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股票质押融资与银行信贷资产质量

Stock Pledge Financing Business and Quality of Bank Credit Assets

Finance and Economics Focusing / 2021,3(3): 47-58 / 2021-05-10 642 790

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• Authors: 唐凯桃¹² 王钟枢³ 赵琳⁴
• Information:

  1．重庆银行博士后科研工作站，重庆；
  2．重庆理工大学会计学院，重庆；
  3．重庆三峡银行，重庆；
  4．西华师范大学商学院，南充

• Keywords:
  Stock pledge; Financial risk; Quality of bank credit assets
  股票质押; 金融风险; 信贷资产质量
• Abstract: With the expansion of stock pledge financing business scale, the relevant risks are gradually exposed. Existed studies generally focus on the risk of control transfer, economic consequences and Countermeasures of listed companies caused by the default of stock pledge financing. Little literature pay attention to the impact of stock pledge financing on bank credit risk. This paper analyzes the relation between stock pledge financing business and quality of bank credit assets. The empirical test. results show that the greater the fluctuation of stock price, the greater the negative impact on the quality of bank credit assets; Further research shows that the stock price fluctuation of Listed Companies in developed areas is smaller, and the negative impact of stock pledge financing on the quality of bank credit assets is significantly lower than that in non-developed areas. This study expands the research on risk management of stock pledge financing business, and provides reference for banks and other financial institutions. 股票质押融资风险随业务规模扩大逐渐暴露。现有研究普遍关注股票质押融资违约可能导致的上市公司控制权转移风险、经济后果及其对策建议，较少关注股票质押融资业务对银行信用风险的影响。文章以股票质押融资业务对银行信贷资产质量的影响为切入点，从质押股票价格波动、质押率、质押比例等因素出发，分析股票质押融资业务对银行信贷资产质量的影响，并进行了相应的实证检验。结果表明，股价波动越大，对质押融资业务中银行信贷资产质量的负向影响越大；进一步研究发现，经济发达地区的上市公司股票价格波动更小，该地区股票质押融资业务对银行信贷资产质量的负向影响显著小于非发达地区。本研究拓展了股票质押融资业务风险管理相关研究，同时也可为银行等金融机构开展相关业务提供决策参考意见。
• DOI: https://doi.org/10.35534/fef.0303011
• Cite: 唐凯桃，王钟枢，赵琳．股票质押融资与银行信贷资产质量［J］．财经聚焦，2021，3（3）：47-58．