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“宝能式”质押买入模式 将难以为继

2017-09-12 07:18:28   中国经济网

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日前发布了《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。

这被业界称为针对股票质押业务的最严新规,一时间成为市场的最热门话题之一。据了解,修订是为了贯彻全国金融工作会议精神,落实全国证券期货监管系统年中监管工作座谈会要求,抓好资本市场服务实体经济、防控风险、深化改革三大任务的具体工作。

自沪深交易所2013年发布《股票质押式回购交易及登记结算业务办法》以来,A股市场股票质押式回购业务增长迅速。然而,在规模迅速扩大的同时,股票质押式回购业务风险也逐步暴露,如有上市公司控股股东因股权质押爆仓而被强制平仓,还有上市公司先后发布控股股东质押股票触及平仓线的警示公告。

通过对征求意见稿的梳理,可以观察到,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: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%。

目前A股市场上,单只股票的股权质押比例较高,蕴含大量不确定性风险。有统计显示,截至上周末,单只股票股权质押比例超过50%的有123只,单只股票股权质押比例超过60%的有42只,单只股票股权质押比例超过70%的有8只。

另外,征求意见稿明确: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;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。

新规通过增设融资门槛、资金用途、质押集中度和质押率等,延续了金融去杠杆、防控金融风险的监管理念。从总体来看,质押回购新规意在规范质押业务,降低此前部分公司过高的金融杠杆,降低股票质押风险,防止资金脱实向虚。短期内,市场可能面临回落压力,但从长期来看,有助于进一步完善证券市场监管体系,对于推动资本市场健康持久发展将会起到积极作用。

另外,也有业内人士认为,未来新规实施后,股票质押式回购融资规模或将出现一定程度的下降。一方面,小额股票质押业务被禁止,另外一方面,对质押比例和质押率的限制也将缩减股票质押式回购的融资规模。而禁止通过股票质押融资申购新股和买入股票,这将使得“宝能式”质押融资加杠杆买入股票的模式难以为继。

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