Resrarch On The Risk Control Of Non Financial Institutions Acquisition And Restructuring Of C AMC As An Example

In the mid-1990 s,China transformed from a planned economy to a market economy,and the bad rate of state-owned commercial banks rose sharply under the operating mode of allocation and loan.In 1998,when the Asian financial crisis broke out,in order to help state-owned commercial banks get rid of their burdens and put on light loads,the State Council set up four asset management companies in 1999,Huarong,Great Wall,Xinda and Dongfang,with a tentative duration of 10 years.They are responsible for the acquisition and disposal of the non-performing assets divested by the four state-owned banks and the State Development Bank.At the end of 2006,the policy disposal tasks of the four asset management companies were phased out,and the 10-year deadline has not yet been completed.Since 2007,four asset management companies have entered a period of "commercial transformation".In 2016,four asset management companies completed the joint-stock reform successively.Huarong and Xinda took the lead in listing in Hong Kong.Their main business expanded from policy acquisition to commercial acquisition,investment and principal-agent business of non-financial institutions' bad debt.The Fifth National Conference on Financial Work places great importance on preventing and resolving systemic financial risks.With the promulgation of a series of regulatory policies with strong supervision and accountability,asset management companies have entered a "return to the main business period".How to return from commercialization to the main business has become the primary concern of asset management companies.The acquisition and reorganization of non-financial creditor's rights is not only the main business of the commercial operation of asset management companies,but also meets the main requirements of the acquisition and reorganization of non-performing creditor's rights of asset management companies,which has become an effective way to realize the "return to the main business period".Firstly,starting with the definition and characteristics of non-financial creditor's rights,this paper introduces the business proportion,customer structure and transaction structure of C Asset Management Corporation's non-gold debt acquisition and reorganization business.Secondly,taking two cases of acquisition and reorganization of non-financial creditor's rights by C Asset Management Corporation as the research object,this paper makes an in-depth analysis of the risk points in thethree stages of due diligence,implementation and post-investment management of non-gold debt acquisition and reorganization projects.Finally,the paper compares two cases of acquisition and reorganization of non-gold creditor's rights.Through searching and identifying the risk points,the measures of risk control of non-gold bond acquisition and reorganization business such as C Asset Management Company's judgment of the authenticity of non-gold bond,improving the comprehensiveness of due diligence,optimizing the rationality of acquisition price and standardizing the operation of transaction structure are obtained.