银行不良资产处置中的价值重估问题研究
发布时间：2018-07-24 13:52
【摘要】：上世纪90年代,由于国内外各方面的原因,我国银行不良资产数额十分巨大,严重影响和阻碍了我国银行业乃至金融业和整体国民经济的健康持续发展。鉴于此,政府于1999年先后成立了四家资产管理公司,负责对我国银行不良资产的接收。根据有关资料显示,四家资产管理公司自成立以来一共进行了三次比较大的银行不良资产接收。第一次在1999年,四家资产管理公司采用账面价值的方式对四大国有银行的不良资产进行剥离,总价值高达1.4万亿元人民币；第二次是在2004年,采取商业化收购的方式对四大银行的不良资产进行招标取得；第三次在2005年,资产管理公司以封闭式招标竞价的方式接收银行不良资产。资产管理公司在第二和第三次的不良资产接收以后,在1.4万亿的基础上又新增了1.3万亿新的不良资产。通过资产管理公司对不良资产的接收以及银行系统的管理制度和内部制度的完善,我国银行不良贷款率从1995年的21.4%下降至2010年的1.14%,又降至2013年的1.0%。 然而,尽管我国经过了十多年的商业银行改革之后,银行在经营管理以及适应内外部环境等方面有了比较大的改善,不良资产率也大为降低,银行贷款质量有了明显的提高,但是由于我国银行不良资产在计量口径与分类方法等方面的影响,我国的银行不良资产实际情况比公布的数据会有出入,与国外银行相比,我国银行不良资产的问题仍然比较严重。另外,我国银行不良资产率虽然降至1.0%,但是数量仍然十分巨大,仍然是银行风险的一个潜在要素。而且,随着我国主要商业银行的陆续上市以及银行业的逐步改革和开放,国外银行凭借其丰富的市场经验以及先进的服务理念等会造成我国银行巨大的竞争压力。与此同时,经济周期和金融危机的影响,也使我国银行业要面临错综复杂的国内外经济形势,不良贷款率仍然有重新上升的可能。 因此,对于银行不良资产的研究就十分必要。本文研究的是银行不良资产在处置过程中的价值重估问题。银行不良资产有收购、管理和处置三种存在状态。不良资产收购是不良资产价值重估的起点,价值重估是为了收购时作为收购价格的参考；不良资产管理是不良资产价值重估的重点,是为了确切了解银行不良资产的真实价值和内在价值；不良资产的处置是最后环节,也是不良资产价值重估的最终目标,即为处置时提供价格支持和参考作用。银行不良资产在银行体系中本来有一个账面价值,但是在银行不良资产处置过程中其内在价值与其账面价值已经存在巨大差异,显然账面价值已经不能直接作为不良资产处置时的交易价格,必须对不良资产在处置基准日时的内在价值进行重估,才能为银行不良资产的交易价格做有意义的参考。本文的研究目的也即为此。 银行不良资产的类型不同,也决定着其价值重估方法的不同。不良资产从形态上来讲可分为三类,即实物类不良资产、股权类不良资产以及债权类不良资产。对实物类不良资产的价值重估,主要是对该实物资产的市场价值进行研究分析,从而为其交易价格提供参考；股权类不良资产多数来自于银行不良资产的债转股,需要对债务企业的企业价值进行分析,从而按照股权比例对这部分的股权类不良资产的价值进行重估；债权类不良资产,是本文的研究重点,通过对债务企业偿债能力的研究分析,并依据债权企业所占的债权比例,从而评估出该项债权类不良资产的价值。 本文的主要创新点是通过对银行不良资产价值重估的研究,对其现有的价值重估方法的分析与总结,发现了现有评估方法的不足之处,并且给出了自己的几点完善方案。我国评估业尽管发展较快,但是由于起步较晚等原因,还存在着包括理论研究多于实践研究等等问题,尤其是对银行不良资产评估的研究,在实证研究方面仍然不够。 本文的研究框架和主要内容如下： 第一部分绪论,主要是从三个方面进行阐述。首先是对研究背景和研究意义的介绍,这是本文的切入点。研究背景介绍了本文研究时银行不良资产价值重估所处的现状,以及我国银行不良资产目前所面临的现状。研究背景是从宏观环境出发,旨在使读者对本文研究的大环境和大背景有一个较为全面的了解,从而有助于对本文研究思路的掌握。研究意义则是说明了本文对不良资产价值重估进行研究的目的和价值,也是本文研究的内在动力之一其次简要介绍了包括国内外专家在银行不良资产价值重估方面的文献,通过对前人在这一课题上面的研究进行梳理和总结,从而有助于自己更好地了解银行不良资产价值重估的内容及意义,也能够了解目前该课题研究所达到的水平。最后是本文研究问题的提出以及本文的研究思路,通过对背景意义的介绍,以及对前人相关文献研究的综述,从而相应地提出本文的研究问题,并简要概括出本文的研究思路。 第二部分是对银行不良资产的概述。研究银行不良资产在处置过程中的价值重估问题,首先必须得了解何为银行不良资产,以及与银行不良资产相关的其他信息。本部分也是从三个方面进行介绍,首先是银行不良资产的基本概念及其分类。明确银行不良资产的概念含义,并且介绍银行不良资产的分类,从而根据不同的类型提出不同的评估方法并且了解我国目前对于银行不良资产的分级情况,不同的分级代表着不同的风险程度；其次,介绍银行不良资产的三大价值形态,即实物型不良资产、股权型不良资产以及债券型不良资产,明确了不良资产价值形态的不同,从而根据相应的方法进行研究；最后简要介绍了我国银行不良资产的现状,通过对我国银行不良资产的现状分析,从而体现出本文研究的必要性。 