重组并购提升不良资产价值的机制研究

The Mechanism Research on Promoting NPA's Value by M&A

本文在提出一个金融不良资产价值模型的基础上,通过对不良资产价值驱动因素的研究,系统地剖析了重组并购提升不良资产价值的运行机制。本文认为,资产管理公司可以通过实施企业内部或企业之间的重组并购激活不良债权或股权的价值驱动因素,进而实现提升不良资产价值的目的;还可以运用金融工程重组技术通过批量处置来实现不良资产价值的提升。在不良资产处置实践中,重组方式的选择取决于不良资产的特性、债务企业或债转股企业的实际状况以及宏观环境等多方面因素。最后,本文提出了运用重组并购提升不良资产价值的政策建议。

On the basis of a financial non-performing asset （NPA） value model, this paper analyzes systematically the mechanism of promoting NPA＇s value by M＆A through the study of NPA＇s value-drive factors. The author thinks AMC can promote NPA＇s value through enterprise＇s internal or enterprises＇M＆A to activate the value-drive factors of non-performing loans and equities. The AMC can also promote NPA＇s value through portfolio disposal by means of financial technology restructuring techniques. In the NPA＇disposal practices, the NPA＇s disposal mode depends on many factors, including NPA＇s traits, the situation of the indebted enterprises or equity enterprises and macro-environment. In the end, the paper brings forward policy suggestions on promoting NPA＇s value through M＆A.