【作者】 邹蓉；

【导师】 栾立明；

【作者基本信息】 吉林农业大学 ， 农业经济管理， 2003， 硕士

【摘要】 20世纪80年代以来，伴随着金融全球化的复杂进程和国际资本流动的加速，由于经济周期性的波动和泡沫经济的此消彼长，以及经济体制转型等诸多方面的因素，不少国家和地区的银行业出现了巨额不良资产。资产质量低下已经成为困扰和束缚许多国家银行业发展的桎梏，极大地影响了这些国家金融体系的稳健运行和经济的持续健康发展。特别是90年代末东南亚金融危机的爆发，更是使得一些国家经济发展遭受沉重打击，甚至诱发了个别国家的政治危机。 我国商业银行的不良资产数额巨大，对国民经济的健康运行和金融系统的稳定安全构成严重的威胁，已成为我国下一步改革和发展的障碍，也是国内和国际社会关注的焦点，久拖不决将会使问题越来越严重，甚至有可能造成金融危机。 我国银行不良资产的成因十分复杂，主要有以下几方面的原因：(1)计划经济体制下，“统收统支”及”拨改贷”政策等历史遗留下来的贷款所形成的不良贷款；(2)1992～1993年经济过热，巨额资金流向房地产、股票市场等；(3)多年来重复建设，信贷资金效益甚差；(4)地方政府对金融机构的干预；(5)金融机构内部管理不善等。 为了尽快化解银行不良资产，借鉴国外处置不良资产的成功经验，1999年党中央、国务院决定成立信达、东方、长城、华融四家金融资产管理公司，专门收购、管理、处置四家国有独资商业银行的部分不良资产，以期达到最大限度地保全资产，减少损失之目的。到2000年6月，四家资产管理公司已经接收了13000亿元银行不良资产，占四大银行不良资产总数20000亿元的四分之三。虽然银行不良资产已经剥离出来，但是，处置这些不良资产却困难重重，远不象当初方案设计的那样简单。债转股是目前最主要使用的一种资产处置方式，随着处置进程的深入，日渐暴露出很多弊端，其主要弊端就在于容易使银行陷入危险投资的循环。如果银行不能在较短的时间内以适当的价格将所持有的股权转换出去，就可能会在较大程度上加大银行的流动性风险；同时，商业银行的经营管理人员并不熟悉企业的经营，因而难以有效保证银行在取得企业的控制权后，能够及时改善企业的经营状况。 事实上，在成熟的市场经济国家，债转股并不是一种普遍使用的重组方式，即使偶尔用之，也有一定的限制条件；在所谓的转轨经济国家中，债转股曾被给予了很高期望，但在实际中，债转股只被当作一种补充，规模十分有限。 而有关专家认为不良资产尤如‘冰棍’，握在手中的时间越长，融化得越多，现有价值越低。寻求一种新型而有效的金融创新工具这项艰巨任务摆在我们面前，迫切需要我们尽快去完成。鉴于我国已有实施资产证券化的可能性，参照一些国家资产证券化的成功范例，本人设计出一种理想的资产证券化模式。 研究资料表明资产证券化的传统模式，只有“过手证券模式”、“资产支持债券模式”及“转付债券模式”这三种模式，其实质都是从资产证券化过程中所运用的金融载体——资产证券的不同形式的角度来进行划分的，属于单项资产选择模式。鉴于我国商业银行信货资产的实际状况，国外基于单项资产选择的传统资产证券化模式在我国的实用性将受到一定限制，从如何进行基础资产选择的角度来说，我国资产证券化应该采取基于多种资产组合的资产证券化模式，相信它的采用会给不良资产的处置工作揭开崭新的一页。 巨额不良资产产生后，采用一些处置方式对其存量进行及时迅速的处理固然重要，而建立有效的防范不良资产再生的机制尤其重要，因为只有这样才能摧毁其不断滋生的温床，为此我们应采取以下一些措施: 1.要建立现代金融企业制度促进多元参与和企业经营透明，在银行中建立有效的公司治理结构，推进银行内部组织管理体制的改革，改变权责不清、权责利脱节状况，由现在的支持型组织转变为企业家型组织与协作型组织相融合。 2.坚定不移地推进统一授信。通过实施归口授信管理、客户信用评级、风险限额核定、授信额度管理、集团客户统一授信管理等多种果道和方式，建立客户信用风险评价、控制、预警机制，并作为客户选择、授信定价、对优质客户进行特别授权的重要参考因素，从而筛选优质客户、淘汰不良客户，促进客户结构的调整。 3.提高银行业市场的竞争强度。在履行入世承诺逐步对外资银行开放国内金融市场的同时，更要尽快放宽对国内资本进入银行业市场的限制，加快中刁、民营银行的建立。与提高银行业市场竞争水平密切相关的是，必须尽快建立银行业市场的退出机制，要通过建立存款保险制度将全部银行的存款进行存款保险，解除政府对银行破产承担的风险，在此基础上借鉴发达国家的经验，建立透明的银行破产清算制度，建立起银行业市场退出机制。更多还原

