【摘要】 投资和融资是资本交易的一体两面，健全投资与融资相协调的资本市场功能，对畅通资本市场良性循环意义重大。“十四五”时期，我国资本市场发挥投融资功能成效显著，规模扩张与结构优化并进，科技型企业成为投融资主力推动产业结构升级，股债联动深化且配套金融产品日趋完善，创新工具突破助力存量资源盘活。但仍存在基础制度和监管体系尚不完善，投资端和融资端结构失衡制约资本配置效率提升等问题。展望“十五五”时期，需从完善资本市场基础制度和法治建设、推进投资端与融资端协调发展、全面提高上市公司质量和投资者水平等方面综合施策，进一步健全投资和融资相协调的资本市场功能。更多还原

【Abstract】 Investment and financing are two inherent aspects of capital transactions.Enhancing the capital market function featuring coordinated investment and financing plays a crucial role in facilitating the virtuous cycle of the capital market.During the 14th Five-Year Plan period,China’s capital market delivered notable outcomes in fulfilling its investment and financing functions:it expanded in scale while advancing structural optimization;technology-driven enterprises emerged as the primary players in investment and financing,fueling the upgrading of industrial structure;the synergy between equities and bonds was strengthened with the improvement of supporting financial products;and breakthroughs in innovative tools contributed to the revitalization of existing stock resources.Nevertheless,challenges remain,including inadequate basic systems and regulatory frameworks,as well as structural imbalances between the investment and financing sides,which have constrained the improvement of capital allocation efficiency.Looking ahead to the 15th Five-Year Plan period,it is essential to adopt a holistic approach encompassing measures such as refining the capital market’s basic systems and rule of law,advancing the coordinated development of the investment and financing sides,and comprehensively enhancing the quality of listed companies and the professionalism of investors.These efforts will further improve the capital market function with coordinated investment and financing.更多还原