我国金融不良资的处置和定价分析.pdfVIP

提 要 1999 年我国成立了四家金融资产管理公司 接收了四家国有商业银行近 1.4 万 亿元的不良资产 开始了我国大规模 专业化处置银行不良资产的历程 几年来 我国金融不良资产的处置取得了阶段性的成果 也显现出不少问题 本文就此对我 国金融不良资产的处置现状进行了系统地分析 并阐述了国外在金融不良资产处置 中的经验和教训 在处置不良资产过程中 不良资产如何定价是目前资产管理公司 面临的难题 2004 年随着中行 建行股份制改造的开始 金融资产管理公司在完 成第一次政策性处置任务的同时 已经逐步开始了通过商业化手段处置不良资产的 运作 不良资产的定价显得更加重要 将直接影响资产管理公司的经济效益水平 目前 国内尚无成型的不良资产定价的方法 也无制度性的规定 本文在对不良资 产定价分析意义和影响因素论述的基础上 试图通过借鉴财务管理中偿债能力分析 的方法 结合不良资产处置的实际情况 提出一种新的不良资产定价的方法 本文 最后论述了在不良资产定价分析中存在的问题和可能采取的措施 Abstract In 1999, 4 Asset Management Corporations were founded by China ’s government to acquire non-performing asset (NPA) from 4 state-owned commercial banks totaling 1,400 billion, launching the large-scale professional procedure of disposing of NPA from the banks. For years, the NPA resolution process in China ’s banking sector ha s been moving smoothly and gaining great success, while some issues are disclosed at the meantime though. This thesis examines the main resolutions of domestic NPA disposition, the current status and the existing problems. Among those issues, NPA pricing is one of the most challenging problems to be solved. In 2004, with the beginning of the corp orate and ownership reform in Bank of China and Construction Bank of China , Asset Management Corporations have been started disposing of NPA by means of business methods step by step, while they successfully completed the first task of “police-based” NPA disposition. During the NPA disposal process, the pricing of NPA has proved to be a significant step , which affects immediately the profit of the Asset Management Corporations . Currently, there is no well-rounded method applied into NPA pricing, neither applicable regulations . This article attempts to