我国金融资产管理公司不良资产处置的绩效考察

Study on Non-performing Assets Disposal Performance of AMCs in China

运用数据包络分析方法(DEA),采用不良资产处置速度和现金回收率等指标,对中国金融资产管理公司不良资产处置的绩效进行了实证研究,结果表明:不良资产处置绩效在2001-2006年间呈现抛物线形态,这与不良资产处置制度设计及不良资产的"冰棍效应"有关;从资产管理公司不良资产年平均处置速度来看,长城公司处于首位,而信达公司的年平均现金回收率最高;在考虑资产管理公司各项不良资产的特性后,信达公司的年平均处置效率最高。同时通过分析,指出了制度建设对不良资产处置的有效激励作用。

By using the data envelopment analysis （DEA） and indicators such as the speed of the disposal of non-performing assets and the cash recovery rate, the paper has made an empirical study on the performance of the assets management companies in China during the last seven yeans. The results show that the efficiency of handling non-performing assets in China from 2001 to 2006 shows a parabola form, which is related to the design of the disposal system and the ＂frozen sucker effect＂ of non-performing assets. In view of the average speed of disposing of NPAs, we find that the Great Wall Asset Management Corporation ranks first, while the Cinda Asset Management Corporation owns the highest cash recovery rate. After considering the characteristics of each AMC＇s non-performing assets, the Cinda Asset Management Corporation owns the highest average efficiency of disposing of NPA. At the same time, through analysis of the disposal of non-performing assets, it is pointed out that the system construction plays an effective incentive role in this aspect.