论不良资产的多样化出售

Research on the Diversification Selling of Bad Assets

不良资产多样化出售的目的是最大限度地以最高价格出售不良资产。信用增级、公开操作原则、间接出售方式和完善的市场环境支持,是美国FDIC和RTC多样化出售不良资产的成功经验。不良资产的出售困难是与不良资产价值难以确定联系在一起的,调整现值法和经营期权思想拓宽了企业估价的思路,代表着国际评估方法的发展方向。资产证券化作为一项新兴业务,是出售不良资产的主要手段和渠道,引进资产证券化对于我国国有商业银行的改革,化解不良资产具有重要的理论意义和实践价值。

The purpose of the diversification selling of bad assets is mainly selling bad assets at the highest price maximally. So it is necessary to take innovation in the link of sale. Improvement of credit, open - operation principle, indirect selling way and support of market - environment are successful experience of American FDIC and RTC of selling bad assets . The difficulty of selling bad - assets lies in the correlation with the uncertain value of assets. Adjusting the current value and managing the option expand the way of enterprise appraisal, which is the tendency of international appraisal measure. ABS as a new business is a chief measure. So introducing ABS is not only significant in theory but in practice for commercial bank to dissolve bad assets.