中国金融资产管理公司现状和发展方向研究

上海交通大学硕士学位论文中国金融资产管理公司现状和发展方向研究姓名：施昕申请学位级别：硕士专业：工商管理指导教师：马晔华20070128AMCAMCRTCAMCAMCAMCAMCAMCAMCAMCAMCAMCAMCAMCAMC7AMCAMCAMCAMCTHERESEARCHOFCHINAASSETMANAGEMENTCORPORATIONFORPRESENTSITUATIONANDDIRECTIONOFTHEDEVELOPMENTABSTRACTThisthesisfirstlyintroducesthebackgroundandgeneralsituationoftheestablishmentofChinaAssetManagementCorporation(AMC),whilecomparingAMCwithResolutionTrustCorporation(RTC)ofUSA.ThenittalkaboutthecurrentsituationofAMC’sbusinessdevelopment,includingtheintroductionoftheachievementofAMCs’badassetsdisposal,adetaildiscussofthenewbusinessattemptsandtheproblemsAMCisfacing.OnthebasisoftheintroductionandtheanalysisoftheAMCspresentsituation,thisthesissuggeststhatAMCshoulddevelopitsfuturetowardsthebiginvestmentbankroad.ItmeansAMCshouldbecomeaFinancialHoldingCompanywiththeinvestmentbankbusinessasitscorebusiness.Tosupportthisstandpoint,thisthesishasdoneanin-depthresearchonthemethodofhowAMCcandeveloptoabiginvestmentbankandhowitcanadopttheorganizationmodeofaFinancialHoldingCompany.AtlastthisthesisgivesoutpracticalsuggestionsfortheAMCtransformation.WiththeadjustmentofChina’seconomicstructureandtheprogressofitsfinancialreform,therapiddevelopmentisrequiredinChinesefinancialinstitutions,includingAMCs.Duetotheapproachingcompletionofthebadassetsdisposal,theseinstitutionsnowencounterdifficultiesofadjustmentorevenhowtosurvivethattheyneverhavebeenfacedbefore.Inthisbackground,itisofgreattheoreticandpracticalsignificancetomakeasystematicalresearchontheissuesofthedevelopmentofChinaAMCs.ThisthesissummarizesachievementsofAMCsforthepast7yearssincetheirestablishment,whileresearchthedevelopmentgoalofAMCS.Alsohasmadeain-depthexplorationofthetheoryoftheAMCSdevelopmentinChinaonthebaseoftheanalysisandsummarizationthetheoryregardingtraditionalfinanceandmoderninvestmentbanksofforeigncountries,alsotherelativestrategicsuggestionswereputforward.TheauthorhopesthatthisstudywillnotonlymakesomecontributiontothetheoreticaldevelopmentandtheapplicationoffinancialintermediationaswellasthemoderninvestmentbankinginChina,butalsogivepracticalguidanceforChinaAMCSinsettinguptheirdevelopmentstrategies,improvingtheirinternalmanagementandcreatingtheircompetitiveability.KEYWORDS:AMC,InvestmentBank,FinancialHoldingCompany,strategy20071282007128200712819992003200011132AssetManagementCorporationAMCAMCAMCMBA1AMC11AMC1.1.119971.1.2199519931.1.312AMC1999420AMCMBA21999101510181019AMCAMC1002000321147718267AMC1.460140503944407728123458AMC4005700AMC82001-1AMC1999.10.1910040771999.10.1810034581999