金融强监管与金融市场稳定

Strict Financial Regulation and Financial Market Stability

本文以《资管新规》这一强监管政策的出台为准自然试验,利用2010-2021年中国A股非金融企业数据,考察金融强监管对金融市场稳定的影响。研究发现:资管新规的出台降低了个股股价崩盘风险,发挥了“风险缓释”的作用;上述效应在非国有企业和套利动机较强的企业中更为显著;金融强监管既能通过约束企业影子银行化引导其回归主业,又能促使企业提高信息透明度、降低市场非理性情绪,在投资和信息的双重作用下助推实现金融市场稳定;企业自身不确定性感知、证券分析师关注和地方金融监管强度的提高增加了金融强监管的“风险缓释”效应。

This paper takes the data of non-financial enterprises in China's A-share market during 2010-2021 and uses the implementation of the"New Regulations on Asset Management"as the quasi-natural experiment to examine the impact of strict financial regulation on financial market stability.Research has found that the introduction of"New Regulations on Asset Management"has reduced the risk of individual stock price crashes and plays a role in"risk mitigation".The above effects are more significant in non-state-owned enterprises and enterprises with stronger arbitrage motivation.Strong finan-cial regulation can not only guide enterprises to return to their main business by constraining their shadow banking,but al-so promote enterprises to improve information transparency,reduce market irrational emotions,and promote financial mar-ket stability under the dual effects of investment and information.The uncertainty awareness of enterprises themselves,the attention of securities analysts,and the increase in local financial regulatory intensity have increased the"risk mitigation'effect of strong financial regulation.