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International Experience of asset management companies and development

Author: QiJiSong From: www.yourpaper.net Posted: 2009-05-06 07:44:50 Read:
Abstract: In this paper, by summing up the financial asset management companies the operating mode of for the contrast of Shikoku of the Malaysia's Danaharta, the the United States RTC, in, Securum,, Sweden,, South Korea's KAMCO, explore the sexual of put forward of the the the urgency and feasibility of of the of China's financial the Transformation and Development of of the of the asset management companies, and financial asset management companies to the financial holding company to make a transition to a concise analysis.
Keywords: Company; management; transformation

According to the the statistical of the IMF, there are about 2/3 of the Fund (IMF) the country's banking sector to encountered had any serious non-performing assets problem. In the the the assets of of processing the 80s of last century OECD bank's bad debt, the 1990s a large number of banks' non-performing in the the the the banking crisis of of Eastern Europe's countries in transition as well as the 1997 Southeast Asian countries after the financial crisis,. The although the specific the manner of disposal in it is are not the same, but the basic practice is to will non-performing asset is carried at a peeled off from the the the bank's assets liabilities the table to the an institutions to carried out the management and disposal of.
The outbreak of the Asian financial crisis, prompting the Chinese government more deeply aware of, such as do not take special and effective measures to reduce financial risks, the financial sector systemic risk will increase, and ultimately will seriously affect the sustainability of national economic and social development. The Chinese government objective judgment based on the status quo of China's economic and financial, to learn from international experience, have established four asset management companies. Since its establishment, the the the management company of the asset both drawing on international experience but also based on the the China's national conditions, the policies and instruments of make full use of entrusted by the state, speed up the the the the effective disposal and recycling of on the non-performing assets of the, for the the the state-owned commercial banks and state-owned large and medium-sized enterprises reduce our burden the, the conversion mechanism of, accelerate development and make a positive contribution for the improvement of the macro-economic operating environment and the deepening of the reform of the financial system. Decades deadline approaching, compared to the main mode of development of foreign asset management companies, is a good reference for the development and transformation of China's asset management companies.

A foreign asset management company's main development model comparison

After completing their missions Close liquidation
This mode, Close liquidation governmental organizations in the disposal of non-performing assets after the task is completed, the asset management company.
2 return to the parent bodies
This mode is by the Government, the original stripping banks and other interested parties jointly funded the formation of asset management companies; funded by the state capital, there is no full-time employees, but to borrow other agency personnel; disposal of non-performing assets after the asset management The Company that is, liquidation, the functions and personnel incorporated into the the original institutions.
, The RTC is one of the most successful model in the asset management company's operations practice. From 1989 to 1995, the RTC took over the $ 402.6 billion of assets of the 747 savings and loan institutions. These assets, $ 157.7 billion in assets (39%) the exercise of supervision in the RTC sold $ 75.3 billion (19%) sold to the acquirer in the restructuring process, the remaining $ 169.6 billion in assets (42%) is disposed of after the reorganization. In the the the RTC basically completed the after the the asset disposal task, the adopted by the by the the U.S. Congress in December 17th 1993 "RTC to complete the method" (RTC Completion Act), at the closing time of on the RTC of determination of for the December 1995. The "RTC completed Law RTC exit institutional planning, parent bodies FDIC and RTC to set up a joint task force to strengthen the internal control of its assets, personnel, and operational deployment of. When the went to RTC to Close the, the remaining $ 7.7 billion the book value of assets handed over to the of the liquidation of the FDIC shall departments to continue to processing, participation in the the personnel of the to disposal of the asset, re-back to the FDIC, majority of the of which's personnel incorporated into the of the liquidation of the FDIC shall and the Official Receiver's management the Ministry of continue to be responsible for the problem's Bank of liquidation, served as the the the bankruptcy of and property of of the failed institutions management people and liquidator.
3. In transition as a management company or the investment banking held for commercial sexual assets
This mode is that the government funded the establishment of asset management companies, banks' non-performing asset management company after the completion of the disposal of assets not dissolved, but the transition to commercial asset management companies or investment banks.

Reserved as a policy asset management company
This mode is that the government funded the establishment of an asset management company to continue as a going concern, to set up a bank on the basis of non-performing assets disposal fund. And then based on the banks' non-performing assets disposal needs in a timely manner entrusted asset management companies to fund government-designated banks non-performing assets to be disposed of, after the completion of the disposal of non-performing assets tasks designated by the Government revokes the delegation of asset management companies the right to use the fund. In addition to accept the Government commissioned the disposal of bad assets of banks, asset management companies, but also bear other non-performing assets disposal tasks entrusted by the government. Second, China's asset management companies recommended

Four financial asset management company's development and transformation from the external macro-environment, the mixed operation is the inevitable result of financial deepening, and most other countries in the world has achieved a separate operation to mixed transition. December 11, 2006, accession to the WTO transitional period, China's financial market will be fully open to foreign investment, foreign banks will take advantage of funded strengths and advantages of the integrated operation, to provide customers with a variety of products, cross-sell and stop -service. For each overseas financial institutions to set up branches in China, their business to invest will not like domestic banks, insurance, securities companies as limited to a single range, which Chinese banks at a disadvantage in its competition will situation. Accordingly, the consolidated management is the trend to establish a financial holding company is to adapt to the trend to deal with international competition.
From the asset management company's own point of view, 2006 is the year of the provisions of the Asset Management Company completed the policy asset disposal task. The policy of non-performing assets disposal near the end, large-scale commercialization of non-performing assets acquisition only the Agricultural Bank of an asset management company must try to explore new business resources. With the help of a financial holding company model the financial mixed, in line with the interests of the country and the financial industry, also in line with the asset management company to continue as a going concern and the need for the steady development of.
The asset management company financial holding company restructuring, its shares through the following channels were constructed. (1), by region, building, offices around the combination of one or several independent legal, national and regional guidelines and policies in mixed operation; (2) built by business, the different business stripped set up an independent Co., Ltd. Company; (3) mergers and acquisitions, business related to the acquisition came in in the relevant business; (4) Joint Liaison Office, by providing funds to form Liaison Office with the relevant authorities the shares in the new company, to expand the market.
In addition, making the process of transformation of the financial holding company, in line with national policy, and then transition to the market environment, regulatory environment, the conditions are ripe.
In short, the modern financial services companies should be the tone of the asset management companies. Credit rating, credit services, investment consulting, financial advisory, financial leasing, guarantees, trust, auto finance leases, and industrial investment funds, venture capital funds holding shares or insurance companies, securities companies, banks and many other businesses should transition
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