Research For Choice Of Non-performing Assets' Disposition Of China Huarong Asset Management Corporation

Because of the system fraud and economy transforming and some other reasons, there are ten thousand billion of non-performing assets in our financial field. It will effect the success or failure of state-owned enterprises innovation and the continuous development of the finance that transforming and managing the non-performing assets.The paper starts with the three respects of bank, government and enterprise, analyses the reasons of our non-performing assets. Then, through comparing non-performing assets disposition models of U.S.A, Korea and Japan, combining current situation of our country, the paper proposes the general thoughts of non-performing assets disposition:1. Professional operation by special institutions;2. Supporting by legislations and regulations;3. Disposing swiftly;4. Paying more attention on enterprises;5. Favorable environment of capital markets is needed;6. Adopting diversified means of non-performing assets disposition.Based on the above analysis, researched the types and current situation of debt restructuring, which is the basic means of non-performing assets disposition of China Huarong Asset Management Corporation, the paper proposes the debt restructure pricing model, which is the basic way of analyzing the debt repayment ability. Then the paper obtains the limitation and problem of debt restructuring with study of current situation of non-performing assets disposition. Then, the paper studies the several new ways of non-performing assets disposition, such as credit assignment, packing, securitisation, utilization of capital market, merger and acquisition, etc. The paper also studies the merger and acquisition application to asset disposition by cases analysis.At last, the paper analyses the situation Huarong Asset Management Corporation faces and the characteristics of surplus asset. It gives Huarong Asset Management Corporation some strategies on asset management: putting more attention on reclaimation and marketing, promoting assignment of obligatory right, regulating separately, assigning packing, developing securitisation, utilizing fully the capital market to accomplish assigning equity and promoting restructuring and merger of the debt companies...