Research On The Non-Performing Assets' Pricing Which Based On The Material Object Option

With the business of bank in domestic constantly opening up to the foreign capitals after accessed to WTO, non-performing assets-the heavy burden has becoming the obstacle which hindered the commercial bank in domestic challenging the foreign bank. So the priority task for the bank in domestic was handling the non-performing assets as soon as possible, but how to set up a rational price to the non-performing assets is a key to the non-performing assets'handling. During discussing the subject that how to give a rational price to the huge non-performing assets, many experts and scholars have carried on a lot of helpful exploration, but up till now, we haven't a popular method which can be generally accepted, then need us carrying on a deeper discussion urgently.At first, on the basis of defining the conception of non-performing assets and option of material object, this text conferred the question which existing in the pricing of the non-performing assets'handling at present after analyzed the situation of the non-performing assets'pricing in domestic and abroad; Secondly, we analyzed the procedure of the non-performing assets'handling, and pointed out that two kinds of risks that exists in the course of the non-performing assets'handling—the risk of information asymmetry and fluctuating of assets'price which investor faced, on this basis, this text brought up the envisage and frame which drawn option theory of material object into the pricing of the non-performing assets'handling, and analyzed the value's constitute of debt venture which belong to AMC—the value of real assets and the value of option because of AMC handling the non-performing assets flexibly; Once again, on the basis of the value of real assets and the value of option because of AMC handling the non-performing assets flexibly, we calculated the realistic value of non-performing assets by using the present value law of incomes and the value of options by using the method of the pricing of option, and then set up the whole value's assessment model of debt venture in AMC, After that, with the case of THE XINLONG COMPANY which theGreat Wall asset management corporation dealing with, introduced the assessment model's application; At last we obtained the conclusion that material object option's importing can evaded the risk of information asymmetry and fluctuating of assets'price which investor faced effectively, and also increased the chance of handling and raised the bargain price to AMC. The studying result of this text will offer a new thought to the pricing problems of debt venture while making pricing to the non-performing assets of AMC.