China: 股票质押式回购(上市公司股票质押)体系化解读(上)

Last Updated: 27 June 2019
Article by Hanbo Shi
Most Read Contributor in China, August 2019

一、定义

股票质押回购是指符合条件的资金融入方以所持有的股票或其他证券质押,向符合条件的资金融出方融入资金,并约定在未来返还资金、解除质押的交易。上述定义中的股票,指上交所或深交所的上市公司股票。从上述定义中还可以看到,质押的标的除了股票之外,还包括其他经交易所和中国结算认可的证券。当然,实践中最常见的交易还是上市公司股票的质押式回购。应当注意,债券可以排除在上述定义中的"其他证券"之外,因为针对债券质押式回购有单独的管理办法。

二、场内质押与场外质押

理解股票质押式回购交易,首先要明白场内质押和场外质押,两者的操作方法有很大的区别。严格来讲,股票质押式回购这种标准化的证券交易,仅指场内质押。而场外质押,应该称为上市公司股票质押,适用的就是担保物权法的逻辑。本文将场内质押和场外质押均纳入讨论范围。

那么场内质押和场外质押到底如何区分呢。场内质押是指通过交易所和中国结算的系统完成的交易,核心点是参与场内质押的资金,要通过资金融出方的证券资金账户,经中国结算进入资金融入方的证券资金账户,然后资金融入方再将证券资金账户中的资金,转出至自有银行账户使用。可见定义场内质押的关键是"资金进场",而"场"就是指交易所和中国结算的交易系统。

反之,场外质押交易,资金并不进入交易系统,是由资金融出方从银行账户中直接支付到资金融入方的银行账户,中国结算仅仅负责办理股票质押登记。

场内质押和场外质押在很多方面存在区别,在办理初始质押交易时,操作方式不同,在后期若出现违约后,如何处置质押股票方面也有不同。由于场内质押是标准化业务,本文下面讨论时,先介绍场内质押的规则,然后再对比场外质押的不同。

另外,为了行文方便,本文讨论时,主要引用深交所的规则,上交所的规则与深交所并没有本质区别。

三、对资金融入方和资金融出方的要求

(一)场内质押

场内质押,对于资金融入方和资金融出方有一定的要求。

具体而言,对于资金融入方有一定的限制:即融入方不得为金融机构或者从事贷款、私募证券投资或私募股权投资、个人借贷等业务的其他机构,或者前述机构发行的产品。符合一定政策支持的创业投资基金除外。由于资金融入方持有上市公司股票,是上市公司股东,里面必然有基金或其他金融机构管理的资管产品,根据业务办法,这些主体被排除在融入方之外。

场内质押的资金融出方范围也有限制:即融出方包括证券公司、证券公司管理的集合资产管理计划或定向资产管理客户、证券公司资产管理子公司管理的集合资产管理计划或定向资产管理客户,并且公开募集集合资产管理计划不得参与股票质押式回购交易。因此拟参加场内质押的资方,需要将资金委托给证券公司或其资管子公司,做成单一资产管理计划或集合资产管理计划。

(二)场外质押

对于场外质押,则没有上述限制,遵循意思自治原则,资金融出方和资金融入方可以相互选择,自由签订股票质押合同,并在中国结算办理质押登记。

四、业务协议的主要内容,及一些重点问题的讨论

(一)两方协议或三方协议,及证券公司的核心作用

场内质押的业务协议,根据参与主体的不同,分为《二方协议》和《三方协议》两种。当资金融出方为证券公司、证券公司管理的集合资产管理计划或定向资产管理客户时,证券公司应当与资金融入方签署《二方协议》。当资金融出方为证券公司资产管理子公司管理的集合资产管理计划或定向资产管理客户时,证券公司应当与资金融入方、资产管理子公司签署三方《业务协议》。

以上不管是《二方协议》还是《三方协议》,证券公司均是一方主体,在《三方协议》时,证券公司不是资金融出方,也要参与协议。这样安排,是因为场内质押全程需要证券公司操作,各种指令需要通过证券公司执行,因此,证券公司必然是股票质押式回购业务的受托服务方。在《二方协议》中,证券公司同时是资金融出方和受托服务方,两种身份合于一身,但两种身份下的职能却是分别履行的。

在出现违约风险,需要处置股票时,尤其需要有证券公司的操作,而证券公司从系统上只能操作托管在自己名下的股票。因此,在上述两种交易模式下,用于质押的标的股票,都要托管到作为业务协议主体的证券公司名下,这样证券公司才能在符合约定的条件下,处置标的股票。对于股票的违约处置问题,下文会专门详细介绍。

