| In order to resist the impact of Asian Financial Crisis and reduce the potential risk brought about by huge amounts of non-performing loans (NPLs) of state-owned commercial banks accumulated over a long period of time, four AMCs (Asset Management Corporation), namely,CINDA,HUARONG,DONGFANG and CHANGCHENG,were set up in succession. The main task of them is to dispose of NPLs stripped off from state-owned commercial banks. The nicer effect of disposal will be very helpful to the innovation of state-owned commercial banks, the separation of state-owned enterprises from difficult positions, and the financial deepening of China. The AMCs have been working for six years during which they got great achievement with different kinds of disposal measures. However, because of some shortcomings of our market and law systems, some problems came out in pace of disposing activities. They slowed down the disposal speed and cut down the disposal efficiency. The disposal of NPLs and the operation of AMCs became hot topics in theoretical field in recent years. The studies were mostly focused on the following aspects, that are, the causes and harmfulness of NPLs, comparative study on disposal patterns of NPLs of foreign countries, the main paths and methods to treat NPLs, as well as some monographic on special ways of disposal, etc. While the researches on particular disposal measures of NPLs, from the angle of AMCs, haven't seen too much. This dissertation intends to summarize and analyze main disposal measures that four AMCs took so as to find out the problems existing in these measures and the causes of them. After all-around and profound argumentations, using normative, comparative and case-related analytical methods, the dissertation will give some useful conclusions and suggestions. The dissertation consists of four chapters. The first chapter begins with a brief introduction of foundation background and property of AMCs. Then, an overall retrospect of main disposal measures of AMCs will be presented. At last, the dissertation will give a comprehensive comment on the achievement of AMCs' disposal work to indicate its contribution to different fields of economy. Chapter two points out that in despite of the outstanding achievement made by AMCs, there are still many problems existing in the disposal process. They are handicapping the advancement of treatment work. Hence, this chapter will focus on two points, the principles and the problems in the disposal activities. AMCs are taking historic missions and the completion of these missions has great sense to the whole finance industry of China. Because of the significance of the disposal work, it should be done under the guidance of some principles that embody all the purposes AMCs mean to accomplish. For this reason, dissertation sums up several instructing ideas at the beginning of Chapter two, namely, strengthening the combination of disposal with social credit, handling the relationship right between acceleration of disposal and innovation of business, promoting readjustment of economy's structure and upgrading of enterprises' organization structures, balancing the relationship between disposal speed and collecting ratio, guarding against moral risk, and making full use of market measures. In the following content, the dissertation attempted to expound the difficulties and problems that hinder disposal of NPLs from meeting the requirements of above principles. The difficulties and problems will be explained in two levels. The first level will concentrate on the problems existing in concrete measures such us lawsuit, asset reorganization, debt-for-equity swap, and securitization, etc. The second level will discuss market factor, the common difficulty that all disposal measures are facing. It is immature market system that makes many disposal methods can't work efficiently. In the third chapter, the author turns to international experiences for the solutions of above problems and difficulties. This chapter comprises two parts. In the first part, three successful...
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