发达资本市场股权质押风险防控制度研究

Research on the Risk Prevention and Control System of Stock Pledge in Developed Capital Market

2018年A股市场的低迷引发了严重的上市公司股权质押危机。为有效防范股权质押风险,论文梳理了发达资本市场股权质押机制,探寻发达资本市场较少因股权质押风险而引发经济运行风险的内在原因。在对境内外股权质押制度差异进行对比并充分借鉴的基础上,建议防范股权质押风险应立足制度建设,有序推动质押融资“去杠杆”及减持制度调整,并聚焦资本市场稳定机制建设,充分发挥市场的作用。

The downturn of A-share market in 2018 has led to a serious stock pledge crisis of listed companies.In order to effectively prevent the risk of equity pledge,this paper combs the mechanism of equity pledge in the developed capital market,and explores the internal causes of less risk of economic operation caused by equity pledge in the developed capital market.Based on the comparison and full reference of the differences between domestic and foreign equity pledge systems,this paper puts forward that the prevention of equity pledge risks should be based on the system construction,orderly promote the"deleveraging"of pledge financing and the adjustment of reducing holding system,focus on the construction of capital market stability mechanism,and give full play to the role of the market.