中俄联合资产管理公司的价值与模式分析

Value and Business Model of China-Russia Joint Asset Management Corporation

中俄金融合作,特别是投融资合作长期滞后于经贸合作的需求,主要原因在于其风险控制基本沿用西方模式,不适合两国实际国情,导致俄罗斯大量优良资产无法在融资中体现优质抵押物的价值。俄罗斯没有类似中国专司经营和处置不良资产的大型资产管理公司,其大量不良资产由于信息不对称、合作模式与机制的缺陷而难以在中国资本市场变为抵押物,亦难以与中国产业链对接。俄罗斯一直努力推行金融自由化政策,同时重视加强与中国金融机构的合作,这使得中国对俄直接投资的金融环境不断改善。中俄金融机构只有创新金融服务模式才能挖掘中国对俄直接投资的巨大潜力。创办中俄联合资产管理公司是推动中俄经济合作和金融合作的重要顶层设计,具有可操作性,能够获得巨大的投资价值与收益,促进中俄产业对接与发展,推动中俄基础设施领域合作。

This paper holds that the financial cooperation between China and Russia is lagging behind economic and trade cooperation,in particular the investment and financing cooperation as a result of the existing western model for risk control.Owing to asymmetric information and lack of a favorable pattern and a mechanism for cooperation,an enormous amount of Russia’s valuable assets have not been employed as quality mortgage for financing in China’s capital market.This situation reveals that the western model does not fit well with China and Russia’s reality.It is advisable for both China and Russia’s financial institutions to innovate the model of financial services aiming at unlocking the full potential for China’s direct investment in Russia.Considering Russia’s endeavor to implement financial liberalization policy and promote cooperation with China’s financial institutions,it is advisable to establish a Sino-Russian joint asset management corporation,an essential top-level design with operability,to boost the cooperation and development of China and Russia’s economic and financial cooperation,industrial interconnection and infrastructure cooperation.