{"entry_id": "6d08c79a-fd40-4e5e-9920-9ec9f819d436", "infos": [{"txt": "张明、李明洲：", "language": "chinese", "position": {"atoms": [{"position_id": 0, "txt": "张明、李明洲：", "x": ""}]}, "tags": [], "label": "O", "web_segment_id": 0, "global_sentence_id": 0, "edu_l1_label": "EDU_O"}, {"txt": "中国的不良资产处置——发展历程、国际经验与政策建议", "language": "chinese", "position": {"atoms": [{"position_id": 0, "txt": "中国的不良资产处置——发展历程、国际经验与政策建议", "x": ""}]}, "tags": [], "label": "O", "web_segment_id": 0, "global_sentence_id": 1, "edu_l1_label": "EDU_O"}, {"txt": "            张明、李明洲：", "language": "chinese", "position": {"atoms": [{"position_id": 469, "txt": "\n            \n张明、李明洲：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/h1"}]}, "tags": ["h1"], "label": "article_title", "web_segment_id": 37, "global_sentence_id": 2, "edu_l1_label": "BOT"}, {"txt": "中国的不良资产处置——发展历程、国际经验与政策建议          ", "language": "chinese", "position": {"atoms": [{"position_id": 470, "txt": "中国的不良资产处置——发展历程、国际经验与政策建议\n          ", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/h1"}]}, "tags": ["h1"], "label": "article_title", "web_segment_id": 37, "global_sentence_id": 3, "edu_l1_label": "BOT"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/4mrFNe3ebnhq1JqUw6XiF4a.jpeg", "language": "chinese", "position": {"atoms": [{"position_id": 51, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/4mrFNe3ebnhq1JqUw6XiF4a.jpeg", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[1]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 39, "global_sentence_id": 4, "edu_l1_label": "EDU_O"}, {"txt": "张明  系中国社会科学院金融研究所副所长、国家金融与发展实验室副主任，中国首席经济学家论坛理事", "language": "chinese", "position": {"atoms": [{"position_id": 472, "txt": "张明  系", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[2]/strong[1]/span/strong/span"}, {"position_id": 474, "txt": "中国社会科学院金融研究所副所长、国家金融与发展实验室副主任，中国首席经济学家论坛理事", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[2]/strong[2]/span/strong/span"}]}, "tags": ["strong"], "label": "author", "web_segment_id": 40, "global_sentence_id": 5, "edu_l1_label": "BOS"}, {"txt": "本文发表于《中国评论》2025年第2期。", "language": "chinese", "position": {"atoms": [{"position_id": 476, "txt": "本文发表于《中国评论》2025年第2期。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section[1]/span"}]}, "tags": [], "label": "publish_time", "web_segment_id": 41, "global_sentence_id": 6, "edu_l1_label": "EDU_O"}, {"txt": "摘要：", "language": "chinese", "position": {"atoms": [{"position_id": 478, "txt": "摘要", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[1]"}, {"position_id": 480, "txt": "：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/strong/span"}]}, "tags": ["strong"], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 7, "edu_l1_label": "BOS"}, {"txt": "本文梳理不良资产处置的国际经验，回顾中国四大资产管理公司的发展历程，厘清处置方式，分析经营绩效。", "language": "chinese", "position": {"atoms": [{"position_id": 482, "txt": "本文梳理不良资产处置的国际经验，回顾中国四大资产管理公司的发展历程，厘清处置方式，分析经营绩效。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 8, "edu_l1_label": "IOS"}, {"txt": "四大资产管理公司在监管引导下回归主业趋势加强，但盈利能力有所下降，杠杆率显著提升，资产负债期限错配风险突出。", "language": "chinese", "position": {"atoms": [{"position_id": 483, "txt": "四大资产管理公司在监管引导下回归主业趋势加强，但盈利能力有所下降，杠杆率显著提升，资产负债期限错配风险突出。