股票質(zhì)押發(fā)展之路

1、股票質(zhì)押發(fā)展之路一、股票質(zhì)押業(yè)務(wù)發(fā)展歷程2013年5月，滬深交易所和中登公司發(fā)布了股票質(zhì)押式回購(gòu)交易及登記結(jié)算業(yè)務(wù)辦法（試行），在對(duì)股票質(zhì)押式回購(gòu)交易進(jìn)行規(guī)范的同時(shí)，也拉起了股票質(zhì)押式回購(gòu)業(yè)務(wù)蓬勃發(fā)展的序幕。同年6月24日，上證所和深交所正式啟動(dòng)股票質(zhì)押式回購(gòu)業(yè)務(wù)。國(guó)泰君安、海通證券、國(guó)信證券等9家券商獲得第一批試點(diǎn)資格；6月25日，股票質(zhì)押式回購(gòu)業(yè)務(wù)啟動(dòng)首日融資金額便達(dá)17億元左右。隨著券商、銀行入場(chǎng)后，股票質(zhì)押式回購(gòu)業(yè)務(wù)由于手續(xù)簡(jiǎn)便，不涉及過(guò)戶(hù)、交易稅收等問(wèn)題，加之最長(zhǎng)回購(gòu)期限達(dá)到3年，使得其開(kāi)始井噴式發(fā)展，截至2017年年底，滬深A(yù)股整體股票質(zhì)押規(guī)模已突破6.3萬(wàn)億元。二、場(chǎng)內(nèi)VS場(chǎng)外.

2、場(chǎng)內(nèi)一般來(lái)講，滬深交易所所稱(chēng)的股票質(zhì)押式回購(gòu)交易指的是場(chǎng)內(nèi)交易，這種“場(chǎng)內(nèi)”股票質(zhì)押業(yè)務(wù)是由證券公司及其成立的資管計(jì)劃作為融出方，并通過(guò)交易所交易系統(tǒng)進(jìn)行業(yè)務(wù)上報(bào)的流程化操作，是一種已經(jīng)被標(biāo)準(zhǔn)化的業(yè)務(wù)。其具體流程如下圖所示：份額.場(chǎng)外場(chǎng)外質(zhì)押不同于場(chǎng)內(nèi)，其資金融出方可以是銀行、信托、保險(xiǎn)公司、基金子公司和其他實(shí)體企業(yè)等機(jī)構(gòu)資金。場(chǎng)外交易的交易流程較為簡(jiǎn)單，交易雙方可直接在中證登進(jìn)行股票質(zhì)押登記，進(jìn)而完成股票質(zhì)押交易（是否需要公證根據(jù)出資方需求而定）?？紤]到實(shí)際操作中，銀行資金因其固有的成本優(yōu)勢(shì)，大部分場(chǎng)外質(zhì)押多半會(huì)有銀行資金的參與，而銀行資金又往往通過(guò)信托通道來(lái)完成整個(gè)質(zhì)押交易，其具體流程如下

3、圖所示：三、股票質(zhì)押新規(guī)2018年1月12日，滬深交易所和中證登正式發(fā)布了股票質(zhì)押式回購(gòu)交易及登記結(jié)算業(yè)務(wù)辦法（2018年修訂）（以下簡(jiǎn)稱(chēng)新辦法），并自2018年3月12日起正式實(shí)施。與原辦法相比，新辦法修訂內(nèi)容主要包括三個(gè)方面：一是進(jìn)一步聚焦服務(wù)實(shí)體經(jīng)濟(jì)定位。明確融入方不得為金融機(jī)構(gòu)或其發(fā)行的產(chǎn)品，融入資金應(yīng)當(dāng)用于實(shí)體經(jīng)濟(jì)生產(chǎn)經(jīng)營(yíng)并專(zhuān)戶(hù)管理，融入方首筆初始交易金額不得低于500萬(wàn)元，后續(xù)每筆不得低于50萬(wàn)元，不再認(rèn)可基金、債券作為初始質(zhì)押標(biāo)的。二是進(jìn)一步強(qiáng)化風(fēng)險(xiǎn)管理。明確股票質(zhì)押率上限不得超過(guò)60，單一證券公司、單一資管產(chǎn)品作為融出方接受單只A股股票質(zhì)押比例分別不得超過(guò)30%、15%,單只A

