As 2025 draws to a close, Fudan University School of Management (Fudan SoM) has received further encouraging news in academic research.

Recently, the list of Major Projects funded by the National Social Science Fund (NSSF) for 2025 was officially released. The project "Research on the Healthy and Stable Development of China's Capital Market under the Socialist Market Economy," proposed by Professor Changjiang Lyu, Associate Dean of Fudan SoM, with Professor Lyu serving as Chief Expert, has been successfully approved for funding.

The Significance of NSSF Major Projects

Major Projects of the National Social Science Fund represent the highest level, strongest funding, and greatest authority in China's philosophy and social science research system. They are widely regarded as a key indicator of a university's overall research strength and academic standing in the humanities and social sciences.

These projects play a critical role in advancing knowledge innovation, theory innovation, and methodology innovation, while also serving as an important mechanism through which universities contribute research-based support to major national strategies and regional economic and social development.

Research Background and Core Objectives

Commenting on the successful approval of the project, Professor Lyu noted that the 20th National Congress of the Communist Party of China explicitly proposed the goal of "building a high-standard socialist market economy."

In addition, the Central Economic Work Conference emphasized the need to "deepen the comprehensive reform of investment and financing in the capital market, and enhance the inclusiveness and adaptability of capital market institutions." These policy signals underscore the state's heightened attention to capital market institutional development.

Against this backdrop, the project takes five core dimensions -- stability, efficiency, fairness, inclusiveness, and adaptability -- as its analytical foundation. It aims to: Construct a theoretical analytical framework and evaluation index system for the healthy and stable development of China's capital market; Systematically examine the internal logic, transmission mechanisms, and policy effects of foundational institutional reforms in China's capital market; Provide robust theoretical support and policy recommendations for the long-term, sustainable development of the capital market.

Research Structure and Policy Orientation

Professor Lyu further explained that the project builds upon his National Natural Science Found (NSSF) General Program approved in 2024, titled "The Listing System Design of the STAR Market and Its Economic Consequences."

The current project will be advanced on three interrelated levels: 1)Developing a comprehensive theoretical framework and evaluation system for capital market health and stability; 2)Focusing on representative issues that affect the healthy and stable development of China's capital market, and conducting systematic evaluations of the implementation effects of key institutional reforms; 3)In response to ongoing comprehensive reforms in capital market investment and financing, proposing policy recommendations covering the entire capital market value chain, with the goal of improving coordination between investment and financing mechanisms.

Academic Team and Disciplinary Strength

Professor Lyu emphasized that the research team is composed of young faculty members and doctoral students, and that the project will be approached and deepened primarily from an accounting perspective.