经济法视角下我国AMC不良资产处置的动态博弈分析  

Dynamic Game Analysis of AMC NPL Disposal in China from the Perspective of Economic Law

作　　者：李玉峰 徐慎晖 黄德春[2] Li Yufeng

机构地区：[1]中国长城资产管理股份有限公司江苏省分公司,江苏南京210001 [2]河海大学商学院,江苏南京211100

出　　处：《金融理论与实践》2021年第10期74-81,共8页Financial Theory and Practice

基　　金：国家社科基金重大项目“绿色发展下水资源、能源、粮食协同发展与安全战略研究”(192DA084)资助。

摘　　要：在目前经济新常态和国内外疫情影响的双重背景下,不良资产处置已经成为实现经济稳定发展、企业持续运营、金融环境提质的重要措施。如何在不良资产处置中实现债权债务和担保三方的帕累托最优,实现作为国有金融机构的资产管理公司(以下简称“AMC”)债权回收和支持实体企业发展的双重甚至多重目标,通过构建不良资产处置下的三方动态博弈模型,探讨何种博弈策略能够实现博弈参与方的“纳什均衡”,并从经济法视角下得出担保方基于“双重困境”下履约的动机是债务方的重组收益及保证自身通过担保责任获取收益;当债务额度与债务减让之间的差异越大对债务方按时履约存在负向影响时,债务减让能有效降低债务方偿债压力;债权方的行为策略取决于债务本身及政策性债务减让额度,债权方亦面临“市场化”挑战。基于此,构建有序的债务公开市场和交易机制,有助于在经济法视角下实现动态“纳什均衡”,提升不良资产化解效率,有效支持实体经济稳健运行。Under the background of the new normal of economic growth and the impact of the epidemic at home and abroad,the disposal of non-performing assets has become an important measure to achieve stable economic development,sustainable operation of enterprises and improvement of the financial environment.How to realize creditor’s rights debt in non-performing assets disposal and guarantee the“pareto optimal”,implement AMC realize creditor’s rights of recovery for financial entities enterprises and support the development of double or multiple targets,this paper,by constructing the three dynamic game model in the case of bad assets disposal,discuss what kind of game strategy can realize the“Nash equilibrium”of game participants,From the perspective of economic law,it is concluded that the guarantor's motivation to perform the contract under the“double predicament”is the amount of the debtor’s income from restructuring and the income from its own guarantee liability.The greater the difference between the debt limit and debt relief has a negative impact on the debtor’s performance on time,and debt relief can effectively reduce the debt repayment pressure of the debtor.Creditors’behavior strategies depend on the debt itself and the amount of policy-based debt relief.Creditors also face the challenge of“marketization”.Finally,the construction of an orderly debt open market and trading mechanism helps to achieve a dynamic“Nash equilibrium”from the perspective of economic law,improve the efficiency of resolving non-performing assets,and effectively support the steady operation of the real economy.

关 键 词：经济法 AMC 不良资产处置 动态博弈 

分 类 号：F832.39[经济管理—金融学]