当前中国地方AMC高质量发展路径研究  

Research on the High Quality Development Path of Local AMC in China

作　　者：雷鹏 罗玉辉[3] 卞金鑫 Lei Peng;Luo Yuhui;Bian Jinxin

机构地区：[1]中国邮政储蓄银行博士后科研工作站,北京100083 [2]清华大学,北京100808 [3]中国农业大学,北京100083 [4]中国邮政储蓄银行总行,北京100083

出　　处：《西南金融》2020年第10期69-78,共10页Southwest Finance

摘　　要：不良资产事关金融安全与稳定,地方资产管理公司(AMC)是区域金融风险化解的生力军。当前中国正处于2008年以来的第二轮不良资产爆发期,不良资产呈现区域化特征,且在新冠肺炎疫情影响下不良资产处置备受关注。在此背景下,本文从地方AMC的成立数量、业务模式、区域差异等几个方面分析,提出当前地方AMC面临的诸多困境。美国在不良资产处置中形成了成熟的市场化处置模式,国内地方AMC的发展可以借鉴其经验,通过营造有利环境、转换发展理念、增强专业能力、探索多元融资方式等助推其高质量发展。Non-performing assets are related to financial security and stability,and local asset management companies(AMC)are a new force in the resolution of regional financial risks.China is currently in the second round of non-performing asset outbreaks since 2008.Non-performing assets are regionalized,and the disposal of non-per⁃forming assets under the influence of the COVID-19 has attracted much attention.In this context,this article analyz⁃es the number of establishments,business models,and regional differences of local AMCs,and puts forward that lo⁃cal AMCs are faced with many difficulties.The U.S.has formed a mature market-oriented model in the disposal of non-performing assets.The development of domestic local AMC can learn from its experience,and promote highquality development by creating a favorable environment,transforming development concepts,enhancing profession⁃al capabilities,and exploring multiple financing methods.

关 键 词：资产管理公司 不良资产处置 债务重组 债转股 资产证券化 股权投资 逆周期 系统性金融风险 

分 类 号：F830[经济管理—金融学]