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AMC多元化格局更有益于市场发展

2017-08-18 16:36:57   中国经济网

■本报记者 李林鸾

【农村金融时报】

持续上升的不良资产规模让资产管理公司获得了广阔的市场空间,同时竞争也日趋激烈。

近日,麦肯锡发布《资产管理公司制胜之道》,总结了中国不良资产行业的机遇与挑战、地方AMC(资产管理公司)的发展现状、典型案例和转型方向。

报告称,在增长换挡期、结构调整阵痛期、前期刺激政策消化期这“三期叠加”的环境下,中国不良资产市场面临较快增长。一方面,传统金融机构持有的不良资产规模正在持续上升,预计2020年将达到约4.8万亿元。另一方面,非金融机构应收账款规模不断攀升,回收周期不断延长,对于资产及债务重组的需求日益高涨,其不良资产规模也在快速扩张,预计2020年可为资产管理公司提供约0.8万亿元的市场。

正因如此,目前不良资产行业正由原来的四大AMC垄断的局面,逐步演变为“4+2+N+银行系”的多元化格局。这其中,“4”顾名思义是传统的四大AMC,而“2”则代表各省辖内的两家地方AMC。

此外,“N”则指各地未持牌资产管理公司,主要承接四大AMC和地方AMC处置效率较低的小规模不良资产组包。“银行系”是以国有大行为首的银行纷纷成立的专司债转股的AMC子公司。

面对地方AMC的参与,中国东方资产管理股份有限公司副总裁陈建雄日前公开表示:“成立地方AMC对市场是件好事。”

分析来看的确如此。一方面,四大AMC与地方资产管理公司有很强的互补性。首先,银监会一季度末公布的数据显示,银行类的不良资产为1.58万亿元,光靠四大AMC很难消化,所以国家高瞻远瞩成立地方AMC共同消化处置。

另一方面,四大AMC与地方AMC既有竞争性又有互补性,有利于不良资产处置手段更加创新和市场化。并且,有些地方AMC能够享受到地方政府为化解地方企业不良资产出台的优惠政策。从不良资产需求端看,参与主体多元化不断扩张,使得市场变得更加公开透明,竞争也更加充分。

不过,四大AMC毕竟拥有专业优势和雄厚的资金实力,有多年经验积累、渠道优势以及制度、政策、管理风控等一系列优势,还有与境内外投资者合作的优势。除此之外,地方AMC在团队以及管理上也很难与之匹敌。

但可以肯定的是,在新常态下,AMC如此既竞争又互补的关系,对稳定地方金融,防范和化解区域性以及系统性金融风险,不失为一件好事。

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