中国信达资产管理股份有限公司商业化转型案例分析

发布时间：2018-06-27 00:49

本文选题：资产管理公司 + 商业化转型　；参考：《辽宁大学》2015年硕士论文

【摘要】：上世纪九十年代,亚洲爆发了大范围灾难性的金融危机,由于金融危机本身所具有的感染性,很快对我国经济产生了不良的影响,当时我国不太成熟的市场经济下的金融体系发展还不是很完善,四大国有商业银行经过多年的发展累积了大量不良资产。在内忧外患、随时可能爆发金融危机的情况下为维护我国市场经济的稳定发展,我国政府于1999年成立信达、华融、东方、长城四家国有独资的金融资产管理公司(Asset Management Corporation下文简称为AMC)以最大限度保全和回收国有资产为目的来处置相对应的四大国有商业银行的不良资产,这些公司被赋予必要的政策和法律手段,可以很有效的帮助加快对不良资产的处置,这一举措对于国有企业改革、国有商银行的改制以及防范和化解金融风险都发挥了极其重要作用。中国信达资产管理股份有限公司(China Cinda Asset Management Co.,Ltd.,下文简称为CCAMC)的经营业绩一直处于四家金融资产管理公司之首,经过数十年的经营发展,CCAMC已圆满完成对政策性不良资产处置的任务,并经过仔细研究走上了商业化转型的道路,于2013年12月在香港成功上市,这是国内首家成功上市的资产管理公司,这在某种程度上意味着国有资产管理公司商业化转型的成功。当前其他三家资产管理公司也已走上了商业化转型的道路,同时还有一些地方性的资产管理公司在商业化转型的道路上不断的摸索,CCAMC的成功商业化转型可以为国内其他AMC树立典范。本文以中国信达资产管理股份有限公司商业化转型为案例,首先,对国内外有关资产管理公司的研究现状进行介绍,并指出本论文的结构框架、研究方法、创新及不足之处;其次,介绍了企业转型的一般理论和我国AMC特有的研究问题,并简单的介绍了CCAMC发展过程中的几个阶段;再次,进行CCAMC商业化成效的分析,重点就其经营模式和竞争力进行了分析;最后,针对我国AMC所面临的问题,根据CCAMC的成功的商业化转型提出合理的意见和建议。以案例分析为背景,重点剖析该资产管理公司商业化转型的过程中所采取的业务模式,同时综合分析其所具备的竞争力,并对该公司取得成效进行分析比对,并指出其成功转型的原因,这为我国其他的AMC公司商业化转型道路提供了良好的借鉴模式,也是对CCAMC自身的剖析和反思。
[Abstract]:In the 1990s, a large-scale and disastrous financial crisis broke out in Asia. Due to the contagion of the financial crisis itself, it soon had a negative impact on our economy. At that time, the development of financial system under the immature market economy in China was not very perfect, and the four state-owned commercial banks accumulated a large number of non-performing assets after years of development. In order to maintain the stable development of China's market economy, the Chinese government set up Cinda, Huarong and the East in 1999 in the face of internal and external troubles and the possibility of a financial crisis at any time. The Asset Management Corporation (Asset), which is the sole proprietorship of the Great Wall, aims to maximize the preservation and recovery of state-owned assets to dispose of the non-performing assets of the four major state-owned commercial banks. These companies have been given the necessary policy and legal means to help speed up the disposal of non-performing assets, a move to reform state-owned enterprises. The reform of state-owned commercial banks and the prevention and resolution of financial risks have played an extremely important role. China Cinda Asset Management Co., Ltd. (hereinafter referred to as CCAMC) has been at the top of four financial asset management companies. After decades of business development, CCAMC has successfully completed the task of disposing of policy-related non-performing assets. After careful study, the company successfully listed in Hong Kong in December 2013, which is the first successful asset management company in China, which to some extent means the success of the commercial transformation of state-owned asset management companies. At present, the other three asset management companies have also embarked on the path of commercial transformation. At the same time, there are some local asset management companies in the commercial transformation of the road to explore the successful commercial transformation of CCAMC can set an example for other domestic AMC. In this paper, the commercial transformation of China Cinda Asset Management Co., Ltd. as a case, first of all, the domestic and foreign research on asset management companies are introduced, and pointed out the structure of this paper, research methods, innovations and deficiencies; Secondly, it introduces the general theory of enterprise transformation and the specific research problems of AMC in China, and briefly introduces several stages in the development of CCAMC. Thirdly, the commercial effect of CCAMC is analyzed. Finally, aiming at the problems faced by AMC in China, the paper puts forward some reasonable suggestions and suggestions according to the successful commercialization transformation of CCAMC. Taking the case analysis as the background, the paper analyzes the business model adopted by the asset management company in the process of commercialization transformation, and analyzes the competitiveness of the asset management company comprehensively, and analyzes and compares the results achieved by the asset management company. It also points out the reasons for its successful transformation, which provides a good reference mode for other AMC companies in our country. It is also an analysis and reflection on CCAMC itself.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.39

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