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 9, "edu_l1_label": "IOS"}, {"txt": "本文提出以下建议：", "language": "chinese", "position": {"atoms": [{"position_id": 484, "txt": "本文提出以下建议：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 10, "edu_l1_label": "IOS"}, {"txt": "支持引导金融机构进行不良资产证券化；", "language": "chinese", "position": {"atoms": [{"position_id": 485, "txt": "支持引导金融机构进行不良资产证券化；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 11, "edu_l1_label": "IOS"}, {"txt": "完善对资管公司统一的监管标准；", "language": "chinese", "position": {"atoms": [{"position_id": 486, "txt": "完善对资管公司统一的监管标准；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 12, "edu_l1_label": "IOS"}, {"txt": "完善不良资产处置市场化运作机制；", "language": "chinese", "position": {"atoms": [{"position_id": 487, "txt": "完善不良资产处置市场化运作机制；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 13, "edu_l1_label": "IOS"}, {"txt": "拓宽资产管理公司融资渠道；", "language": "chinese", "position": {"atoms": [{"position_id": 488, "txt": "拓宽资产管理公司融资渠道；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 14, "edu_l1_label": "IOS"}, {"txt": "强化与第三方机构合作力度。", "language": "chinese", "position": {"atoms": [{"position_id": 489, "txt": "强化与第三方机构合作力度。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[3]/span/span[2]"}]}, "tags": [], "label": "abstract", "web_segment_id": 42, "global_sentence_id": 15, "edu_l1_label": "IOS"}, {"txt": "一、当前中国银行业不良资产的特点", "language": "chinese", "position": {"atoms": [{"position_id": 491, "txt": "一、", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/span/span"}, {"position_id": 493, "txt": "当前中国银行业不良资产的特点", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[5]/span/strong[1]/span"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 43, "global_sentence_id": 16, "edu_l1_label": "BOS"}, {"txt": "当前，防范化解系统性金融风险是中国金融业的一大任务。", "language": "chinese", "position": {"atoms": [{"position_id": 495, "txt": "当前，防范化解系统性金融风险是中国金融业的一大任务。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[6]/span"}]}, "tags": [], "label": "content", "web_segment_id": 44, "global_sentence_id": 17, "edu_l1_label": "IOS"}, {"txt": "主要的系统性金融风险分布在房地产、地方政府债务与中小金融机构三大领域。", "language": "chinese", "position": {"atoms": [{"position_id": 496, "txt": "主要的系统性金融风险分布在房地产、地方政府债务与中小金融机构三大领域。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[6]/span"}]}, "tags": [], "label": "content", "web_segment_id": 44, "global_sentence_id": 18, "edu_l1_label": "IOS"}, {"txt": "房地产风险主要表现在，各线城市二手房价格下跌压力较大，头部民营开发商面临流动性不足与资不抵债双重挑战，三四线城市未来商品房去化压力。", "language": "chinese", "position": {"atoms": [{"position_id": 497, "txt": "房地产风险主要表现在，各线城市二手房价格下跌压力较大，头部民营开发商面临流动性不足与资不抵债双重挑战，三四线城市未来商品房去化压力。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[6]/span"}]}, "tags": [], "label": "content", "web_segment_id": 44, "global_sentence_id": 19, "edu_l1_label": "IOS"}, {"txt": "地方政府债务风险主要表现在，在土地出让金收入发生趋势性萎缩的背景下，地方政府各类债务攀升明显，中西部三四线城市目前还本付息压力更大，其中隐性债务是重中之重。", "language": "chinese", "position": {"atoms": [{"position_id": 498, "txt": "地方政府债务风险主要表现在，在土地出让金收入发生趋势性萎缩的背景下，地方政府各类债务攀升明显，中西部三四线城市目前还本付息压力更大，其中隐性债务是重中之重。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[6]/span"}]}, "tags": [], "label": "content", "web_segment_id": 44, "global_sentence_id": 20, "edu_l1_label": "IOS"}, {"txt": "中小金融机构风险主要表现在，资产端不良资产占比上升，优质资产越来越匮乏，负债端融资成本高居不下，资产与负债之间的期限错配相当显著。", "language": "chinese", "position": {"atoms": [{"position_id": 499, "txt": "中小金融机构风险主要表现在，资产端不良资产占比上升，优质资产越来越匮乏，负债端融资成本高居不下，资产与负债之间的期限错配相当显著。