证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2014年
7期
48~52
,共null页
股票质押式回购 场内交易 股权融资 证券公司
股票質押式迴購 場內交易 股權融資 證券公司
고표질압식회구 장내교역 고권융자 증권공사
stock pledged repo, exchange trading, equity financing, securities companies
证券公司股票质押式回购业务是沪深交易所2013推出的类贷款业务，该业务突破了约定购回式证券交易在资金来源、标的证券范围、交易期限等方面的限制，弥补了场外质押在违约处置、时效性等方面的难题，通过场内交易来满足客户的融资需求，具有成本低、效率高、业务灵活、资金来源广的优点，但客户的信用风险、资管出资方案困难重重、业务折算率管理等方面制约了业务的发展，后期加强证券公司在客户、标的证券、风险控制等方面的管理以及监管层出具资管出资的窗口指导意见，对于业务的发展具有重要的意义。
證券公司股票質押式迴購業務是滬深交易所2013推齣的類貸款業務，該業務突破瞭約定購迴式證券交易在資金來源、標的證券範圍、交易期限等方麵的限製，瀰補瞭場外質押在違約處置、時效性等方麵的難題，通過場內交易來滿足客戶的融資需求，具有成本低、效率高、業務靈活、資金來源廣的優點，但客戶的信用風險、資管齣資方案睏難重重、業務摺算率管理等方麵製約瞭業務的髮展，後期加彊證券公司在客戶、標的證券、風險控製等方麵的管理以及鑑管層齣具資管齣資的窗口指導意見，對于業務的髮展具有重要的意義。
증권공사고표질압식회구업무시호심교역소2013추출적류대관업무，해업무돌파료약정구회식증권교역재자금래원、표적증권범위、교역기한등방면적한제，미보료장외질압재위약처치、시효성등방면적난제，통과장내교역래만족객호적융자수구，구유성본저、효솔고、업무령활、자금래원엄적우점，단객호적신용풍험、자관출자방안곤난중중、업무절산솔관리등방면제약료업무적발전，후기가강증권공사재객호、표적증권、풍험공제등방면적관리이급감관층출구자관출자적창구지도의견，대우업무적발전구유중요적의의。
This paper analyzes the current situation, some problems and countermeasures of stocks pledged repo business. The stocks pledged repo business has its own advantages, such as low cost, high efficiency, operational flexibility and a wide range of funding resources. However, it also has some difficulties in determining the credit risk of clients and proposing appropriate funding programs. More or less, the cap posed for discount rate has restricted its development. Securities companies＇ management reinforcement about clients, active securities and risk control in late stage, together with regulators＇ funding guidance would have great impact on stocks pledged repo business.
