8月2日，深交(jiao)所綜合研究(jiu)所發布(bu)的《2019年第二季(ji)度(du)股(gu)票質押(ya)回購風險(xian)分析報告》（簡(jian)稱《報告》）顯(xian)示，二季(ji)度(du)，深滬交(jiao)易所股(gu)票質押(ya)回購業(ye)務規模持(chi)續(xu)下降，紓困(kun)覆蓋面(mian)進一步擴(kuo)大，平倉風險(xian)可控(kong)，但(dan)部分上市公(gong)司控(kong)股(gu)股(gu)東的信用風險(xian)需進一步緩釋(shi)。

　　紓困覆蓋面進一步擴大

　　《報告》指出，二季度(du)股票質(zhi)押(ya)平倉風險可控，部(bu)分控股股東信用(yong)風險有待進一(yi)步緩(huan)釋，整(zheng)體呈現(xian)以下特(te)點：

　　一(yi)是業(ye)務規模持續(xu)下降，平倉金額(e)占比(bi)低。二季(ji)度末(mo)，深滬(hu)兩(liang)市股(gu)(gu)票(piao)(piao)質(zhi)(zhi)押(ya)回購融資余額(e)10694億(yi)元，較(jiao)一(yi)季(ji)度末(mo)下降5.0%，延(yan)續(xu)2018年2月以來的(de)持續(xu)下降態勢。深滬(hu)兩(liang)市股(gu)(gu)票(piao)(piao)質(zhi)(zhi)押(ya)回購質(zhi)(zhi)押(ya)股(gu)(gu)票(piao)(piao)總(zong)市值(zhi)2.1萬億(yi)元，占A股(gu)(gu)總(zong)市值(zhi)3.9%，較(jiao)一(yi)季(ji)度末(mo)下降0.6個百分(fen)(fen)點，較(jiao)2017年底峰值(zhi)下降2.3個百分(fen)(fen)點。二季(ji)度，深滬(hu)兩(liang)市通過二級市場違約處(chu)置平倉賣出(chu)合計金額(e)52億(yi)元，日(ri)均0.9億(yi)元，比(bi)一(yi)季(ji)度略有減少，約占兩(liang)市股(gu)(gu)票(piao)(piao)日(ri)均成(cheng)交額(e)的(de)萬分(fen)(fen)之一(yi)，違約處(chu)置平倉對市場價(jia)格(ge)影響(xiang)微弱。

　　二(er)是部(bu)分(fen)上(shang)(shang)(shang)市(shi)(shi)公(gong)司(si)控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)風(feng)(feng)(feng)險(xian)較集中，需加大化解力度(du)。二(er)季度(du)末，206家(jia)上(shang)(shang)(shang)市(shi)(shi)公(gong)司(si)控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)的(de)股(gu)(gu)(gu)(gu)票(piao)質(zhi)押回購因低于約定(ding)的(de)履約保障(zhang)水平面臨違(wei)約，除(chu)部(bu)分(fen)協商延期、補充質(zhi)押外，154家(jia)上(shang)(shang)(shang)市(shi)(shi)公(gong)司(si)控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)被證券公(gong)司(si)申報違(wei)約處置或被法(fa)院凍(dong)結質(zhi)押股(gu)(gu)(gu)(gu)票(piao)，其中85%的(de)股(gu)(gu)(gu)(gu)東(dong)在2018年(nian)(nian)末已被采(cai)取(qu)相關措施，說明質(zhi)押風(feng)(feng)(feng)險(xian)分(fen)布(bu)相對集中。今(jin)年(nian)(nian)上(shang)(shang)(shang)半(ban)年(nian)(nian)，上(shang)(shang)(shang)述(shu)154家(jia)上(shang)(shang)(shang)市(shi)(shi)公(gong)司(si)股(gu)(gu)(gu)(gu)價平均下跌4.3%，與市(shi)(shi)場(chang)主(zhu)要股(gu)(gu)(gu)(gu)票(piao)指數上(shang)(shang)(shang)漲的(de)態(tai)勢明顯背離，市(shi)(shi)場(chang)回升(sheng)未降低其違(wei)約風(feng)(feng)(feng)險(xian)。其中31家(jia)控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)去(qu)年(nian)(nian)部(bu)分(fen)股(gu)(gu)(gu)(gu)票(piao)質(zhi)押回購違(wei)約后(hou)，今(jin)年(nian)(nian)又發生新的(de)違(wei)約，違(wei)約金額由去(qu)年(nian)(nian)底的(de)45億元增加至今(jin)年(nian)(nian)的(de)151億元，同時(shi)，108家(jia)上(shang)(shang)(shang)市(shi)(shi)公(gong)司(si)存在業績大幅下滑、債務風(feng)(feng)(feng)險(xian)、資(zi)金占用、違(wei)規擔保等風(feng)(feng)(feng)險(xian)或問題(ti)，其控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)信用風(feng)(feng)(feng)險(xian)與上(shang)(shang)(shang)市(shi)(shi)公(gong)司(si)經(jing)營風(feng)(feng)(feng)險(xian)交織。