第三部分是对银行不良资产价值重估的概述,主要包括银行不良资产价值重估的基础、银行不良资产价值重估的原则以及银行不良资产价值重估的影响因素。银行不良资产价值重估的基础,是基于银行不良资产的价值形态的分类,由于本文主要是对债权性不良资产进行研究,故银行不良资产价值重估的基础是债务企业的偿债能力,对其偿债能力进行评估并根据债务比例,从而评估出债权性不良资产的价值。银行不良资产价值重估的原则主要有三点：费用支出低于回收价值原则、评处分离原则以及性质决定方式原则。银行不良资产价值重估的影响因素是本部分的研究重点,从大方面来讲主要有财务因素和非财务因素两大类。而财务因素之下又有反映企业营运状况、财务效益状况、偿债能力及发展能力状况的因素。非财务因素则又分微观因素、中观因素及宏观因素三类,集中体现了非财务因素对银行不良资产价值重估的影响。 第四部分介绍了银行不良资产价值重估的方法与流程,是十分重要的章节,而不良资产重估方法又是重点中的重心。通过对不良资产现行方法的介绍,包括假设清算法、信用评价法、交易案例比较法以及专家打分法等等,并从中发现现行方法的不足之处,继而提出相应的改进措施和方法。最后简要论述了银行不良资产价值重估的相关流程。 第五部分是本文的重点,即银行不良资产价值重估的案例分析。假设一个不良资产评估案例,并尽量使其接近现实情况,通过对案例的分析,找出其不良资产的价值类型,从而选择相应的评估方法,最后通过一系列的评估流程获得最终的评估结果。案例分析包含了前四部分内容的理论,并将之运用在实际操作中,展现出实际操作中对于银行不良资产价值重估的具体过程,从而也达到理论知识结合实践活动、理论指导实践的意义和目的。
[Abstract]:In the 90s of last century, due to various reasons at home and abroad, the amount of non-performing assets in the Bank of our country was very huge, which seriously affected and hindered the healthy and sustained development of the banking and financial industry and the overall national economy in China. In view of this, the government established four Asset Management Co in 1999, responsible for the connection of the non-performing assets of our banks. According to the relevant information, four Asset Management Co have received three large bank non-performing assets since its establishment. The first time in 1999, four Asset Management Co adopted the book value to divestiture the bad assets of the four state-owned banks, with a total value of up to 1 trillion and 400 billion yuan; the second time was In 2004, commercial acquisition was taken to bid for the bad assets of the four major banks; the third time in 2005, the Asset Management Co received bad bank assets in a closed bidding bid. After receiving the second and third bad assets, the Asset Management Co added 13 thousand on the basis of 1 trillion and 400 billion. Through the Asset Management Co's acceptance of non-performing assets and the improvement of the management system and internal system of the banking system, the rate of non-performing loans in China's banks fell from 21.4% in 1995 to 1.14% in 2010, and to 1.0%. of 1.0%. in 2013.
