揭开处置不良资产的神秘面纱

根据《资产管理公司管理条例》．资产管理公司管理和处置因收购国有银行不良贷款形成的资产．应当按照公开、竞争、择优的原则运作：金融资产管理公司转让资产．则主要采取招标．拍卖等方式：此外．对处景的资产事前要进行资产评估。     

运用拍卖手段处置不良资产

<正>成立金融资产管理公司是我国金融体制改革的一项重大举措,开辟了解决国有商业银行不良资产的重要渠道。金融资产管理公司不仅肩负着盘活国有商业银行不良资产的重任,同时又承担着推动国有企业改革和发展的光荣使命。中国华融资产管理公司作为具有独立法人资格的国有独资金融企业,在过去两年的时间里,收购了中国工商银行4077亿元不良贷款。如何管理和处置这部分不良资产,以达到防范化解金融风险,最大限度地保全资产,提高资产回收价值的经营目标是当前摆在我们面前的首要任务。因此,对已收购的不良资产,我们要采取因地制宜、区别对待的方法综合运用多种处置方式,如公开拍卖、协议转让、诉诸法律、资产重组、债转股、证券化等多种方式对不良贷款和抵押物进行处置。     

金融资产管理公司处置不良资产的方式

我国的金融资产管理公司自成立以来，在不良资产收购、管理、处置方面取得了显著成效。为了实现不良资产处置收入的最大化，避免国有资产流失，降低损失，必须善于发掘不良资产的价值，并使这种价值的回收最大化：充分运用各种业务手段，不断创新，开拓处置不良资产的新方式，是金融资产管理公司目前所面临的重要工作，只有与时俱进，搞好     

处置不良资产的新途径

中国金融体系中存在许多新的风险,其中信贷质量是中国金融体系波动程度的决定性因素。 目前四大国有银行体制内有1.8万亿元不良资产,加上1999年到2000年,四大银行向四大金融资产管理公司划转约1.4万亿元的不良资产,如何处置这些金融不良资产一直是业内热门话题。 截至2003年3月,四大资产管理公司出售了3240亿元的不良贷款,回收了约715亿元现金,相当于20.8％的回收率。预计四大资产管理公司未来出售的资产质量更差,回收率将会进一步降低,而坏账核销对于银行的不良贷款的降低将是杯水车薪。同时,中     

警惕!不良资产处置超速飙车

国有商业银行对于不良资产的处置,不能为了赶着上市而不择手段     

第二次大批量处置不良资产在即——银行会撇开四大资产管理

工商银行和建设银行直接联手国外投行高盛，大摩处置不良资产。资产管理公司的总裁们现在正心着在银监会开会，主要讨论转型的问题。     

如何启动不良资产的运营

不良资产处置既盘活了国有资产,又给产权交易机构提供了产品创新契机。我国国有企业不良资产数额巨大,目前仅四大金融资产管理公司即掌握着1.4万亿不良资产,但这只是中国庞大的不良资产中的一部分。除此以外,现有四大国有商业银行也存在一定比例的不良资产,而其     

浅谈金融资产管理公司处置不良资产的方式

我国的金融资产管理公司自成立以来，在不良资产收购、管理、处置方面取得了显著成效。为了实现不良资产处置收入的最大化，避免国有资产流失，降低损失，必须善于发掘不良资产的价值，并使这种价值的回收最大化；充分运用各种业务手段，不断创新，开拓处置不良资产的新方式，这是金融资产管理公司目前所面临重要工作，只有与时俱进，搞好这项工作，才会使不良资产处置工作再上新台阶。笔者谈以下几点处置不良资产的方式，以供比较选用，借鉴探讨：     

股份制商业银行处置不良资产的策略

随着商业银行改革的深入,商业银行不良资产处置问题已越发紧迫。我国股份制商业银行的不良资产处置无论在处置主体、处置目标、经营手段还是政策环境都与四大国有商业银行有着本质的不同,究其核心,就是处置成本更高。股份制商业银行不良资产处置的劣势处置主体 组建资产管理公     

Real assets, financial assets, liquidity and the lemon problem

Return obtained by diversification is based on average quality. Similarly, under asymmetric information, the price at which an asset can be sold reflects the average quality of assets. Therefore, 4under some conditions, sale of an asset under asymmetric information is a useful alternative to diversification. This idea is developed with a model that incorporates a liquidity shock. One key result is that investment in real assets is higher under asymmetric information than under symmetric information. The model can explain why the ratio of real assets to financial assets is higher in emerging economies than in developed countries.     