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[6]/span"}]}, "tags": [], "label": "content", "web_segment_id": 44, "global_sentence_id": 21, "edu_l1_label": "IOS"}, {"txt": "此外，上述三大风险之间还呈现出彼此交织的特点。", "language": "chinese", "position": {"atoms": [{"position_id": 501, "txt": "此外，上述三大风险之间还呈现出彼此交织的特点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[7]/span"}]}, "tags": [], "label": "content", "web_segment_id": 45, "global_sentence_id": 22, "edu_l1_label": "IOS"}, {"txt": "其一，由于与房地产相关税费占到地方政府综合财力接近一半，因此，房地产市场的趋势性下行是导致地方政府税收收入与基金性收入锐减的主要原因，换言之，房地产市场风险加剧了地方政府债务风险；", "language": "chinese", "position": {"atoms": [{"position_id": 502, "txt": "其一，由于与房地产相关税费占到地方政府综合财力接近一半，因此，房地产市场的趋势性下行是导致地方政府税收收入与基金性收入锐减的主要原因，换言之，房地产市场风险加剧了地方政府债务风险；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[7]/span"}]}, "tags": [], "label": "content", "web_segment_id": 45, "global_sentence_id": 23, "edu_l1_label": "IOS"}, {"txt": "其二，针对房地产开发商与地方政府融资平台的贷款是地方中小金融机构的主要业务来源，而房地产与地方债风险上升，也是中小金融机构经营风险上行的主要原因，换言之，中小金融机构风险在很大程度上是房地产与地方债风险暴露的结果。", "language": "chinese", "position": {"atoms": [{"position_id": 503, "txt": "其二，针对房地产开发商与地方政府融资平台的贷款是地方中小金融机构的主要业务来源，而房地产与地方债风险上升，也是中小金融机构经营风险上行的主要原因，换言之，中小金融机构风险在很大程度上是房地产与地方债风险暴露的结果。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[7]/span"}]}, "tags": [], "label": "content", "web_segment_id": 45, "global_sentence_id": 24, "edu_l1_label": "IOS"}, {"txt": "系统性金融风险的累计自然会导致商业银行不良贷款率的上升。", "language": "chinese", "position": {"atoms": [{"position_id": 505, "txt": "系统性金融风险的累计自然会导致商业银行不良贷款率的上升。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[8]/span"}]}, "tags": [], "label": "content", "web_segment_id": 46, "global_sentence_id": 25, "edu_l1_label": "IOS"}, {"txt": "而如图1所示，当前中国银行业不良贷款率具有如下几个特点：", "language": "chinese", "position": {"atoms": [{"position_id": 506, "txt": "而如图1所示，当前中国银行业不良贷款率具有如下几个特点：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[8]/span"}]}, "tags": [], "label": "content", "web_segment_id": 46, "global_sentence_id": 26, "edu_l1_label": "IOS"}, {"txt": "第一，目前中国商业银行的不良贷款率要显著低于2008年之前的时期；", "language": "chinese", "position": {"atoms": [{"position_id": 507, "txt": "第一，目前中国商业银行的不良贷款率要显著低于2008年之前的时期；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[8]/span"}]}, "tags": [], "label": "content", "web_segment_id": 46, "global_sentence_id": 27, "edu_l1_label": "IOS"}, {"txt": "第二，从不同类型金融机构而言，截止2024年第三季度，不良贷款率最高为农商行（3.04%），之后分别为城商行（1.82%）与民营银行（1.79%），相比之下，大型国有商业银行、股份制商业银行与外资银行的不良贷款率相对较低，分别为1.25%、1.25%与1.10%；", "language": "chinese", "position": {"atoms": [{"position_id": 508, "txt": "第二，从不同类型金融机构而言，截止2024年第三季度，不良贷款率最高为农商行（3.04%），之后分别为城商行（1.82%）与民营银行（1.79%），相比之下，大型国有商业银行、股份制商业银行与外资银行的不良贷款率相对较低，分别为1.25%、1.25%与1.10%；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[8]/span"}]}, "tags": [], "label": "content", "web_segment_id": 46, "global_sentence_id": 28, "edu_l1_label": "IOS"}, {"txt": "第三，最近五年来，大多数类型的商业银行的不良贷款率稳中有降。", "language": "chinese", "position": {"atoms": [{"position_id": 509, "txt": "第三，最近五年来，大多数类型的商业银行的不良贷款率稳中有降。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[8]/span"}]}, "tags": [], "label": "content", "web_segment_id": 46, "global_sentence_id": 29, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/2cG2895Te0LTCGZALyTDF.png", "language": "chinese", "position": {"atoms": [{"position_id": 97, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/2cG2895Te0LTCGZALyTDF.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section[2]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 47, "global_sentence_id": 30, "edu_l1_label": "EDU_O"}, {"txt": "当前的不良贷款率可能明显低估了真实的不良贷款规模。", "language": "chinese", "position": {"atoms": [{"position_id": 511, "txt": "当前的不良贷款率可能明显低估了真实的不良贷款规模。