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【易说】重塑股权质押生态 如何影响市场?

2017-09-11 14:27:39   央广网

  作者 易建涛

关于股票质押,最典型的一个例子就是“宝万之争”,通过股票质押补充现金流进行再投资,这是宝能系在过去两年内为人熟知的财务技巧,也是其在“宝万之争”中反复抢筹万科的主要资金来源之一。不过,以后像宝能这样利用循环股权质押融资的情形将难再现。

在刚刚过去的这个周末,最受市场关注的莫过于沪深交易所和中证协陆续发布相关征求意见稿,分别从业务和券商两个角度来给股票质押式回购业务进一步定位和规范,并给这项业务戴上四道紧箍咒:约束融入资金的用途、明确质押率的上限、紧盯融入方信用风险和履约能力、建立融入方黑名单。

2013年,当股权质押业务允许证券公司承接后,这项业务出现了井喷式的发展,但这背后的风险也是越来越引起市场关注。

近四年来,A股股权质押个股数量在不断的递增,从2014年到2017年,A股涉及股权质押的个股数量分别为2554只、2792只、3008只以及3308只。现在几乎到了“无股不质押”的程度。

值得注意的是,今年上半年,上市公司补充股权质押的公告数大幅增加,5月份公告数更是达到149条,达到历史高点,其中包括勤上股份等多家上市公司因股权质押风险较大,已经申请停牌。

截止今年9月9日,以最新价格计算,A股中未解押股票质押市值达6.13万亿元,占A股总市值的10.8%。行业分布主要集中在医药、传媒、地产和化工,市值占比分别为9.9%、7.2%、7.1%和6.6%。在个股方面,A股中质押比例超过50%的个股数量有122家,超过30%的有593家。

单只股票股权质押比例超过70%的有藏格控股、茂业商业、银亿股份、美锦能源、深大通、天夏智慧、印纪传媒以及建新矿业8只个股。

最值得投资者们关注的一个问题就是:一旦股权质押触及警戒线后,股价风险到底有多大?

以股权质押比例接近50%的多喜爱为例。今年5月中下旬,多喜爱的股价突然遭遇10连跌,公司股价短期暴跌49.58%。最终导致公司控股股东陈军、黄娅妮质押的部分股份触及警戒线,公司于6月2日停牌。停牌后,陈军通过追加质押物,黄娅妮通过追加保证金,才有效地解除了平仓风险,保证了公司控股股东实际控制权的稳定。

另外近日发布减持公告的洲际油气,也是因为控股股东广西正和股权质押触及警戒线,遭到长江证券强制平仓,因此广西正和不得不减持公司股票。

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