However, although after more than 10 years of commercial bank reform in China, the bank has made a great improvement in management and adaptation to the internal and external environment, the rate of non-performing assets has been greatly reduced and the quality of bank loans has been significantly improved. However, due to the shadow of our bank's ungood assets in the measurement and classification methods and so on The real situation of non-performing assets in the Bank of our country is more and more different than that of the published data. Compared with the foreign banks, the problem of the bad assets of our banks is still relatively serious. In addition, the number of non-performing assets in our banks is still very large, although the rate of non-performing assets of our banks is down to 1%, and it is still a potential factor of the bank risk. The gradual reform and opening up of commercial banks as well as the gradual reform and opening of the banking industry, foreign banks, with their rich market experience and advanced service concepts, will cause huge pressure of competition in our banks. At the same time, the economic cycle and the impact of the financial crisis have also made the banking industry in China face a complicated domestic and foreign economic situation. There is still a possibility of a new rise in the rate of non-performing loans.
Therefore, it is necessary to study the bad assets of the bank. This paper studies the value revaluation problem of the bad assets of the bank in the process of disposal. The bad assets of the bank have three existing states of acquisition, management and disposal. The acquisition of non-performing assets is the starting point of the revaluation of the value of non-performing assets, and the value revaluation is for the purchase price when it is bought. The management of non-performing assets is the key point of revaluation of the value of non-performing assets. It is to understand the real value and intrinsic value of the bad assets of the bank. The disposal of the non-performing assets is the final link and the final target of the revaluation of the value of the bad assets, that is to provide the price support and reference for the disposal of the bad assets. There is a book value in the system, but there is a huge difference between the intrinsic value and the book value of the bad assets in the bank. It is obvious that the book value can not be directly used as the transaction price for the disposal of the bad assets. It is necessary to reevaluate the intrinsic value of the non-performing assets in the disposal of the basic day. The purpose of this paper is to provide a meaningful reference for the transaction price of non-performing assets.
The different types of the bad assets of the bank also determine the different value revaluation methods. The non-performing assets can be divided into three types from the form, that is, the kind of non performing assets, the non performing assets and the bad assets of the creditor's rights. The revaluation of the value of the kind of real kind of assets is mainly to study and analyze the market value of the physical assets. In order to provide reference for the transaction price, most of the non - performing assets of the equity assets are from the debt to equity swap in the non-performing assets of the bank. It is necessary to analyze the enterprise value of the debt enterprises, so as to reevaluate the value of the non - performing assets of this part according to the proportion of the equity. The research and analysis of the solvency of the service enterprise, and according to the proportion of the creditor's rights of the creditor's rights enterprises, the value of the bad assets of the creditor's rights category can be evaluated.
The main innovation of this paper is through the study of the revaluation of the value of the bank's bad assets and the analysis and summary of the existing value revaluation methods. The shortcomings of the existing evaluation methods are found and some perfect plans are given. Including theoretical research more than practical research and so on, especially the study of bank non-performing assets evaluation, is still insufficient in empirical research.
