【作者】 李金迎；

【导师】 王春峰；

【作者基本信息】 天津大学 ， 工商管理， 2004， 硕士

【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。更多还原

【Abstract】 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. <WP=4>更多还原