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股权质押新规显现三大改变 既“一箭双雕”又防“野蛮人”套路

2017-09-11 07:27:39   中国经济网

脱虚入实兼具降杠杆

《每日经济新闻》记者注意到,在此次征求意见稿还明确表示,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。

与此同时,根据《股票质押式回购交易业务协议必备条款》新增的资金用途承诺显示,融入方需保证将融入的资金用于实体经济生产经营,不直接或者间接用于投资于被列入国家相关部委发布的淘汰类产业目录,或者违反国家宏观调控政策、环境保护政策的项目;进行新股申购;通过竞价交易或者大宗交易方式买入上市交易的股票;以及法律法规、中国证监会相关部门规章和规范性文件禁止的其他用途。

天风证券策略分析徐彪团队分析认为,股票质押的融资方无非三类,要么是上市公司大股东拿券换钱用于生产,要么是散户通过股票质押来加杠杆,要么是金融机构做投资管理的一些动作。细看这三类主体,金融机构股票质押业务本身占比就不高,我国金融机构持有工商企业股权本身就受限,银行理财、信托计划等持有股票比重也不大。散户的特点是主体庞大,但由于大部分散户持股市值不大,自然股票质押市值也不大。可以这么说,500万元这条线主要是限制散户通过股票质押来加杠杆。

经济学家宋清辉告诉《每日经济新闻》记者,“从征求意见稿来看,新规将使单只股票质押集中度受限,降低券商股票质押规模和质押平仓风险。同时,防范部分股东质押式减持对市场的冲击,以求达到减少资金空转、降低社会融资利率水平等目的。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,短期市场可能面临回落压力,但却有助于市场的中长期健康发展。”

由此可见,限制了散户通过股权质押加杠杆,还明确资金用途不得打新和炒股,强调资金用于符合国家产业政策,脱虚入实,无疑是起到了降杠杆和让资金入实业“一箭双雕”的作用。

防止野蛮式举牌的“套路”

从严格限制质押融入资金不得买股的监管方向来看,监管层也旨在遏制通过杠杆野蛮举牌上市公司的现象出现。而在此之前,最为明显的例子就是宝能举牌万科A和南玻A。

在2016年7月,宝能旗下的钜盛华屡次使用先通过融资融券方式将上市公司股份划回普通证券账户直接持有,然后将这些股份又以质押式回购方式质押出去进行融资,最后再来用于增持上市公司股份。而这一种举牌“套路”将在股权质押新规后消失。

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