【作者】 肖强；

【导师】 夏新平；

【作者基本信息】 华中科技大学 ， 工商管理， 2020， 硕士

【摘要】 随着我国资本市场的快速发展,基于A股一级和二级市场的相关业务也得以蓬勃开展。股票质押作为其中常见的一种标准化证券公司业务,近10年来得到了惊人的发展。截至2020年9月底,A股4183家上市公司中已有2797家参与股票质押业务^（1）。股票质押已经成了上市公司除发债、定增等融资手段之外最常见且重要的外部融资途径。但其风险与股票市场的波动紧密相关。2015年起至今,国内股票市场经历数次巨幅波动,许多上市公司纷纷出现了股票质押违约风险,对众多金融机构形成坏账,也影响了金融体系的稳定。股票质押业务的降温催生了市场对股票质押业务风险的防范及其化解的反思与研究。本文以C证券公司开展的股票质押实例为研究基础,通过对国内国外关于股票质押业务的理论研究和对中国股票市场股票质押业务发展历程的全面回顾,对证券公司股票质押业务框架深入分析,对股票质押业务各参与主体所面临的风险因素进行梳理与归纳。一般而言,对上市公司而言,股票质押业务的风险主要来自于宏观经济形势变化、股票市场的不确定性、货币政策导向、上市公司大股东的财务杠杆风险以及信用风险等方面;对证券公司而言,股票质押业务的风险主要来自于股票市场的波动、被质押股票的处置风险、以及道德和信用风险。本文着重从证券公司的角度出发,聚焦证券公司在开展股票质押业务中所面临的各种风险问题对其形成原因进行研究分析、评估其对证券公司经营可能造成的影响、从而找到若干化解证券公司开展股票质押业务面临风险的行之有效的措施和方法,尝试为证券公司开展股票质押业务的风险防范与化解问题提供相应的解决办法。更多还原

【Abstract】 With the rapid development of Chinese capital market,related derivative businesses based on the primary and secondary A-share market have also emerged and flourished.As a common standardized securities company business,stock pledge has developed astonishingly in the past 10 years.As of the end of September 2020,of the 4183 listed companies in A share market,2797 have participated in such business.The stock pledge are widely used by the listed companies as a crucial source of external financing,in addition to common financing methods such as debt issuance and private placement.The cooling of the stock pledge business also bring to the market’s reflection and research on the prevention and resolution of stock pledge business risks.Based on the actual cases of stock pledge of the securities firm for which the author works,through a comprehensive review of the development process of the stock pledge business,this article analyzes the entire business process of the stock pledge business of securities companies and summarizes the risk factors faced by each participant in the stock pledge market.Generally,for listed companies,their financial leverage and credit risks will lead to the risks of stock pledge business.Also,the deterioration of the macroeconomic situation,stock market ups and downs,and the monetary policy changes will impact the stock pledge risk as well.For securities companies,the risks of stock pledge business mainly come from the fluctuation of the stock market,the disposal risk of pledged stocks,and moral and credit risks.This article focuses on the risks faced by securities firms in the stock pledge business with a view to securities company itself.It also analyzes,evaluates and researches related risk issues,so as to try to find some countermeasures to resolve the risks of stock pledge business.This article,standing from the side of securities companies,focuses on various risk issues in the development of stock pledge business.In addition,the causes of these risks are deeply researched and comprehensively analyzed.Then,their possible impacts on the operations of securities companies are assessed.Finally,for the securities companies carrying out the stock pledge business,the article finds some effective measures and methods used by several securities companies,and meanwhile,attempts to provide some practical suggestions and solutions for the risk prevention and resolution.更多还原