本文關鍵詞：長城公司金融不良資產估值研究　出處：《西北大學》2014年碩士論文　論文類型：學位論文

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【摘要】：金融不良資產的本質是市場資源錯配的結果,其對于銀行等金融機構而言是受損失的資產,對于市場及投資者來說具備一定的投資價值,如何發(fā)現(xiàn)投資價值,加快資產處置速度,使這些問題資產在市場上流動起來,是資產的權利人、債務人、投資者、中介機構等所有市場參與者共同思考的問題。由于市場信息嚴重的不對稱,各個利益方對同一債權資產價值的判斷相去千里,但最終市場認可的成交價格卻是唯一的,經過對市場的認識和探索,各方都把目光聚焦在對這些金融不良資產的估值環(huán)節(jié)上。因此,如何深入理解估值理論,選擇適當?shù)墓乐捣椒?通過建立科學實用的數(shù)據模型,測算出最貼近市場的價值,為金融不良資產參與市場交易提供定價依據是本文研究的主要方向。 本文運用文獻分析法和案例分析法,對長城資產管理公司金融不良資產估值業(yè)務進行了研究。研究過程和內容分共有六部分：第一章是本文的導論部分,交待了論文的選題背景與研究意義、對論文擬研究對象進行簡要介紹,對研究中使用的方法、思路、框架結構進行介紹,指出論文的主要貢獻；第二章為研究綜述部分,介紹了國內、外對金融不良資產估值理論研究的現(xiàn)狀及主要的估值方法,并進行簡要評述；對研究成果和經典理論進行介紹并做了簡要評述；第三部分為長城資產管理公司估值現(xiàn)狀。主要介紹了長城資產管理公司的業(yè)務架構及估值依據、業(yè)務流程、常用的估值方法、資產的分類標準、估值項目情況統(tǒng)計分析等；第四部分為研究資產管理公司估值業(yè)務中存在的問題及成因。指出估值業(yè)務的理論研究落后于實踐、估值結果與處置成交價之間差異較大、處置方式的選擇對估值結果的影響較大、專業(yè)化的估值人才相對匱乏等現(xiàn)實問題,并深入探討其問題成因；第五部分為改進資產管理公司估值業(yè)務的建議,這部分針對第四部分中發(fā)現(xiàn)的問題及原因分別從建立共享的交易數(shù)據庫、縮小估值結果與處置成交價之間的差距、建立估值模型等方面提出建議,并通過案例分析進行實踐驗證；第六章為結論部分,對論文的主要觀點進行歸納,對論文的不足之處及尚需進行一步研究的問題進行說明。 論文主要有三個方面的貢獻：一是指出金融不良資產中的“資產”的涵義與傳統(tǒng)的資產評估行業(yè)中資產的涵義不同；二是提出面對不同的處置方式如何選擇估值方法；三是提出對資產進行分類基礎上分別建立債權類、股權類、實物類資產的估值模型。
[Abstract]:The essence of financial non-performing assets is the result of mismatch of market resources, which is a loss of assets for banks and other financial institutions, and has a certain investment value for the market and investors, how to find the investment value. To speed up the disposal of assets and make these troubled assets flow in the market, they are the obligee, the debtor, and the investor of the asset. Due to the serious asymmetry of market information, the judgment of the value of the assets of the same creditor's rights by each interest party is a thousand miles away. However, the final accepted transaction price is the only one. Through the understanding and exploration of the market, all parties have focused on the valuation of these financial non-performing assets. Therefore, how to understand the valuation theory in depth. The main research direction of this paper is to select the appropriate valuation method and establish a scientific and practical data model to calculate the value closest to the market and to provide the pricing basis for the financial non-performing assets to participate in the market transactions. This paper uses literature analysis and case analysis to study the valuation of financial non-performing assets of the Great Wall Asset Management Company. The research process and content are divided into six parts: the first chapter is the introduction of this paper. The background and significance of the thesis are explained, the research object is briefly introduced, the methods, ideas and frame structure used in the research are introduced, and the main contributions of the paper are pointed out. The second chapter is the summary part of the research, introduced the domestic and foreign financial non-performing assets valuation theory research status and main valuation methods, and a brief review; The research results and classical theories are introduced and briefly reviewed. The third part is the valuation status of the Great Wall Asset Management Company. It mainly introduces the business structure and valuation basis of the Great Wall Asset Management Company, business process, common valuation methods, asset classification standards. Statistical analysis of valuation projects; The 4th part studies the problems and causes of valuation business of asset management company. It points out that the theoretical research of valuation business is behind practice, and the difference between valuation result and disposal price is great. The choice of disposal mode has a great influence on the valuation result, and the professional valuation talents are relatively scarce, and the causes of the problems are discussed in depth. Part 5th is a proposal to improve the valuation business of asset management companies. This part focuses on the problems identified in part 4th and the causes from the establishment of a shared transaction database. To narrow the gap between the valuation results and the transaction price, to establish a valuation model and other aspects of the proposal, and through the case study to verify the practice; Chapter 6th is the conclusion part, which summarizes the main points of the paper, explains the shortcomings of the paper and the problems that need to be further studied. The thesis has three main contributions: first, pointing out that the meaning of "assets" in the financial non-performing assets is different from that in the traditional asset appraisal industry; Second, how to choose the valuation method in the face of different disposal methods; Thirdly, the valuation models of creditor's rights, equity and real assets are established based on the classification of assets.
【學位授予單位】：西北大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F830.42;F832.39

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