减持新规背景下证券公司股票质押式回购业务发展趋势及风险应对探讨
Research on Risk Prevention and Development Trend of Stock Pledge Repos against the Background of New Rules about Reduction by Shareholder

减持新规的实施对证券公司审慎经营能力与风险管理能力提出了更高要求，股票质押市场业务发展模式正面临从规模到效益的转变。本文首先结合股票质押业务风险与治理的逻辑关系，对现行股票质押式回购业务的现状进行梳理；探讨证券公司实施减持新规对股票质押的影响；最后，针对存在的问题与风险，从监管部门与金融机构两个角度提出了相应的对策建议，以期为相关部门政策制定与业务的开展提供实用性的建议，确保业务的稳定发展。
The imposition of new rules about reduction by shareholder places greater demands on capability in prudential business and risk management capacity of a securities company and the patterns of development shift from scale to effectiveness. Combined with logical relations between risk and governance, this paper summed up the status quo of stock pledge repos, analyzed the effect on stock pledge repos. Finally, aiming at these problems, corresponding measures were proposed from the view point of regulators and financial institutions in order to offer practical suggestions on poli-cy- making and business development to ensure the steady development of financial system.