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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

在目前的A股市场上,单只股票的股权质押比例较高的情况中潜藏着大量不确定性风险。虽然说股权质押是上市公司股东自身的融资行为,但由于质押方大股东、控股股东在上市公司的地位特殊,一旦面临股权质押危机,就可能会导致上市公司的控制权发生变更,对公司股价、经营业绩、信息披露等都会带来较大影响。

从目前市场来看,股权质押率在30%以下,相对还比较安全,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,刚才说的风险就会接连出现。所以,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。

其实从整体上来看,当前A股市场的股票质押风险是在可控范围,而此次监管层针对股票质押式回购业务进一步定位和规范征求意见,是吻合之前全国金融工作会议的精神的,体现了让金融服务实体经济的宗旨。另外,我国的金融业防风险、去杠杆的目标依然明确。看征求意见方案中,有关质押率、质押比例、单一券商单个资管计划质押比例的规定,都是出于这方面的考量。不过,当前的金融监管手段相比之前,在趋于温和,以避免对市场形成太大冲击。

所以,并没有必要将这样的监管措施当做一个利空因素来看待,因为在新规定中的几条警戒线的设置并不会形成对股票质押业务的重大打击,不会带来业务的快速收缩,而且采取了“新老划断”的原则,已经存在的那些股票质押合约会按原有规定执行,不需要提前购回,而且可以进行延期。

总的来说,短期对于市场的影响有限,而通过长效机制引导资金脱虚向实,能促进市场长期健康发展,可看做是利好。

易说》专栏正在给大家送福利,关注《易说》的微信公众号就可以免费领取精品投资课程光盘,在微信搜索公众号:yishuo618,添加关注,查看详情,也可以点击公众号的“问股”,有资深投资顾问为您解答个股问题。

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