Research On Risk Prevention And Control Of Stock Pledge Business From The Perspective Of Melter

In 2013,the Measures for Stock Pledge Repurchase Trading and Registration and Settlement Business(Trial Implementation)initiated the development of stock pledge repurchase business in China.By 2018,the number of stock pledge repurchase business and the scale of pledged stock have increased rapidly,and it has become an important financial tool in China's capital market.The stock pledge business provides a financing way for the shareholders of listed companies.However,when the national macroeconomic growth slows down and the share prices of most A-share listed companies continue to decline,the financiers of financial institutions represented by banks face many risks in carrying out this business.In this paper,the risk of stock pledge repurchase business is analyzed,and the commonly used risk prevention and control measures are summarized.This paper analyses the present situation of stock pledge repurchase business from macro and meso levels,and finds that the scale of stock pledge in A-share market has increased rapidly,and the market value of pledged stock has reached 6 trillion yuan;the shareholders of GEM and SME board have obvious willingness to pledge stock compared with the main board;the pledge ratio of most stocks is low,and the risk is acceptable.Controlled;and the large shareholder stock pledge ratio is too high,which challenges the stability of the whole stock market.This paper makes an analysis of various types of risks of stock pledge repurchase business,and analyses the events of stock pledge risk since 2018.The main risks faced by the stock pledge financing business include market risk,liquidity risk,credit risk,legal compliance risk,operational risk and the risk of separation of controlling rights and cash flow rights of major shareholders.In view of various risks,this paper analyses the related risk events of the stock pledge repurchase business in the current A-share market,and explores its economic impact.In order to measure and monitor the risk of stock pledge financing business beforehand,in the process or afterwards,this paper introduces La-VaR method as the monitoring index of liquidity risk in stock pledge financing business.By calculating the pledge rate of Gudi Science and Technology Stock and comparing it with the actual pledge rate,we can find that the risk quantitative prevention and control model can take market risk and liquidity risk into account,effectively prevent and control risk,and reduce the loss of the financier.Finally,this paper combs the risk management system of stock pledge financing business,and makes a thorough analysis of the role that each line of business should play in preventing all kinds of risks.It is found that the current risk management methods of stock pledge financing business are based on stock pledge rate and stock pledge ratio as the core wind control indicators,due diligence as the main understanding of risks,and real-time.Staring and dynamic monitoring are the main means of wind control,and comprehensive risk management system is coordinated by relevant business departments and wind control departments.