股票质押融资业务违约处置实务研究

Research on the Practice of Disposal of Default in the Pledge of Stocks in Financing Business

2018年以来,随着金融去杠杆政策的实施,叠加房地产宏观调控、地方政府债务融资规范等因素,沪深股市波动加大,千股跌停的情况屡次发生,沪深股市多只质押股票遭遇平仓危机,导致股票质押融资业务风险系统性爆发。针对股票质押融资业务中质押人违约后,质权人如何处置质押股票维护自身权益,文章结合实务经验进行了研究和探讨,以期为股票质押融资业务违约后的处置路径提供参考。

Since 2018,with the implementation of the financial deleveraging policy,because of the impact of real estate macro-control,and the local government debt financing regulations,the Shanghai and Shenzhen stock markets have increased volatility,and thousands of shares have fallen limit repeatedly.Many pledged stocks in Shanghai and Shenzhen stock markets suff ered from liquidation crisis,leading to the systematic outbreak of stock pledge financing risks.In view of how the pledgee deals with the pledged shares to safeguard its own rights and interests after the pledgee defaults in the pledge of stocks in financing business,this paper studies and discusses with practical experience,in order to provide reference for the disposal paths after the pledge of stocks in financing business defaults.