【摘要】：上世紀(jì)90年代,由于國內(nèi)外各方面的原因,我國銀行不良資產(chǎn)數(shù)額十分巨大,嚴(yán)重影響和阻礙了我國銀行業(yè)乃至金融業(yè)和整體國民經(jīng)濟(jì)的健康持續(xù)發(fā)展。鑒于此,政府于1999年先后成立了四家資產(chǎn)管理公司,負(fù)責(zé)對(duì)我國銀行不良資產(chǎn)的接收。根據(jù)有關(guān)資料顯示,四家資產(chǎn)管理公司自成立以來一共進(jìn)行了三次比較大的銀行不良資產(chǎn)接收。第一次在1999年,四家資產(chǎn)管理公司采用賬面價(jià)值的方式對(duì)四大國有銀行的不良資產(chǎn)進(jìn)行剝離,總價(jià)值高達(dá)1.4萬億元人民幣；第二次是在2004年,采取商業(yè)化收購的方式對(duì)四大銀行的不良資產(chǎn)進(jìn)行招標(biāo)取得；第三次在2005年,資產(chǎn)管理公司以封閉式招標(biāo)競價(jià)的方式接收銀行不良資產(chǎn)。資產(chǎn)管理公司在第二和第三次的不良資產(chǎn)接收以后,在1.4萬億的基礎(chǔ)上又新增了1.3萬億新的不良資產(chǎn)。通過資產(chǎn)管理公司對(duì)不良資產(chǎn)的接收以及銀行系統(tǒng)的管理制度和內(nèi)部制度的完善,我國銀行不良貸款率從1995年的21.4%下降至2010年的1.14%,又降至2013年的1.0%。 然而,盡管我國經(jīng)過了十多年的商業(yè)銀行改革之后,銀行在經(jīng)營管理以及適應(yīng)內(nèi)外部環(huán)境等方面有了比較大的改善,不良資產(chǎn)率也大為降低,銀行貸款質(zhì)量有了明顯的提高,但是由于我國銀行不良資產(chǎn)在計(jì)量口徑與分類方法等方面的影響,我國的銀行不良資產(chǎn)實(shí)際情況比公布的數(shù)據(jù)會(huì)有出入,與國外銀行相比,我國銀行不良資產(chǎn)的問題仍然比較嚴(yán)重。另外,我國銀行不良資產(chǎn)率雖然降至1.0%,但是數(shù)量仍然十分巨大,仍然是銀行風(fēng)險(xiǎn)的一個(gè)潛在要素。而且,隨著我國主要商業(yè)銀行的陸續(xù)上市以及銀行業(yè)的逐步改革和開放,國外銀行憑借其豐富的市場(chǎng)經(jīng)驗(yàn)以及先進(jìn)的服務(wù)理念等會(huì)造成我國銀行巨大的競爭壓力。與此同時(shí),經(jīng)濟(jì)周期和金融危機(jī)的影響,也使我國銀行業(yè)要面臨錯(cuò)綜復(fù)雜的國內(nèi)外經(jīng)濟(jì)形勢(shì),不良貸款率仍然有重新上升的可能。 因此,對(duì)于銀行不良資產(chǎn)的研究就十分必要。本文研究的是銀行不良資產(chǎn)在處置過程中的價(jià)值重估問題。銀行不良資產(chǎn)有收購、管理和處置三種存在狀態(tài)。不良資產(chǎn)收購是不良資產(chǎn)價(jià)值重估的起點(diǎn),價(jià)值重估是為了收購時(shí)作為收購價(jià)格的參考；不良資產(chǎn)管理是不良資產(chǎn)價(jià)值重估的重點(diǎn),是為了確切了解銀行不良資產(chǎn)的真實(shí)價(jià)值和內(nèi)在價(jià)值；不良資產(chǎn)的處置是最后環(huán)節(jié),也是不良資產(chǎn)價(jià)值重估的最終目標(biāo),即為處置時(shí)提供價(jià)格支持和參考作用。銀行不良資產(chǎn)在銀行體系中本來有一個(gè)賬面價(jià)值,但是在銀行不良資產(chǎn)處置過程中其內(nèi)在價(jià)值與其賬面價(jià)值已經(jīng)存在巨大差異,顯然賬面價(jià)值已經(jīng)不能直接作為不良資產(chǎn)處置時(shí)的交易價(jià)格,必須對(duì)不良資產(chǎn)在處置基準(zhǔn)日時(shí)的內(nèi)在價(jià)值進(jìn)行重估,才能為銀行不良資產(chǎn)的交易價(jià)格做有意義的參考。本文的研究目的也即為此。 銀行不良資產(chǎn)的類型不同,也決定著其價(jià)值重估方法的不同。不良資產(chǎn)從形態(tài)上來講可分為三類,即實(shí)物類不良資產(chǎn)、股權(quán)類不良資產(chǎn)以及債權(quán)類不良資產(chǎn)。對(duì)實(shí)物類不良資產(chǎn)的價(jià)值重估,主要是對(duì)該實(shí)物資產(chǎn)的市場(chǎng)價(jià)值進(jìn)行研究分析,從而為其交易價(jià)格提供參考；股權(quán)類不良資產(chǎn)多數(shù)來自于銀行不良資產(chǎn)的債轉(zhuǎn)股,需要對(duì)債務(wù)企業(yè)的企業(yè)價(jià)值進(jìn)行分析,從而按照股權(quán)比例對(duì)這部分的股權(quán)類不良資產(chǎn)的價(jià)值進(jìn)行重估；債權(quán)類不良資產(chǎn),是本文的研究重點(diǎn),通過對(duì)債務(wù)企業(yè)償債能力的研究分析,并依據(jù)債權(quán)企業(yè)所占的債權(quán)比例,從而評(píng)估出該項(xiàng)債權(quán)類不良資產(chǎn)的價(jià)值。 本文的主要?jiǎng)?chuàng)新點(diǎn)是通過對(duì)銀行不良資產(chǎn)價(jià)值重估的研究,對(duì)其現(xiàn)有的價(jià)值重估方法的分析與總結(jié),發(fā)現(xiàn)了現(xiàn)有評(píng)估方法的不足之處,并且給出了自己的幾點(diǎn)完善方案。