive Forces from the Perspective of Government-Enterprise

Synergy

Chen Sirui¹ Xing Yang²

(1. China Capital Market Institute, Shenzhen Guangdong, 518000)

(2. School of Economics, Shenzhen Polytechnic University, Shenzhen Guangdong, 518055)

Abstract: The cultivation and leapfrog development of new quality productive forces are, in essence,an institutional competition centered on Total Factor Productivity (TFP). Within the forward-lookingcontext of the "15th Five-Year Plan," the capital market should not be regarded merely as aconventional financing channel; rather, it should serve as an institutional engine to refine the dynamicrelationship between an efficient market and a capable government.This paper aims to reshape thehedging mechanism of government-enterprise synergy in strategic technology fields and analyze thepivotal roles of mergers and acquisitions (M&A), data elements, and cross-border finance in the qualitative transformation of productivity. By utilizing the financial governance of the ShenzhenLeading Demonstration Zone as a primary sample, this study explores the construction of an incentive-compatible macro-governance system. The research concludes that the key to bridging the "Valley ofDeath" in innovation lies in a strategic shift of government functions: moving from micro-level"picking winners" to macro-level "ecosystem empowerment." Through institutional opening-up andagile regulation, the capital market can achieve the precise pricing of innovation spillovers.

Keywords:Capable Government; Efficient Market; New Quality Productive Forces; Capital Market;Shenzhen Paradigm

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