4、股股票市場(chǎng)整體質(zhì)押比例不超過(guò)50%。三是進(jìn)一步規(guī)范業(yè)務(wù)運(yùn)作。明確證券公司開(kāi)展業(yè)務(wù)的資質(zhì)條件，要求證券公司建立融入方信用風(fēng)險(xiǎn)持續(xù)管理及資金用途跟蹤管理機(jī)制。根據(jù)中證登公布的數(shù)據(jù)，截止2018年1月12日，單只A股股票市場(chǎng)整體質(zhì)押比例超過(guò)50%的上市公司如下表所示：?jiǎn)我还善辟|(zhì)押比例證券代碼證券簡(jiǎn)稱(chēng)質(zhì)押筆數(shù)（筆）無(wú)限售股份質(zhì)押數(shù)量（萬(wàn)）有限售股份質(zhì)押數(shù)量（萬(wàn)）A股總股本（萬(wàn)）質(zhì)押比例（%）603696安記食品116.242226.0012000.0050.22603698航天工程2315.950.0041230.0050.33603699紐威股份11026910.500.0075000.0050.3

5、5603701德宏股份2873.02278.0011952.0050.4603703盛洋科技4098.761238.0022970.0050.41603707健友股份1525.982357.5042350.0050.41603708家家悅2023.600.0046800.0050.49603711香飄飄40.800.0040001.0050.51603716塞力斯356.65505.857131.6050.63603717天域生態(tài)283.681904.6017271.1650.72603718海利生物1282.204000.0064400.0050.74603721中廣天擇62.03287.0

6、010000.0050.8603722阿科力10.00362.008670.0050.93603725天安新材60.28308.0014668.0050.95603726朗迪集團(tuán)232.59510.009472.0051.01603727博邁科304.860.0023414.5051.04603728鳴志電器336.670.0032000.0051.12603729龍韻股份161.332028.276667.0051.26603730岱美股份468.58108.0040800.0051.44603737三棵樹(shù)3781.121829.2010218.1251.52603738泰晶科技328.05

7、3956.0011335.6051.58603757大元泵業(yè)165.400.008380.0051.7603758秦安股份2718.16764.0043879.7051.92603766隆鑫通用91106515.190.00211307.7451.95603767中馬傳動(dòng)184.370.0021332.0051.96603768常青股份288.59892.5020400.0052.11603776永安行715.00315.349600.0052.13603777來(lái)伊份6217.384210.3624371.9352.19603778乾景園林431514.1616104.5050000.0052

8、.38603779威龍股份401299.016649.4622964.6752.4603787新日股份2723.790.0020400.0052.41603788寧波高發(fā)1110.920.0016435.3052.5603789星光農(nóng)機(jī)3663.131595.8026196.0452.58603797聯(lián)泰環(huán)保152.430.0021334.0052.6603798康普頓2823.240.0020000.0052.61603799華友鉆業(yè)288239.8723757.0059267.6652.62603887603887城地股份29472.95831.9310300.0060.166038006

9、03800道森股份327.672581.0020800.0052.65603801志邦股份416.011111.7716000.0052.82603803瑞斯康達(dá)337.302873.3542105.5653.22603806福斯特804543.080.0040200.0053.23603808歌力思4738.990.0033730.2053.5603809豪能股份60.63200.0010667.0053.7603811誠(chéng)意藥業(yè)721.39118.308520.0054.07603813原尚股份62.49500.008827.0054.27603816顧家家居465.444427.00428

10、14.1054.38603817海峽環(huán)保258.620.0045000.0054.5603818曲美家居25224.750.0048412.0054.6603819神力股份13397.253653.3012082.0054.63603822嘉澳環(huán)保201.81718.287335.0055.06603823百合花1814.250.0022500.0055.07603825華揚(yáng)聯(lián)眾30.07782.0016000.0055.14603826坤彩科技265.412949.4236000.0055.25603828柯利達(dá)2324.674518.0033022.6955.63603829洛凱股份32.

