上市公司股票质押风险和应对机制

当今我国股票质押存在股票估值不易确定、股票变现不易、违规操作、监管不易和利益输送五大问题,这些问题伴随着2015年证券市场多次的千股跌停奇观而更加突出,导致质押权人的风险大幅增加,波动的原因既可能来自系统风险或者公司风险,也可能来自财务风险或者经营风险。质押权人应该从定性定量两方面,参照《证券公司股票质押贷款管理办法》,从事先审查、事中监督和事后监督三方面来合理有效地应对这种股价波动幅度过大而导致的质物过快贬值的风险。

Such problems as indefinable stock evaluation, difficult stock liquidation, illegal operations, ill supervision and profit transfer are the five major ones of China^s stock pledges. These problems, together with the wonders of regular limit in the stock market in 2015, become more prominent. These contribute a substantial increasing risk to the pledgees. The cause of the volatility may come from systemic risk or company risk. It may also come from the financial risks or operational risks. With reference to Measures for the Administration of Stock Pledge Loan of Securities Companies, the pledgees should response reasonably and effectively from those three aspects as prior review, supervision and post supervision, to the risk of quick devaluation caused by too much stock price volatility.