对我国金融资产管理公司化解不资产方式的思考

金融资产管理公司收购了银行的不良资产后,一般可以有以下几种主要的处置方式：1、贷款再出售。2、实行债务重组。3、债权转股权。4、多样化资产出集方式。5、资产证券化。     

资产管理公司不良资产处置模式及策略探析

在我国经济结构转型升级持续深化的经济新常态下,金融类和非金融类不良资产供给仍将丰富和充沛,不良资产市场发展空间广阔。同时,随着地方资产管理公司和非持牌资产管理公司对市场份额的挤占,未来不良资产市场竞争将日趋激烈。通过分析当前不良资产市场的供需双方特点和竞争激增态势,探讨不良资产处置的主要模式,对资产管理公司开展不良资产处置业务提出相关建议。     

对资产管理公司处置不良资产的思考

几年来，我国资产管理公司处置不良资产的实践取得了一定的经验，提出了许多处置方案，如资产证券化、央行收购、债转股、组合资产打包拍卖、利用社会力量委托处置、与地方政府合作处置、吸引外资参与资产重组等，但没有一种已经获得共识并在全行业推行。在我国，处理不良资产将是一个长期的过程。过去几十年积累的不良资产处理需要较长的时间，银行在持续经营过程中，还会不断产生不良资产，银行经营没有风险是不可能的。因此，要探索一套长期稳定的不良资产处置办法，建立完整规范的不良资产交易市场。     

资产管理公司资产处置：问题与对策

资产管理公司进行资产处置的主要手段和重要保障是法律手段，虽然近年来我国颁布了大量的法律、法规，社会运作的法律体系已基本形成，但相对于市场经济的发展需要，特别是资产管理公司这一新生事物而言，还存在明显的不足和滞后。主要体现在以下几个方面。     

资产管理公司处置不良资产的方式研究

债转股、资产重组目前不宜作为资产管理公司处置不良资产的主要手段。建立贷款清收新机制,综合运用信息、法律、交易等手段清收不良资产是资产管理公司的现实选择。     

国债监督方面的法律问题及对策

市场经济的发展离不开法律的保障。在我国，创造一个完善的国债监督法律环境，将对国债市场的进一步发展起重要的作用。本文分析了国债监督方面的法律现状以及目前在这一领域中存在的问题，并就国债监督的法律问题提出了设想与建议。     

所得税会计处理相关问题的思考

所得税会计是企业会计活动的重要组成部分,会计方法的选择应体现会计准则与税法的双重要求。通过分析我国现行所得税会计处理方法,结合我国所得税会计工作的实际,利润表债务法仍应是目前的首选方法,对所得税费用应进行适度分摊。     

Initial Technical Violations of Debt Covenants and Changes in Firm Risk

The purpose of this paper is to investigate whether initial technical debt covenant violations are associated with significant increases in the equity risk of violating firms. Our results indicate that first-time violations are associated with significant increases in both systematic and unsystematic risk. The increase in systematic risk is attributable primarily to rising levels of financial leverage as opposed to changes in the underlying asset beta. We also find that the change in unsystematic risk experienced by first-time debt covenant violators is a significant predictor of future exchange delisting, even after controlling for other factors typically associated with increasing financial distress.     

Debt Reclassification and Capital Market Consequences

Abstract:  We provide initial evidence on the economic consequences of a relatively large, fully disclosed, and apparently purposeful reporting decision: the balance sheet classification of short-term obligations as long-term debt in accordance with Statement of Financial Accounting Standard No. 6 . We examine a sample of 1,684 American firm-year observations between the years 1989 and 2000 to determine whether reclassification is associated with debt-ratings and equity values. We find that reclassification increases the likelihood of a subsequent debt-rating downgrade. We also find that market value decreases with increases in the amount reclassified, and that equity value is higher after firms cease reclassifying short-term obligations as long-term debt, compared with other firm-years in the sample. Thus, changes in debt classification are empirically linked in predictable directions to subsequent changes in debt ratings and stock values. Taken together, our results show that debt classification is an important publicly-available indicator that may be useful to capital market participants. We discuss several research extensions including the implications of our findings to European companies that convert to IAS in 2005.     

金融资产管理公司法律问题解析

成立金融资产管理公司是各国在处置其银行不良资产的实践中普遍采用的方式。各国的经验均表明，相应的法律支持是资产管理公司运作成功的重要基础。与之相比，我国金融资产管理公司的法制进程则显滞后。借鉴各国金融资产管理公司的立法实践经验，对我国金融资产管理公司法律体系的建立具有一定的现实意义。     

欧洲主权债务危机的根源与出路

欧洲主权债务危机是主权问题与银行问题相互作用的结果,其根源在于欧洲银行体系和政治结构的特殊性。要化解主权债务危机需要实现财政政策的一体化和银行监管的一体化,同时进一步推动欧盟和欧元区改革。     

中小企业融资方式对企业治理结构影响的思考

公司治理结构是现代企业制度建设过程中的一个重大问题,而融资结构对公司治理具有决定作用。股权融资和债权融资均对企业形成控制权,两者有着不同的控制形式,在公司治理中发挥着不同的作用。本文通过对中小企业融资方式的分析,提出中小企业经营者在融资时应充分考虑公司治理结构,使公司价值最大化。     

The Performance of Long-run Stock Returns Following Issues of Public and Private Debt

This study uses a balance sheet-based method to identify both public and private debt issues. This feature is important because there have been no studies of the information content of private debt issues, while private debt is substantially more prevalent than public debt. We find no abnormal returns following straight debt issues. However, convertible debt issuers under-perform the market on the order of 50 to 70 percent in the following five years. In pursuit of explanations, we find that convertible debt issues signal a deterioration of future profitability, which accounts for at least part of the stock price underperformance.     

Valuation of the Firm's Liabilities When Equity Holders Are Also Creditors

Abstract:  This paper presents a tractable structural model whereby controlling equity holders are also among the creditors of the firm. As the firm approaches distress, equity holders can drain the assets of the firm and expropriate other creditors by repaying their credit before bankruptcy. The right of the bankruptcy court to revoke such repayment protects arm's length creditors, reduces the cost of borrowing and induces equity holders to anticipate repayment of their credit. Equity holders decide repayment neither too early nor too late, so as to reduce the risk of repayment revocation by the bankruptcy court. Similar conclusions apply to the preferential repayment of bank loans personally guaranteed by equity holders. The analysis also suggests that callable bearer bonds may be more valuable to equity holders than to other creditors.