关于XY基金公司与A公司开展股票质押式回购业务可行性的调研报告

发布时间：2018-03-01 21:10

本文关键词： 股票质押回购金融机构风险防控　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近几年,随着中国经济进入新常态,一些企业在经营上急需转型,融资难问题凸显。股票质押式回购交易业务是近年来我国金融市场新推出的一项创新型的融资方式,它是指符合条件的融资人将所持有的上市公司股票质押,向符合条件的资金融出方融入资金,并约定一定时间后返还本金和利息,并解除股票质押的交易行为。由于其具有类似于银行信用贷款业务的特点,同时具有一定的经济杠杆作用,且融资成本相对较低、手续便捷,一经推出,就受到金融市场各方高度关注和积极参与。股票质押式回购业务为活跃证券市场、盘活客户资产存量,推动实体经济发展、增加金融机构收入来源等方面都起到了重要作用。但正是由于此项业务本质上是一种带有质押条款的债务融资,所以在开展过程中如果风险管控不当,也会对金融机构、金融市场乃至实体经济造成负面影响。目前我国金融机构普遍存在此项业务风险管理手段不完善,机制不健全的问题,当出现融资人信用危机、质押物变现困难等情况时,必将难以抵抗风险带来的冲击。在开展股票质押式回购业务时,如何规避及控制风险,将违约风险降到最低,具有十分重要的现实意义。本调研报告选取了笔者2016年暑期在XY基金公司实习期间接触到的一笔融资人为A公司的股票质押式回购业务,主要负责业务开展之前的尽职调查工作。笔者期间深入调研了A公司及其质押股票的基本情况,搜集到了大量一手资料,并结合所学理论知识进行调研分析,最后得出了业务开展的可行性结论。在此基础上,报告结合调研过程中遇到的关键问题,对金融机构在开展股票质押回购业务时的风险防控提出了建议。
[Abstract]:In recent years, with China's economy entering a new normal, some enterprises are in urgent need of business transformation, and the problem of financing is prominent. Stock pledge repurchase transaction is a new innovative financing method in our financial market in recent years. It means that the eligible financier pawns the shares of the listed company, integrates the funds into the eligible parties, and agrees to return the principal and interest after a certain period of time. Because it has the characteristics similar to the bank credit loan business, at the same time it has certain economic leverage function, and the financing cost is relatively low, the formalities are convenient, once launched, It is highly concerned and actively participated by all parties in the financial market. The stock pledge repurchase business is to activate the stock market of securities, activate the stock of customers' assets, and promote the development of the real economy. But it is precisely because this business is essentially a debt financing with a pledge clause that if the risk is not properly managed, it will also affect financial institutions. The financial market and even the real economy have a negative impact. At present, the financial institutions in our country generally have the problems of imperfect business risk management means and imperfect mechanism, when the credit crisis of the financier and the difficulty of realizing the pledge, etc., It will be difficult to resist the impact of the risk. How to avoid and control the risk and minimize the risk of default when developing the stock pledge repurchase business, It is of great practical significance. This research report selects one of the investors who came into contact with me during my summer internship at XY Fund Company on 2016 as the stock pledge repurchase business of Company A. I was mainly responsible for the due diligence work before the development of the business. During the period, I deeply investigated the basic situation of Company A and its pledge stocks, collected a large amount of first-hand information, and conducted research and analysis with the theoretical knowledge learned. Finally, the feasibility of business development is concluded. On the basis of this, the paper puts forward some suggestions on risk prevention and control of financial institutions in carrying out stock pledge and repurchase business in combination with the key problems encountered in the process of investigation.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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