金融资产管理公司资本动作中的财务问题研究
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摘要
为了处置不良资产，1999年我国相继成立了信达、长城、东方、华融四家金融资产管理公司。经过三年多的发展，四家金融资产管理公司取得了很大的成绩，但也存在不少问题。为了更好地促进金融资产管理公司的发展，笔者从财务的角度研究了金融资产管理公司的相关问题。
本文共分为六章，是按如下结构安排的。第一章绪论论述了我国金融资产管理公司成立的背景，肯定了金融资产管理公司在成立三年来所取得的成绩，指出了其中存在的问题，然后论述了从财务的角度研究金融资产管理公司的意义。第二章通过分析金融资产管理公司的特点，确定了其经营目标和财务目标。第三章分析了四家金融资产管理公司从四大国有银行收购的不良资产的范围，论述了四大国有银行不良资产二次剥离的必要性及可行性。该章最后还讨论了金融资产管理公司不良资产管理的工作。第四章从金融资产管理公司的资金链开始分析，认为不良资产证券化将成为金融资产管理公司新的筹资方式，并详细探讨了不良资产证券化的过程。第五章论述了金融资产管理公司股权资产的管理。在该章中，笔者在财权的基础上构建了财务治理结构的理论框架，并以此为依据，来指导金融资产管理公司整合债转股企业的财务治理结构。第六章论述了金融资产管理公司发展为专业投资银行的趋向。
本文的主要创新之处在于，从金融资产管理公司的实践和政策入手，重新确定了其经营目标和财务目标。金融资产管理公司近期的经营目标是：尽快有效地处置不良资产，尽量减少损失。金融资产管理公司长远的战略目标是：以国有经济战略布局调整为出发点，运用投资银行的手段促进国有企业改善其治理结构，实现国有资产的保值增值。根据金融资产管理公司的经营特点和长远的战略目标定位，金融资产管理公司总体的财务目标是：促进国有企业改进财务治理机制，实现国有资产的保值增值。为了实现金融资产管理公司总体的财务目标，其财务管理的具体目标是：有效处置不良资产，把不确定的现金流量变成未来可确定的现金流，力保不良资产损失最小化并促使现金流量最大程度增值。
In order to dispose of the non-performing loan (NPL), the Chinese government set up one after another four state-owned asset management corporations (AMCs) in 1999,which are Cinda, Great Wall, Orient, and Huarong. After three years' development, the four AMCs have got great achievement, but they still have some problems. For promoting the development of the AMCs, I study the related problems of the AMCs from the view of finance.
The essay consists of six chapters, and it is organized as follows .In chapter 1 I discuss the background of the four AMCs, affirm the achievement obtained in the last three years, point out the problems that still exist, and I also discuss the purport of studying the AMCs from the view of finance. In chapter 2 I analyze the characteristics of the AMCs and confirm the opinion that the AMCs should reconstruct their operation target and finance target. In
chapter 3 I analyze the scope of the NPL from the four state-owned Banks to AMCs, and the necessity and feasibility of the next carving of NPL in the four state-owned Banks. At last, I discuss the work of managing the NPL in the four AMCs. In chapter 4, by analyzing the cash flow chain of the four AMCs, I hold that the NPL Securitization will become the new way of money raising for the four AMCs, and make detailed research into the process of the NPL
Securitization. In chapter 5,the way the AMCs manage the equity assets they owned is explored. In this chapter, I establish the theory frame of financial governance based on the financial rights. According to this theory, the four AMCs can establish the financial governance of the debt-equity-swap enterprises. In chapter 6,the trend that the AMCs will become the professional investment banks in the future is discussed.
The main innovation of this essay is that it reconstructs the operation and finance target of AMCs, beginning with the practice and policy of AMCs. The short operation target of AMCs is to dispose NPL as soon as possible and reduce the loss as little as possible. Beginning with the strategic layout adjustment of national economy, the long strategic target of AMCs is to prompt the state-owned enterprises to improve their corporate governance so as to
realize the objective of maintenance and increase of state-owned assets. According to the operation characteristics and long strategic target of AMCs, the general
finance target of AMCs is to prompt state-owned enterprises to improve their financial governance so as to realize the objective of maintenance and increase of state-owned assets. To achieve the general finance target of AMCs, their particular finance target should be to dispose NPL efficiently, change the uncertain cash flow and try to minimize the loss of NPL and maximize the increase of cash flow.