.10.1510028121999.04.2010039441429113AMCAMC1.3.1,;,,AMC,,1.3.2MBA3AMC,AMC,,,,,80“”“”AMC“”AMC“”“”AMCAMC1AMC2AMCAMC1.3.3100050MBA4AMCAMCAMC14AMCAMCAMCAMCAMC1999AMCAMCMACMAC200011132AMC1.4.1AMC2000AMCAMCAMC“”AMCAMC“”AMCAMC“”AMCAMC“”AMCAMCAMCAMCAMC:(1);(2);(3)MBA5;(4);(5);(6);(7)AMCAMCAMC1.4.2AMCAMC200143AMCAMC1.4.3AMCAMCAMCAMC15AMCAMC,,70%,1989RTC19931621963AMCRTC1989MBA6(ResolutionTrustCorporationRTCRTCFIRREA6RTC40001995AMCRTCRTC12RTC3RTC4RTC1.5.1AMCRTC1RTCAMC2RTC19939FDICRTC19951231FDICAMC103RTCAMC1.5.2RTCAMC1RTCRTCRTC70%85%AMCMBA7RTC2RTCRTCRTCForbearanceAMC3RTCRTCRTCPutback1RTCPutOptionRTC4RTC“”MenuRTCRTCAMCMBA8AMC21AMC2.1.1AMC1AMC2AMCAMC3AMC4AMC5AMCAMCAMCMBA920%36%5%14%23%2%2-1Figure2-1RatioChartofAssetsDeposalofXindaCorporation2.1.2AMC2004620056AMC47574600AMC200512AMCAMC8397.5176621.03%2433826339131762012169.17%77.88%52.08%63.82%AMC20053561500(520)(233)(231)(224)(110)(90)(60)(59)MBA102-1AMC200020012002200320042005466.11687.173014.425769.36750.68397.5104.2357.32674.82994.1137017663.713.524.146.154.066.722.421.222.417.220.321.02-2AMC200512312433.82633.91317.62012.18397.569.277.952.163.866.7543.9273.5320.1628.4176622.410.424.331.2211.2301000200030004000500060007000800090002000200120022003200420052-2AMC20002005Figure2-2AnnualAssetsDeposalsColumnChartfrom2000to2005MBA112.1.3AMC1AMCAMCAMC200033120001225200310“”AMC20043AMC2004112420041213“”“”“”2AMC200667643.61640.115AMCAMCAMCAMCMBA12AMC8AMCAMC2006720AMCAMC20068IFC17.8851%IFCCathayCapitalCompanyNo2Limited35%AMC200342004225.52MBA1320041019200AMCAMCAMC200393-45000A4.5420046732AAMC102006AMCAMCAMC200482004932004826——831MBA14120049320041018200410222-3AMCAMCAMCAMC200512314801899.7%(100%)H5.4144810(2600.HK)9.00646(3323.HK)72802.559.5(61)22AMCAMC2.2.1AMC2006AMC1.4AMCMBA152.2.2AMCAMC()AMCAMCAMC“”100%20056282004,4AMC554439%715.4913%2.2.3AMC1200512AMC60%AMC20061.4AMC2AMCAMCAMCAMC3AMC20042005AMC9AMCAMCAMCAMCAMCAMCAMCMBA16AMCMBA17AMC31AMCAMCAMCRTCAMCKAMCOAMCAMCAMC2005AMCAMC,AMCAMCAMC2006352006AMC”AMC2006AMCAMCAMCAMCMBA18AMCAMCAMCAMCAMCAMC2006331AMCAMC“”AMCAMC1232AMC3.2.1MBA191·(RobertLawrenceKuhun)·2“”MBA2033.2.2AMC1AMCAMCAMCAMCAMCAMC200110200260142005MBA21622JP121600AMCAMC200111KTH410820022003120048,1.852AMCAMCA.130AMCAMCB.AMCAMC400AMCC.AMCAMCAMC20009MBA222001A(600028)(600553)(600984)5AMC“”D.AMCAMCAMCAMCAMCAMCAMCAMCA.AMCAMCAMCAMCB.AMCAMCAMCAMCAMCMBA23C.AMCAMCAMCAMCAMCAMCAMCD.200411AMCAMCAMCAMC33AMCMBA243.3.1AMCAMCAMCAMCAMCAMC100AMCAMCAMCAMCAMC“”43“”“”AMC“”AMCAMCAMCAMC3.3.2MBA2520901993199519861992199119993-1Figure3-1GermanyFullFuction