我国金融资产管理公司商业化转型研究

Commercialized Transformation of Chinese Financial Asset Management Corporation

金融资产管理公司既是我国经济金融体制改革的产物,也是我国金融体系不断自我发展、自我完善的需要。目前金融资产管理公司政策性资产处置工作基本完成,商业化转型将成为未来的趋势。本文基于金融战略视角,借鉴国外的转型经验,从探讨资产管理公司继续存在的必要性入手,结合我国实际情况分析资产管理公司转型的现实条件和转型目标,提出我国资产管理公司商业化转型应该分步实施:第一步,使资产管理公司成功向商业化的综合性资产管理公司转型;第二步,逐渐向现代投资银行过渡;第三步,在现代投资银行基础上向大型金融控股集团公司发展。

Financial asset management corporation （FAMC） is both the outcome of Chinese economic and financial system reform and the demand to realize the sustained improvement of Chinese financial system. Currently, Chinese FAMCs have finished the majority of policy-dominated non-performing assets disposal task, and commercialized transformation will be their development trend in the future. From the perspective of financial strategy and in reference to foreign asset management corporations＇ transformation experience, the paper expounds the necessities that Chinese FAMCs should continue to exist and analyzes the conditions and objective of FAMC transformation with consideration of Chinese circumstances. The paper puts forward that Chinese FAMCs should carry out the commercialized transformation through three steps： the first is to make the current policy FAMC transform to synthesized asset management corporation; the second is to gradually move to modern investment bank; the third is to stride towards large-sized financial holding group on the basis of modern investment bank.