【Abstract】 Sinee the 1980s, have been following the financial globalization complex advancement and the international capital movement acceleration, because the economical periodic undulation and bubble economy this disappears other is long, as well as economic system reforming and so on many aspects factors, many national and the local banking industry appeared the large amount not good property. The property quality low already became puzzles and fetters the shackles which many national banking industry developed, enormously has affected these national finance systems steady movements and the economy continues the health development. Specially at the end of the 90’s Southeast Asia finance crisis eruption, is causes some state economy development to suffer the serious attack, even has induced the individual country political crisis.Our country commercial bank’s not good property amount huge, poses the serious threat to the national economy health movement and the financial system stable security, has become the our country next step of reform and the development barrier, also will be the focal point which domestic and the international society will pay attention, the long time tows not definitely can cause the question to be more and more serious, even will have the possibility to create the financial crisis.Our country bank not good property origin is extremely complex, mainly has following several aspects the reason: (1) under the planned economy system, the "series receives series" and "dials changes loans the loan which history and so on" policy leaves behind down to form not good loans; (2) 1,992 - in 1993 economical heat, the large amount fund flows to the real estate, the stock market and so on; (3) for many years building redundant project, credit fund effect even more difference; (4) local authority to financial organ intervention; (5) the financial organ internal management is bad and so on.In order to dissolve the bad assets of the bank as soon as possible, use the foreign successful experience of handling bad for reference, The Central Party Committee, the State Council determine and establish Xinda, the east, Great Wall, China melt four financial property management companies 1999, Purchase, manage, handle four some bad assets of solely state-owned commercial bank specially, In the hope of and reach to the maximum extent saving the assets from damage , reduce the lost purpose. By June of 2000, four property management companies had already received the bad assets of bank of 1,300 billion yuan, Account for four major bank bad assets total amount yuan of 3/4s.Though bank bad assets strip and come out already, handle bad beset with difficulties assets these, It is not as simple as conceptual design originally one to be far. And debt-to-equity swap main a kind of assets that are used handle the way at present, With handle deepening of process, expose and happen a lot of drawback day by day, main drawback its lie in apt to make the bank fall into the circulation of risk investment. If the bank can change out the stock rights held at proper price withinshorter time , May strengthen the mobile risk of the bank at great degree; Besides, the managerial personnel of the commercial bank is not familiar with the management of enterprises , Therefore difficult to guarantee effectively that the bank can improve the management states of enterprises in time after obtaining the control of enterprises. In fact, in ripe market economy country, debt-to-equity swap first reorganization ways that generally uses, Even even and use it, there is certain restriction condition Among the so-called transition economy country, the debt-to-equity swap has been expected very high, But in reality, the debt-to-equity swap is only supplemented as one kind, the scale is very limited.And relevant expert think bad assets particularly like ’ ice-roily ’, hold among hand the longer time have, Melting the more, there is the lower value now. Seek one new-type and effective finance innovative tool the research task wave in front o更多还原