股权质押融资业务的风险约束与企业融资保障机制研究  

Risk Constraints of Equity Pledge Financing Business and Financing Safeguard Mechanisms

作　　者：马理 李丹娜 Ma Li;Li Danna(College of Finance and Statistics,Hunan University)

机构地区：[1]湖南大学金融与统计学院

出　　处：《经济科学》2024年第3期115-137,共23页Economic Science

基　　金：国家自然科学基金面上项目“发达国家货币政策跨国传导的复杂溢出效应:开放经济条件下的DSGE多国模型与VAR数据检验”(项目编号:72073042)的阶段性成果。

摘　　要：上市公司控股股东将持有的本公司股权质押给金融机构以获取融资是一种常用但风险较高的融资模式。鉴于此,规范发展股权质押融资业务,在降风险的基础上保障企业增长,是有现实意义的研究课题。本文首先构建动态随机一般均衡模型,分析股权质押融资业务的风险约束以及对企业融资的负面影响;然后引入商业银行理财子公司和政府支持,以检验其是否能够保障企业的融资供给与稳定发展;最后对调控政策组合进行福利分析,以测算社会福利的改善效果。研究显示:规范资管业务和控制杠杆比例可以有效降低股权质押融资业务的风险,发挥理财子公司和政府支持的作用可以保障企业发展,降风险与稳增长两者有机结合起来可以增进社会福利。It is a common yet high-risk financing approach for controlling shareholders of listed companies to pledge their equity holdings to financial institutions for financing.The standardized equity pledge financing business,while reducing risk and ensuring enterprise growth,is a re-search topic of practical significance.This paper first constructs a dynamic stochastic general equilibrium model to analyze the risk constraint of equity pledge financing business and its nega-tive impact on enterprise financing.Then,it introduces commercial bank wealth management subsidiaries and government support to ensure the supply of financing for enterprises and their stable development.Finally,it conducts welfare analyses of regulatory policy combinations to es-timate the improvement effect on social welfare.The results show that regulating asset manage-ment business and controlling leverage ratios can effectively reduce the risk of equity pledge fi-nancing business.Utilizing wealth management subsidiaries and government support can safe-guard enterprise development.The combination of risk reduction and stable growth can enhance social welfare.

关 键 词：股权质押融资 风险约束 融资保障 机制设计 

分 类 号：F832[经济管理—金融学] F812