从2013年6月24日以来，证券领域就开始实施股票质押式回购的相关业务， 在此过程中，证券公司凭借专业实力取得了较大的市场份额，在市场中实现了竞 争优势。参考在监管方面的相应规则以及券商业务标准，当前证券企业股票质押 式回购正在实施的监管体系难以全方位把控业务存在的风险。从2015年6月以 来，A股往往出现持续下滑的现象，股票质押式回购业务也由于风控系统检测担 保价值过低导致强行平仓的现象时有发生，进一步产生了系统性风险预警，体现 了证券企业在该业务上风险控制水平不足的局限性。 本文阐述了股票质押式回购业务的主要理论，探讨了本业务运营环节的各类 风险，其中广泛涉及到信用、市场等多元化类型，同时对不同风险的特点进行了 梳理。以此为前提，将乐视网的股票质押式回购业务作为切入点，探讨了G券 商股票质押式回购具有的局限性，分析其在风控角度的问题；另外，本文从风险 控制的基础上对相关影响因素展开研究；最终借助深入的分析和检验，基于业务 运营的不同流程来制定优化G券商股票质押式回购业务风控的有效方案。 通过研究本文得出以下结论：第一，G券商股票质押式回购风险管理存在风 险管理制度落实不到位、风险种类识别能力不足、风险管理信息系统建设滞后、 风险管理考核落实不到位等问题。第二，针对这些问题，本文首先分别从契约前 期和契约履行期两个阶段提出对策建议：在契约前期应该完善业务操作制度、谨 慎选择标的股票、严格尽职调查；契约履行期间应该严格质押率、严格交易盯市、 监控客户履约资质变化。最后站在整个风险管理系统的高度提出解决方案，应该 建立科学的风险预警机制、建立完备的风险管理信息系统、优化业务人员考核管 理机制。 本文的创新主要有两点：第一，视角新颖。关于股票质押式回购风险问题， 虽然国内外学者已经进行了大量的研究，但是从券商的角度进行分析的却很少， 而且还没有学者从券商内部控制的角度来分析股票质押式回购风险问题，而本研 究则着重分析券商，从内部控制的角度控制股票质押式回购风险，这是本文的一 大创新;第二，重点突出、定位精确。相对于其他学者的研究，本文的研究将重 点定位在股票质押式回购和内部控制上，定位更加精确，同时也很好地突出了研 究的重点。 关键词：G券商；股票质押；回购风险；风险管理 Abstract II Abstract Since June 24, 2013, the related businesses of stock pledge repurchase have been implemented in the securities field. In this process, securities companies have obtained a large market share by virtue of their professional strength and achieved competitive advantages in the market. With reference to the relevant regulation rules and business standards of securities firms, the current regulatory system of stock pledge repurchase of securities enterprises is difficult to fully control the risks of business. Since June 2015, A shares tend to appear the phenomenon of falling, shares pledged repo operations are due to low risk control system to detect collateral value to unwind the phenomenon occurs frequently, further create systemic risk early warning, embodies the securities companies in the business on the limitations of risk control level is insufficient. This paper expounds the main theory of stock pledge type repurchase business, discusses various risks in the operation of the business, which are widely involved in diversified types such as credit and market, and sorts out the characteristics of different risks. Based on this premise, taking letv's stock pledge repurchase business as the entry point, this paper discusses the limitations of stock pledge repurchase of G securities firm and analyzes its problems from the perspective of risk control. In addition, based on risk control, this paper studies relevant influencing factors. Finally, with the help of in-depth analysis and test, an effective plan to optimize the risk control of stock pledge type repurchase business of G brokerage was developed based on different business operation processes. Through the study of this paper, the following conclusions are drawn: first, the stock pledge repurchase risk management of G brokerage has the following problems: the implementation of risk management system is not in place, the identification ability of risk types is insufficient, the construction of risk management information system lags behind, the implementation of risk management assessment is not in place and so on. Second, in view of these problems, this paper firstly puts forward countermeasures and Suggestions from the two stages of pre-contract and pre-contract performance: in the pre-contract, we should improve the business operation system, carefully select the underlying stock, and conduct strict due diligence; During the performance of the contract, the pledge rate should be strictly observed, the transaction should be strictly marked to market, and the change of the customer's G券商股票质押式回购风险管理研究 III performance qualification should be monitored. Finally, a solution is put forward from the height of the whole risk management system. A scientific risk warning mechanism, a complete risk management information system and an optimized business personnel assessment management mechanism should be established. There are two main innovations in this paper: first, the perspective is novel, on the issue of stock pledge type repurchase risk, this study focuses on the analysis of securities firms, from the perspective of internal control of stock pledge type repurchase risk, which is a major innovation of this paper; Second, the focus is prominent, accurate positioning. Compared with the researches of other scholars, this paper focuses on stock pledge repurchase and internal control, which is more accurate and also highlights the research focus. This paper focuses on stock pledge repurchase and internal control, with accurate positioning and novel perspective, and is committed to providing effective measures for securities companies to improve internal control and reduce business risks. Keywords: G brokerage; Pledge of shares; Repurchase risk; Risk management G券商股票质押式回购风险管理研究 1 目录 导 论 ............................................... 1 一、研究背景与意义 ...............................................................................1 二、国内外研究动态 ...............................................................................1 三、本文的研究思路、方法与内容 ........................................................5 四、本文的创新与不足 ...........................................................................7 第一章 券商股票质押式回购风险管理概述 .................. 8 第一节 股票质押式回购的概念与交易模式...................................................8 一、股票质押式回购的概念 ...................................................................8 二、股票质押式回购的交易模式 ............................................................8 三、与其他融资模式的比较 ...................................................................9 第二节 股票质押式回购风险管理的特点与分类 ...........................................9 一、股票质押式回购风险管理的概念 ....................................................9 二、 股票质押式回购风险管理的特点................................................. 10 三、股票质押式回购业务的风险分类 .................................................. 10 第三节 券商股票质押式回购业务的演变及现状 ......................................... 12 一、国内券商股票质押式回购业务的演变 ........................................... 12 二、国内券商股票质押式回购业务现状 ............................................... 13 第二章 G券商股票质押式回购业务风险管理现状与问题 ....... 15 第一节 G券商的基本情况和股票质押式回购业务现状 .............................. 15 一、G券商的基本情况 ......................................................................... 15 二、G券商股票质押式回购业务现状 ................................................... 15 第二节 G券商股票质押式回购业务风险管理体系及架构........................... 16 一、风险管理目标 ................................................................................ 16 二、风险管理制度体系 ......................................................................... 16 三、风险管理组织架构 ......................................................................... 17 第三节 G券商股票质押式回购风险管理存在的问题 .................................. 19 一、风险管理制度落实不到