不良资产处置与不良资产证券化:国际经验及中国前景

Disposal and Securitization of Non-performing Assets: International Experiences and Prospects in China

中国经济增速趋势性下降、企业部门去杠杆及房地产市场下行将造成银行体系不良贷款飙升。考虑债务产生背景、银行经营环境以及政府债务负担等因素,当前不良资产处置方式无法重复历史老路,依靠市场力量处置不良资产是必然选择。历史上很多国家在依靠市场力量处置不良资产时,资产证券化都在其中扮演着重要角色。目前中国发展不良资产证券化的时机已经成熟,市场发展潜力巨大。未来随着各项制度的完善,不良资产证券化必将迎来快速发展阶段。

China's economic growth has slowed,which will not be reversed in the short term; itscorporate sector has started to cut leverages; and its real estate market is cooling.They willcombine to lead to surging non-performing loans in the banking system.Considering thebackground of the accumulation of non-performing loans,the banks' operating environment,as well as the government's debt burden,China cannot repeat its old practice of non-performing asset disposal.China has had no other choices but relying on market forces tohandle its non-performing assets.From a historical perspective,asset securitization has playedan important role in all countries relying on market forces to handle non-performing assets.InChina,it has become appropriate to develop non-performing asset securitization.In the future,as relevant systems improve,China is set to witness the rapid development of non-performingasset securitization.