Research On Risk Management Of A Company’s Stock Pledge Transaction Business

China reform and opening up market has undergone 40 years of rapid development.The market economy with Chinese characteristics has continued to progress and develop.Driven by development concepts such as "black cats and white cats can catch mice,they are good cats" and "time is efficiency".The economic ties of other countries in the world are constantly learning,learning from the advanced experience of the West,and carrying out a series of exploration and opening up of the capital market based on the actual local form.At the beginning of 2013,the Shanghai and Shenzhen Stock Exchanges opened up the stock pledge trading business of securities companies,which not only provided a new financing channel for private companies,but also increased the financial leverage of financiers and accumulated risks for the market.In recent years,the risks exposed by the stock pledge business have repeatedly appeared on the headlines of major financial newspapers,despite the risks that the securities company as the investor has carried out on the asset management plan that has started operation or the stock pledge business in the proprietary business Warnings and tips.However,due to the violent market turmoil in 2015,many listed companies were unable to fulfill the agreed responsibilities in the stock pledge business in accordance with the pledge contract,and were unable to repurchase the pledged targets,which led to the transmission of financial risks.In 2018,the regulatory authorities: the Securities Association of China,China Securities Depository and Clearing Co.,Ltd.,Shanghai and Shenzhen Stock Exchanges issued the"Shanghai Stock Exchange Stock Pledged Repurchase Transaction Member Business Guide(Revised in January 2018),the Shenzhen Stock Exchange’s Stock Pledged Repo Transaction Member Business Guide(Revised in January 2018),Stock Pledged Repo Transaction and Registration and Settlement Business Measures(2018 Revision),Securities Guidelines for Risk Management of Corporate Stock Pledge Repurchase Transactions.Clarified a regulatory requirement before,during and after the event,and the issuance of the system is considered a signal for the regulatory agency to strictly control the risks of the stock pledge business.Therefore,an in-depth analysis of the risks of the stock pledge business has strong theoretical and practical significance.This article explains the development status,business characteristics,and business processes of the stock pledge business,analyzes the causes of related risks,and then combines the actual stock pledge Business case,carry out risk control in the business process,control the business risks that may arise,and finally put forward countermeasures and suggestions for various risks arising from stock pledges,combined with the current situation of the Chinese market.