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/span/strong[1]/span"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 48, "global_sentence_id": 31, "edu_l1_label": "IOS"}, {"txt": "一方面，在银行贷款五级分类中，只有被列入次级类、可疑类与损失类的贷款才会被归为不良贷款，因此商业银行通常会把一些不良贷款放在关注类贷款，这不会导致不良贷款率的上升；", "language": "chinese", "position": {"atoms": [{"position_id": 512, "txt": "一方面，在银行贷款五级分类中，只有被列入次级类、可疑类与损失类的贷款才会被归为不良贷款，因此商业银行通常会把一些不良贷款放在关注类贷款，这不会导致不良贷款率的上升；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/span/strong[1]/span"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 48, "global_sentence_id": 32, "edu_l1_label": "IOS"}, {"txt": "另一方面，尽管目前房地产市场调整导致房地产价格显著下行，但由于商业银行的资产负债表并未做到“以市定价”（Mark to Market），导致真实的资产损失并未在账面上表现出来。", "language": "chinese", "position": {"atoms": [{"position_id": 513, "txt": "另一方面，尽管目前房地产市场调整导致房地产价格显著下行，但由于商业银行的资产负债表并未做到“以市定价”（Mark to Market），导致真实的资产损失并未在账面上表现出来。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[9]/span/strong[1]/span"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 48, "global_sentence_id": 33, "edu_l1_label": "IOS"}, {"txt": "在首届中央金融工作会议上，“防范化解金融风险”被列为当前和今后一段时期的重点工作任务之一。", "language": "chinese", "position": {"atoms": [{"position_id": 515, "txt": "在首届中央金融工作会议上，“防范化解金融风险”被列为当前和今后一段时期的重点工作任务之一。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[10]/span"}]}, "tags": [], "label": "content", "web_segment_id": 49, "global_sentence_id": 34, "edu_l1_label": "IOS"}, {"txt": "资产管理公司（Asset Management Corporation，AMC）作为专业处置不良资产的金融机构，是防范化解金融风险的重要力量。", "language": "chinese", "position": {"atoms": [{"position_id": 516, "txt": "资产管理公司（Asset Management Corporation，AMC）作为专业处置不良资产的金融机构，是防范化解金融风险的重要力量。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[10]/span"}]}, "tags": [], "label": "content", "web_segment_id": 49, "global_sentence_id": 35, "edu_l1_label": "IOS"}, {"txt": "中国的四大资产管理公司不仅在历史上成功地化解了大批商业银行不良贷款，而且有望在未来防范化解金融风险的进程中继续扮演重要角色。", "language": "chinese", "position": {"atoms": [{"position_id": 517, "txt": "中国的四大资产管理公司不仅在历史上成功地化解了大批商业银行不良贷款，而且有望在未来防范化解金融风险的进程中继续扮演重要角色。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[10]/span"}]}, "tags": [], "label": "content", "web_segment_id": 49, "global_sentence_id": 36, "edu_l1_label": "IOS"}, {"txt": "本文结构安排如下：", "language": "chinese", "position": {"atoms": [{"position_id": 519, "txt": "本文结构安排如下：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/span"}]}, "tags": [], "label": "content", "web_segment_id": 50, "global_sentence_id": 37, "edu_l1_label": "IOS"}, {"txt": "首先回顾中国不良资产处置的发展历程，包括四大AMC的发展阶段、处置不良资产的主要方式及经营绩效，其次梳理国际不良资产处置经验，最后是前景展望与政策建议。", "language": "chinese", "position": {"atoms": [{"position_id": 520, "txt": "首先回顾中国不良资产处置的发展历程，包括四大AMC的发展阶段、处置不良资产的主要方式及经营绩效，其次梳理国际不良资产处置经验，最后是前景展望与政策建议。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[11]/span"}]}, "tags": [], "label": "content", "web_segment_id": 50, "global_sentence_id": 38, "edu_l1_label": "IOS"}, {"txt": "二、中国不良资产处置的发展历程", "language": "chinese", "position": {"atoms": [{"position_id": 522, "txt": "二、中国不良资产处置的发展历程", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[12]/span/strong[1]/span"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 51, "global_sentence_id": 39, "edu_l1_label": "BOS"}, {"txt": "1、四大AMC的产生与发展", "language": "chinese", "position": {"atoms": [{"position_id": 524, "txt": "1", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[13]/span/strong[1]/span"}, {"position_id": 526, "txt": "、四大", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[13]/span/strong[2]/span"}, {"position_id": 528, "txt": "AMC", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[13]/span/strong[3]/span"}, {"position_id": 530, "txt": "的产生与发展", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[13]/span/strong[4]/span"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 