当前形势下不良资产基金化运作模式、障碍与对策  

The Operation Mode,Obstacles and Countermeasures of Non-performing Assets Fund under the Current Situation

作　　者：曹东坡 赖小鹏 Cao Dongpo;Lai Xiaopeng(Postdoctoral Programme of COAMC,Beijing 100033;Postdoctoral Station of the School of Finance,Renmin University of China,Beijing 100872;Minsheng Royal Fund Management Co.,Ltd.,Beijing 100086)

机构地区：[1]中国东方资产管理股份有限公司博士后科研工作站,北京100033 [2]中国人民大学财政金融学院博士后流动站,北京100872 [3]民生加银基金管理有限公司,北京100086

出　　处：《金融发展研究》2019年第2期55-60,共6页Journal Of Financial Development Research

摘　　要：当前新形势下,不良资产处置面临较大压力。不良资产基金化运作在提高处置效率的同时,能更好地对不良资产的潜在价值进行挖掘和提升,纠正资源错配,实现不良资产处置经济和社会效益的双赢。从不良资产基金的运作模式来看,目前主要可以分为处置转让和交易撮合、资产重整盘活两大类模式。但就现状来看,由于不良资产行业二级市场活跃度不足、资管新规对基金募资能力提出挑战、不良资产证券化市场发展存在短板以及相关制度规定有待完善等原因,不良资产基金化运作仍然面临障碍。通过推动不良资产投资机构健康发展,培育建立私募基金份额公开转让市场,消除不良资产证券化相关障碍,并进一步强化相关制度保障,能够促进不良资产基金的快速发展。Under the current new situation,the disposal of non-performing assets is facing greater pressure. The fund operation of non-performing assets can not only improve the disposal efficiency,but also better explore and enhance the potential value of non-performing assets,correct the resource mismatch,and achieve a win-win situation of economic and social benefits of the disposal of non-performing assets. From the perspective of the operation mode of non-performing asset fund,it can be divided into two major modes:disposal transfer, deal matching and asset reorganization. However,in view of the current situation, due to the lack of secondary market activity in the non-performing asset industry,the new asset management regulations challenge the fundraising ability of the fund,the weakness of the development of the non-performing asset securitization market,as well as the need to improve relevant regulations and other reasons,the non-performing asset fund operation is still facing obstacles. By promoting the healthy development of non-performing asset investment institutions,cultivating and establishing the private equity fund share in the open transfer market, eliminating the obstacles related to the securitization of non- performing asset and further strengthening the relevant institutional guarantee,the rapid development of non-performing asset funds can be better promoted.

关 键 词：不良资产基金 金融资产管理公司 债转股 并购重组 不良资产证券化 

分 类 号：F832.48[经济管理—金融学]