本文通过回顾中国私募股权投资市场的演变过程，探讨私募基金存续期和创新型企业成长周期之间的关系，发现我国基金存续期存在难以匹配种子期和起步期创新企业、难以匹配周期较长的战略性新兴产业、存续期偏短导致投后管理缺乏、对创新型企业支持作用偏弱等问题，主要原因在于长期资本缺乏导致存续期偏短、多样化资本退出渠道仍需畅通、多层次资本市场建设不够完善和私募基金业法律制度尚不健全。最后，为完善中国私募基金市场、更好匹配创新企业需求，本文提出更好吸引中长期资本进入、多元化畅通资本退出渠道、优化多层次资本市场建设等建议。

金融科技与绿色金融融合发展是当前绿色金融改革创新的主要趋势。从理论上看，金融科技可以缓解绿色金融发展面临的标准识别难、信息不对称、监管效率低等痛点。金融科技如何助推我国绿色金融改革创新，当前仍缺乏量化研究。因此，本文根据经验数据和问卷调查，通过构建七省（区）十地2012—2021年的金融科技应用指数和绿色金融发展指数，运用面板固定效应、两阶段最小二乘法、广义矩估计和双重差分法模型，从金融科技平台建设和使用两个维度，实证分析了金融科技赋能绿色金融改革创新的支持效应。研究发现，金融科技对绿色金融改革存在正向促进效应，且显著提升了我国绿色金融改革创新试验区的绿色金融发展水平，但对不同地区的影响效应存在异质性。通过加强绿色金融能力建设，提升绿色金融系统与商业银行现有业务系统的耦合度，可增强金融科技对绿色金融的促进作用。

历史经验表明，每一轮批发支付的创新，均是金融市场结构调整、技术进步与政策需求交汇的结果。批发支付通过财政货币的协调、央行-银行间的信用机制以及为零售支付提供基础设施，保证法定货币单一性。在全球数字货币浪潮兴起的背景下，批发支付体系正面临新一轮变革，中国应当借鉴历史经验，加快批发支付创新步伐，以提升金融基础设施数字化水平，增强人民币国际支付能力，并助力实现金融强国战略目标。

2025年年初以来，黄金高位盘整后再度突破前高。本轮行情主要催化因素包括美国贸易关税、央行购金恢复、有关配置及投机需求高涨等。在黄金行情空前瞩目之际，有鉴于黄金在国家主权储备、金融机构和家庭资产配置中益发重要的地位，本文梳理了基于“三重属性”的黄金分析框架，总结了本轮历史新高行情的主要催化因素，从市场参与者的角度重点分析了央行购金动因和机构投资者策略行为，经过对长、短周期的综合研判，展望了2025年黄金市场行情，以期为资产配置决策者提供有益借鉴。

This paper takes the Federal Reserve in the Volcker-Greenspan era as the research object, and expounds the operation of the "going against the wind" rule with price stability as the main goal, which can be taken as reference for understanding Fed's new monetary policy framework "Average Inflation Targeting".

In the past, the theme bond market has achieved remarkable results in supporting the development of the real economy through direct financing support, category innovation and the reduction of financing costs. This article holds that the theme bond market will show a trend of rapid growth in issuances, more diversified financing entities and gradually diversified financing needs, thus starting a new journey of high-quality development. As an important investor in theme bonds, insurance funds are facing potential obstacles. This paper puts forward some suggestions on the development of the domestic theme bond market from the aspects of strengthening tripartite certification and enriching product maturities.

Bond exchange offers have been widely used in developed bond markets, enhancing financing flexibility for issuers and contributing to investor protection. They also have helped expand the securities registration system from new issues to replacement issues. This paper introduces the key characteristics and investor protection aspects of such exchange offers in the U.S. corporate bond market. It also makes suggestions for the construction of a long-term mechanism after the successful piloting of the bond exchange offer system. It takes into account the developmental status of China's bond market, especially the need for full adherence to the objectives of a registration system.