中国金融资产管理公司不良资产处置方式研究
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摘要
我国在1999年成立了长城、信达、华融、东方四家资产管理公司，分别接收了中国农业银行、中国建设银行和国家开发银行、中国工商银行、中国银行所剥离的不良资产。通过5年的管理和处置，各家资产管理公司通过大胆的尝试和积极的探索，已经将一部分不良资产盘活、变现并通过债权转股权、资产与债务重组等方式使一些企业扭亏为盈，我国资产处置取得了初步成效。
当前，资产管理公司已经成立了5年，与当初国务院批准的10年存在期相比已经过去了一半。当前，资产管理公司面临着如何进一步处置所存在的不良资产和如何转型的问题。随着存在期逐渐到达，这个问题日益突出。
本文首先回顾了资产管理公司成立5年所取得的成就和未来要处置的不良资产的状况；然后分析了资产管理公司近5年以来的资产处置的主要方式——债转股、资产重组、不良资产的打包出售，详细分析了每种处置方式的优点和不足，并提出了改进的方法；之后探讨了用国际上比较常见的资产证券化方法处置不良资产；最后对资产管理公司的转型进行了简要的分析。
本文认为，对于拟用债转股的方法处置的不良资产，应进行认真的分析，在详细的论证后做出选择，防止企业借机逃废债务，并重点寻找股权退出途径；对于债务重组的不良资产，要将债务重组和股权重组及企业改制结合起来，以取得最大最好的效益；对于出售的不良资产，一定要做到公开、透明、公正，并在出售后做好售后服务工作。
本文认为，资产证券化实行目前在我国还有法律和市场上的障碍，但是可以开始尝试。如果可行可以逐步推开。资产证券化需要证券市场的配合。
本文最终认为，资产管理公司在完成不良资产的处置后，可以合并机构和人员，逐步向大投行转变。
Set up in 1999, the Asset Management Corporation of Great Wall, Cinda, Huarong, Dongfang had acquisition the bad assets of Chinese national commercial banks. After 5 years’ management and disposal, these corporations have already revitalized, sold some bad assets and made some enterprises earn profit. The assets disposal in China has gotten some achievements.
Nowadays, the asset-management had exited for 5 years, covered half of the 10 years’ existence period. These corporations are now facing the problems of how to disposal the bad-assets further and transfer their operation orientation. These problems will be serious with the deadline coming year.
First of all this paper make a review of the achievement of the asset management corporations got in the last 5 years and the situations of the bad-assets’ disposal. Secondly this paper analyze the main way of the bad-assets’ disposal adopted by these asset management corporations: debt-equity swap, asset reintegration, sale, then analyze the virtues and shortcomings of these ways in detail, and put forward the way of improvement. Then it discusses the usual way of bad-assets disposal: asset-backed secularization. Finally it makes a concise analysis of the transfer operation orientation of the asset management corporations.
This paper consider that a careful analysis should be made to the bad-assets if those assets would be disposed by way of debt-equity swap and make chosen after reasoning in detail in order to prevent the enterprise fleeing from debts. As to the bad-assets to be disposed by debt reintegration, the way should be integrated with equity reintegration and enterprise reform in order to get more profit. As to the bad-assets sales, the dealing should be open, clarity, fair, and the after –sale service should be done well.
This paper consider that the carrying out of asset-backed security is now facing the fence of low and market, but an attempt can be done. If it is feasible the way can be carried out step by step, cooperated by the stock market.
This paper finally consider that after the disposal of the bad-assets the asset management corporation should merge some of their department, transferring into investment bank step by step.
当前，资产管理公司已经成立了5年，与当初国务院批准的10年存在期相比已经过去了一半。当前，资产管理公司面临着如何进一步处置所存在的不良资产和如何转型的问题。随着存在期逐渐到达，这个问题日益突出。
本文首先回顾了资产管理公司成立5年所取得的成就和未来要处置的不良资产的状况；然后分析了资产管理公司近5年以来的资产处置的主要方式——债转股、资产重组、不良资产的打包出售，详细分析了每种处置方式的优点和不足，并提出了改进的方法；之后探讨了用国际上比较常见的资产证券化方法处置不良资产；最后对资产管理公司的转型进行了简要的分析。
本文认为，对于拟用债转股的方法处置的不良资产，应进行认真的分析，在详细的论证后做出选择，防止企业借机逃废债务，并重点寻找股权退出途径；对于债务重组的不良资产，要将债务重组和股权重组及企业改制结合起来，以取得最大最好的效益；对于出售的不良资产，一定要做到公开、透明、公正，并在出售后做好售后服务工作。
本文认为，资产证券化实行目前在我国还有法律和市场上的障碍，但是可以开始尝试。如果可行可以逐步推开。资产证券化需要证券市场的配合。
本文最终认为，资产管理公司在完成不良资产的处置后，可以合并机构和人员，逐步向大投行转变。
Set up in 1999, the Asset Management Corporation of Great Wall, Cinda, Huarong, Dongfang had acquisition the bad assets of Chinese national commercial banks. After 5 years’ management and disposal, these corporations have already revitalized, sold some bad assets and made some enterprises earn profit. The assets disposal in China has gotten some achievements.
Nowadays, the asset-management had exited for 5 years, covered half of the 10 years’ existence period. These corporations are now facing the problems of how to disposal the bad-assets further and transfer their operation orientation. These problems will be serious with the deadline coming year.
First of all this paper make a review of the achievement of the asset management corporations got in the last 5 years and the situations of the bad-assets’ disposal. Secondly this paper analyze the main way of the bad-assets’ disposal adopted by these asset management corporations: debt-equity swap, asset reintegration, sale, then analyze the virtues and shortcomings of these ways in detail, and put forward the way of improvement. Then it discusses the usual way of bad-assets disposal: asset-backed secularization. Finally it makes a concise analysis of the transfer operation orientation of the asset management corporations.
