随着2019年科创板的推行，2020年创业板改革，资本市场改革正全面深化，证券 公司作为资本市场重要的一环，既有监管压力又有自身盈利的动力，两者都离不开风险 管理。目前存量股票质押业务仍处于风险状态，新的改革更需要证券公司加强风险管理 以更好的服务资本市场。 本文首先介绍了研究背景意义以及国内外研究现状，从股票质押最大的风险来自于 上市公司股价崩盘，甚至退市给证券公司带来融出资金无法回收的巨大风险出发，在大 股东方面研究股票质押可能会导致大股东倾向于采取的行为：信息披露操控、盈余管理 操控、低质审计选择；在证券公司方面，研究给股票价格精确定价、针对大股东的行为 的识别防范，证券公司的风险管理架构改进以及风控实现。 其次以H证券公司大股东股票质押回购业务为研究对象，针对业务流程及风控现状 进行了深入剖析，揭示H公司大股东股票质押业务的风控体系、风控指标在事前、事中、 事后风险识别与处置上的不足之处并给出了相应的解决建议：1、加强大股东公司行为 的监控，增加信息披露、审计定价、盈余管理等自动化风控指标。2、依靠金融科技， 利用大数据、人工智能等新兴技术打造强大的集中风控系统，将风控前置转向风控集中 模式。3、对于限售股加强司法平仓的应用。同时文中提出风险管理内部控制以交互式 的模式进行落实。 最后建议监管层改变证券公司股票质押平仓难的困境，加大对上市公司信息披露违 规责任人的处罚。 本文旨在以此降低证券公司股票质押风险，更好的服务金融市场，并希望可以以股 票质押业务为契机引导整个风控模式及控制模式的转变，为我国资本市场打造旗舰型证 券公司保驾护航。 关键词：股票质押；风险管理；股票质押率；信息披露；盈余管理；审计定价 II Abstract With the implementation of the Science and Technology Board in 2019 and the reform of the GEM in 2020, the capital market reform is being deepened in an all-round way. As an important part of the capital market, securities companies have both regulatory pressure and their own motives for profitability, both of which rely on Risk Management. At present, the stock pledge business is still in a state of risk, and the new reform requires securities companies to strengthen risk management to better serve the capital market. This article first introduces the significance of the research background and the current research status at home and abroad. From the biggest risk of stock pledges comes from the collapse of listed companies’ stock prices, and even the delisting brings great risks to securities companies that the borrowed funds cannot be recovered. For large shareholders, Pledges may lead to actions that tend to take: information disclosure manipulation, earnings management manipulation, and low-quality audit options; For the securities companies, research on precise pricing of stock prices, identification and prevention of actions against major shareholders, and risk of securities companies Improvement of management structure and realization of risk control. Secondly, taking the stock pledge repurchase business of the major shareholder of H Securities Company as the research object, an in-depth analysis of the business process and the current status of risk control was conducted, revealing that the risk control system and risk control indicators of the stock pledge business of the major shareholder of H Company were before, during, and after The shortcomings in the identification and disposal of post-incident risks and corresponding solutions are given: 1. Strengthen the monitoring of the behavior of the major shareholders, increase the information disclosure, audit pricing, earnings management and other automated risk control indicators. 2. Rely on financial technology, use big data, artificial intelligence and other emerging technologies to build a powerful centralized risk control system, and shift the risk control front to the centralized risk control mode. 3. For restricted stocks, strengthen the application of judicial liquidation. At the same time, it is proposed that the internal control of risk management be implemented in an interactive mode. Finally, it is recommended that the supervisory layer change the plight of the securities company's stock pledge and close the position, and increase the penalties for those responsible for information disclosure violations of listed companies. This article aims to reduce the risk of stock pledge of securities companies and better III serve the financial market, and hopes to use the stock pledge business as an opportunity to guide the transformation of the entire risk control model and control model, and build a flagship securities company for China's capital market. Keywords: stock pledge; risk management; stock pledge rate; information disclosure; earnings management; audit pricing IV 目 录 摘要 ........................................................................................................................................... I Abstract ..................................................................................................................................... II 图表清单 ................................................................................................................................. VII 第一章 绪论 .............................................................................................................................. 1 1.1 研究背景及意义 ............................................................................................................. 1 1.1.1 研究背景 .................................................................................................................. 1 1.1.2 选题意义 .................................................................................................................. 2 1.2 国内外研究现状 ............................................................................................................. 2 1.2.1 国外研究现状 .......................................................................................................... 2 1.2.2 国内研究现状 .......................................................................................................... 3 1.3 研究内容与方法 ............................................................................................................. 6 1.3.1 研究内容 .................................................................................................................. 7 1.3.2 研究方法 .................................................................................................................. 7 1.4 研究思路及论文结构 ..................................................................................................... 7 第二章 H证券公司大股东股票质押业务分析 ...................................................................... 9 2.1 H证券公司股票质押开展情况 ...................................................................................... 9 2.1.1 H证券公司概况 ....................................................................................................... 9 2.1.2 股票质押市场概况 .................................................................................................. 9 2.1.3 H证券公司股票质押现状 ..................................................................................... 10 2.2 H证券公司股票质押风险管理现状 ............................................................................ 12 2.2.1 风险管理组织架构 ................................................................................................ 13 2.2.2 事前风控管理 ........................................................................................................ 15 2.2.3 事中风控管理 ........................................................................................................ 16 2.2.4 事后风控管理 ........................................................................................................ 16 2.3 风控管理中存在的问题 ............................................................................................... 17 2.3.1评估指标匮乏导致质押率管理粗放 ..................................................................... 17 2.3.2 事前尽调事后跟踪过于依赖前端业务 ................................................................ 17 2.3.3 预留追保股份以及平仓处置困难 ...