【摘要】 “十五五”期间，中国资本市场的核心目标是构建能够支撑经济高质量发展、激励科技创新与促进财富增长的现代金融体系。资本市场需超越传统的“融资功能”定位，其本质在于构建创新激励机制——通过合理的制度设计(如允许创新溢价)激发原创思想与技术突破，并为社会提供财富管理渠道。为实现该目标，需重构资本市场生态链：资产端改革应聚焦科创企业，推动产业结构升级；资金端改革需放宽大资金入市限制，引入中央银行作为市场稳定器；制度端改革应强化法治，严厉惩处违规行为(刑事处罚与民事赔偿并重)，确保市场透明度。同时，应推动资本市场从“管道式”开放转向全面双向开放，为建成国际金融中心奠定基础。更多还原

【Abstract】 This study examines how China’s capital market should be re-engineered during the 15th Five-Year Plan (2026-2030) to serve high-quality development,incentivize technological innovation and facilitate household wealth accumulation.Moving beyond the conventional “financing function” narrative,we conceptualize the market as an innovation-promoting institution whose core is a set of rules that reward originality and allow an innovation premium while simultaneously offering households transparent vehicles for wealth management.A systematic redesign of the entire ecosystem is therefore proposed.1) the asset side,by prioritizing listings from science and technology innovation enterprises to drive industrial upgrading;2) the capital side,by liberalizing investment channels for institutional funds and introducing the central bank as a market stabilizer;and 3) the institutional and regulatory side,by strengthening the rule of law,imposing stringent penalties (both criminal and civil) for violations,and ensuring market transparency.It concludes that these domestic reforms must be coupled with a strategic shift from a pipeline-style opening to comprehensive,two-way opening,which is foundational for establishing China as a leading international financial center.更多还原