　　三是(shi)紓(shu)困(kun)覆(fu)蓋面進(jin)一(yi)步(bu)擴大(da)，但深度有(you)待(dai)(dai)拓(tuo)展。根據(ju)證(zheng)券公(gong)(gong)司(si)向(xiang)深滬交(jiao)易所報送(song)的(de)數(shu)據(ju)統計(ji)，二季(ji)度末已(yi)實施(shi)完成的(de)紓(shu)困(kun)項目涉(she)(she)及(ji)224家上市(shi)公(gong)(gong)司(si)，金額約(yue)861億元，較(jiao)一(yi)季(ji)度末新增(zeng)76家、277億元，增(zeng)幅分別達51.4%、47.4%，其中，86.2%的(de)紓(shu)困(kun)對象為上市(shi)公(gong)(gong)司(si)控股(gu)(gu)股(gu)(gu)東(dong)，81.7%的(de)公(gong)(gong)司(si)為民營企業；紓(shu)困(kun)方(fang)式(shi)(shi)(shi)方(fang)面，受(shou)讓(rang)股(gu)(gu)東(dong)股(gu)(gu)份等股(gu)(gu)權(quan)方(fang)式(shi)(shi)(shi)及(ji)質押融(rong)資等債(zhai)(zhai)權(quan)方(fang)式(shi)(shi)(shi)占比各半，分別占49.8%、49.9%。二季(ji)度證(zheng)券公(gong)(gong)司(si)向(xiang)深滬交(jiao)易所申報涉(she)(she)及(ji)上市(shi)公(gong)(gong)司(si)控股(gu)(gu)股(gu)(gu)東(dong)違(wei)約(yue)的(de)情(qing)形中，五分之(zhi)一(yi)的(de)違(wei)約(yue)金額是(shi)因為股(gu)(gu)東(dong)部分債(zhai)(zhai)務(wu)接受(shou)紓(shu)困(kun)后其他債(zhai)(zhai)務(wu)發生了違(wei)約(yue)，說明其質押風險沒有(you)隨紓(shu)困(kun)完全解(jie)決，紓(shu)困(kun)深度有(you)待(dai)(dai)進(jin)一(yi)步(bu)拓(tuo)展。

　　各方協力化解風險

　　《報告》指出，防(fang)范(fan)化(hua)(hua)(hua)解(jie)股(gu)(gu)(gu)票(piao)質(zhi)押風(feng)險(xian)的(de)(de)重(zhong)點是化(hua)(hua)(hua)解(jie)部分上市(shi)公(gong)(gong)司(si)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)的(de)(de)信用(yong)(yong)風(feng)險(xian)，相關各方需要歸位盡責(ze)(ze)，綜(zong)合(he)施策，更(geng)大(da)程度(du)(du)發(fa)揮(hui)(hui)作(zuo)(zuo)用(yong)(yong)。一是股(gu)(gu)(gu)東(dong)應(ying)當敬畏市(shi)場，對(dui)風(feng)險(xian)早發(fa)現、早處置。如前所(suo)述，防(fang)范(fan)化(hua)(hua)(hua)解(jie)股(gu)(gu)(gu)票(piao)質(zhi)押風(feng)險(xian)具有(you)復雜(za)性和(he)長期性，但個別控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)未充分認識股(gu)(gu)(gu)票(piao)質(zhi)押風(feng)險(xian)的(de)(de)特點和(he)傳(chuan)導機制，對(dui)問題(ti)重(zhong)視不足，錯失風(feng)險(xian)化(hua)(hua)(hua)解(jie)的(de)(de)時機。控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)應(ying)秉持開放(fang)合(he)作(zuo)(zuo)態度(du)(du)，主動盡責(ze)(ze)自救(jiu)，把握化(hua)(hua)(hua)解(jie)風(feng)險(xian)主動權。二是證券(quan)公(gong)(gong)司(si)應(ying)當發(fa)揮(hui)(hui)綜(zong)合(he)優勢，將股(gu)(gu)(gu)東(dong)紓(shu)(shu)困(kun)與提升(sheng)上市(shi)公(gong)(gong)司(si)質(zhi)量結(jie)合(he)。證券(quan)公(gong)(gong)司(si)是資(zi)本市(shi)場重(zhong)要的(de)(de)中介機構，在服務實體經濟、防(fang)范(fan)化(hua)(hua)(hua)解(jie)風(feng)險(xian)、提高上市(shi)公(gong)(gong)司(si)質(zhi)量中可以發(fa)揮(hui)(hui)更(geng)大(da)作(zuo)(zuo)用(yong)(yong)。對(dui)于(yu)上市(shi)公(gong)(gong)司(si)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)發(fa)生質(zhi)押違(wei)約(yue)，同時上市(shi)公(gong)(gong)司(si)也(ye)陷(xian)入(ru)經營困(kun)境的(de)(de)情況，證券(quan)公(gong)(gong)司(si)可以在對(dui)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)紓(shu)(shu)困(kun)的(de)(de)同時，為上市(shi)公(gong)(gong)司(si)提供(gong)并購(gou)重(zhong)組、資(zi)產注(zhu)入(ru)等一攬(lan)子(zi)服務，通過整合(he)資(zi)源、產業升(sheng)級，化(hua)(hua)(hua)解(jie)控(kong)(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)與上市(shi)公(gong)(gong)司(si)風(feng)險(xian)。

　　參與(yu)紓困的(de)(de)(de)各類機(ji)構(gou)(gou)應進一步(bu)加(jia)大力度(du)(du)，在堅持市場(chang)化(hua)、法治化(hua)原則的(de)(de)(de)同(tong)時(shi)，加(jia)強與(yu)地方政府的(de)(de)(de)合(he)作，完善機(ji)構(gou)(gou)內部激勵約束、盡職免(mian)責等制度(du)(du)，實現資(zi)金投(tou)入與(yu)產業支持相結合(he)，以產品創新推動(dong)風(feng)險化(hua)解，為上市公(gong)司或其控(kong)股股東的(de)(de)(de)風(feng)險紓解提供支持。