金融资产管理公司资本动作中的财务问题研究

【作者】 万虎高；

【导师】 伍中信； 刘贵生；

【作者基本信息】 湖南大学 ， 会计学， 2003， 硕士

【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。更多还原

【Abstract】 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 generalfinance 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.更多还原