我國評(píng)估業(yè)盡管發(fā)展較快,但是由于起步較晚等原因,還存在著包括理論研究多于實(shí)踐研究等等問題,尤其是對(duì)銀行不良資產(chǎn)評(píng)估的研究,在實(shí)證研究方面仍然不夠。 本文的研究框架和主要內(nèi)容如下： 第一部分緒論,主要是從三個(gè)方面進(jìn)行闡述。首先是對(duì)研究背景和研究意義的介紹,這是本文的切入點(diǎn)。研究背景介紹了本文研究時(shí)銀行不良資產(chǎn)價(jià)值重估所處的現(xiàn)狀,以及我國銀行不良資產(chǎn)目前所面臨的現(xiàn)狀。研究背景是從宏觀環(huán)境出發(fā),旨在使讀者對(duì)本文研究的大環(huán)境和大背景有一個(gè)較為全面的了解,從而有助于對(duì)本文研究思路的掌握。研究意義則是說明了本文對(duì)不良資產(chǎn)價(jià)值重估進(jìn)行研究的目的和價(jià)值,也是本文研究的內(nèi)在動(dòng)力之一其次簡要介紹了包括國內(nèi)外專家在銀行不良資產(chǎn)價(jià)值重估方面的文獻(xiàn),通過對(duì)前人在這一課題上面的研究進(jìn)行梳理和總結(jié),從而有助于自己更好地了解銀行不良資產(chǎn)價(jià)值重估的內(nèi)容及意義,也能夠了解目前該課題研究所達(dá)到的水平。最后是本文研究問題的提出以及本文的研究思路,通過對(duì)背景意義的介紹,以及對(duì)前人相關(guān)文獻(xiàn)研究的綜述,從而相應(yīng)地提出本文的研究問題,并簡要概括出本文的研究思路。 第二部分是對(duì)銀行不良資產(chǎn)的概述。研究銀行不良資產(chǎn)在處置過程中的價(jià)值重估問題,首先必須得了解何為銀行不良資產(chǎn),以及與銀行不良資產(chǎn)相關(guān)的其他信息。本部分也是從三個(gè)方面進(jìn)行介紹,首先是銀行不良資產(chǎn)的基本概念及其分類。明確銀行不良資產(chǎn)的概念含義,并且介紹銀行不良資產(chǎn)的分類,從而根據(jù)不同的類型提出不同的評(píng)估方法并且了解我國目前對(duì)于銀行不良資產(chǎn)的分級(jí)情況,不同的分級(jí)代表著不同的風(fēng)險(xiǎn)程度；其次,介紹銀行不良資產(chǎn)的三大價(jià)值形態(tài),即實(shí)物型不良資產(chǎn)、股權(quán)型不良資產(chǎn)以及債券型不良資產(chǎn),明確了不良資產(chǎn)價(jià)值形態(tài)的不同,從而根據(jù)相應(yīng)的方法進(jìn)行研究；最后簡要介紹了我國銀行不良資產(chǎn)的現(xiàn)狀,通過對(duì)我國銀行不良資產(chǎn)的現(xiàn)狀分析,從而體現(xiàn)出本文研究的必要性。 第三部分是對(duì)銀行不良資產(chǎn)價(jià)值重估的概述,主要包括銀行不良資產(chǎn)價(jià)值重估的基礎(chǔ)、銀行不良資產(chǎn)價(jià)值重估的原則以及銀行不良資產(chǎn)價(jià)值重估的影響因素。銀行不良資產(chǎn)價(jià)值重估的基礎(chǔ),是基于銀行不良資產(chǎn)的價(jià)值形態(tài)的分類,由于本文主要是對(duì)債權(quán)性不良資產(chǎn)進(jìn)行研究,故銀行不良資產(chǎn)價(jià)值重估的基礎(chǔ)是債務(wù)企業(yè)的償債能力,對(duì)其償債能力進(jìn)行評(píng)估并根據(jù)債務(wù)比例,從而評(píng)估出債權(quán)性不良資產(chǎn)的價(jià)值。銀行不良資產(chǎn)價(jià)值重估的原則主要有三點(diǎn)：費(fèi)用支出低于回收價(jià)值原則、評(píng)處分離原則以及性質(zhì)決定方式原則。銀行不良資產(chǎn)價(jià)值重估的影響因素是本部分的研究重點(diǎn),從大方面來講主要有財(cái)務(wù)因素和非財(cái)務(wù)因素兩大類。而財(cái)務(wù)因素之下又有反映企業(yè)營運(yùn)狀況、財(cái)務(wù)效益狀況、償債能力及發(fā)展能力狀況的因素。非財(cái)務(wù)因素則又分微觀因素、中觀因素及宏觀因素三類,集中體現(xiàn)了非財(cái)務(wù)因素對(duì)銀行不良資產(chǎn)價(jià)值重估的影響。 第四部分介紹了銀行不良資產(chǎn)價(jià)值重估的方法與流程,是十分重要的章節(jié),而不良資產(chǎn)重估方法又是重點(diǎn)中的重心。通過對(duì)不良資產(chǎn)現(xiàn)行方法的介紹,包括假設(shè)清算法、信用評(píng)價(jià)法、交易案例比較法以及專家打分法等等,并從中發(fā)現(xiàn)現(xiàn)行方法的不足之處,繼而提出相應(yīng)的改進(jìn)措施和方法。最后簡要論述了銀行不良資產(chǎn)價(jià)值重估的相關(guān)流程。 第五部分是本文的重點(diǎn),即銀行不良資產(chǎn)價(jià)值重估的案例分析。假設(shè)一個(gè)不良資產(chǎn)評(píng)估案例,并盡量使其接近現(xiàn)實(shí)情況,通過對(duì)案例的分析,找出其不良資產(chǎn)的價(jià)值類型,從而選擇相應(yīng)的評(píng)估方法,最后通過一系列的評(píng)估流程獲得最終的評(píng)估結(jié)果。案例分析包含了前四部分內(nèi)容的理論,并將之運(yùn)用在實(shí)際操作中,展現(xiàn)出實(shí)際操作中對(duì)于銀行不良資產(chǎn)價(jià)值重估的具體過程,從而也達(dá)到理論知識(shí)結(jié)合實(shí)踐活動(dòng)、理論指導(dǎo)實(shí)踐的意義和目的。
