关于开展挂牌股票质押回购交易业务的思考(下)

• 作 者: 陈霞
• 机 构: 全国中小企业股份转让系统公司机构业务部,
• 出 处: 清华金融评论
• 发表日期: 2015年08期
• 关键词: 股票回购 质押 主办券商 结算业务 回购交易 交易业务 短期资金 质押融资 股票发行 标的证券

本文深入分析了沪、深股票回购业务运行模式、发展现状及主要特点,认为当前推出挂牌股票回购业务的政策法律环境、市场环境已经完全具备。建议尽快推动主办券商在全国股转系统开展挂牌股票回购交易业务。2013年5月,沪、深交易所与中国结算共同发布实施《股票质押式回购交易及登记结算业务办法》,证券公司股票质押式回购交易(以下简称“股票回购”)业务正式开闸,并迅速成为上市公司进行短期资金融通的重要方式,亦极大地推动了证券公司融资类业务创新发展。

This article analyzes in depth the operation mode, development status and main features of Shanghai and Shenzhen stock repurchase businesses. They think that the policy and legal environment for the listed share repurchase business is currently introduced and the market environment is fully equipped. It is recommended that the host broker should be promoted as soon as possible to carry out listed share repurchase transactions in the national stock transfer system. In May 2013, the Shanghai and Shenzhen Stock Exchanges and China Settlement jointly issued the Measures for the Implementation of the “Stock Pledged Repo Transaction and Registration and Settlement Business”, the securities pledged repo (hereinafter referred to as the “Share Repurchase”) business Formally opened its doors and quickly became an important way for listed companies to carry out short-term financing. It also greatly promoted the innovation and development of the financing businesses of securities companies.