Transitional dynamics and the distribution of assets

Summary. We study the evolution of the distribution of assets in a discrete time, deterministic growth model with log-utility, a minimum consumption requirement, Cobb-Douglas technology, and agents differing in initial assets. We prove that the coefficient of variation in assets across agents decreases monotonically in a transition to the steady state from below, if (i) the consumption requirement is zero, or (ii) the consumption requirement is not too big and the initial capital stock is large enough. We also show how a positive consumption requirement or a small elasticity of substitution between capital and labor can generate non-monotonic paths for inequality.JEL Classification Numbers: D31, E21, O41.We would like to thank S. Chatterjee, M. Huggett, T. Keister, P. Krusell, M. Santos, S. Williamson, and an anonymous referee, for their valuable comments and suggestions. All remaining errors are ours. Urrutia aknowledges the support of Universidad Carlos III de Madrid, to which he was affiliated during early phases of this project.     

Hedging and diversification across commodity assets

ABSTRACT

We investigate the conditional cross effects and volatility spillover between equity markets and commodity markets (oil and gold), Fama and French HML and SMB factors, volatility index (VIX) and bonds using different multivariate GARCH specifications considering the potential asymmetry and persistence behaviours. We analyse the dynamic conditional correlation between the US equity market and a set of commodity prices and risk factors to forecast the transmission of shock to the equity market firstly, and to determine and compare the optimal hedge ratios from the different models based on the hedging effectiveness of each model. Our findings suggest that all models confirm the significant returns and volatility spillovers. More importantly, we find that GO-GARCH is the best-fit model for modelling the joint dynamics of different financial variables. The results of the current study have implications for investors: (i) the equity market displays inverted dynamics with the volatility index suggesting strong evidence of diversification benefit; (ii) of the hedging assets gold appears the best hedge for the US equity market as it has a higher hedge effectiveness than oil and bonds over time; and (iii) despite these important results, a better hedge may be obtained by using well-selected firm sized and profitability-based portfolios.     

Equilibrium valuation of illiquid assets

Summary. We develop an equilibrium model of illiquid asset valuation based on search and matching. We propose several measures of illiquidity and show how these measures behave. We also show that the equilibrium amount of search may be less than, equal to or greater than the amount of search that is socially optimal. Finally, we show that excess returns on illiquid assets are fair games if returns are defined to include the appropriate shadow prices. Received: June 25, 2000; revised version: October 24, 2000     

Measuring sustainability: Why the ecological footprint is bad economics and bad environmental science

The ecological footprint is a measure of the resources necessary to produce the goods that an individual or population consumes. It is also used as a measure of sustainability, though evidence suggests that it falls short. The assumptions behind footprint calculations have been extensively criticized; I present here further evidence that it fails to satisfy simple economic principles because the basic assumptions are contradicted by both theory and historical data. Specifically, I argue that the footprint arbitrarily assumes both zero greenhouse gas emissions, which may not be ex ante optimal, and national boundaries, which makes extrapolating from the average ecological footprint problematic. The footprint also cannot take into account intensive production, and so comparisons to biocapacity are erroneous. Using only the assumptions of the footprint then, one could argue that the Earth can sustain greatly increased production, though there are important limitations that the footprint cannot address, such as land degradation. Finally, the lack of correlation between land degradation and the ecological footprint obscures the effects of a larger sustainability problem. Better measures of sustainability would address these issues directly.     

Measuring sustainability: Why the ecological footprint is bad economics and bad environmental science

The ecological footprint is a measure of the resources necessary to produce the goods that an individual or population consumes. It is also used as a measure of sustainability, though evidence suggests that it falls short. The assumptions behind footprint calculations have been extensively criticized; I present here further evidence that it fails to satisfy simple economic principles because the basic assumptions are contradicted by both theory and historical data. Specifically, I argue that the footprint arbitrarily assumes both zero greenhouse gas emissions, which may not be ex ante optimal, and national boundaries, which makes extrapolating from the average ecological footprint problematic. The footprint also cannot take into account intensive production, and so comparisons to biocapacity are erroneous. Using only the assumptions of the footprint then, one could argue that the Earth can sustain greatly increased production, though there are important limitations that the footprint cannot address, such as land degradation. Finally, the lack of correlation between land degradation and the ecological footprint obscures the effects of a larger sustainability problem. Better measures of sustainability would address these issues directly.