[Abstract]:In the 90s of last century, due to various reasons at home and abroad, the amount of non-performing assets in the Bank of our country was very huge, which seriously affected and hindered the healthy and sustained development of the banking and financial industry and the overall national economy in China. In view of this, the government established four Asset Management Co in 1999, responsible for the connection of the non-performing assets of our banks. According to the relevant information, four Asset Management Co have received three large bank non-performing assets since its establishment. The first time in 1999, four Asset Management Co adopted the book value to divestiture the bad assets of the four state-owned banks, with a total value of up to 1 trillion and 400 billion yuan; the second time was In 2004, commercial acquisition was taken to bid for the bad assets of the four major banks; the third time in 2005, the Asset Management Co received bad bank assets in a closed bidding bid. After receiving the second and third bad assets, the Asset Management Co added 13 thousand on the basis of 1 trillion and 400 billion. Through the Asset Management Co's acceptance of non-performing assets and the improvement of the management system and internal system of the banking system, the rate of non-performing loans in China's banks fell from 21.4% in 1995 to 1.14% in 2010, and to 1.0%. of 1.0%. in 2013.
However, although after more than 10 years of commercial bank reform in China, the bank has made a great improvement in management and adaptation to the internal and external environment, the rate of non-performing assets has been greatly reduced and the quality of bank loans has been significantly improved. However, due to the shadow of our bank's ungood assets in the measurement and classification methods and so on The real situation of non-performing assets in the Bank of our country is more and more different than that of the published data. Compared with the foreign banks, the problem of the bad assets of our banks is still relatively serious. In addition, the number of non-performing assets in our banks is still very large, although the rate of non-performing assets of our banks is down to 1%, and it is still a potential factor of the bank risk. The gradual reform and opening up of commercial banks as well as the gradual reform and opening of the banking industry, foreign banks, with their rich market experience and advanced service concepts, will cause huge pressure of competition in our banks. At the same time, the economic cycle and the impact of the financial crisis have also made the banking industry in China face a complicated domestic and foreign economic situation. There is still a possibility of a new rise in the rate of non-performing loans.
Therefore, it is necessary to study the bad assets of the bank. This paper studies the value revaluation problem of the bad assets of the bank in the process of disposal. The bad assets of the bank have three existing states of acquisition, management and disposal. The acquisition of non-performing assets is the starting point of the revaluation of the value of non-performing assets, and the value revaluation is for the purchase price when it is bought. The management of non-performing assets is the key point of revaluation of the value of non-performing assets. It is to understand the real value and intrinsic value of the bad assets of the bank. The disposal of the non-performing assets is the final link and the final target of the revaluation of the value of the bad assets, that is to provide the price support and reference for the disposal of the bad assets. There is a book value in the system, but there is a huge difference between the intrinsic value and the book value of the bad assets in the bank. It is obvious that the book value can not be directly used as the transaction price for the disposal of the bad assets. It is necessary to reevaluate the intrinsic value of the non-performing assets in the disposal of the basic day. The purpose of this paper is to provide a meaningful reference for the transaction price of non-performing assets.
The different types of the bad assets of the bank also determine the different value revaluation methods. The non-performing assets can be divided into three types from the form, that is, the kind of non performing assets, the non performing assets and the bad assets of the creditor's rights. The revaluation of the value of the kind of real kind of assets is mainly to study and analyze the market value of the physical assets. In order to provide reference for the transaction price, most of the non - performing assets of the equity assets are from the debt to equity swap in the non-performing assets of the bank. It is necessary to analyze the enterprise value of the debt enterprises, so as to reevaluate the value of the non - performing assets of this part according to the proportion of the equity. The research and analysis of the solvency of the service enterprise, and according to the proportion of the creditor's rights of the creditor's rights enterprises, the value of the bad assets of the creditor's rights category can be evaluated.
