本文選題：股票質(zhì)押式回購(gòu)　切入點(diǎn)：券商　出處：《華東理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自改革開放以來(lái),我國(guó)的經(jīng)濟(jì)建設(shè)取得了舉世矚目的成就,不斷解放和發(fā)展生產(chǎn)力,創(chuàng)造了 30多年經(jīng)濟(jì)持續(xù)告訴增長(zhǎng)的"中國(guó)奇跡"。2016年,我國(guó)的國(guó)內(nèi)生產(chǎn)總值(GDP)達(dá)到74萬(wàn)億人民幣,GDP總量排名世界第二。與之相對(duì)應(yīng)的是我國(guó)的資本市場(chǎng)也從無(wú)到有,從小到大,演繹了一段波瀾壯闊的歷史。眾所周知,自建國(guó)以來(lái)到改革開放之前,我國(guó)的金融體系一直是"大一統(tǒng)"時(shí)代,即中國(guó)人民銀行控制著我國(guó)經(jīng)濟(jì)金融的幾乎方方面面。上世紀(jì)80年代末90年代初,商業(yè)銀行、證券公司、信托公司、保險(xiǎn)公司和基金公司等各類金融機(jī)構(gòu)迎來(lái)了快速發(fā)展的井噴時(shí)代,在各自專業(yè)的金融業(yè)務(wù)領(lǐng)域扮演著舉足輕重的角色。特別是最近幾年,隨著監(jiān)管層放松了對(duì)資本市場(chǎng)管制,資本市場(chǎng)的熱度極具升溫,而券商作為資本市場(chǎng)最主要的參與主體,一時(shí)間也被推上了風(fēng)口浪尖,各種金融創(chuàng)新業(yè)務(wù)也是層出不窮。本文所研究的股票質(zhì)押式回購(gòu)業(yè)務(wù)(以下簡(jiǎn)稱"股票質(zhì)押式回購(gòu)")就屬于創(chuàng)新業(yè)務(wù)的一種,目前已在券商資產(chǎn)管理業(yè)務(wù)當(dāng)中占據(jù)舉足輕重的地位。雖說(shuō)股票質(zhì)押式回購(gòu)業(yè)務(wù)近年來(lái)有了一個(gè)飛速的發(fā)展,但也積累下了很多風(fēng)險(xiǎn)。尤其是2015—2016年間的幾次"股災(zāi)"導(dǎo)致大部分公司的股價(jià)估值大幅度回落,給基于股價(jià)確定融資額和風(fēng)險(xiǎn)控制標(biāo)準(zhǔn)的股票質(zhì)押式回購(gòu)造成了很大的沖擊。另一方面,典型的股票質(zhì)押式回購(gòu)交易結(jié)構(gòu)當(dāng)中往往嵌套了多重資管通道,在達(dá)到規(guī)避監(jiān)管的同時(shí)也在金融體系內(nèi)部不斷積聚了風(fēng)險(xiǎn),如此錯(cuò)綜復(fù)雜的多層通道極有可能導(dǎo)致違約風(fēng)險(xiǎn)的連鎖反應(yīng),甚至引發(fā)金融市場(chǎng)的動(dòng)蕩。面對(duì)股票質(zhì)押式回購(gòu)業(yè)務(wù)發(fā)展過(guò)程中所遇到的這兩方面重點(diǎn)問(wèn)題,筆者根據(jù)在券商實(shí)習(xí)工作實(shí)證案例展開深度的剖析研究,力求揭示出現(xiàn)此類問(wèn)題的本質(zhì),從而為股票質(zhì)押式回購(gòu)交易制度的改進(jìn)和進(jìn)一步提高券商的風(fēng)險(xiǎn)管控水平提出建議。
[Abstract]:Since the beginning of reform and opening up, China's economic construction has made remarkable achievements, liberating and developing the productive forces, and creating the "Chinese miracle", which has sustained economic growth for more than 30 years. In 2016, China's gross domestic product (GDP) has reached 74 trillion yuan, ranking it second in the world. Correspondingly, China's capital market has also grown from nothing, from small to large, with a magnificent history. As we all know, From the founding of the people's Republic of China to the reform and opening up to the outside world, the financial system of our country has been "unified", that is, the people's Bank of China controls almost all aspects of China's economy and finance. At the end of -20s and the beginning of 90s, commercial banks and securities companies, Trust companies, insurance companies, fund companies and other financial institutions have ushered in the era of rapid development, playing an important role in their respective professional financial business, especially in recent years, With the deregulation of the capital market at the regulatory level, the heat of the capital market is heating up, and the securities companies, as the main participants in the capital market, have also been pushed to the forefront of the storm for a while. The stock pledge repurchase business (hereinafter referred to as "stock pledge repurchase") is one kind of innovative business. At present, it has played an important role in the asset management business of securities firms. Although the stock pledge repurchase business has developed rapidly in recent years, But there has also been a lot of risk. In particular, several "share crashes" in 2015-2016 have led to a sharp fall in the valuation of most companies' stock prices. On the other hand, the typical stock pledge repurchase structure is often nested with multiple capital management channels. While circumventing regulation, there is also a constant accumulation of risk within the financial system. Such a complex multi-layer channel is likely to lead to a chain reaction of default risk. In the face of these two key problems encountered in the development of stock pledge repurchase business, the author carries out a deep analysis and research based on the empirical case of practice work in securities firms. This paper tries to reveal the essence of this kind of problem, and puts forward some suggestions for the improvement of stock pledge repurchase trading system and the further improvement of risk control level of securities firms.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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