The research framework and main contents of this paper are as follows:
The first part is the introduction, mainly from three aspects. First, it is the introduction of the research background and significance. This is the starting point of this article. The research background introduces the current situation of the value revaluation of the bank's bad assets and the current situation of the bad assets of the banks in our country. The research background is from the macro environment. The purpose of this study is to make the readers have a more comprehensive understanding of the great environment and background of this study, thus helping to grasp the ideas of this study. The significance of this study is to illustrate the purpose and value of the study on the value revaluation of the non performing assets, and also one of the internal motive forces of this study. The literature of domestic and foreign experts on the value revaluation of non-performing assets in the bank, by combing and summarizing the previous research on this topic, will help us to better understand the content and significance of the value revaluation of the bank's bad assets, and also to understand the level of the present research. The research ideas of this paper are put forward as well as the introduction of the background significance and the literature review of the predecessors, so as to put forward the research problems in this paper, and briefly summarize the research ideas of this paper.
The second part is an overview of the bad assets of the bank. To study the value revaluation of the bank's bad assets in the process of disposal, we must first have to know what is the bad assets of the bank and the other information related to the bad assets of the bank. This part is also introduced from three aspects, first of all, the basic concepts and points of the bad assets of the banks. Category. Define the concept of the bad assets of the bank, and introduce the classification of the bad assets of the bank, then put forward different evaluation methods according to the different types and understand the classification of the bad assets of the bank in our country. The different classification represents the different risk degree. Secondly, it introduces the three value forms of the bad assets of the bank. State, that is, the kind of non-performing assets, the non-performing assets and the non-performing assets of the bond, has clearly defined the difference in the form of the value of the non-performing assets, and then studies it according to the corresponding methods. Finally, the present situation of the bad assets of the banks in China is briefly introduced, and the present situation of the bad assets of the banks in China is analyzed, thus reflecting the study of this paper. Necessity.
The third part is an overview of the revaluation of the value of the bad assets of the bank, including the basis of the revaluation of the value of the non-performing assets of the bank, the principle of the revaluation of the value of the bad assets of the bank and the factors affecting the revaluation of the bad assets of the bank. This paper mainly studies the creditor's right assets, so the basis of the value revaluation of the bad assets of the bank is the debt paying ability of the debt enterprise, evaluates the debt paying ability and evaluates the value of the creditor's bad assets according to the proportion of the debt. The principle of the revaluation of the bank's bad assets is mainly three points: the cost expenditure is lower than that of the bank. The influence factors of the revaluation of the value of the bank's bad assets are the focus of this part, which mainly include two major categories of financial and non financial factors. The financial factors reflect the situation of business operation, the financial efficiency, the solvency and the development of the debt. The non financial factors are also divided into three categories: Micro factor, medium factor and macro factor, which concentrates on the effect of non financial factors on the revaluation of the value of non-performing assets of the bank.
The fourth part introduces the method and process of the value revaluation of the bad assets of the bank, which is a very important chapter, and the revaluation method of the bad assets is the focus of the focus. Through the introduction of the current methods of non-performing assets, including the assumption of liquidation, the credit evaluation, the comparison of transaction case ratio and the expert scoring method, the current method of non-performing assets is found in the present. The shortcomings of the method are pointed out, and the corresponding improvement measures and methods are put forward. Finally, the relevant procedures of the revaluation of the non-performing assets of banks are briefly discussed.
The fifth part is the key point of this article, that is, the case analysis of the value revaluation of the bad assets of the bank. Suppose a case of non-performing assets evaluation, and try to make it close to the actual situation as far as possible. Through the analysis of the case, the value types of the bad assets are found, and the corresponding evaluation method is chosen, and finally, a series of evaluation processes are obtained. The case analysis includes the theory of the first four parts, and uses it in practical operation to show the concrete process of the revaluation of the value of the bad assets of the bank in actual operation, thus achieving the significance and purpose of theoretical knowledge combining practice and theory to guide practice.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.3;F830.42
本文编号：2141583
[Abstract]:In the 90s of last century, due to various reasons at home and abroad, the amount of non-performing assets in the Bank of our country was very huge, which seriously affected and hindered the healthy and sustained development of the banking and financial industry and the overall national economy in China. In view of this, the government established four Asset Management Co in 1999, responsible for the connection of the non-performing assets of our banks. According to the relevant information, four Asset Management Co have received three large bank non-performing assets since its establishment. The first time in 1999, four Asset Management Co adopted the book value to divestiture the bad assets of the four state-owned banks, with a total value of up to 1 trillion and 400 billion yuan; the second time was In 2004, commercial acquisition was taken to bid for the bad assets of the four major banks; the third time in 2005, the Asset Management Co received bad bank assets in a closed bidding bid. After receiving the second and third bad assets, the Asset Management Co added 13 thousand on the basis of 1 trillion and 400 billion. Through the Asset Management Co's acceptance of non-performing assets and the improvement of the management system and internal system of the banking system, the rate of non-performing loans in China's banks fell from 21.4% in 1995 to 1.14% in 2010, and to 1.0%. of 1.0%. in 2013.
However, although after more than 10 years of commercial bank reform in China, the bank has made a great improvement in management and adaptation to the internal and external environment, the rate of non-performing assets has been greatly reduced and the quality of bank loans has been significantly improved. However, due to the shadow of our bank's ungood assets in the measurement and classification methods and so on The real situation of non-performing assets in the Bank of our country is more and more different than that of the published data. Compared with the foreign banks, the problem of the bad assets of our banks is still relatively serious. In addition, the number of non-performing assets in our banks is still very large, although the rate of non-performing assets of our banks is down to 1%, and it is still a potential factor of the bank risk. The gradual reform and opening up of commercial banks as well as the gradual reform and opening of the banking industry, foreign banks, with their rich market experience and advanced service concepts, will cause huge pressure of competition in our banks. At the same time, the economic cycle and the impact of the financial crisis have also made the banking industry in China face a complicated domestic and foreign economic situation. There is still a possibility of a new rise in the rate of non-performing loans.
Therefore, it is necessary to study the bad assets of the bank. This paper studies the value revaluation problem of the bad assets of the bank in the process of disposal. The bad assets of the bank have three existing states of acquisition, management and disposal. The acquisition of non-performing assets is the starting point of the revaluation of the value of non-performing assets, and the value revaluation is for the purchase price when it is bought. The management of non-performing assets is the key point of revaluation of the value of non-performing assets. It is to understand the real value and intrinsic value of the bad assets of the bank. The disposal of the non-performing assets is the final link and the final target of the revaluation of the value of the bad assets, that is to provide the price support and reference for the disposal of the bad assets. There is a book value in the system, but there is a huge difference between the intrinsic value and the book value of the bad assets in the bank. It is obvious that the book value can not be directly used as the transaction price for the disposal of the bad assets. It is necessary to reevaluate the intrinsic value of the non-performing assets in the disposal of the basic day. The purpose of this paper is to provide a meaningful reference for the transaction price of non-performing assets.
The different types of the bad assets of the bank also determine the different value revaluation methods. The non-performing assets can be divided into three types from the form, that is, the kind of non performing assets, the non performing assets and the bad assets of the creditor's rights. The revaluation of the value of the kind of real kind of assets is mainly to study and analyze the market value of the physical assets. In order to provide reference for the transaction price, most of the non - performing assets of the equity assets are from the debt to equity swap in the non-performing assets of the bank. It is necessary to analyze the enterprise value of the debt enterprises, so as to reevaluate the value of the non - performing assets of this part according to the proportion of the equity. The research and analysis of the solvency of the service enterprise, and according to the proportion of the creditor's rights of the creditor's rights enterprises, the value of the bad assets of the creditor's rights category can be evaluated.
The main innovation of this paper is through the study of the revaluation of the value of the bank's bad assets and the analysis and summary of the existing value revaluation methods. The shortcomings of the existing evaluation methods are found and some perfect plans are given. Including theoretical research more than practical research and so on, especially the study of bank non-performing assets evaluation, is still insufficient in empirical research.
The research framework and main contents of this paper are as follows:
The first part is the introduction, mainly from three aspects. First, it is the introduction of the research background and significance. This is the starting point of this article. The research background introduces the current situation of the value revaluation of the bank's bad assets and the current situation of the bad assets of the banks in our country. The research background is from the macro environment. The purpose of this study is to make the readers have a more comprehensive understanding of the great environment and background of this study, thus helping to grasp the ideas of this study. The significance of this study is to illustrate the purpose and value of the study on the value revaluation of the non performing assets, and also one of the internal motive forces of this study. The literature of domestic and foreign experts on the value revaluation of non-performing assets in the bank, by combing and summarizing the previous research on this topic, will help us to better understand the content and significance of the value revaluation of the bank's bad assets, and also to understand the level of the present research. The research ideas of this paper are put forward as well as the introduction of the background significance and the literature review of the predecessors, so as to put forward the research problems in this paper, and briefly summarize the research ideas of this paper.
The second part is an overview of the bad assets of the bank. To study the value revaluation of the bank's bad assets in the process of disposal, we must first have to know what is the bad assets of the bank and the other information related to the bad assets of the bank. This part is also introduced from three aspects, first of all, the basic concepts and points of the bad assets of the banks. Category. Define the concept of the bad assets of the bank, and introduce the classification of the bad assets of the bank, then put forward different evaluation methods according to the different types and understand the classification of the bad assets of the bank in our country. The different classification represents the different risk degree. Secondly, it introduces the three value forms of the bad assets of the bank. State, that is, the kind of non-performing assets, the non-performing assets and the non-performing assets of the bond, has clearly defined the difference in the form of the value of the non-performing assets, and then studies it according to the corresponding methods. Finally, the present situation of the bad assets of the banks in China is briefly introduced, and the present situation of the bad assets of the banks in China is analyzed, thus reflecting the study of this paper. Necessity.
The third part is an overview of the revaluation of the value of the bad assets of the bank, including the basis of the revaluation of the value of the non-performing assets of the bank, the principle of the revaluation of the value of the bad assets of the bank and the factors affecting the revaluation of the bad assets of the bank. This paper mainly studies the creditor's right assets, so the basis of the value revaluation of the bad assets of the bank is the debt paying ability of the debt enterprise, evaluates the debt paying ability and evaluates the value of the creditor's bad assets according to the proportion of the debt. The principle of the revaluation of the bank's bad assets is mainly three points: the cost expenditure is lower than that of the bank. The influence factors of the revaluation of the value of the bank's bad assets are the focus of this part, which mainly include two major categories of financial and non financial factors. The financial factors reflect the situation of business operation, the financial efficiency, the solvency and the development of the debt. The non financial factors are also divided into three categories: Micro factor, medium factor and macro factor, which concentrates on the effect of non financial factors on the revaluation of the value of non-performing assets of the bank.
The fourth part introduces the method and process of the value revaluation of the bad assets of the bank, which is a very important chapter, and the revaluation method of the bad assets is the focus of the focus. Through the introduction of the current methods of non-performing assets, including the assumption of liquidation, the credit evaluation, the comparison of transaction case ratio and the expert scoring method, the current method of non-performing assets is found in the present. The shortcomings of the method are pointed out, and the corresponding improvement measures and methods are put forward. Finally, the relevant procedures of the revaluation of the non-performing assets of banks are briefly discussed.
The fifth part is the key point of this article, that is, the case analysis of the value revaluation of the bad assets of the bank. Suppose a case of non-performing assets evaluation, and try to make it close to the actual situation as far as possible. Through the analysis of the case, the value types of the bad assets are found, and the corresponding evaluation method is chosen, and finally, a series of evaluation processes are obtained. The case analysis includes the theory of the first four parts, and uses it in practical operation to show the concrete process of the revaluation of the value of the bad assets of the bank in actual operation, thus achieving the significance and purpose of theoretical knowledge combining practice and theory to guide practice.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.3;F830.42
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