(二)业务协议应当约定的内容

对于场内质押,业务协议应当约定下列内容:1.交易各方的声明与保证、权利与义务;2.融入方、融出方应遵守证券公司标的证券管理制度确定的标的证券范围、质押率上限、风险控制指标等要求;3.融入方、融出方应约定交易要素、交易流程、登记结算、权益处理、资金用途、履约保障、违约情形及处理等内容;4.融入方、融出方应委托证券公司负责交易申报、盯市、违约处置等事宜;5.《业务协议》必备条款规定的其他内容。业务协议必备条款是业务办法的附件,详细罗列了业务协议应该包括的内容,给交易主体起草业务协议作出了详尽的指引,读者可自行参考,本文不赘述。

场内质押业务协议,本质就是借款协议和股票质押协议的融合体,因此其与一般的借款协议和股票质押协议有相通之处。但由于标的股票为上市公司股票,有其特殊性,因此业务协议中对履约保障比例、预警线、平仓线,标的股票停牌期间市值计算的约定,是比较个性化的内容。

(三)履约保障比例、预警线、平仓线

因为上市公司股票的价格有很大的波动性,进行股票质押式回购时,都要在股票市值上打折,比如拟质押的标的股票市值为1000万元,那么可以融到在资金可能只有500万元。但即便只融资了500万元,随着股票市值的波动,股票市值可能会低于500万元,发生此种情况时,担保物就不足以涵盖融资本金和利息了。此时,一般都要求融资方追加担保,比如可以再补充质押一些股票,或提供现金等其他担保物,以便担保物可以涵盖融资本金和利息。

而实务操作中,就上述例子而言,不会等到股票价格降到500万以下才采取行动,比如在股票价格降到800万元时,按约定,可能就要补充担保物了。如果融资方没有补充担保物,股票价格比如又降到了650万以下,此时资金融出方可能就要处置质押股票以保障自己的本金和利息了。

基于上述考虑,业务协议中一般都会约定履约保障比例、预警线、平仓线。其中履约保障比例,是指合并管理的质押标的证券、相应孳息及其他担保物价值之和与融入方应付金额的比值。预警线,是指质押双方约定的百分数,质押期间如质押证券市值与融资金额之间的比例低于预警线时,质权人可向出质人提示因证券价格下跌产生的风险。平仓线是指质押双方约定的百分数,质押期间如质押证券市值与融资金额之间的比例低于平仓线时,质权人有权根据协议约定对质押证券进行处置。

上述三个概念之间的逻辑关系是,履约保障比例是预警线和平仓线的上位概念。履约保障比例衡量了资金融出方对风险的接受能力,履约保障比例越高,本金和利息最终受损失的可能性越小。但由于场内质押是标准化操作,以股票市值作为判断指标,因此履约保障比例折算成股票的价格,就形成为预警线与平仓线。比如初始交易时,股票价格为10元,质押1000万股,质押股票的市值为1亿元,融资金额比如为5000万元,那么履约保障比例就是200%。如果把履约保障比例150%设置为预警线,那么折合成股票价格就是7.5元,因此股票价格7.5元就是预警线。平仓线比如120%,折合成股票价格就是6元,那么股票价格6元就是预警线。到了预警线,一般约定的后果是提示融资人补充担保物,而到了平仓线,顾名思义,一般约定的后果就是平仓,即把质押的标的股票全部卖出。

对于场外质押,股票质押协议也可以比照场内质押的协议起草,可以设置履约保障比例、预警线、平仓线等。根据目前场外质押的实践,履约保障比例和预警线的设置可能有实际意义,但是平仓线的设置,可能没有实际的意义。因为平仓是卖出质押股票,只能是出质人操作,或托管的证券公司代为操作,但目前证券业协会发了一个通知,不允许证券公司为场外质押提供平仓等中介服务,导致场外质押处置质押股票的操作无法快速实现。详细讨论见后面质押股票处置部分。

(四)标的股票停牌期间市值计算

约定标的股票停牌期间的实质计算方法,主要是为了根据市场行情,计算停牌期间质押股票的实质,以判断是否触发预警线、平仓线而需要采取后续措施。因为整个股票市场是波动的,大盘也是有升有降的,一般情况下,质押标的股票会随着大盘的升降而升降,整个大盘下跌,标的股票如果没有特殊原因,也很难避免下跌。但是如果标的股票停牌,它就无法反应大盘的变化,其停牌时的市值,不能准确反应其现在应有的价格。因此,业务协议中一般要约定标的股票停牌期间市值计算。