52, "global_sentence_id": 40, "edu_l1_label": "IOS"}, {"txt": "1997年东南亚金融危机爆发后，维持国内银行体系稳定成为中国政府的关注重点。", "language": "chinese", "position": {"atoms": [{"position_id": 532, "txt": "1997年东南亚金融危机爆发后，维持国内银行体系稳定成为中国政府的关注重点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/span"}]}, "tags": [], "label": "content", "web_segment_id": 53, "global_sentence_id": 41, "edu_l1_label": "IOS"}, {"txt": "1998年，国务院决定组建不良资产处置机构以降低商业银行不良资产率，并由财政部发行特别国债来募集相关资金。", "language": "chinese", "position": {"atoms": [{"position_id": 533, "txt": "1998年，国务院决定组建不良资产处置机构以降低商业银行不良资产率，并由财政部发行特别国债来募集相关资金。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[14]/span"}]}, "tags": [], "label": "content", "web_segment_id": 53, "global_sentence_id": 42, "edu_l1_label": "IOS"}, {"txt": "1999年，信达资产、东方资产、长城资产、华融资产四家资产管理公司相继成立，分别收购处置建设银行、中国银行、农业银行和工商银行的不良资产。", "language": "chinese", "position": {"atoms": [{"position_id": 535, "txt": "1999年，信达资产、东方资产、长城资产、华融资产四家资产管理公司相继成立，分别收购处置建设银行、中国银行、农业银行和工商银行的不良资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[15]/span"}]}, "tags": [], "label": "content", "web_segment_id": 54, "global_sentence_id": 43, "edu_l1_label": "IOS"}, {"txt": "财政部向四家公司各注资100亿资本金，央行提供5700亿再贷款，四家公司向商业银行发行8200亿元债券。", "language": "chinese", "position": {"atoms": [{"position_id": 536, "txt": "财政部向四家公司各注资100亿资本金，央行提供5700亿再贷款，四家公司向商业银行发行8200亿元债券。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[15]/span"}]}, "tags": [], "label": "content", "web_segment_id": 54, "global_sentence_id": 44, "edu_l1_label": "IOS"}, {"txt": "四家资管公司运用上述资金，按照账面价值从四大商业银行处购买承接不良资产共计1.43万亿元。", "language": "chinese", "position": {"atoms": [{"position_id": 537, "txt": "四家资管公司运用上述资金，按照账面价值从四大商业银行处购买承接不良资产共计1.43万亿元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[15]/span"}]}, "tags": [], "label": "content", "web_segment_id": 54, "global_sentence_id": 45, "edu_l1_label": "IOS"}, {"txt": "四大资产管理公司的发展历程可分为以下三个阶段：", "language": "chinese", "position": {"atoms": [{"position_id": 539, "txt": "四大资产管理公司的发展历程可分为以下三个阶段：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[16]/span"}]}, "tags": [], "label": "content", "web_segment_id": 55, "global_sentence_id": 46, "edu_l1_label": "IOS"}, {"txt": "一是政策性收购处置阶段。", "language": "chinese", "position": {"atoms": [{"position_id": 541, "txt": "一是政策性收购处置阶段。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 56, "global_sentence_id": 47, "edu_l1_label": "IOS"}, {"txt": "该阶段由国家成立的资产管理公司集中收购银行不良资产，政府发挥主导作用。", "language": "chinese", "position": {"atoms": [{"position_id": 543, "txt": "该阶段由国家成立的资产管理公司集中收购银行不良资产，政府发挥主导作用。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 56, "global_sentence_id": 48, "edu_l1_label": "IOS"}, {"txt": "在1999—2000年期间，中国开展了第一批不良资产剥离，资管公司按不良贷款面值等额收购银行不良资产，考核指标为现金回收率和费用率，最终结果由国家财政兜底。", "language": "chinese", "position": {"atoms": [{"position_id": 544, "txt": "在1999—2000年期间，中国开展了第一批不良资产剥离，资管公司按不良贷款面值等额收购银行不良资产，考核指标为现金回收率和费用率，最终结果由国家财政兜底。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[17]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 56, "global_sentence_id": 49, "edu_l1_label": "IOS"}, {"txt": "在这一阶段，资产管理公司共接受不良贷款1.43万亿元，其中由华融承接工行4077亿元，信达承接建行2944亿元和国家开发银行1000亿元，东方承接中行2812亿元，长城承接农行3458亿元。", "language": "chinese", "position": {"atoms": [{"position_id": 546, "txt": "在这一阶段，资产管理公司共接受不良贷款1.43万亿元，其中由华融承接工行4077亿元，信达承接建行2944亿元和国家开发银行1000亿元，东方承接中行2812亿元，长城承接农行3458亿元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[18]/span"}]}, "tags": [], "label": "content", "web_segment_id": 57, "global_sentence_id": 50, "edu_l1_label": "IOS"}, {"txt": "在2004—2005年期间，开展了第二批不良资产剥离，资产管理公司转为通过市场化方式接收银行的不良资产，并自负盈亏。", "language": "chinese", "position": {"atoms": [{"position_id": 548, "txt": "在2004—2005年期间，开展了第二批不良资产剥离，资产管理公司转为通过市场化方式接收银行的不良资产，并自负盈亏。