本报讯 “电商价格战”背后的“资本迷局”让人们又一次领略了股权质押的“爱与恨”。

Report from our correspondent “Electric business price war”Behind the“Capital fan bureau”Let people and a taste of the equity of the pledge“Love and hate”。

　　苏宁电器(002024,股吧)最近给我们上了生动的一课。根据苏宁电器的公告，今年6月11日，张近东将其持有的有限售条件流通股1.64亿股、2.085亿股、2.58亿股分别质押给三家信托公司，以筹集资金参与定向增发。但是这种质押是有条件的：一旦股价下跌，要么信托公司平仓，要么张近东追加质押。

Su ning electric equipment(002024,guba)Recently we had vivid lesson。According to the announcement of suning appliance，June 11,，A near east by the limited sale condition outstanding shares 164 million shares、208.5 million shares、258 million shares were pledged to three trust company，To raise funds to participate in directional shares。But this pledge is conditional：If shares lose value，The trust company or liquidated，Either a near east additional pledge。

　　戏剧性的是，“这种风险”被刘强东敏锐地抓到，“价格战”被逼上演的同时，苏宁电器只能通过不超过10亿元的增持计划来保股价。而根据公告，8月8日张近东又分别将5200万股、2.6亿股和1.3亿股分别追加质押给上述信托公司。

Dramatic is，“The risk”Be LiuJiangDong keenly caught，“Price war”Be forced on at the same time，Suning appliance only by not more than 1 billion yuan of increasing plan to the share price。And according to the announcement，August 8, the near east and zhang respectively 52 million shares、260 million shares and 130 million shares are additional to the above the pledge trust company。

　　不过，上述惊心动魄的好戏只反映出股权质押的冰山一角。实际上，由于实体经济恶化、公司资金吃紧，上市公司通过股权质押的融资冲动越来越强烈，风险也逐渐显现。

but，The above heartquake the drama of the pledge of stock rights reflect only the tip of the iceberg。In fact，Due to the entity economy worse、The company's funds to a tight，The listed company through the equity pledge financing impulse is more and more intense，Risk also appeared gradually。

质押融资超5000亿 Pledge financing exceeds 500 billion

　　Wind数据显示，2000年以来，股权质押发生的次数逐年递增，2009年已经超过千次，2011年更达到1598次，较2010年大幅增长46%。按股权质押日的股价估算，规模也不断增加，2011年的质押市值达到6134亿元。

Wind data display，Since 2000，Pledge of stock rights happen times increasing year by year，In 2009, has more than one thousand times，In 2011 to 1598 times more，A sharp increase by 46% in 2010。According to equity pledge, share price estimation，Scale increases constantly too，2011 years of pledge value reached 613.4 billion yuan。

　　股权质押次数和规模的不断上升无疑与A股市场的上市公司数量增长有关，但近几年尤其是2011年股权质押规模在A股市值下降的情况下依然迅速攀升，其主要原因还是上市公司的融资需求强烈。

Pledge of stock rights times and rising scale with no doubt A share market of the listed company quantity growth are concerned，But in recent years, especially in 2011 equity pledge scale in A stock market value falls under the condition of the still rising rapidly，The main reason or listed companies financing demand strongly。

　　2011年偏紧的货币政策和股市的低迷使得上市公司通过银行信贷和股市再融资等方式获得资金的难度不断攀升，在这种背景之下，企业只能转向扩大发债或信托的方式融资，股权作为一种重要的抵押品自然成了越来越多公司的选择。

2011 partial tight monetary policy and stock market downturn makes the listed company through the bank credit and stock market financing way again and receive money of increasing difficulty，In this context，Enterprise can turn to expand FaZhai or trust financing way，Equity as a kind of important collateral natural became more and more company's choice。

　　而截至8月27日，今年以来共发生股权质押1122次，规模高达1432.17亿股。以昨日收盘价计算，质押规模超过1.29万亿元，按40%的折价测算，上市公司通过股权质押方式今年已经融资超过5160亿元。毋庸置疑，这5160亿元对相关上市公司的经营将起到积极的作用。

But as of August 27,，Since this year, there were 1122 times pledge of stock rights，Scale up to 143.217 billion strands。Yesterday in the closing price calculation，Pledge size more than 1.29 trillion yuan，According to 40% discount estimates，Listed companies by way of financing pledge of stock rights this year already more than 516 billion yuan。No doubt，The 516 billion yuan to the related listed companies' will play a positive role。

　　根据上市公司公告来看，股权质押融资一般出于三个方面考虑：一是增加资产的流动性，提高资金使用效率。特别是限售股短期难以变现，通过股权质押的方式也能获取资金。二是避免因减持导致股权比例降低。三是出于对未来前景的看好，并不愿意低位减持，而是通过质押形式融资，等待市场的回暖。

