本文關(guān)鍵詞：國內(nèi)信托公司股權(quán)質(zhì)押融資業(yè)務(wù)風(fēng)險管理研究　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：根據(jù)中國信托業(yè)協(xié)會的統(tǒng)計數(shù)據(jù)以及筆者統(tǒng)計，2008年以來，國內(nèi)信托業(yè)幾乎以每年逾1萬億元的資產(chǎn)增長規(guī)模不斷刷新記錄，最近五年年均復(fù)合增長率達(dá)到了51%。2012年末國內(nèi)信托業(yè)資產(chǎn)規(guī)模達(dá)到7.47萬億元，趕超保險業(yè)躍升國內(nèi)第二大金融業(yè)態(tài)。期間股權(quán)質(zhì)押融資業(yè)務(wù)作為國內(nèi)信托業(yè)發(fā)展早期的代表類型亦得到了長足的發(fā)展。根據(jù)wind咨詢的統(tǒng)計數(shù)據(jù)以及筆者統(tǒng)計，信托公司最近四年質(zhì)押筆數(shù)的年均復(fù)合增長率達(dá)到72%，遠(yuǎn)超同期市場整體規(guī)模26%的年均復(fù)合增長率。質(zhì)押股數(shù)方面，，信托公司最近四年年均復(fù)合增長率達(dá)到63%，亦遠(yuǎn)超同期市場整體規(guī)模27%的年均復(fù)合增長率。2011年開始更是一舉打破了以往銀行一家獨(dú)大的局面。 然而2012年以來，在幾乎單邊下跌的市場背景下，股權(quán)質(zhì)押融資業(yè)務(wù)中的質(zhì)押股票開始面臨擔(dān)保價值不足的考驗，大股東滾動、高比例質(zhì)押所持股票變相套現(xiàn)拖累信托公司，拉響了國內(nèi)信托業(yè)股票質(zhì)押融資業(yè)務(wù)的風(fēng)險警報，同時也折射出了行業(yè)對該類業(yè)務(wù)風(fēng)險管理能力不足的潛在問題。因此，開始擔(dān)當(dāng)大任的信托業(yè)亟需增強(qiáng)風(fēng)險管理意識、提高風(fēng)險管理水平、完善風(fēng)險管理鏈條，從而繼續(xù)快速而穩(wěn)健地發(fā)展該類業(yè)務(wù)。 文章通過回顧歷史、分析現(xiàn)狀，在肯定今時今日取得成績的同時，期望喚醒人們的風(fēng)險管理意識。其次，文章梳理了國內(nèi)股權(quán)質(zhì)押融資業(yè)務(wù)面臨的主要風(fēng)險，通過結(jié)合具體案例，強(qiáng)調(diào)主要風(fēng)險點，并提出針對性的風(fēng)險控制建議。文章最后引入VaR方法計算該類業(yè)務(wù)的主要風(fēng)險控制措施之一---質(zhì)押率，為該類業(yè)務(wù)的風(fēng)險設(shè)計和后續(xù)管理提供具有實踐意義的風(fēng)險度量指標(biāo)。
[Abstract]:According to the statistics of the China Trust Association and the author's statistics, since 2008, the domestic trust industry has been increasing by more than 1 tillion yuan a year. In the last five years, the average annual compound growth rate has reached 51%. At the end of 2012, the scale of domestic trust assets reached 7.47 tillion yuan. During the period, equity pledge financing business as the representative type of the early development of the domestic trust industry has also been greatly developed. According to the statistical data of wind consultation and the author. Statistics. In the last four years, the average annual compound growth rate of the pledge amount of the trust company has reached 72%, which is far higher than the average annual compound growth rate of the overall market size of 26% in the same period. Trust companies have had a combined annual growth rate of 63% in the last four years. It also far exceeds the combined annual average growth rate of 27% per year for the market as a whole over the same period. In 2011, it broke with the previous dominance of banks. However, since 2012, under the market background of almost unilateral decline, the pledge stock in the financing business of equity pledge began to face the test of insufficient guarantee value, and the majority shareholders rolled. A high proportion of the shares held by the pledge in disguised form is a drag on the trust company, raising the domestic trust industry stock pledge financing business risk alarm. At the same time, it also reflects the potential problem of insufficient risk management ability of this kind of business. Therefore, it is urgent for the trust industry to strengthen the awareness of risk management, improve the level of risk management, and improve the risk management chain. Thus continue to develop this kind of business quickly and steadily. By reviewing the history and analyzing the present situation, the article expects to awaken people's awareness of risk management while affirming the achievements made today. Secondly, the article combs the main risks faced by domestic equity pledge financing business. Combined with specific cases, this paper emphasizes the main risk points, and puts forward targeted risk control recommendations. Finally, this paper introduces the VaR method to calculate the pledge rate, one of the main risk control measures of this kind of business. It provides a practical risk measurement index for the risk design and subsequent management of this kind of business.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.49;F832.51

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