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Guiding listed companies to strengthen market value management has become an important work content of the CSRC, SASAC and other departments. Recently, the CSRC issued the No.10 Supervision Guideline for Listed Companies-Market Value Management, which requires listed companies to improve their operating efficiency and profitability on the basis of improving the company's quality, and to use merger and acquisition, equity incentive, employee stock ownership plan, cash dividend, investor relationship management, information disclosure and share repurchase in accordance with the actual situation in accordance with the law to promote the investment value of listed companies to reasonably reflect the quality of listed companies. The State-owned Assets Supervision and Administration Commission of the State Council said that it would "further study the incorporation of market value management into the performance appraisal of the heads of central enterprises".Improve the policy system of "long money and long investment"Actively return investors

Actively return investorsRevise the securities investment fund law, introduce the regulations on supervision and management of listed companies, revise the regulations on supervision and management of securities companies, and speed up the formulation of regulations on corporate bonds ... It can be expected that a series of laws, regulations and judicial interpretations expected by the market will be studied and introduced. "In the next step, the Supreme Law will continue to focus on the improvement of the judicial rules system of the capital market and the trial of related cases, thoroughly study the civil accountability of insider trading and market manipulation, and issue relevant judicial interpretations in due course." Zhou Lunjun, vice president of the Supreme People's Court Second People's Court, said.Under the effect of "combination boxing", the pace of long-term capital entering the market is accelerating. According to the latest data from the State Financial Supervision and Administration, as of the end of the third quarter, the balance of stock allocation of life insurance companies was 2.18 trillion yuan, accounting for 7.55% of the balance of capital utilization of life insurance companies, up 17.24% year-on-year; The balance of stock allocation of property insurance companies was 150.6 billion yuan, accounting for 7.05% of the balance of capital utilization of property insurance companies, up 14.89% year-on-year. In addition, institutional data show that social security funds and basic endowment insurance funds are also increasing the long-term layout of the capital market.

On the other hand, multi-departments should strengthen the joint efforts of law enforcement and build a three-dimensional disciplinary restraint system of civil compensation, administrative punishment and criminal investigation. Lv Chenglong, an associate professor at the Law School of Shenzhen University, said that taking financial fraud as an example, the CSRC and relevant departments have further established a comprehensive punishment and prevention system, strengthened penetrating supervision, encouraged whistleblowers to report, and tightened the "gatekeeper" responsibilities of investment banks, auditors and other intermediaries, bringing together the joint efforts of inter-ministerial coordination and coordination between the central and local governments, and continuously improving the three-dimensional closed loop of accountability.Zhang Yuewen, director and researcher of the Capital Market Research Office of the Institute of Finance, China Academy of Social Sciences, believes that measures should be taken to enhance the attractiveness of the capital market, increase the strength of long-term capital entering the market, and strengthen the incentive and guidance of long-term value investment behavior from the perspective of facilitating long-term investors.Liu Chen, a researcher at China Banking Research Institute, believes that stock repurchase and refinancing have opened up a new path for listed companies or major shareholders to maintain the company's value and carry out market value management. The convenience of exchange has improved the ability of market institutions to obtain funds and increase their stock holdings. The use of these tools will help to enhance the inherent stability of the capital market and boost market confidence.