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[19]/span"}]}, "tags": [], "label": "content", "web_segment_id": 58, "global_sentence_id": 51, "edu_l1_label": "IOS"}, {"txt": "此轮共计剥离不良资产约7800亿元。", "language": "chinese", "position": {"atoms": [{"position_id": 549, "txt": "此轮共计剥离不良资产约7800亿元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[19]/span"}]}, "tags": [], "label": "content", "web_segment_id": 58, "global_sentence_id": 52, "edu_l1_label": "IOS"}, {"txt": "二是商业化转型扩张阶段。", "language": "chinese", "position": {"atoms": [{"position_id": 551, "txt": "二是商业化转型扩张阶段。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[20]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 59, "global_sentence_id": 53, "edu_l1_label": "IOS"}, {"txt": "在2005年以后，四大资产管理公司基本完成了政策性不良资产处置任务，开始探索商业化转型之路。", "language": "chinese", "position": {"atoms": [{"position_id": 553, "txt": "在2005年以后，四大资产管理公司基本完成了政策性不良资产处置任务，开始探索商业化转型之路。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[20]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 59, "global_sentence_id": 54, "edu_l1_label": "IOS"}, {"txt": "为了能够改制上市，国有商业银行有通过市场化方式剥离不良资产、改善资产负债表的需求。", "language": "chinese", "position": {"atoms": [{"position_id": 555, "txt": "为了能够改制上市，国有商业银行有通过市场化方式剥离不良资产、改善资产负债表的需求。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[21]/span"}]}, "tags": [], "label": "content", "web_segment_id": 60, "global_sentence_id": 55, "edu_l1_label": "IOS"}, {"txt": "该轮剥离的是商业银行经营产生的呆坏账。", "language": "chinese", "position": {"atoms": [{"position_id": 556, "txt": "该轮剥离的是商业银行经营产生的呆坏账。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[21]/span"}]}, "tags": [], "label": "content", "web_segment_id": 60, "global_sentence_id": 56, "edu_l1_label": "IOS"}, {"txt": "除了收购处置商业银行的商业性不良资产之外，资产管理公司还将目光着眼于非银行金融机构如证券公司、信托公司、保险公司的不良资产，以及非金融企业的不良资产。", "language": "chinese", "position": {"atoms": [{"position_id": 557, "txt": "除了收购处置商业银行的商业性不良资产之外，资产管理公司还将目光着眼于非银行金融机构如证券公司、信托公司、保险公司的不良资产，以及非金融企业的不良资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[21]/span"}]}, "tags": [], "label": "content", "web_segment_id": 60, "global_sentence_id": 57, "edu_l1_label": "IOS"}, {"txt": "根据华融资产招股说明书，截至2014年12月31日，四大资产管理公司累计收购商业化不良资产原值超过2.8万亿元。", "language": "chinese", "position": {"atoms": [{"position_id": 558, "txt": "根据华融资产招股说明书，截至2014年12月31日，四大资产管理公司累计收购商业化不良资产原值超过2.8万亿元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[21]/span"}]}, "tags": [], "label": "content", "web_segment_id": 60, "global_sentence_id": 58, "edu_l1_label": "IOS"}, {"txt": "为更好地进行市场化经营，四大资产管理公司纷纷启动股份制改革。", "language": "chinese", "position": {"atoms": [{"position_id": 560, "txt": "为更好地进行市场化经营，四大资产管理公司纷纷启动股份制改革。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[22]/span"}]}, "tags": [], "label": "content", "web_segment_id": 61, "global_sentence_id": 59, "edu_l1_label": "IOS"}, {"txt": "信达资产引入了社保基金、瑞银等战略投资者，于2013年在港股上市。", "language": "chinese", "position": {"atoms": [{"position_id": 561, "txt": "信达资产引入了社保基金、瑞银等战略投资者，于2013年在港股上市。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[22]/span"}]}, "tags": [], "label": "content", "web_segment_id": 61, "global_sentence_id": 60, "edu_l1_label": "IOS"}, {"txt": "华融资产在2012年改制为股份有限公司，并于2015年在港股上市。", "language": "chinese", "position": {"atoms": [{"position_id": 562, "txt": "华融资产在2012年改制为股份有限公司，并于2015年在港股上市。