至于具体的约定内容,因人而异,一般是约定随标的股票所属行业的股票指数或其他一些可比的指数升降。

(五)如何登记质权人

场内质押,对质权人的登记,按如下办法操作:1、资金融出方是证券公司的,质权人登记为证券公司。2、资金融出方是集合资产管理计划的,质权人登记为管理人,即证券公司或其资产管理子公司。3、资金融出方是定向资产管理客户的,质权人登记为定向资产管理客户或管理人,即单一资产管理计划的委托人可以登记为质权人,证券公司或其资产管理子公司作为管理人,也可以登记为质权人。

对于场外质押,是资金融出方直接登记为质权人。资金融出方如果是资产管理计划的,就是管理人登记为质权人。

(六)停牌股、限售股是否可做质押式回购

对于场内质押,标的股票停牌的,不影响股票质押回购交易。标的股票是限售股票的,也不影响股票质押交易,但解除限售日应早于回购到期日。要求解除限售日早于回购到期日,是出于风险控制的考虑,因为回购到期日若融资方违约的,资金融出方应该可以处置标的股票收回资金,若此时标的股票还处于限售之中,则无法处置,会影响资金融出方收回资金。

对于场外质押,停牌股、限售股当然也可以质押。并且对于限售股解除限售日也没有要求,早于或晚于主债权的到期日,都是可以自由协商的。如果解除限售日晚于主债权到期日,增加了资金融出方的风险,加长了其债权回收期限,但是只要资金融出方自己愿意承担这个风险,当然是可以自由约定的。

(七)标的股票涉及业绩承诺股份补偿协议

资金融入方所持有股票涉及业绩承诺股份补偿协议的,在相关业绩承诺履行完毕前,证券公司不得允许集合资产管理计划或者定向资产管理客户作为融出方参与相应股票质押回购;证券公司作为融出方参与相应股票质押回购的,应当切实防范因融入方履行业绩承诺股份补偿协议可能产生的风险。

业绩承诺股份补偿,是指业绩承诺如果不达标,将来要以所持有的股票作为补偿手段。如果此种股票再用于质押,未来如果进行业绩补偿时,用股票支付业绩补偿和股票质押之间就会有冲突。处理上述冲突,基本的原则是业绩补偿有限,股票质押劣后。证监会《关于业绩承诺方质押对价股份的相关问题与解答》中规定:"......业绩承诺方保证对价股份优先用于履行业绩补偿承诺,不通过质押股份等方式逃废补偿义务;未来质押对价股份时,将书面告知质权人根据业绩补偿协议上述股份具有潜在业绩承诺补偿义务情况,并在质押协议中就相关股份用于支付业绩补偿事项等与质权人作出明确约定。"

应当注意,业绩补偿的约定在并购重组时,一般都会公告。因此接受标的股票的质权人应该注意查询相关公告,为查询相关公告的也很难主张善意,具体到司法实务中,也应当是认定业绩补偿有限。

(八)标的股票质押比例等风险控制指标

为了控制股票质押式回购交易的风险,交易所和中国结算为场内质押设置了一些风险控制指标,进行场内质押交易,要遵循相关要求。

首先,股票质押率上限不得超过60%,质押率是指融资金额与质押股票市值的比率。也即如果股票市值是100万元,则最多融资60万。因为股票市值波动较大,腰斩也是经常发生的,因此质押率越低越安全。

其次,证券公司作为资金融出方的,单一证券公司接受单只A股股票质押的数量不得超过该股票A股股本的30%。集合资产管理计划或定向资产管理客户作为资金融出方的,单一集合资产管理计划或定向资产管理客户接受单只A股股票质押的数量不得超过该股票A股股本的15%。

也即一个资金融出方不要过多的接受一只股票的质押,不要把鸡蛋放到一个篮子中。

再次,证券公司在提交交易申报前,应通过中国结算指定渠道查询相关股票市场整体质押比例信息,该笔交易不得导致单只A股股票市场整体质押比例超过50%。市场整体质押比例,是指单只A股股票质押数量与其A股股本的比值。也即某一只股票可以有多个质权人,但向这些质权人质押的股票加在一起,不能超过该只股票的50%。

应当注意,上述风险管理措施,是针对场内质押而制定的,对于场外质押是不适用的。场外质押的风险,主要由资金融出方自己判断,自己把握,如果风险接受能力强,当然可以接受某只股票超过30%的质押。而对于单只股票整体质押比例已经达到50%的,剩余未质押股票的股东,通过场外质押股票融资的权利,当然不能被任意剥夺。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions