商业银行不良资产结构化转让风险与防控

发布时间：2018-03-23 18:49

本文选题：不良资产　切入点：转让　出处：《浙江工商大学学报》2017年02期

【摘要】：中国专门处置不良资产的金融资产管理公司(AMC)实行牌照管理,AMC数量有限而经济形势下滑导致不良资产激增,从而形成不良资产市场上的供大于求。商业银行不良资产如果直接转让给AMC定价较低,导致商业银行承受较大的损失。为化解困境,商业银行要创新不良资产处置手段,借助结构化融资模式,利用银行自身融资优势,通过结构化转让拓宽不良资产的实际购买主体,提高不良资产的转让收益,减少银行的直接损失。但不良资产结构化转让作为一种新型的不良资产处置模式,借助各种AMC、信托、基金、券商、LP等等SPV,通过层层传导,最终将不良资产转让给一般投资人以及银行自有投资资金,这种"类证券化"模式同时存在通道操作风险、定价风险、清收风险以及税收风险四大业务风险以及监管合规风险、银行法律主体定位模糊以及收益权定位模糊三大法律风险,需要加以剖析与防控。
[Abstract]:China's AMC, a financial asset management company specializing in the disposal of non-performing assets, has a limited number of AMC licenses and a sharp increase in non-performing assets as a result of the downturn in the economic situation. As a result, the supply in the market of non-performing assets exceeds demand. If commercial banks transfer non-performing assets directly to AMC at a lower price, it will cause commercial banks to bear greater losses. In order to resolve the difficulties, commercial banks should innovate the means of dealing with non-performing assets. With the help of structured financing mode and the advantage of banks' own financing, the transfer income of non-performing assets can be improved by widening the actual purchasing body of non-performing assets through structured transfer. To reduce the direct losses of banks. But structured transfer of non-performing assets, as a new mode of disposal of non-performing assets, is conducted through various SPVs, such as AMCs, trusts, funds, brokerage firms and so on. In the end, the non-performing assets will be transferred to ordinary investors and banks' own investment funds. This "securitization" model has four major business risks, such as channel operation risk, pricing risk, liquidation risk and tax risk, as well as regulatory compliance risks. There are three legal risks, which are fuzzy orientation of bank legal subject and fuzzy orientation of profit right, which need to be analyzed and controlled.
【作者单位】：华东政法大学经济法学院;中信银行杭州分行法律保全部;
【分类号】：F832.33

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