This paper consider that a careful analysis should be made to the bad-assets if those assets would be disposed by way of debt-equity swap and make chosen after reasoning in detail in order to prevent the enterprise fleeing from debts. As to the bad-assets to be disposed by debt reintegration, the way should be integrated with equity reintegration and enterprise reform in order to get more profit. As to the bad-assets sales, the dealing should be open, clarity, fair, and the after –sale service should be done well.
This paper consider that the carrying out of asset-backed security is now facing the fence of low and market, but an attempt can be done. If it is feasible the way can be carried out step by step, cooperated by the stock market.
This paper finally consider that after the disposal of the bad-assets the asset management corporation should merge some of their department, transferring into investment bank step by step.
引文
[1]孟晓东、申希国，关于中国金融资产管理公司转型道路及发展前景，国研网，2003
[2]朱登山、汪兴益、柏士珍、杨凯生，中国金融资产管理公司的运作与发展，经济日报，2003.?11.14
[3]刘朋云、王正超，我国金融资产管理公司运作模式探析，金融研究， 2003.10
[4]迈耶·J·戈登、李曜，中国银行业不良资产与金融未来，国研网，2003
[5]汪兴益，从长城运作看债转股的前景，资本市场，2001.1
[6]吕爱兵、高菲、姚文祥，长城公司渝钛白债务重组魔术，财经时报，2004.3.14
[7]刘钟声、丁化美、张耀琨，重整 ·激 活---解决巨额不良资产问题的根本出路来源，中国金融，2004.3
[8]李刚，金融资产管理公司不良资产出售常见方式比较，国研网，2002.9
[9]华金秋，民营经济与AMC“双赢”战略，财经界，2003.6.18
[10]孙 毅，不良资产证券化运作的障碍及对策，资本市场，2003.11
[11]Frank ·J· Fabozzi，Capital Markets Institutions and Instruments Second Edition，Finance Journal，USA，2002
[12]浩民，资产证券化破题，中国证券报，2003.6.18
[13]周小川，重建与再生—化解银行不良资产的国际经验，北京：中国金融出版社，1998
[14]郑泽华，关于资产管理公司业务运作退出方式的选择，东方网，2002.2
[15]徐鹏程、刘光明，金融资产—股权的退出和变现，资本市场，2003.1
[16]关颖、王德静，不良资产证券化的有效途径研究，国研网，2002.11
[17]谢云天，债转股应把握的几个问题，华融网，2003.11
[18]连宏兴，证券化—中国金融不良资产处置可选择的途径，信达研究与信息，2002.11
[19]林凌、董红、詹凌蔚，股权结构与重组的互动，资本市场，2002.2
[20]黄志凌，关于我国金融资产管理公司的运作和发展的思考，宏观经济研究，2002.5
[21]孙长学，资产管理公司的存续与发展问题探析，经济师，2002.7
[22]Robert Lawrauce Kuhn. Mortgage and Asset Secularization. RICHARD D.IRWIN,INC,1999
[23]Frond J.Fzbozzi & Franco Modigligliani, Mortgage & Mortgage-backed Securities, Boston, Massachusetts, Harvard Business School Press, 2000.1
[24]陈通，微观经济学，2003.4
[2]朱登山、汪兴益、柏士珍、杨凯生，中国金融资产管理公司的运作与发展，经济日报，2003.?11.14
[3]刘朋云、王正超，我国金融资产管理公司运作模式探析，金融研究， 2003.10
[4]迈耶·J·戈登、李曜，中国银行业不良资产与金融未来，国研网，2003
[5]汪兴益，从长城运作看债转股的前景，资本市场，2001.1
[6]吕爱兵、高菲、姚文祥，长城公司渝钛白债务重组魔术，财经时报，2004.3.14
[7]刘钟声、丁化美、张耀琨，重整 ·激 活---解决巨额不良资产问题的根本出路来源，中国金融，2004.3
[8]李刚，金融资产管理公司不良资产出售常见方式比较，国研网，2002.9
[9]华金秋，民营经济与AMC“双赢”战略，财经界，2003.6.18
[10]孙 毅，不良资产证券化运作的障碍及对策，资本市场，2003.11
[11]Frank ·J· Fabozzi，Capital Markets Institutions and Instruments Second Edition，Finance Journal，USA，2002
[12]浩民，资产证券化破题，中国证券报，2003.6.18
[13]周小川，重建与再生—化解银行不良资产的国际经验，北京：中国金融出版社，1998
[14]郑泽华，关于资产管理公司业务运作退出方式的选择，东方网，2002.2
[15]徐鹏程、刘光明，金融资产—股权的退出和变现，资本市场，2003.1
[16]关颖、王德静，不良资产证券化的有效途径研究，国研网，2002.11
[17]谢云天，债转股应把握的几个问题，华融网，2003.11
[18]连宏兴，证券化—中国金融不良资产处置可选择的途径，信达研究与信息，2002.11
[19]林凌、董红、詹凌蔚，股权结构与重组的互动，资本市场，2002.2
[20]黄志凌，关于我国金融资产管理公司的运作和发展的思考，宏观经济研究，2002.5
[21]孙长学，资产管理公司的存续与发展问题探析，经济师，2002.7
[22]Robert Lawrauce Kuhn. Mortgage and Asset Secularization. RICHARD D.IRWIN,INC,1999
[23]Frond J.Fzbozzi & Franco Modigligliani, Mortgage & Mortgage-backed Securities, Boston, Massachusetts, Harvard Business School Press, 2000.1
[24]陈通，微观经济学，2003.4