11、320.0016000.0055.7603833歐派家居13220.95385.1042059.6555.92603838四通股份352211.0111399.8426668.0056.06603839安正時(shí)尚6914.206856.0028906.0656.31603843正平股份441765.7114019.6840000.3056.4603848好太太10.270.0040100.0056.41603855華榮股份1313.011500.0033107.0056.42603856東宏股份20.760.0019724.2056.66603858步長(zhǎng)制藥1701598.3212476.446

12、8180.0056.86603859能科股份385.213063.1111356.0057.24603860中公高科47.820.006668.0057.32603861白云電器8618.120.0040910.0057.33603866桃李面包47186.885239.0047062.6057.36603868飛科電器523.780.0043560.0057.45603869北部灣旅25985.966624.7634880.6357.71603877太平鳥(niǎo)2111.21430.0048093.2458.28603878武進(jìn)不銹3721.942190.2420200.0058.44603879

13、永悅科技123.761641.0014400.0058.84603880南衛(wèi)股份60.341984.1610000.0059.01603881數(shù)據(jù)港6713.11688.0021058.6559.05603882金域醫(yī)學(xué)156.260.0045788.4659.65603883老百姓307.516994.1128494.5359.8603885吉祥航空372198.987728.00179701.3559.87603886元祖股份3613.080.0024000.0059.91603888新華網(wǎng)5013.930.0051902.9460.35603889新澳股份314882.121383.55

14、39365.1160.59603890春秋電子40.371000.0013700.0060.6603896壽仙谷91.54610.0013980.0060.66603898好萊客108278.77518.0031811.8360.68603899晨光文具319.210.0092000.0060.7603900萊紳通靈275.934342.1034047.3860.94603901永創(chuàng)智能2736.186300.0040000.0061.03603903中持股份171.311186.0310333.6061.07603906龍?bào)纯萍?62.850.0020800.0061.31603908牧高笛

15、284.83140.596669.0061.62603909合誠(chéng)股份651.922104.0310000.0061.63603912佳力圖22.940.0014800.0061.75603916蘇博特101.67360.0030400.0061.75603918金橋信息563469.342700.0017732.5061.78603919金徽酒351577.7320321.0036400.0061.92603920世運(yùn)電路4919.680.0040180.0062.1603922金鴻順1514.540.0012800.0062.7603926鐵流股份166.920.0012000.0062.7

16、6603928興業(yè)股份26109.540.0020160.0062.92603929亞翔集成121123.06160.0021336.0063.09603933睿能科技1994.700.0010267.0063.1603936博敏電子182.995987.0016735.0063.11603937麗島新材20.450.0020888.0063.21603938三孚股份30.35339.0015016.6663.31603939益豐藥房792.27680.0036269.4763.5603955大千生態(tài)3619.501782.898700.0063.65603958哈森股份4319.760.00

17、21736.0063.7603959百利科技12846.2811137.0022400.0063.73603960克來(lái)機(jī)電123.750.0010400.0063.79603963大理藥業(yè)20.350.0010000.0063.8603966法蘭泰克116.741041.0016000.0064.09603968醋化股份2123.190.0020448.0064.44603969銀龍股份11736.671250.0040000.0064.59603970中農(nóng)立華30.16920.0013333.3464.77603976正川股份30.220.0010800.0065.35603977國(guó)泰集團(tuán)4

18、32364.280.0022108.0065.87603978深圳新星40.35132.008000.0065.9603979金誠(chéng)信11163.7814279.4558500.0067.31603980吉華集團(tuán)335.088706.1250000.0067.34603985恒潤(rùn)股份335.631983.008000.0067.41603986兆易創(chuàng)新998.861444.5120267.9768.69603987康德萊288.073150.0031543.5070.91603988中電電機(jī)214269.640.0012000.0071.28603989艾華集團(tuán)122.12130.0030000.0071.39603990麥迪科技30976.301445.008092.2672.51603991至正股份386.552500.007453.5072.55603993洛陽(yáng)鉬業(yè)15033301.620.001766577.2675.3603996中新科技191.8810085.6330015.0075.56603997繼峰股份9559.6218775.0763000.0077.34603998方盛制藥7212452.76198.1543093.6577.96603999讀者傳媒573