长城公司金融不良资产估值研究

发布时间：2018-01-08 18:26

本文关键词：长城公司金融不良资产估值研究　出处：《西北大学》2014年硕士论文　论文类型：学位论文

【摘要】：金融不良资产的本质是市场资源错配的结果,其对于银行等金融机构而言是受损失的资产,对于市场及投资者来说具备一定的投资价值,如何发现投资价值,加快资产处置速度,使这些问题资产在市场上流动起来,是资产的权利人、债务人、投资者、中介机构等所有市场参与者共同思考的问题。由于市场信息严重的不对称,各个利益方对同一债权资产价值的判断相去千里,但最终市场认可的成交价格却是唯一的,经过对市场的认识和探索,各方都把目光聚焦在对这些金融不良资产的估值环节上。因此,如何深入理解估值理论,选择适当的估值方法,通过建立科学实用的数据模型,测算出最贴近市场的价值,为金融不良资产参与市场交易提供定价依据是本文研究的主要方向。本文运用文献分析法和案例分析法,对长城资产管理公司金融不良资产估值业务进行了研究。研究过程和内容分共有六部分：第一章是本文的导论部分,交待了论文的选题背景与研究意义、对论文拟研究对象进行简要介绍,对研究中使用的方法、思路、框架结构进行介绍,指出论文的主要贡献；第二章为研究综述部分,介绍了国内、外对金融不良资产估值理论研究的现状及主要的估值方法,并进行简要评述；对研究成果和经典理论进行介绍并做了简要评述；第三部分为长城资产管理公司估值现状。主要介绍了长城资产管理公司的业务架构及估值依据、业务流程、常用的估值方法、资产的分类标准、估值项目情况统计分析等；第四部分为研究资产管理公司估值业务中存在的问题及成因。指出估值业务的理论研究落后于实践、估值结果与处置成交价之间差异较大、处置方式的选择对估值结果的影响较大、专业化的估值人才相对匮乏等现实问题,并深入探讨其问题成因；第五部分为改进资产管理公司估值业务的建议,这部分针对第四部分中发现的问题及原因分别从建立共享的交易数据库、缩小估值结果与处置成交价之间的差距、建立估值模型等方面提出建议,并通过案例分析进行实践验证；第六章为结论部分,对论文的主要观点进行归纳,对论文的不足之处及尚需进行一步研究的问题进行说明。论文主要有三个方面的贡献：一是指出金融不良资产中的“资产”的涵义与传统的资产评估行业中资产的涵义不同；二是提出面对不同的处置方式如何选择估值方法；三是提出对资产进行分类基础上分别建立债权类、股权类、实物类资产的估值模型。
[Abstract]:The essence of financial non-performing assets is the result of mismatch of market resources, which is a loss of assets for banks and other financial institutions, and has a certain investment value for the market and investors, how to find the investment value. To speed up the disposal of assets and make these troubled assets flow in the market, they are the obligee, the debtor, and the investor of the asset. Due to the serious asymmetry of market information, the judgment of the value of the assets of the same creditor's rights by each interest party is a thousand miles away. However, the final accepted transaction price is the only one. Through the understanding and exploration of the market, all parties have focused on the valuation of these financial non-performing assets. Therefore, how to understand the valuation theory in depth. The main research direction of this paper is to select the appropriate valuation method and establish a scientific and practical data model to calculate the value closest to the market and to provide the pricing basis for the financial non-performing assets to participate in the market transactions. This paper uses literature analysis and case analysis to study the valuation of financial non-performing assets of the Great Wall Asset Management Company. The research process and content are divided into six parts: the first chapter is the introduction of this paper. The background and significance of the thesis are explained, the research object is briefly introduced, the methods, ideas and frame structure used in the research are introduced, and the main contributions of the paper are pointed out. The second chapter is the summary part of the research, introduced the domestic and foreign financial non-performing assets valuation theory research status and main valuation methods, and a brief review; The research results and classical theories are introduced and briefly reviewed. The third part is the valuation status of the Great Wall Asset Management Company. It mainly introduces the business structure and valuation basis of the Great Wall Asset Management Company, business process, common valuation methods, asset classification standards. Statistical analysis of valuation projects; The 4th part studies the problems and causes of valuation business of asset management company. It points out that the theoretical research of valuation business is behind practice, and the difference between valuation result and disposal price is great. The choice of disposal mode has a great influence on the valuation result, and the professional valuation talents are relatively scarce, and the causes of the problems are discussed in depth. Part 5th is a proposal to improve the valuation business of asset management companies. This part focuses on the problems identified in part 4th and the causes from the establishment of a shared transaction database. To narrow the gap between the valuation results and the transaction price, to establish a valuation model and other aspects of the proposal, and through the case study to verify the practice; Chapter 6th is the conclusion part, which summarizes the main points of the paper, explains the shortcomings of the paper and the problems that need to be further studied. The thesis has three main contributions: first, pointing out that the meaning of "assets" in the financial non-performing assets is different from that in the traditional asset appraisal industry; Second, how to choose the valuation method in the face of different disposal methods; Thirdly, the valuation models of creditor's rights, equity and real assets are established based on the classification of assets.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.39

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