民营上市公司股权质押:政策评议与建议

Equity Pledge of Private Listed Companies: Policy Review and Suggestions

在经济增速减缓、结构性去杠杆以及流动性趋紧的宏观经济背景下,股票市场持续挤出泡沫,长期维持低位震荡局面。疲软的市场行情造成股价大规模下行,质押股权的平仓风险、股东控制权的转移风险以及民营企业的流动性危机日益加剧。为避免股权质押危机的负反馈机制危及整个金融市场进而引发系统性金融风险,中央监管部门以及各地方政府纷纷出台了多种化解危机的政策和举措。鉴于此,本文在对民营上市公司股权质押现状进行分析的基础上,整理各部门的驰援行动,并对这些举措进行客观的评价。一方面肯定了政策初显的成效,另一方面指出了当前政策所存在的风险转嫁、缺乏监督、甄别标准不一、忽略长效机制等问题,并对此提出了针对性的政策改进建议,以促进我国民营经济健康稳步高质量发展。

Under the macroeconomic background of slowing economic growth,structural deleveraging,and tight⁃ening liquidity,the stock market continues to squeeze out bubbles and maintain a low level of volatility for a long time.Weak market conditions caused a large-scale decline in stock prices,closing risk of pledged equity,transfer risk of shareholders’control and the crisis of liquidity of private enterprises continues to rise.In order to prevent the negative feedback mechanism of the equity pledge crisis from endangering the entire financial market and triggering systemic financial risks,the central regulatory authority and various local governments have issued various policies and measures to resolve the crisis.In view of this,on the basis of analyzing the current situation of equity pledge of private listed companies,this article sorts out the assistance actions of various departments and evaluates these mea⁃sures objectively.On the one hand,it affirms the initial effects of the policy,on the other hand,it points out the is⁃sues including risk transfer,lack of supervision,different screening standards,and neglect of long-term mechanisms in the current policy,and proposes targeted policy improvements suggestions in order to promote the healthy and sta⁃ble high-quality development of our private economy.