【作者】 苗琳；

【导师】 耿明斋；

【作者基本信息】 河南大学 ， 国民经济学， 2004， 硕士

【摘要】 20世纪八十年代以来，一些国家和地区相继爆发金融危机，银行不良资产问题逐渐引起了国际金融界的广泛重视。我国自1995年第一次提出降低国有商业银行不良资产以来，虽然在2001年首次实现了不良资产的净下降，但是，不良资产率依然相当高。以往，我国化解商业银行不良资产或者从完善银行入手、或者从与银行有着密切联系的企业的改革入手、或者从政府的改革入手，然而，银行—企业—政府—资本市场是一个相互关联的整体，要彻底解决我国商业银行的问题，必须同时让资本市场发展起来，充分借助资本市场的力量。 本论文在吸收借鉴以往理论成果和实践的基础上，提出“利用资本市场化解我国商业银行不良资产”这一命题，并对这一视角的理论性与实践性进行了分析，目的就是要强调资本市场在化解我国商业银行不良资产方面的作用与功效。本文的结构如下： 在引言部分，分析当前我国商业银行不良资产的严重性，明确本篇论文的写作目的。 在正文部分： 第一章：化解商业银行不良资产的有关研究。本章通过分析国际上通行的做法和我国现行的做法，探讨化解我国商业银行不良资产的着力点。国际上化解商业银行不良资产的方式很多，本文将其总结为七种，市场——特别是资本市场——在化解中担当了重要的角色。我国化解商业银行不良资产的方式可以概括为“内部消化模式”与“不良资产流动模式”，由于市场基础薄弱，政府在化解中担当了重要的角色。就目前我们化解商业银行不良资产的现状而言，效果是有的，但要达到迅速化解商业银行不良资产的目的就要开阔思路，进行创新。化解银行不良资产的一般思路是“解决存量，防范增量”，对比国际经验与我国的实践，只有借助于资本市场，为我国的商业银行注入新的运行机制，才能提高商业银行不良资产化解的效率与动力。 第二章，资本市场有助于我国商业银行不良资产的解决。由于我国化解商业银行不良资产的主要手段是借助于资产管理公司(AMC)先“剥离”后“处置”，因此本章从“剥离”及“处置”两个过程分析资本市场的功效。“剥离”阶段重要的是“定价”与“确定资金来源”。由于缺乏市场基础，当前我们采用的“按账面剥离”存在诸多缺陷;由于债券市场不发达，资金来源问题也不能妥善解决。 “处置”阶段中AMC实施“债转股”后需要借助资本市场实现顺利退出—这是采用“债转股”手段至关重要的一步;“资产证券化”在我国的实施存在着诸如不良资产质量较差等限制，若要开拓出多元化的处置途径，必然要形成“价格”与“风险”的合理组合，这个组合不能人为决定，只能依靠市场进行“选择”。 第三章，资本市场有助于我国商业银行不良资产的防范。商业银行不良资产的产生与商业银行自身、企业、政府以及经济增长有着密切的关系，因此，本章分别从以下几个方面进行分析，突出资本市场的作用:从商业银行自身看，资本市场有助于解决银行面临的信息不对称问题，有助于改善国有商业银行的治理结构，有助于对商业银行形成强有力的竞争，刺激商业银行提高效益;从融资结构看，资本市场有助于解决融资结构不合理的现状，减轻银行的负担;从商业银行不良资产与企业的关系看，资本市场有助于促使企业形成良好的激励与约束机制，通过带动企业的活力减少商业银行不良资产发生的概率;从商业银行不良资产与政府的关系看，资本市场有助于改善政府在金融领域的角色，减少因政府行为引起的不良资产;从经济增长看，资本市场有助于形成储蓄与投资新的转化通道，通过刺激经济增长，防范不良资产的产生。 第四章，利用资本市场化解我国商业银行不良资产的措施。由于我国的资本市场目前还存在着诸多缺陷，因此，在这一部分，首先提出完善我国资本市场化解环境的建议，包括建立条块结合的场外交易市场、培育资本市场上的机构投资者、健全资本市场的法制法规、降低资本市场上的税收与费用、加强资本市场信息的披露等等。随后，本章从解决与防范两个层面，就化解的具体操作进行论述。解决方案可以通过AMC进行，也可以通过产权交易中心出售。通过AMC解决时应当适当增加AMC接收价格的市场化成分，并在完成任务后通过资本市场出售股份实现AMC的退出;通过产权交易中心解决时采用市场定价及拍卖的方式更有利于商业银行不良资产的回收，但前提是在这个市场上化解的不良资产质量较好，拍卖前估计能够形成一定的需求。预防方案之一是通过国有商业银行股份制改造后上市，通过国有商业银行内部形成良好的治理结构进行防范，方案之二是通过建立货币市场与资本市场的“适度”防火墙，进行外部防范。 在结束语部分，对全文进行总结性论述。更多还原

