(Enhancing the Regulation of Stock Pledged Repo Transactions, Guarding Against Systemic Financial Risk)

Chinese Abstract: 基於中國股票質押式回購交易（以下簡稱“股票質押回購”）的現狀，本文在分析其風險控制要素的基礎上發掘其中的系統性風險隱患，認為股票質押回購將加劇股票市場的價格波動和金融市場的風險傳染性，因此提出健全股票價格形成機制，採取逆周期風險防範措施等加强股票質押回購監管，防範系統性金融風險的政策建議。 English Abstract: Based on the current situation of stock pledged repo transactions in China, this paper explores the lurking systemic risk on the basis of analyzing the risk control elements of such transactions and considers that these transactions will exacerbate the price fluctuation in stock markets as well as the contagion of risk in financial markets. Thus, the paper proposes adopting a sound mechanism for stock price formation and countercyclical risk prevention measures to enhance the regulation of such transactions and to guard against systemic financial risk.