金融资产管理公司商业化转型与潜在风险研究

Research on the Commercial Reform and Potential Risk of China's FAMCs

近年来,华融、长城、东方、信达四大全国性金融资产管理公司的政策性不良资产处置业务已基本完成,商业化改革已成为可持续稳健发展的主要方向。通过对吉林省四大金融资产管理公司分支机构开展商业化业务的实证分析,其商业化业务规模在急剧扩张,并且业务范围已经突破了传统的不良资产收购处置,大量从事非金融机构资产收购、认缴有限合伙基金份额投资、远期不良资产回购承诺增信等新型业务,且资金投向集中于房地产、政府融资平台等领域,收购范围延伸至质量为"正常"的银行信贷资产和企业应收账款,其间存在的风险应引起关注。

In recent years,China＇s FAMCs（Financial Asset Management corporations） have basically completed the disposition of the policy-based non-performing assets. According to the foreign experience and the reality of our country, the commercial reform has become the main direction of sustainable healthy development. Through the empirical analysis of the commercial business development of the FAMCs＇ branchs in Jilin Province, FAMCs＇ commercial business is expanding rapidly,and the business scope has broken through the traditional concept. FAMCs are developing the new business such as non-financial non-performing assets acquisition, limited partner investment, long term purchase commitment credit recognition. The funding of FAMCs is invested in the real estate and local government financing vehicles. The text analyzes the mode of the commercial reform and the potential risks,and makes a few opinions and suggestions on the reform and development of FAMCs.