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[22]/span"}]}, "tags": [], "label": "content", "web_segment_id": 61, "global_sentence_id": 61, "edu_l1_label": "IOS"}, {"txt": "东方资产、长城资产均在2016年完成股改，但迄今为止并未上市，至此四大资产管理公司全部完成股份制改制。", "language": "chinese", "position": {"atoms": [{"position_id": 563, "txt": "东方资产、长城资产均在2016年完成股改，但迄今为止并未上市，至此四大资产管理公司全部完成股份制改制。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[22]/span"}]}, "tags": [], "label": "content", "web_segment_id": 61, "global_sentence_id": 62, "edu_l1_label": "IOS"}, {"txt": "伴随着股改进程，四家资管公司也悄然转变为金融控股集团。", "language": "chinese", "position": {"atoms": [{"position_id": 565, "txt": "伴随着股改进程，四家资管公司也悄然转变为金融控股集团。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[23]/span"}]}, "tags": [], "label": "content", "web_segment_id": 62, "global_sentence_id": 63, "edu_l1_label": "IOS"}, {"txt": "一方面，有关部门推进资产管理公司在完成政策性任务后向商业化转型，允许其从事其他金融业务。", "language": "chinese", "position": {"atoms": [{"position_id": 566, "txt": "一方面，有关部门推进资产管理公司在完成政策性任务后向商业化转型，允许其从事其他金融业务。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[23]/span"}]}, "tags": [], "label": "content", "web_segment_id": 62, "global_sentence_id": 64, "edu_l1_label": "IOS"}, {"txt": "另一方面，资产管理公司在处置化解不良资产过程中也已涉猎了多个金融领域，以战略投资者或其他身份拥有银行、证券等金融机构股权，期望开拓业务。", "language": "chinese", "position": {"atoms": [{"position_id": 567, "txt": "另一方面，资产管理公司在处置化解不良资产过程中也已涉猎了多个金融领域，以战略投资者或其他身份拥有银行、证券等金融机构股权，期望开拓业务。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[23]/span"}]}, "tags": [], "label": "content", "web_segment_id": 62, "global_sentence_id": 65, "edu_l1_label": "IOS"}, {"txt": "外部政策环境宽松与内部转型需求强烈相结合，导致资产管理公司一路高歌猛进，短期内迅速持有银行、证券、保险、金融租赁、信托等各类金融业务牌照，成为实质意义上的金控集团。", "language": "chinese", "position": {"atoms": [{"position_id": 568, "txt": "外部政策环境宽松与内部转型需求强烈相结合，导致资产管理公司一路高歌猛进，短期内迅速持有银行、证券、保险、金融租赁、信托等各类金融业务牌照，成为实质意义上的金控集团。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[23]/span"}]}, "tags": [], "label": "content", "web_segment_id": 62, "global_sentence_id": 66, "edu_l1_label": "IOS"}, {"txt": "三是严监管下的回归主业阶段。", "language": "chinese", "position": {"atoms": [{"position_id": 570, "txt": "三是严监管下的回归主业阶段。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[24]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 63, "global_sentence_id": 67, "edu_l1_label": "IOS"}, {"txt": "自商业化转型之后，资产管理公司业务触角延伸之长、辐射之广，规模扩张之迅猛引起了监管部门的重点关注，并开始陆续出台政策以规范资产管理公司发展。", "language": "chinese", "position": {"atoms": [{"position_id": 572, "txt": "自商业化转型之后，资产管理公司业务触角延伸之长、辐射之广，规模扩张之迅猛引起了监管部门的重点关注，并开始陆续出台政策以规范资产管理公司发展。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[24]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 63, "global_sentence_id": 68, "edu_l1_label": "IOS"}, {"txt": "2017年12月，银监会发布《金融资产管理公司资本管理办法（试行）》，要求集团母公司资本充足率不低于12.5%、集团财务杠杆率不低于8%。", "language": "chinese", "position": {"atoms": [{"position_id": 574, "txt": "2017年12月，银监会发布《金融资产管理公司资本管理办法（试行）》，要求集团母公司资本充足率不低于12.5%、集团财务杠杆率不低于8%。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[25]/span"}]}, "tags": [], "label": "content", "web_segment_id": 64, "global_sentence_id": 69, "edu_l1_label": "IOS"}, {"txt": "2019年12月，银保监会发布《关于推动银行业和保险业高质量发展的指导意见》，提出金融资产管理公司要做强不良资产处置主业，合理拓展与企业结构调整相关的兼并重组、破产重整等投行业务。", "language": "chinese", "position": {"atoms": [{"position_id": 575, "txt": "2019年12月，银保监会发布《关于推动银行业和保险业高质量发展的指导意见》，提出金融资产管理公司要做强不良资产处置主业，合理拓展与企业结构调整相关的兼并重组、破产重整等投行业务。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[25]/span"}]}, "tags": [], "label": "content", "web_segment_id": 64, "global_sentence_id": 70, "edu_l1_label": "IOS"}, {"txt": "在监管部门“回归主业、做强主业”要求下，四大资产管理公司剥离非主营业务，加速“瘦身”。", "language": "chinese", "position": {"atoms": [{"position_id": 577, "txt": "在监管部门“回归主业、做强主业”要求下，四大资产管理公司剥离非主营业务，加速“瘦身”。