上市公司“无股不押” 监管部门防控引导 股权质押之谜

Pledge of stock rights: removing risks

10月19日,中共中央政治局委员、国务院副总理刘鹤携＂一行两会＂一把手集体亮相,喊话股市。刘鹤在接受采访时提及的第一项促进股市健康发展的改革举措就包括＂鼓励地方政府管理的基金、私募股权基金帮助有发展前景的公司纾解股权质押困难＂。同样关注股权质押业务风险的还有银保监会与证监会的一把手。中国银保监会主席郭树清表示,银行应＂稳妥处理＂股权质押业务;中国证监会主席刘士余则提出,鼓励地方政府管理的各类基金、合格私募股权投资基金等＂帮助有发展前景但暂时陷入经营困难的上市公司纾解股票质押困境＂。

The risk of equity pledge of the current A-share listed companies is quite anxious to the nancial regulatory authorities, which is behind the current A-share market "pledging nearly all shares" reality. According to the statistics from Wind, As of October 19 this year, the number of pledged a-shares had reached 642.795 billion, or 10.01% of the total. Under the current circumstance of signi cant market volatility, some previously pledged shares of major shareholders are at risk of being liquidated. Once the fund is liquidated, some listed companies will have to face the reality of real controllers' change. How to rescue a struggling listed company from today's risk of over loss?