最近五年多来,我国股票市场上的信托行为及其中的风险因素引人瞩目。信托业务参与的股票配资或加杠杆行为就是其中最受关注的因素之一。然而,该领域一直存在严重的信息不对称,缺乏公开的统计信息。这为相关问题的专业分析与监管带来了多种不利影响。本报告试图通过有限可得的股票市场数据信息来揭示一些具体的信托行为特征。报告采用的数据信息是A股上市公司定期报告中披露的前十大流通股东中的信托公司和信托计划,期限为2013年至2018年第三季度,重点关注信托公司或信托计划的样本数量、资金规模及占比状况。报告的主体内容包括两个部分:一部分是聚焦于2018年的压力情境、风险事件以及近期行为特征;另一部分是描述中长期的周期性行为特征。此外,报告专注于一些总体和细节特征的刻画,如截面数据中的行业特征、个体公司特征以及时间序列数据中的周期性特征。
<<Over the past five years,trust behavior and its risk factors in China’s stock market have attracted much attention。One of the factors is the equity funding with leverage involved in the trust business. However,there has been a serious information asymmetry in this field and the lack of public statistical information. It has made some adverse effects on professional analysis and regulation of related issues. This report attempts to reveal some specific trust behavior characteristics through the limited and available stock market data information. The data comes from the regular disclosure reports of A-share listed companies in the period from 2013 to the third quarter of 2018. Here focuses on the statistics of trust companies and trust plans among the top ten circulating shareholders,include the sample number,capital scales,proportion of trust companies and trust plans. The report consists of two parts. One is to discuss the relative stress situations,risk events and recent behavioral characteristics in 2018. The other is to describe the characteristics of periodic behavior over the long term. In addition,the report describes the characterization of some overall and detailed characteristics,such as industry characteristics in cross-section data,individual company characteristics,and periodicity characteristics in time series data.
<<Keywords: | Stock MarketTrustDeleverage |