论影响上市公司股权质权实现的因素

发布时间：2018-10-10 19:51

【摘要】：近年来,金融创新迅猛发展,新型融资方式不断涌现。上市公司股权质押融资业务已成为一种重要的新型融资方式。自2013年5月上海证券交易所和深圳证券交易所分别颁布《股票质押式回购交易及登记结算业务办法(试行)》后,从事上市公司股权质押融资业务的资金融出方由商业银行、信托公司进一步扩展到证券公司。监管部门关于这种新型融资产品的制度性安排,对现行法律法规存在较多扩展,甚至突破,有力地指导了业务实践。但同时,由于法律法规之间尚未有机衔接、行业经验不足等原因,该项融资产品在股权质权实现上,还存在一定的风险。有鉴于此,本文拟就影响上市公司股权质权实现的因素及其解决方案进行研究。本文除引言和结论之外,正文部分共分为四章,主要内容如下:第一章介绍上市公司股权质押的理论及发展现状,主要对现有法律、法规、规范性文件中关于上市公司股权质押的规定及其理论进行分析,并对上市公司股权质押市场中的重要概念,如股票质押贷款、股票质押式回购、约定购回式证券交易进行剖析。第二章研究上市公司股权质押融资业务中常见的融出主体,分析了商业银行、信托公司、证券公司在设立质权时的流程和特点,探讨实现质权时所面临的风险,并尝试对风险防范提出相应的解决方案。第三章研究上市公司股权质押融资业务的不同质押标的,阐述了以非限售股、限售股、国有股、外商投资的上市公司股权等标的设立质权所面临的法律问题,分析不同质押标的在实现股权质权存在的风险,并提出相应的解决策略。第四章研究上市公司股权质押质权实现的其他因素,讨论了质押标的价值变动对质权人的影响及其解决策略,出质人的“道德风险”对质权人的影响及其防范“道德风险”,以及现行法律中流质契约价值定位对质权人利益的影响。
[Abstract]:In recent years, with the rapid development of financial innovation, new financing methods are emerging. Equity pledge financing of listed companies has become an important new financing method. Since May 2013, when the Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively promulgated the measures on Stock Pledge Repurchase Trading and Registration and settlement Business (for trial implementation), the financing parties engaged in the equity pledge financing business of listed companies have been financed by commercial banks. Trust companies are further extended to securities firms. The institutional arrangement of this new financing product has expanded and even broken through the existing laws and regulations, which has guided the business practice. But at the same time, because the laws and regulations have not been connected organically, and the industry experience is not enough, there are still some risks in the realization of the equity pledge of the financing product. In view of this, this paper intends to study the factors affecting the realization of equity pledge of listed companies and their solutions. In addition to the introduction and conclusions, the text is divided into four chapters. The main contents are as follows: chapter one introduces the theory and development of stock pledge of listed companies, mainly on the existing laws and regulations, This paper analyzes the regulations and theories of equity pledge of listed companies in the normative documents, and analyzes the important concepts in the stock pledge market of listed companies, such as stock pledge loan, stock pledge repurchase, and agreed buyback securities transaction. The second chapter studies the common financing subjects in the stock pledge financing of listed companies, analyzes the process and characteristics of the establishment of pledge by commercial banks, trust companies and securities companies, and probes into the risks to realize the pledge. And tries to put forward the corresponding solution to the risk prevention. The third chapter studies the different pledge targets of the financing business of equity pledge of listed companies, and expounds the legal problems of establishing the pledge rights by the non-restricted shares, the state-owned shares, the shares of the foreign invested listed companies, and so on. This paper analyzes the risks of different pledge objects in realizing equity pledge, and puts forward corresponding solutions. The fourth chapter studies the other factors of the realization of the pledge right of the listed company, discusses the influence of the value change of the pledge on the mortgagee and its solution strategy, the influence of the "moral hazard" of the mortgagor on the mortgagee and the prevention of the "moral hazard". And the influence of the value orientation of liquid contract on the interests of the mortgagee in the current law.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D923.2

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