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                                                                                                                                                                          www.xpj476.com点击进入官方直营网站!:沪深交易所发布新规完善股票质押回购机制

                                                                                                                                                                             昨日,沪深证券交易所发布《关于股票质押回购交易相关事项的通知》,进一步优化了违约合约的展期安排,放宽相关新增融资条件。同时,《通知》要求相关各方审慎评估融入方的信用风险和履约能力,持续做好股票质押回购的风险管理。

                                                                                                                                                                            具体来看,《通知》主要包括两方面内容。一是优化违约合约展期安排,明确融入方违约且确需延期以纾解融入方信用风险时,若累计回购期限已满或将满3年,经交易双方协商一致,延期后累计的回购期限可以超过3年,以存量延期方式缓解融入方还款压力。二是对用于纾解质押风险的新增股票质押回购作出特别安排,对于新增股票质押回购融入资金全部用于偿还违约合约债务的,可不适用现行业务办法中关于单一融出方及市场整体质押比例上限、资管计划不得作为融出方参与涉及业绩承诺股票质押回购限制及质押率上限等条款,以放宽新增融资条件的方式缓解融入方流动性压力。

                                                                                                                                                                            业内人士分析,受市场波动等多方面因素影响,沪深交易所股票质押风险逐步累积暴露,但分布相对集中,市场影响总体可控。比如说,民营上市公司股东是股票质押回购融资的主体,其质押市值占质押总市值的比例达到82.4%,超过八成的融入资金用于生产经营、补充流动资金等实体经济用途,这对于缓解民营上市公司股东融资困难发挥了重要作用。同时,股票质押风险是股东信用风险而非上市公司的经营风险。

                                                                                                                                                                            近期,一行两会、地方政府及证券公司、保险公司等金融机构,正在积极参与化解上市公司特别是民营上市公司股票质押风险的相关工作,各种纾困手段逐步落地,对有效化解股票质押风险具有重要作用。本次《通知》的发布,目的在于为纾解股票质押困境创造良好市场环境,支持相关各方纾困措施落地,帮助民营企业解决融资难问题。