本文共分为六章，是按如下结构安排的。第一章绪论论述了我国金融资产管理公司成立的背景，肯定了金融资产管理公司在成立三年来所取得的成绩，指出了其中存在的问题，然后论述了从财务的角度研究金融资产管理公司的意义。第二章通过分析金融资产管理公司的特点，确定了其经营目标和财务目标。第三章分析了四家金融资产管理公司从四大国有银行收购的不良资产的范围，论述了四大国有银行不良资产二次剥离的必要性及可行性。该章最后还讨论了金融资产管理公司不良资产管理的工作。第四章从金融资产管理公司的资金链开始分析，认为不良资产证券化将成为金融资产管理公司新的筹资方式，并详细探讨了不良资产证券化的过程。第五章论述了金融资产管理公司股权资产的管理。在该章中，笔者在财权的基础上构建了财务治理结构的理论框架，并以此为依据，来指导金融资产管理公司整合债转股企业的财务治理结构。第六章论述了金融资产管理公司发展为专业投资银行的趋向。
本文的主要创新之处在于，从金融资产管理公司的实践和政策入手，重新确定了其经营目标和财务目标。金融资产管理公司近期的经营目标是：尽快有效地处置不良资产，尽量减少损失。金融资产管理公司长远的战略目标是：以国有经济战略布局调整为出发点，运用投资银行的手段促进国有企业改善其治理结构，实现国有资产的保值增值。根据金融资产管理公司的经营特点和长远的战略目标定位，金融资产管理公司总体的财务目标是：促进国有企业改进财务治理机制，实现国有资产的保值增值。为了实现金融资产管理公司总体的财务目标，其财务管理的具体目标是：有效处置不良资产，把不确定的现金流量变成未来可确定的现金流，力保不良资产损失最小化并促使现金流量最大程度增值。
In order to dispose of the non-performing loan (NPL), the Chinese government set up one after another four state-owned asset management corporations (AMCs) in 1999,which are Cinda, Great Wall, Orient, and Huarong. After three years' development, the four AMCs have got great achievement, but they still have some problems. For promoting the development of the AMCs, I study the related problems of the AMCs from the view of finance.
The essay consists of six chapters, and it is organized as follows .In chapter 1 I discuss the background of the four AMCs, affirm the achievement obtained in the last three years, point out the problems that still exist, and I also discuss the purport of studying the AMCs from the view of finance. In chapter 2 I analyze the characteristics of the AMCs and confirm the opinion that the AMCs should reconstruct their operation target and finance target. In
chapter 3 I analyze the scope of the NPL from the four state-owned Banks to AMCs, and the necessity and feasibility of the next carving of NPL in the four state-owned Banks. At last, I discuss the work of managing the NPL in the four AMCs. In chapter 4, by analyzing the cash flow chain of the four AMCs, I hold that the NPL Securitization will become the new way of money raising for the four AMCs, and make detailed research into the process of the NPL
Securitization. In chapter 5,the way the AMCs manage the equity assets they owned is explored. In this chapter, I establish the theory frame of financial governance based on the financial rights. According to this theory, the four AMCs can establish the financial governance of the debt-equity-swap enterprises. In chapter 6,the trend that the AMCs will become the professional investment banks in the future is discussed.
The main innovation of this essay is that it reconstructs the operation and finance target of AMCs, beginning with the practice and policy of AMCs. The short operation target of AMCs is to dispose NPL as soon as possible and reduce the loss as little as possible. Beginning with the strategic layout adjustment of national economy, the long strategic target of AMCs is to prompt the state-owned enterprises to improve their corporate governance so as to
realize the objective of maintenance and increase of state-owned assets. According to the operation characteristics and long strategic target of AMCs, the general
finance target of AMCs is to prompt state-owned enterprises to improve their financial governance so as to realize the objective of maintenance and increase of state-owned assets. To achieve the general finance target of AMCs, their particular finance target should be to dispose NPL efficiently, change the uncertain cash flow and try to minimize the loss of NPL and maximize the increase of cash flow.
