国内信托公司股权质押融资业务风险管理研究

发布时间：2018-01-16 03:00

本文关键词：国内信托公司股权质押融资业务风险管理研究　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：根据中国信托业协会的统计数据以及笔者统计，2008年以来，国内信托业几乎以每年逾1万亿元的资产增长规模不断刷新记录，最近五年年均复合增长率达到了51%。2012年末国内信托业资产规模达到7.47万亿元，赶超保险业跃升国内第二大金融业态。期间股权质押融资业务作为国内信托业发展早期的代表类型亦得到了长足的发展。根据wind咨询的统计数据以及笔者统计，信托公司最近四年质押笔数的年均复合增长率达到72%，远超同期市场整体规模26%的年均复合增长率。质押股数方面，，信托公司最近四年年均复合增长率达到63%，亦远超同期市场整体规模27%的年均复合增长率。2011年开始更是一举打破了以往银行一家独大的局面。然而2012年以来，在几乎单边下跌的市场背景下，股权质押融资业务中的质押股票开始面临担保价值不足的考验，大股东滚动、高比例质押所持股票变相套现拖累信托公司，拉响了国内信托业股票质押融资业务的风险警报，同时也折射出了行业对该类业务风险管理能力不足的潜在问题。因此，开始担当大任的信托业亟需增强风险管理意识、提高风险管理水平、完善风险管理链条，从而继续快速而稳健地发展该类业务。文章通过回顾历史、分析现状，在肯定今时今日取得成绩的同时，期望唤醒人们的风险管理意识。其次，文章梳理了国内股权质押融资业务面临的主要风险，通过结合具体案例，强调主要风险点，并提出针对性的风险控制建议。文章最后引入VaR方法计算该类业务的主要风险控制措施之一---质押率，为该类业务的风险设计和后续管理提供具有实践意义的风险度量指标。
[Abstract]:According to the statistics of the China Trust Association and the author's statistics, since 2008, the domestic trust industry has been increasing by more than 1 tillion yuan a year. In the last five years, the average annual compound growth rate has reached 51%. At the end of 2012, the scale of domestic trust assets reached 7.47 tillion yuan. During the period, equity pledge financing business as the representative type of the early development of the domestic trust industry has also been greatly developed. According to the statistical data of wind consultation and the author. Statistics. In the last four years, the average annual compound growth rate of the pledge amount of the trust company has reached 72%, which is far higher than the average annual compound growth rate of the overall market size of 26% in the same period. Trust companies have had a combined annual growth rate of 63% in the last four years. It also far exceeds the combined annual average growth rate of 27% per year for the market as a whole over the same period. In 2011, it broke with the previous dominance of banks. However, since 2012, under the market background of almost unilateral decline, the pledge stock in the financing business of equity pledge began to face the test of insufficient guarantee value, and the majority shareholders rolled. A high proportion of the shares held by the pledge in disguised form is a drag on the trust company, raising the domestic trust industry stock pledge financing business risk alarm. At the same time, it also reflects the potential problem of insufficient risk management ability of this kind of business. Therefore, it is urgent for the trust industry to strengthen the awareness of risk management, improve the level of risk management, and improve the risk management chain. Thus continue to develop this kind of business quickly and steadily. By reviewing the history and analyzing the present situation, the article expects to awaken people's awareness of risk management while affirming the achievements made today. Secondly, the article combs the main risks faced by domestic equity pledge financing business. Combined with specific cases, this paper emphasizes the main risk points, and puts forward targeted risk control recommendations. Finally, this paper introduces the VaR method to calculate the pledge rate, one of the main risk control measures of this kind of business. It provides a practical risk measurement index for the risk design and subsequent management of this kind of business.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.49;F832.51

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