金融资产管理公司的渐进转型研究

Gradual transition of China's asset management companies

将规范分析与实证分析相结合,采用福利经济学的效用分析框架,运用模型分析方法,从长期制度变迁的角度重新审视金融资产管理公司的转型问题,分析认为:在经济转轨的大背景中,金融资产管理公司与国有银行、国有企业存在天然联系;金融资产管理公司单方面商业化转型具有不可行性;金融资产管理公司与国有企业之间也很难建立起真正债权、股权关系,只有渐进的转型才符合制度变迁的基本逻辑。

This article unifies the standard analysis with the real diagnosis analysis, uses the effectiveness analysis frame of the welfare economics, utilizes model analysis method, and carefully examines the reforming question of the property management company from the long- term angle of system transformation. The authors believe that under the background of transitional economy, there is natural relationship between asset management companies, stated-owned banks and stated-owned enterprises. Therefore, on the one hand, there is no feasibility of unilateral commercialized reform; and on the other hand, it is difficult to establish true credit and stock relation between asset management companies and stated-owned enterprises, and only the gradual reform can conform to the basic logic of transition.