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股权质押新规显现三大改变

2017-09-11 07:17:38   中国经济网

每经记者 刘明涛 每经编辑 谢 欣

9月8日,上交所和深交所双双发文表示,为进一步聚焦股票质押式回购交易服务实体经济定位,防控业务风险,规范业务运作,经中国证监会同意,沪深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)》,向社会公开征求意见。

对于这一新规,《每日经济新闻》记者对比了此前的规则,发现主要出现了三大改变。而多家券商以及业内专家都认为,此次股权质押新规出台的首要目的是降杠杆,同时更加严格地规范了股权质押业务。

严控质押比例不超60%

为进一步聚焦股票质押式回购交易服务实体经济定位,防控业务风险,规范业务运作,《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)》于9月8日发布,《每日经济新闻》记者通过对比此前规则注意到,此次新规最主要有三大改变。

此次股权质押新规首要改变就是限制单只股票质押集中度。首先,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%。其次,明确质押率不得超过60%,沪深交易所可以根据市场情况调整质押率上限。

华泰证券策略分析师戴康指出,质押新规通过提高准入条件,从规模和渠道上限制股权质押融资规模,通过15%、30%、50%的警戒线限制单一股票的质押比例,对于中小市值及次新公司通过股权质押再融资的难度增加。

值得注意的是,在目前的A股市场上,单只股票的股权质押比例是较高的,蕴含大量不确定性风险。

《每日经济新闻》记者根据WIND数据统计发现,截至2017年9月8日,A股市场有3308只个股发生了股权质押。其中,单只股票股权质押比例超过50%的数量有123只,单只股票股权质押比例超过60%有42只,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。

“从目前市场来看,股权质押率在30%以下,相对都比较安全,在50%以上就属于存在风险,70%以上就属于股权质押高风险品种,因为一旦触及警戒线无资产可补。一般而言,对于股权质押比例超过50%以上,投资者都应该时刻关注其股价变化以及公司最新的股权质押信息。”深圳一位不愿具名的私募经理向《每日经济新闻》记者分析。

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