引文
[1] 周小川．重组与再生——化解银行不良资产的国际经验．第一版．北京：中国金融出版社，1996
[2] Claessens, Stijn, Daniel Klingebiel. Financial restructuring in banking and corporate sector crises: what policy to pursue?. World Bank Working Paper, 1998 (4):23～65
[3] 朱登山，汪兴益，柏士珍．中国金融资产管理公司的运作与发展．经济日报，11/14/2000
[4] Lau, Lawrence. Strengthening the banking system in China: issues and experience. BIS Policy Papers, 1999 (10): 59～89
[5] 朱民，黄金老．论中国的资产管理公司．经济研究，1999(12)：3～13
[6] 刘贵生，万虎高．再论资产管理公司的市场定位．金融理论与实践，2003(3)：45～47
[7] Lindgren, Carl-Johan, Tomas J T Balino. Financial sector crisis and Restructuring: lessons from Asia. IMF Occasional Paper, 1999(5):123～158
[8] Basel Committee on Banking Supervision. International convergence of capital measurement and capital standards. Basel Committee Publication No 4, 1988(7):45～98
[9] 黄志凌．关于我国金融资产管理公司运作与发展的思考．宏观经济研究，2002(5)：16～23
[10] 孙波，刘世汉．金融资产管理公司的市场定位及其业务创新——兼论加入WTO之后金融资产管理公司的生存和发展．财经问题研究，2000(10)：19～22
[11] 王雪冰，中国组建金融资产管理公司的三个目标、三重风险和三条措施．国际金融研究，1999(6)：4～6
[12] 朱金叶．中国资产管理公司金融工具配置．第一版．武汉：武汉大学出版社，2002
[13] 何进日．财务管理．第一版．北京：西南财经大学出版社，2002
[14] 财政金融司编著．金融资产管理公司财务制度讲解．第一版．北京：中国财政金融出版社，2001
[15] Guonan Ma, Ben S C Fung. China's asset management corporations. BIS Working
Papers, 2002(8):2～21
[16] Mo, YK. A review of recent banking reforms in China. BIS Policy Papers, 1999 (10): 90～109
[17]人行南昌中支银行处课题组．规范企业改制行为加强金融债权管理．金融与经济，2001(5)：53～56
[18] John Henderson, Jonathan P Scott. Securitization. 1st edition. New York : New York Institute of Finance, 1998
[19]王开国．资产证券化论．第一版．上海：上海财经大学出版社，1999
[20]阳志勇．对资产管理公司运用证券化手段的思考．改革与战略，1999(5)：59～62
[21] Phillip L Zweig. The Asset Securitization Handbook. 1st edition. New York: Dow Jones-Irwin, 1989
[22]齐观义．资产管理公司运作中资产证券化技术的运用——处理银行不良资产的理想选择．农村金融研究，1999(10)：28～30
[23]王松奇．中国向不良资产宣战．第一版．北京：中国经济出版社，2000
[24]刘诗白．产权新论．第一版．成都：西南财经大学出版社，1995
[25](美)Y．巴泽尔著．产权的经济分析．费方域，段毅才译．第一版．上海：上海人民出版社，2002
[26]伍中信．现代财务经济导论——产权、信息与社会资本分析．第一版．上海：立信会计出版社，1999
[27]贝多广．中国资金流动分析．第一版．上海：上海三联书店，1995
[28]张维迎．企业理论与中国企业改革．第一版．北京：北京大学出版社，1999
[29]李心合．论现代企业财会治理结构．会计研究，1996(8)：38～40
[30]冯巧根．财务范式新论．第一版．上海：立信会计出版社，2000
[31]宋献中．合约理论与财务行为分析．第一版．广州：广东人民出版社，2000
[32]干胜道．所有者财务论．第一版．成都：西南财经大学出版社，1998
[33]汤谷良．经营者财务论——兼论现代企业财务分层管理架构．会计研究，1997(5)：20～24
[34] Keasey, Kevin, Wright. Issues in corporate accountability and the governance. Accounting & Business Research, 1993, 23(6): 291～303
[35] Tricker R I. Corporate Governance. 1st edition. New York: Gower Publishing Company Limited, 1984
[36] Moon Christopher J, Mike Otley. Governance in the Asia Pacific Region: Mechanism for Reconciling Stakeholder Interest. Euro-Asia Journal of Management, 1997, 12(1): 310～368
[37] Hart Oliver. Corporate governance: Some theory and implications, Economic. The Journal of the Royal Economic Society, 1995, 105(5): 628～689
[38] Monks Robert A G, Nell Minow. Watching the watchers: Corporate Governance in the 21st Century, 1st edition. New York: Blackwell Publishers, 1996
[39]吴敬琏．现代公司与企业改革．第一版．天津：天津人民出版社，1994
[40]青木昌彦，钱颖一．转轨经济中的公司治理结构．第一版．北京：中国经济出版社，1995
[41]杨瑞龙，周业安．论利益相关者合作逻辑下的企业共同治理机制．中国工业经济，1998(1)：2～12
[42] Jensen M, W Mecking. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 1976, 3(5): 305～360
[43] Hart O, B Homstrom. The Theory of Contracts. 1st edition. London: Cambridge University Press, 1987
[44]吴淑琨，席酉民．公司治理与中国企业改革．第一版．北京：机械工业出版社，2001
[45] Alchian, Armen, Demsetz. Production, Information Cost and Economic Organization. American Economic Review, 1972, 62(3): 777～795
