| According to the statistics of IMF, two third of IMF countries have suffered big amount of non-performing bank loan. From 80th last century, with the integration of international finance and the international flow of capital, great attention has been given to financial risk and non-performed assets of banks, how to resolve the non-performed assets of bank effectively and to manage financial risks become one of the more important problems which all governments must be faced to. In the operation of American bank failure in 80th, the recombination of the banks of the Transition Countries of East-Europe in 90th, and the disposal of the non-performed loans after financial crisis of south-east Asia countries in 1997, although the concrete measures are different, but the key step is to transfer the non-performed loans from bank balance sheet into a corporation for management and disposal. So, the problem of non-performed loans exists worldwide, there are both macro and micro reasons of it, and the results are different: in some cases, it causes bank resolution, sometimes it causes banking crisis, and even further, the crisis of macro-economics. Whatever cases it is, the fiscal cost of this problem is quite big, the average is about 20% of GDP.The lessons to all countries on disposal of the non-performed loans from banks are: the earlier disposal, the lower cost and less difficulty; or the other way is round, the national economy will be encumbered with it and the measures which the government are taken will remain passive.The non-performed loans from banks of China are accumulated by all kinds of causes in long developing period. It reflects deep-seated problems of national economy, especially economic system. With the mounting up of the non-performed loans from banks continually, it not only affect the stability of the bank system but also weaken its function for economic continual and stabilized development more or less. After the financial crisis of south-east Asia countries, and also because of entering to the WTO, China's financial system will face more and more savior competition coming from outside world. The ability in preventing new non-performed loans from happening and solving the big amount exiting non-performed loans becomes the key issue of China's financial reform. Or it will be a big trouble for the stability and development in the economy and finance. Having learned overseas experiences and lessons, based on its specific circumstances, the Chinese government decided to set up financial asset management corporations, i.e. XINDA, HUARONG, DONGFANG and CHANGCHENG, for integrated management and disposal of the non-performing loan acquired from commercial banks.The establishment of the four asset management corporations is of great impact on China's financial management. The founding of financial asset management corporations is an important measure to dispose non-performing asset of state-owned commercial banks based on law, and is of great significance to take precautions against and dissolve financial risks, enable state-owned banks to move forward with less burden. They are playing an important role in the development of China's capital market as well as in the innovation of modern financial instruments. Their mission will also help establish a public credit system and a new market order for the socialist economy.In the situation of the 10-years existence period of the four asset management corporations will be over, the dissertation puts my study on the foundation,development,management,retransformation and external supporting system, points out the achievement of the four asset management corporations and the necessity of their existence. After thoroughly study the possibility and feasibility of four asset management corporations'retransformation, based on the fact of financial deregulation and integration trend, proposals are given to the asset management corporations'retransformation.
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