股票质押式回购业务风险问题研究

发布时间：2018-03-09 12:01

本文选题：股票质押式回购　切入点：券商　出处：《华东理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：自改革开放以来,我国的经济建设取得了举世瞩目的成就,不断解放和发展生产力,创造了 30多年经济持续告诉增长的"中国奇迹"。2016年,我国的国内生产总值(GDP)达到74万亿人民币,GDP总量排名世界第二。与之相对应的是我国的资本市场也从无到有,从小到大,演绎了一段波澜壮阔的历史。众所周知,自建国以来到改革开放之前,我国的金融体系一直是"大一统"时代,即中国人民银行控制着我国经济金融的几乎方方面面。上世纪80年代末90年代初,商业银行、证券公司、信托公司、保险公司和基金公司等各类金融机构迎来了快速发展的井喷时代,在各自专业的金融业务领域扮演着举足轻重的角色。特别是最近几年,随着监管层放松了对资本市场管制,资本市场的热度极具升温,而券商作为资本市场最主要的参与主体,一时间也被推上了风口浪尖,各种金融创新业务也是层出不穷。本文所研究的股票质押式回购业务(以下简称"股票质押式回购")就属于创新业务的一种,目前已在券商资产管理业务当中占据举足轻重的地位。虽说股票质押式回购业务近年来有了一个飞速的发展,但也积累下了很多风险。尤其是2015—2016年间的几次"股灾"导致大部分公司的股价估值大幅度回落,给基于股价确定融资额和风险控制标准的股票质押式回购造成了很大的冲击。另一方面,典型的股票质押式回购交易结构当中往往嵌套了多重资管通道,在达到规避监管的同时也在金融体系内部不断积聚了风险,如此错综复杂的多层通道极有可能导致违约风险的连锁反应,甚至引发金融市场的动荡。面对股票质押式回购业务发展过程中所遇到的这两方面重点问题,笔者根据在券商实习工作实证案例展开深度的剖析研究,力求揭示出现此类问题的本质,从而为股票质押式回购交易制度的改进和进一步提高券商的风险管控水平提出建议。
[Abstract]:Since the beginning of reform and opening up, China's economic construction has made remarkable achievements, liberating and developing the productive forces, and creating the "Chinese miracle", which has sustained economic growth for more than 30 years. In 2016, China's gross domestic product (GDP) has reached 74 trillion yuan, ranking it second in the world. Correspondingly, China's capital market has also grown from nothing, from small to large, with a magnificent history. As we all know, From the founding of the people's Republic of China to the reform and opening up to the outside world, the financial system of our country has been "unified", that is, the people's Bank of China controls almost all aspects of China's economy and finance. At the end of -20s and the beginning of 90s, commercial banks and securities companies, Trust companies, insurance companies, fund companies and other financial institutions have ushered in the era of rapid development, playing an important role in their respective professional financial business, especially in recent years, With the deregulation of the capital market at the regulatory level, the heat of the capital market is heating up, and the securities companies, as the main participants in the capital market, have also been pushed to the forefront of the storm for a while. The stock pledge repurchase business (hereinafter referred to as "stock pledge repurchase") is one kind of innovative business. At present, it has played an important role in the asset management business of securities firms. Although the stock pledge repurchase business has developed rapidly in recent years, But there has also been a lot of risk. In particular, several "share crashes" in 2015-2016 have led to a sharp fall in the valuation of most companies' stock prices. On the other hand, the typical stock pledge repurchase structure is often nested with multiple capital management channels. While circumventing regulation, there is also a constant accumulation of risk within the financial system. Such a complex multi-layer channel is likely to lead to a chain reaction of default risk. In the face of these two key problems encountered in the development of stock pledge repurchase business, the author carries out a deep analysis and research based on the empirical case of practice work in securities firms. This paper tries to reveal the essence of this kind of problem, and puts forward some suggestions for the improvement of stock pledge repurchase trading system and the further improvement of risk control level of securities firms.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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