纾困基金运作风险及防范研究

Research on Operational Risk and Prevention of Relief Fund

在经济增速放缓的宏观经济形势下,为规避股权质押风险引起经济环境动荡,危及金融市场平稳运行,央行以及各地方政府纷纷出台了多种纾解股权质押危机的政策以及举措。促进纾困基金的有效使用,防范纾困基金运行风险是至关重要的。本文从股权质押风险的成因入手,如利益侵占、信息不对称等,进一步分析了纾解民营上市企业股权质押困境中存在的困境转嫁、纾困双方利益交换、纾困协议设计失效、自身经营所带来的运行风险,提出为防范纾困基金的运行风险,从纾困对象筛选标准、信息披露、监督管理、治理结构等路径着手,实现纾解股权质押风险,达到促进纾困基金保值增值,纾困基金有效使用的目标。

Under the macroeconomic situation of slow economic growth,the central bank and local governments have introduced a variety of policies and initiatives to relieve the equity pledge crisis in order to avoid the turbulence of the economic environment and to guarantee the smooth operation of the financial market.It is crucial to promote the effective use of the relief fund and prevent its operation risk.This paper aims to investigate the major problems in relieving the equity pledges of private listed companies from the causes of equity pledge risk,and propose that the risk of equity pledge can be relieved through screening criteria,information disclosure,supervision and management,governance structure,with a view to achieve the goal of promoting the preservation and appreciation value of the relief fund and its effective use.