Research On Re-orientation Of Financial Property Management Company

China's economy is undergoing a restructuring, the state-owned commercial banks and state-owned enterprises continue to conduct in-depth reform. Non-performing assets also inevitable. Under this circumstance, the financial asset management corporations should shoulder the responsibility of stabilizing the financial system and the capital market, so they will exist for a long time. By the year 2006, the financial asset management companies should have finished the main disposal of the assets of the policy-related acquisitions, and should have passed the administrative examination by The Ministry of finance on the collection. After that, the transition of asset management companies towards commercialized companies should have commenced. In 2008, the financial asset management companies should settle the disposal of the remaining assets of policy-related acquisitions. With their historical mission changing, the asset management companies are undergoing the transition to comprehensive commercialization.Under the new situation, China's current financial asset management companies for the legal status of certain deficiencies in the performance: dominant position vague, unclear property laws, the relationship between the main and associated ambiguity. Science defines financial asset management companies for the main position is the correct handling of the legal relationship between the foundation for financial assets management companies and the government, enterprises and banks, and is its smooth operation of the system development and support. Under the new situation of China's financial asset management companies should be defined as both non-performing assets disposal and investment banking functions of a comprehensive asset management company. Its main objectives are: on one hand, its major goal is to obtain the largest return by way of purchasing, managing and disposing the assets of the state-owned commercial banks and the joint-stock banks. On the other hand, it will enhance the value of bad assets through producing sufficient qualifications and getting listed. Under the market-oriented operation condition, to integrate the investment banking business and the main business of asset management organically.After the re-positioning of the financial asset management companies, as a truly independent mainstay of the market, it is necessary to shake off dependence of the original policy. And property rights reform must be carried out to achieve the diversification of the structure of property rights. Shareholding system reform is a breakthrough in the reform of property rights. Financial asset management companies as an independent corporate, we must improve the company's corporate governance, set a board of directors, introduce the independent directors, form a checks and balances, and efficient operation of the internal control mechanism, and improve the internal constraints and the incentive mechanism. After the re-positioning, the relationship between the financial assets management companies and the related financial institutions ,which are based on the different ways to purchase the non-performing assets, was divided into an affiance relation and a business contract relation; the relationship between the debt enterprises were performed that the equal merchant pursuing the debt recovery and the debt-to-equity swap, according to the principle of autonomy.