| China’s major state-owned commercial banks have completed shareholding system transformation and went public successfully. It depended on the great important role of four financial asset management companies—Cinda, Huarong, Orientand,Great Wall. On April20,1999, China’s first company disposing non-performing assets of state-owned commercial banks specially was founded—China Cinda asset management company. Then, the other three financial asset management company successively set up in China—Huarong asset management company, Orient asset management corporation, the Great Wall asset management company. They set duration as ten years. In2004, they began commercial transformation. At the end of2006, they had completed disposal task of bad assets basically. From then on, they began to explore commercial transformation. All of them confirmed the direction is financial holding company. On December12,2013, Cinda asset management co., LTD successfully went public in Hong Kong, which means Cinda has completed its commercial transformation. The other three financial assets management companies are on the way of commercial transformation.In law field, law experts and scholars’research on transition of financial asset management companies focus on the pattern and direction. They suggest perfecting the relevant law from the aspect of the conflicts between the financial asset management companies’operating and "company law","security law" and "bankruptcy law","commercial bank law" and other laws. At present, the highest effectiveness one of laws regulating the financial asset management company is the Financial Asset Management Company Ordinance (hereinafter referred to as the Ordinance). Their transformations either have been completed or are under way. The Ordinance has been outdated and can’t apply to the current financial asset management companies, which results in they are embarrassment without suitable law. The thesis analyzes the legal impediment after they finish transformation in the perspective of the Ordinance and explores how to amend the Ordinance.This thesis is divided into four parts:Part1:This part mainly analyzes the origin of the financial asset management companies in China and evaluates the related provisions of the Ordinance. First, it analyzes their construction background, including two aspects—international background and domestic background; Second, it evaluates the Ordinance from four points containing legal position, management goal, duration and responsibility mechanism. Third, it introduced their development, mainly including policy business stage and transforming stage.Part2:This part introduces advanced legal experience about foreign financial asset management companies’ transformation. It collects advanced experience of their transformation. It introduces three typical transformation patterns, taking United States, Sweden and Korea for example. And then, it summarizes their legal characteristics and absorbs foreign advanced experience.Part3:This part analyzes the legal impediment after the transformation in the perspective of the Ordinance, consisting of orientation, management, operation, risk prevention and supervision. They are embodied in nature variation and deviating from the target, dislocation of management idea and narrow of business scope, disorders of corporate governance structure, incompletion of risk prevention mechanism and lack of supervision mechanism.Part4:This part is the focus of the thesis. Based on the amendment of the Ordinance, this part provides legal protection for the financial asset management companies’ transformation. It introduces the debate between reserving and abolishing Ordinance, the value orientation of amending the Ordinance, principles of amending the Ordinance and the train of thought of amending the Ordinance. Amending the Ordinance provides a solid legal guarantee for the financial asset management companies’ transformation and operations after transformation. |
PDF Full Text Request