Technology-Finance City Pilot Program and Capital Market Mispricing

In modern capital markets, the development of technology finance enhances corporate financing efficiency while also exerting a profound impact on capital market pricing mechanisms. Using data from Chinese listed companies from 2008 to 2022, this paper examines the effect of the Technology-Finance City Pilot Program on corporate asset mispricing. The findings indicate that the pilot program significantly alleviates asset mispricing, and this conclusion remains robust after a series of robustness tests. Further heterogeneity analysis reveals that this mitigating effect is more pronounced in eastern regions, non-state-owned enterprises, and non-environmentally focused cities. Mechanism analysis suggests that the pilot program effectively reduces asset mispricing through improving information transparency, enhancing market liquidity, and optimizing investor behavior. This study provides empirical evidence for the formulation and optimization of technology finance policies, contributing to improving capital market pricing efficiency and promoting the rational allocation of financial resources.