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股票质押新规影响整体可控

2017-09-12 06:47:28   新华网

近日,上海证券交易所、深圳证券交易所联合中国证券登记结算有限责任公司,发布了《股票质押式回购交易及登记结算业务办法(2017年征求意见稿)》。

据有关负责人介绍,本次修订主要包括三个方面:一是进一步聚焦服务实体经济定位。明确融入方不得为金融机构或其发行的产品,融入资金应当用于实体经济生产经营并专户管理,融入方首次最低交易金额不得低于500万元,后续每次不得低于50万元,不再认可基金、债券作为初始质押标的。二是进一步强化风险管理。明确股票质押率上限不得超过60%,单一证券公司、单一资管产品作为融出方接受单只A股股票质押比例分别不得超过30%、15%,单只A股股票市场整体质押比例不超过50%。三是进一步规范业务运作。明确证券公司开展业务的资质条件,要求证券公司建立融入方信用风险持续管理及资金用途跟踪管理机制。

天风证券分析师刘晨明公开表示,股票质押新规征求意见稿至少在两个方面吻合了金融工作会议的精神。一方面,服务实体是金融的“天职”。征求意见稿明确了通过股票质押融入资金应当用于实体经济生产经营并专户管理,但金融机构本身不能作为资金融入方。提高资金门槛则是为了限制散户加杠杆行为,使得股票质押业务更多地为企业经营管理使用;另一方面,防风险、去杠杆的态度明确。质押率、质押比例、单一券商单个资管计划质押比例的规定,都是出于这方面考虑。

“总体来看,股票质押征求意见稿,对存量业务几乎没有影响,对新增合约的影响也在可控范围。同时,‘新老划断’的规定也给了市场足够的缓冲。”刘晨明说,金融工作会议以来的一系列监管动作,都有这样的特点,即监管的思路很明确,去杠杆的决心很坚决。经过去年底到今年初的市场震荡,监管手段会趋于温和,以避免对市场形成过大冲击。

兴业证券策略分析师王德伦认为,短期内新规对部分质押比例较高的个股可能有所冲击,从而扰动风险偏好,但整体影响依然可控。

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