中國(guó)上市公司大股東熱衷于股票質(zhì)押

Chinese stockholders are ramping up borrowing against shares, driving revenue for securities houses but creating risk of a chain reaction in the event of a sharp market downturn.

中國(guó)股東加大了通過(guò)質(zhì)押股票融入資金的力度，這增加了證券公司的收入，但也帶來(lái)在市場(chǎng)急劇下滑時(shí)引發(fā)連鎖反應(yīng)的風(fēng)險(xiǎn)。

Shareholders in 317 Shanghai and Shenzhen-listed companies had pledged shares worth at least 40 per cent of those companies by December 18, up from 224 companies on the same date a year earlier, according to Wind Info.

萬(wàn)得資訊(Wind Info)的數(shù)據(jù)顯示，到12月18日，有317家滬深上市公司的股東已質(zhì)押了這些公司至少40%的股票，高于去年同期的224家。

Share-pledging is especially common for small and mid-cap companies, where a single shareholder often owns a large stake. Controlling shareholders sometimes reinvest the proceeds into company projects or buy additional company shares on the secondary market to boost the share price.

在單一股東經(jīng)常持有高比例股份的中小市值公司，質(zhì)押股票的做法尤為常見(jiàn)?？毓晒蓶|有時(shí)把質(zhì)押所得資金重新投入到公司項(xiàng)目中，或者在二級(jí)市場(chǎng)上購(gòu)入公司的更多股票以提振股價(jià)。

“Companies use ‘market-value management’ to push up the share price, pledge the shares to brokers, and then take the money and run,” said Hao Hong, head of research at Bocom International in Hong Kong.

“公司利用‘市值管理’推高股價(jià)，把股票質(zhì)押給券商，然后拿了錢就跑，”駐香港的交銀國(guó)際(Bocom International)研究主管洪灝說(shuō)。

Offering loans against pledged shares has also become big business for Chinese investment banks, which have long sought new business lines to reduce their reliance on trading commissions.

接受股票質(zhì)押、提供貸款也已成為中國(guó)券商們的一項(xiàng)重要業(yè)務(wù)。長(zhǎng)期以來(lái)，它們一直在開(kāi)拓新的業(yè)務(wù)線，從而降低自己對(duì)傭金收入的依賴。

Interest income from the sale and repurchase of financial assets — a category that mostly comprises loans against pledged shares — rose by 25 per cent in the first half of this year from the same period in 2016 at 29 mainland-listed brokerages, buffering a 2 per cent decline in overall operating income.

在29家中國(guó)內(nèi)地上市券商，今年上半年出售與回購(gòu)金融資產(chǎn)——主要包括接受股票質(zhì)押、提供貸款的業(yè)務(wù)類別——的利息收入，較2016年同期增加了25%，緩解了總體營(yíng)業(yè)收入下滑2%的沖擊。

But analysts warn that share-pledging can amplify a market downturn. If a company’s share price drops below a designated stop-loss level, the lender will liquidate the pledged shares, pushing the share price down even further.

但分析師們警告稱，股票質(zhì)押可能會(huì)放大股市下跌的風(fēng)險(xiǎn)。如果一家公司的股價(jià)跌破平倉(cāng)線，那么資金出借方將變賣被質(zhì)押股票，推動(dòng)股價(jià)甚至進(jìn)一步下跌。

Liquidation of pledged shares was seen as a likely contributor to a steep drop in Hong Kong’s small-cap Growth Enterprise Market in late June, when 17 stocks fell by more than 40 per cent in a single day.

在今年6月下旬的香港小盤股創(chuàng)業(yè)板(Growth Enterprise Market，簡(jiǎn)稱GEM)暴跌中，變賣被質(zhì)押股票被視為一條可能的原因。當(dāng)時(shí)，有17只股票在一天內(nèi)下跌逾40%。

Jia Yueting, founder and largest shareholder in troubled technology and media group LeEco, has pledged Rmb39bn of shares in the group’s Shanghai-listed unit, Leshi Internet Information, to 13 different financial institutions, according to Wind Info. Mr Jia largely used the funds to finance his aggressive expansion into areas such as electric cars, movie production and mobile phones.

萬(wàn)得資訊的數(shù)據(jù)顯示，陷入麻煩的技術(shù)與媒體集團(tuán)樂(lè)視(LeEco)的創(chuàng)始人、最大股東賈躍亭把集團(tuán)旗下上市公司樂(lè)視網(wǎng)價(jià)值390億元人民幣的股票質(zhì)押給了13家不同的金融機(jī)構(gòu)。賈躍亭主要用這筆錢來(lái)資助其咄咄逼人的擴(kuò)張，進(jìn)入電動(dòng)汽車、電影制作和手機(jī)等領(lǐng)域。

The institutions now have a problem — trading in Leshi’s shares has been suspended since April. Given the company’s struggles, the stock is probably worth less than the Rmb15.3 per share price at which it last traded.

這些機(jī)構(gòu)如今面臨著一個(gè)問(wèn)題——樂(lè)視網(wǎng)股票自4月以來(lái)已停牌。鑒于樂(lè)視網(wǎng)的艱難處境，目前其每股價(jià)值很可能低于停牌前15.3元人民幣的股價(jià)。

In September China’s two main bourses published draft rules that would tighten regulation on share pledging. One provision caps the value of loans secured by shares at 60 per cent of the market value of the pledged shares, ensuring a buffer that will protect the lender in case a share price falls.

今年9月，中國(guó)兩大交易所發(fā)布了將收緊股票質(zhì)押監(jiān)管的規(guī)則草案。草案規(guī)定股票質(zhì)押率上限不得超過(guò)60%，建立了緩沖，將在股價(jià)下跌時(shí)對(duì)資金出借方構(gòu)成保護(hù)。