According to the listed company announcement to see，Equity pledge financing general from three aspects：One is to increase the liquidity of asset，To improve the service efficiency of funds。Especially limit a sale to short-term realizable，Through the equity pledge way can also access to funds。The second is to avoid because of reduced the lead to equity ratio to reduce。The third is optimistic about the prospects for the future，Do not want to low order to reduce their holdings，But through the pledge financing forms，Waiting for the market of milder。

　　从行业的角度看，房地产行业股权质押最普遍。德勤华永一位不愿具名的会计师坦言，房地产行业的股权质押次数和规模都要远高于其他行业，除货币政策和房地产调控的双重重压影响外，与行业本身的特点也有很大关系。可以说，对于股市融资不畅的房地产行业，股权质押简直是雪中送炭。

From the industry point of view，Real estate industry the most common equity pledge。Deloitte HuaYong one anonymous accountant said，The real estate industry equity pledge frequency and scale are far higher than other industries，In addition to monetary policy and real estate regulation of the double pressure outside influence，And the characteristics of the industry itself also to have the very big relations。Can say，For the dull stock financing of real estate industry，Pledge of stock rights it is urgently needed。

高比例质押风险大 High risk big pledge

　　然而，股权质押这把“双刃剑”也会给一些公司带来风险。数据显示，在已经披露今年中报的公司中，有99家公司股权质押的股份占总股本的比例超过30%，有18家公司质押的比例超过了50%。例如，伊利能源质押了113177.5万股，占总股本的比例高达73.81%。

however，The pledge of stock rights“Double-edged sword”Also can give some companies bring risk。Data display，In has revealed that this year the center daily news in the company，There are 99 companies equity pledge of shares accounted for more than 30% of the total share capital of the proportion，There are 18 companies pledge proportion of over 50%。For example，Erie energy pledged 1.131775 billion strands，About of the total share capital of 73.81%。

　　业内人士指出，人们通常将质押行为视为股东的一种正常的经营行为，然而当正常的质押因股东不能按期偿还债务时，就有可能转变为冻结乃至被拍卖，从而发生一些对上市公司产生影响的事件。比如，高比例股权被质押出去后，有相当可能性存在这些股权被冻结、被拍卖，进而导致上市公司控股权转移的风险。

The personage inside course of study points out that，People usually will pledge behavior as the shareholders of a normal management behavior，However, when the normal pledge for shareholders can not repay debt on schedule，It is possible to convert to freeze and even be auctioned，Thus happen some of the listed company, and the impact of events。For example，High by equity pledge out，There are quite a possibility exists the equity be frozen、auction，Which led to the listed company controlling interest transfer of risk。

　　此外，有一些是上市公司母公司质押股权，似乎与上市公司关系不大。但是上述会计师表示，许多上市公司的大股东已经将优良资产全部注入到上市公司了，盈利能力已经较弱，资产负债率也已经很高。这种情况下，再质押借款，必然导致负债率的进一步高企和财务状况的进一步恶化，一旦偿债能力丧失，可能牵连到上市公司。

In addition，Some listed companies the parent company equity pledge，With the listed company seem to concern is not big。But the accountant said，Many a listed company's majority shareholders will have good all assets into listed company，Profitability has been weak，Asset liability ratio has also very high。This case，To pledge loan，Will inevitably lead to further ratio high and financial status of the further deterioration，Once the debt paying ability lose，May be linked to the listed company。

　　可以看出，股权质押其实也是一种信号，投资者应由此对上市公司大股东的经营状况进行判断。如果股权质押的背后是大股东资金捉襟见肘、经营恶化，那么这样的大股东能否尽快摆脱困境，到期及时收回质押的股权，还须投资者细细分析。

Can see，Equity pledge actually is also a kind of signal，Investors of listed companies should be the big shareholder business situation of judgment。If equity pledge is behind the big shareholders starved of funds、Business deterioration，Such big shareholders can get rid of the trouble as soon as possible，Maturity recover in time the equity of pledge，Investors must also carefully analysis。

　　同样更重要的是，对于股权质押的相关信息披露必须及时，否则投资者看不到信号也就无从规避风险。对此，分析人士认为，，进一步加强对股权质押信息披露已越来越重要。目前对于上市公司股权质押，只是要求其在中报、年报中作陈述。因此有关部门应尽快采取针对性措施，使股权质押更加透明化。记者 李宇欣

More important is the same，Pledge of stock rights for the related information disclosure must timely，Otherwise investors see signal will not avoid risk。this，Analysts believe that，，Further strengthen the equity pledge information disclosure has more and more important。At present the listed company equity pledge，Just ask its in the center daily news、The annual report, make a statement。So the relevant departments should be pointed measures as soon as possible，Make equity pledge more transparent。Reporter gray