关键词: 金融强监管, 资管新规, 股票错误定价, 风险偏好, 市值管理

Abstract: The 2024 Government Work Report proposed the requirement to “enhance the inherent stability of the capital market” The phenomenon of sharp surges and plunges in stock price in the capital market stems partly from institutional deficiencies that fail to effectively regulate and constrain market participants behavior，and partly from the irrationality of market participants，which leads to frequent speculative activities Therefore，it is essential to enhance the pricing efficiency of the capital market to strengthen its inherent stability and better serve the real economy
Between 2015 and 2021，a series of major policies aimed at promoting the highquality development of the capital market were introduced These policies covered various aspects，including market stabilization，advancing openingup，and preventing systemic risks Among these，the Peoples Bank of China，in collaboration with other regulatory agencies，issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions （commonly referred to as the “New Asset Management Rules”） This guidance explicitly required financial institutions to break implicit guarantee，address unclear leverage structures，and eliminate regulatory arbitrage，among other financial irregularities
This paper selects annual data from Ashare listed companies for 2015—2021 and empirically examines the impact of stringent financial regulation，as represented by the implementation of the New Asset Management Rules，on the stock mispricing The main findings are as follows：（1） Following the implementation of the New Asset Management Rules，stringent regulation improved market pricing efficiency primarily by reducing investors risk appetite and mitigate stock mispricing （2） The specific mechanisms include reducing herding behavior toward highrisk assets and lowering highleverage for speculative trading and asset volatility risks （3） In response to stringent financial regulation，listed companies actively engage in market value management by increasing dividend payouts and real investments （4） In terms of economic outcome，stringent regulation helps improve companies investment efficiency by creating positive feedback between stock prices and investment decisions
This paper sheds new light on the existing literature in three aspects：First，it constructs a causal relationship between stringent regulation and development promotion，offering a new perspective on balancing regulation，risk prevention，and development Second，it innovatively connects stringent financial regulation with investors trading behavior，providing insights into the focus areas for the next phase of regulation after the transition period Third，the findings provide practical methods for market value management of listed companies，such as increasing dividend payouts and boosting real investments to enhance intrinsic value

Key words: strict financial regulation, the New Asset Management Regulation, stock mispricing, risk appetite, market value management