【Abstract】 Since the twenty 80th. financial crisis has broken out successfully in some countries and surburbs. Bad assets of banks have extensivly aroused the attention of international financial societies. Since we have posed the idea of disposal of bad assets of stated-owned commercial banks in 1995, we have brought the decreasing of bad assets into being in 2001. But bad assets still are more. Before, we always dispose of bad assets by perfecting banks or enterprises related with banks or government, but banks and enterprises and government and the capital market are an intergration. So when we dispose of bad assets we must develop and depend on the capital market.In the preface, I analyse the serious situation nowaday in bad assets of commercial banks in china and represent the purpose of this article.In the text:In the first chapter, I analyse the relative study of bad assets of commercial banks. I probe the door of disposal of bad assets of commercial banks through assaying international acts and our acts. Internationa1 acts are generalized by seven ways, in which market, especially the capital market, play the important role. There are "the mode of inner digestion" and "the mode of flow" in china, in which government play the important role. Though we have reduced bad assets, we must open our minds to innovate if we want to dispose of bad assets quickly. The usual thread to dispose of bad assets is "prevention from the increment while reducing the deposit. It is known from the international experience that we can promote efficiency and motivity of disposal of bad assets of commercial banks in the capital market, which will input the new mechanism to our commercial banks.In the second chapter, the capital market is good to reduce bad assets of commercial banks in china. I analyse the act of the capital market in avulsion and tackling, which is the main way used by commercial banks in china through AMC. What is important is price and capital in the phase of avulsion. Now we decide price on account, which has many drawbacks so price is irrational. Capital can’t be get easily because of the faulty bond market. In the phase of tackling AMC must be able to quit in the capital market, which is important after debt-right into stock-right. There are many limits such as the quality of assets for the asset securitization to be used in china, so if we want to find many ways to dispose of bad assets, we must find the assemblage of price and risk, which can’t be decided by person and must be selected by the pefect capital market. In the third chapter, the capital market is good to prevent from bad assets ofcommercial banks in china. Bad assets of commercial banks are related to commercial banks and enterprises and government and the structure of capital. So I analyse in this part from these ways. As commercial banks themselves is concerned, the capital market is good to settle the asymmetrical information that commercial banks face, and to improve the rule structure of stated-owned commercial banks, and to compete against commercial banks, by which commercial banks can improve their efficiency. As the structure of capital is concerned, the capital market is good to change the situation of the irrational structure of capital to lighten the burden of banks. As the relationship between bad assets of commercial banks and enterprises is concerned, the capital market can form a stimulative and restrictive mechanism in enterprises and play the selection role, which is good to dwindle the probability of bad assets of commercial banks. As the relationship between bad assets of commercial banks and government is concerned, the capital market is good to better the role of government in the financial market to eliminate the probability of bad assets of commercial banks. As economy growth is concerned, the capital market is good to form a new road for savings to change into investment, which can stimulate the growth of economy to prevent from bad assets.In the fourth chapter, I analyse the way of disposal of bad assets of更多还原