​Mechanism, Friction, and the Shenzhen Paradigm: Capital Market Empowering New Quality Productive Forces from the Perspective of Government-Enterprise Synergy

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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