我国股权质押业务的发展与问题——以A股上市公司为例

The Development and Problems of China’s Equity Pledge Business:An Example of A-share Listed Companies

自2014年以来,上市公司股权质押进入全面发展阶段。由于上市公司股权质押涉及面广、对资本市场及金融系统影响显著,对上市公司股权质押发展中暴露的问题与风险进行研究具有较强的现实意义。本文研究发现:在我国股权质押的发展过程中,暴露了一系列的问题与风险,如质押资金"脱实向虚"、引发股价剧烈波动甚至冲击资本市场、诱发大股东侵占上市公司利益,以及影响公司稳定经营等。为了推动股权质押良性发展,针对这些问题,本文提出了相应的政策建议。

Since 2014,the equity pledge of listed companies has entered a stage of comprehensive development.Since the listed company’s equity pledge involves a wide range and has a significant impact on the capital market and even the financial system.Therefore,it is of great practical significance to study the problems and risks exposed in the development of equity pledge of listed companies.The research in this paper finds that in the development process of equity pledge in China,a series of problems and risks have been exposed,such as pledge funds "from real to virtual",causing stock price volatility and even impacting the capital market,inducing major shareholders to encroach on the interests of listed companies,and affect the stable operation of the company.In order to promote the sound development of equity pledge,this paper puts forward corresponding policy recommendations for these issues.