我国资产管理公司面临的问题与解决思路

资产管理公司的经营目标是实现不良资产价值回收最大化，改善国有商业银行资产负债状况和支持国有企业改革。国内四大资产管理公司已经具备将近五年的运作经验。在借助国际招标处置资产、企业债权与股权重组、资产证券化以及企业股票承销等领域进行了积极的探索，取得了令人嘱目的成果，积累了许多成功经验，逐渐形成了稳定的风格和操作模式。但五年来，四大资产管理公司不良资产处置实践也遇到了许多问题。本从有关现实问题出发，借鉴不良资产处置的国际经验，探讨新形势下资产管理公司运作机理和规律，并提出现实选择和解决思路，为资产管理公司制度创新提供理论依据．

Issues of Chinese AMCs and Their Solutions

The goal of Chinese AMCs is to maximize the recovered value of non-performing assets, improve the balance status of the state owned banks and sustain SOE reform. The four largest Chinese AMCs have gained almost five years of experience with the exploration in the fields of assets disposal with international biddings, the restructure of firm equity and debt, securitization and firm stock underwriting, through which the Chinese AMCs not only make notable achievements, but also form stable work styles and operation modes. The AMCs also meet various challenges in these five years. Our paper deals with the main issues confronting Chinese AMCs, attempting to identify the possible AMCs operation modes and patterns, finding the alternatives and solutions, and providing thinking paths for the AMC institutional change with the aid of international experience.