The main innovation of this paper is through the study of the revaluation of the value of the bank's bad assets and the analysis and summary of the existing value revaluation methods. The shortcomings of the existing evaluation methods are found and some perfect plans are given. Including theoretical research more than practical research and so on, especially the study of bank non-performing assets evaluation, is still insufficient in empirical research.
The research framework and main contents of this paper are as follows:
The first part is the introduction, mainly from three aspects. First, it is the introduction of the research background and significance. This is the starting point of this article. The research background introduces the current situation of the value revaluation of the bank's bad assets and the current situation of the bad assets of the banks in our country. The research background is from the macro environment. The purpose of this study is to make the readers have a more comprehensive understanding of the great environment and background of this study, thus helping to grasp the ideas of this study. The significance of this study is to illustrate the purpose and value of the study on the value revaluation of the non performing assets, and also one of the internal motive forces of this study. The literature of domestic and foreign experts on the value revaluation of non-performing assets in the bank, by combing and summarizing the previous research on this topic, will help us to better understand the content and significance of the value revaluation of the bank's bad assets, and also to understand the level of the present research. The research ideas of this paper are put forward as well as the introduction of the background significance and the literature review of the predecessors, so as to put forward the research problems in this paper, and briefly summarize the research ideas of this paper.
The second part is an overview of the bad assets of the bank. To study the value revaluation of the bank's bad assets in the process of disposal, we must first have to know what is the bad assets of the bank and the other information related to the bad assets of the bank. This part is also introduced from three aspects, first of all, the basic concepts and points of the bad assets of the banks. Category. Define the concept of the bad assets of the bank, and introduce the classification of the bad assets of the bank, then put forward different evaluation methods according to the different types and understand the classification of the bad assets of the bank in our country. The different classification represents the different risk degree. Secondly, it introduces the three value forms of the bad assets of the bank. State, that is, the kind of non-performing assets, the non-performing assets and the non-performing assets of the bond, has clearly defined the difference in the form of the value of the non-performing assets, and then studies it according to the corresponding methods. Finally, the present situation of the bad assets of the banks in China is briefly introduced, and the present situation of the bad assets of the banks in China is analyzed, thus reflecting the study of this paper. Necessity.
The third part is an overview of the revaluation of the value of the bad assets of the bank, including the basis of the revaluation of the value of the non-performing assets of the bank, the principle of the revaluation of the value of the bad assets of the bank and the factors affecting the revaluation of the bad assets of the bank. This paper mainly studies the creditor's right assets, so the basis of the value revaluation of the bad assets of the bank is the debt paying ability of the debt enterprise, evaluates the debt paying ability and evaluates the value of the creditor's bad assets according to the proportion of the debt. The principle of the revaluation of the bank's bad assets is mainly three points: the cost expenditure is lower than that of the bank. The influence factors of the revaluation of the value of the bank's bad assets are the focus of this part, which mainly include two major categories of financial and non financial factors. The financial factors reflect the situation of business operation, the financial efficiency, the solvency and the development of the debt. The non financial factors are also divided into three categories: Micro factor, medium factor and macro factor, which concentrates on the effect of non financial factors on the revaluation of the value of non-performing assets of the bank.
The fourth part introduces the method and process of the value revaluation of the bad assets of the bank, which is a very important chapter, and the revaluation method of the bad assets is the focus of the focus. Through the introduction of the current methods of non-performing assets, including the assumption of liquidation, the credit evaluation, the comparison of transaction case ratio and the expert scoring method, the current method of non-performing assets is found in the present. The shortcomings of the method are pointed out, and the corresponding improvement measures and methods are put forward. Finally, the relevant procedures of the revaluation of the non-performing assets of banks are briefly discussed.
The fifth part is the key point of this article, that is, the case analysis of the value revaluation of the bad assets of the bank. Suppose a case of non-performing assets evaluation, and try to make it close to the actual situation as far as possible. Through the analysis of the case, the value types of the bad assets are found, and the corresponding evaluation method is chosen, and finally, a series of evaluation processes are obtained. The case analysis includes the theory of the first four parts, and uses it in practical operation to show the concrete process of the revaluation of the value of the bad assets of the bank in actual operation, thus achieving the significance and purpose of theoretical knowledge combining practice and theory to guide practice.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.3;F830.42

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