中文摘要
证券公司在中国市场经济日趋发展成熟的环境下应运而生，随着市场发展不断
拓展其业务内涵及外延，进而成为综合性金融机构。证券公司业务范围从最初传统
意义上法定证券业务，到由不同权力机关许可的其他业务资格；从涉足证券行业，
到兼营银行、保险行业，从充当交易通道的一般中介，到具有存贷功能的信用中介。
证券公司的多元化综合化发展，映射出中国金融行业的发展未来，证券公司业务类
型的不断创新，是金融混业发展趋势的必然选择。其中，股票质押回购业务就是创
新业务的典型。
2013 年，证券公司股票质押回购交易正式启动，凭借融资成本低，放款速度
快、资金用途广、违约处置便捷等优势迅速发展。随着股票质押融资的持续发展，
A股市场“无股不押”的现象日益凸显，暴露出质押比例偏高、资金使用不规范、
信用尽调不充分等突出问题，随之积累的风险水平不断抬升，成为宏观调控和行政
监管重点关注的领域。“减持新规”和“股票质押监管新规”下证券公司对股票质
押回购业务的风险管理能力将进一步成为核心竞争力，证券公司应加强股票质押回
购业务的风险识别、尽职调查、标的证券评估、项目管理能力。
本文在对证券业务基本概念和业务模式，监管政策变化和发展现状的基础上，
指出股票质押回购业务风险现状，阐明其出现的必然性和重要性；通过电话、座谈
以及邮件等形式对 F证券公司开展调研，结合调研成果和实地考察，同时通过查阅
中国证券业协会发布的数据，证券公司年度财务报告、经营数据、公司排名等数据
进行分析整理，了解分析 F证券公司股票质押回购业务实际开展情况，包括业务风
险成因的原因及风险合规管理问题。通过对 F证券公司股票质押回购业务风险管理
体系架构介绍、典型风险案例的研究，分析 F证券公司股票质押回购业务的风险表
现及成因，股票质押回购业务的风险管理存在的问题，查找风险和风险管理本质之
间的关系，对业务风险的属性进行梳理，利用风险管理事前和事中、事后手段尽量
减少该业务的违约风险事件发生，为国内其他中小型证券公司在对该项业务的风险
管理提供思路，为其日后开展业务的风险识别和风险规范化管理提供借鉴。
关键词：证券公司；股票质押回购；风险控制

ABSTRACT
Securities companies emerge at the historic moment as China's market
economy develops and matures. With the development of the market,
securities companies continue to expand their business connotation and
extension, and then become comprehensive financial institutions. The
business scope of securities companies ranges from the original traditional
legal securities business to other business qualifications licensed by different
authorities. From involved in the securities industry, to concurrently
engaged in the banking, insurance industry, from acting as a transaction
channel of the general intermediary, to have the function of deposit and loan
credit intermediary. The diversified and comprehensive development of
securities companies reflects the development future of China's financial
industry. The continuous innovation of business types of securities
companies is the inevitable choice of the development trend of financial
mixed industry. Among them, the stock pledge repurchase business is the
typical innovation business.
In 2013, stock pledge repurchase transactions of securities companies
were officially launched and developed rapidly with low financing cost, fast
lending speed, wide use of funds and convenient default disposal. With the
continuous development of stock pledge financing, the phenomenon of "no
share without pledge" in A-share market has become increasingly prominent,

exposing prominent problems such as high pledge proportion, irregular use
of funds, and inadequate credit due adjustment. The accumulated risk level
has been rising, which has become the focus of macro-control and
administrative supervision. The compliance risk management ability of
securities companies for stock pledge repurchase business under the "New
Regulation on Reducing Holdings" and "New Regulation on Stock Pledge
Supervision" will further become the core competitiveness, and securities
companies should strengthen the risk identification, due diligence,
underlying securities evaluation and project management ability of stock
pledge repurchase business.
Based on the basic concepts and business models of securities business,
changes in regulatory policies and development status, this paper points out
the risk status of stock pledge repurchase business, and clarifies the
inevitability and importance of its emergence. By telephone, discussion and
email form of F securities company to carry out the investigation, combined
with the research results and field trips, at the same time by looking at data
released by the China securities industry association, the securities
company's annual financial report, the management data, such as company
ranked data analysis, understand the analysis F securities company stock
repurchase pledge business in actual situation, Including business risk
causes and risk compliance management issues. Through the F securities
company shares pledged repo business compliance risk management system
。。。以下略