[46]张志柏，雷洪．对金融资产管理公司的反思，生产力研究，2001(5)：127～131
[47] Kevin J Stiiroh. How did bank holding companies prosper in the 1990s?. Journal of Banking & Finance, 2000, 24(3): 1703～1745
[48]张志柏，俞自由，李松涛．金融资产管理公司发展成投资银行的基本思路．金融论坛，2001(9)：14～18
[2] Claessens, Stijn, Daniel Klingebiel. Financial restructuring in banking and corporate sector crises: what policy to pursue?. World Bank Working Paper, 1998 (4):23～65
[3] 朱登山，汪兴益，柏士珍．中国金融资产管理公司的运作与发展．经济日报，11/14/2000
[4] Lau, Lawrence. Strengthening the banking system in China: issues and experience. BIS Policy Papers, 1999 (10): 59～89
[5] 朱民，黄金老．论中国的资产管理公司．经济研究，1999(12)：3～13
[6] 刘贵生，万虎高．再论资产管理公司的市场定位．金融理论与实践，2003(3)：45～47
[7] Lindgren, Carl-Johan, Tomas J T Balino. Financial sector crisis and Restructuring: lessons from Asia. IMF Occasional Paper, 1999(5):123～158
[8] Basel Committee on Banking Supervision. International convergence of capital measurement and capital standards. Basel Committee Publication No 4, 1988(7):45～98
[9] 黄志凌．关于我国金融资产管理公司运作与发展的思考．宏观经济研究，2002(5)：16～23
[10] 孙波，刘世汉．金融资产管理公司的市场定位及其业务创新——兼论加入WTO之后金融资产管理公司的生存和发展．财经问题研究，2000(10)：19～22
[11] 王雪冰，中国组建金融资产管理公司的三个目标、三重风险和三条措施．国际金融研究，1999(6)：4～6
[12] 朱金叶．中国资产管理公司金融工具配置．第一版．武汉：武汉大学出版社，2002
[13] 何进日．财务管理．第一版．北京：西南财经大学出版社，2002
[14] 财政金融司编著．金融资产管理公司财务制度讲解．第一版．北京：中国财政金融出版社，2001
[15] Guonan Ma, Ben S C Fung. China's asset management corporations. BIS Working
Papers, 2002(8):2～21
[16] Mo, YK. A review of recent banking reforms in China. BIS Policy Papers, 1999 (10): 90～109
[17]人行南昌中支银行处课题组．规范企业改制行为加强金融债权管理．金融与经济，2001(5)：53～56
[18] John Henderson, Jonathan P Scott. Securitization. 1st edition. New York : New York Institute of Finance, 1998
[19]王开国．资产证券化论．第一版．上海：上海财经大学出版社，1999
[20]阳志勇．对资产管理公司运用证券化手段的思考．改革与战略，1999(5)：59～62
[21] Phillip L Zweig. The Asset Securitization Handbook. 1st edition. New York: Dow Jones-Irwin, 1989
[22]齐观义．资产管理公司运作中资产证券化技术的运用——处理银行不良资产的理想选择．农村金融研究，1999(10)：28～30
[23]王松奇．中国向不良资产宣战．第一版．北京：中国经济出版社，2000
[24]刘诗白．产权新论．第一版．成都：西南财经大学出版社，1995
[25](美)Y．巴泽尔著．产权的经济分析．费方域，段毅才译．第一版．上海：上海人民出版社，2002
[26]伍中信．现代财务经济导论——产权、信息与社会资本分析．第一版．上海：立信会计出版社，1999
[27]贝多广．中国资金流动分析．第一版．上海：上海三联书店，1995
[28]张维迎．企业理论与中国企业改革．第一版．北京：北京大学出版社，1999
[29]李心合．论现代企业财会治理结构．会计研究，1996(8)：38～40
[30]冯巧根．财务范式新论．第一版．上海：立信会计出版社，2000
[31]宋献中．合约理论与财务行为分析．第一版．广州：广东人民出版社，2000
[32]干胜道．所有者财务论．第一版．成都：西南财经大学出版社，1998
[33]汤谷良．经营者财务论——兼论现代企业财务分层管理架构．会计研究，1997(5)：20～24
[34] Keasey, Kevin, Wright. Issues in corporate accountability and the governance. Accounting & Business Research, 1993, 23(6): 291～303
[35] Tricker R I. Corporate Governance. 1st edition. New York: Gower Publishing Company Limited, 1984
[36] Moon Christopher J, Mike Otley. Governance in the Asia Pacific Region: Mechanism for Reconciling Stakeholder Interest. Euro-Asia Journal of Management, 1997, 12(1): 310～368
[37] Hart Oliver. Corporate governance: Some theory and implications, Economic. The Journal of the Royal Economic Society, 1995, 105(5): 628～689
[38] Monks Robert A G, Nell Minow. Watching the watchers: Corporate Governance in the 21st Century, 1st edition. New York: Blackwell Publishers, 1996
[39]吴敬琏．现代公司与企业改革．第一版．天津：天津人民出版社，1994
[40]青木昌彦，钱颖一．转轨经济中的公司治理结构．第一版．北京：中国经济出版社，1995
[41]杨瑞龙，周业安．论利益相关者合作逻辑下的企业共同治理机制．中国工业经济，1998(1)：2～12
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[43] Hart O, B Homstrom. The Theory of Contracts. 1st edition. London: Cambridge University Press, 1987
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