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[26]/span"}]}, "tags": [], "label": "content", "web_segment_id": 65, "global_sentence_id": 71, "edu_l1_label": "IOS"}, {"txt": "信达转让旗下幸福人寿全部股权，华融转让旗下华融证券、华融湘江银行、华融期货、华融信托等子公司股权，只保留华融金融租赁。", "language": "chinese", "position": {"atoms": [{"position_id": 578, "txt": "信达转让旗下幸福人寿全部股权，华融转让旗下华融证券、华融湘江银行、华融期货、华融信托等子公司股权，只保留华融金融租赁。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[26]/span"}]}, "tags": [], "label": "content", "web_segment_id": 65, "global_sentence_id": 72, "edu_l1_label": "IOS"}, {"txt": "2、不良资产处置的主要方式", "language": "chinese", "position": {"atoms": [{"position_id": 580, "txt": "2", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[27]/span/strong[1]/span"}, {"position_id": 582, "txt": "、不良资产处置的主要方式", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[27]/span/strong[2]/span"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 66, "global_sentence_id": 73, "edu_l1_label": "IOS"}, {"txt": "处置不良资产的方式大体可分为两类，一类是直接处置，一类是增值处置。", "language": "chinese", "position": {"atoms": [{"position_id": 584, "txt": "处置不良资产的方式大体可分为两类，一类是直接处置，一类是增值处置。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[28]/span"}]}, "tags": [], "label": "content", "web_segment_id": 67, "global_sentence_id": 74, "edu_l1_label": "IOS"}, {"txt": "直接处置方式即为根据不良资产本身及抵押物价值，通过出售、诉讼等手段回收资金，此类模式被通俗地概括为“三打”，即“打折、打包、打官司”。", "language": "chinese", "position": {"atoms": [{"position_id": 586, "txt": "直接处置方式即为根据不良资产本身及抵押物价值，通过出售、诉讼等手段回收资金，此类模式被通俗地概括为“三打”，即“打折、打包、打官司”。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[29]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 68, "global_sentence_id": 75, "edu_l1_label": "IOS"}, {"txt": "主要有以下几种：", "language": "chinese", "position": {"atoms": [{"position_id": 588, "txt": "主要有以下几种：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[29]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 68, "global_sentence_id": 76, "edu_l1_label": "IOS"}, {"txt": "一是收购转让。", "language": "chinese", "position": {"atoms": [{"position_id": 590, "txt": "一是收购转让。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[30]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 69, "global_sentence_id": 77, "edu_l1_label": "IOS"}, {"txt": "在该模式下，资产管理公司按账面价值的一定折扣以竞标、协议收购等方式，从银行或非银机构承接不良资产包。", "language": "chinese", "position": {"atoms": [{"position_id": 592, "txt": "在该模式下，资产管理公司按账面价值的一定折扣以竞标、协议收购等方式，从银行或非银机构承接不良资产包。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[30]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 69, "global_sentence_id": 78, "edu_l1_label": "IOS"}, {"txt": "通常情况下收购价在账面价值的3—5折，在收包竞争激烈的时期甚至会上涨到8折。", "language": "chinese", "position": {"atoms": [{"position_id": 593, "txt": "通常情况下收购价在账面价值的3—5折，在收包竞争激烈的时期甚至会上涨到8折。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[30]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 69, "global_sentence_id": 79, "edu_l1_label": "IOS"}, {"txt": "四大资产管理公司从一级市场收购不良资产包后，可分拆组包转让或整包转让给二级市场参与者，如民营资产管理公司、非持牌机构等赚取差价，获得收益。", "language": "chinese", "position": {"atoms": [{"position_id": 594, "txt": "四大资产管理公司从一级市场收购不良资产包后，可分拆组包转让或整包转让给二级市场参与者，如民营资产管理公司、非持牌机构等赚取差价，获得收益。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[30]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 69, "global_sentence_id": 80, "edu_l1_label": "IOS"}, {"txt": "“打包处置”是常规处置方法，即对3户及以上不良资产进行组包批量转让。", "language": "chinese", "position": {"atoms": [{"position_id": 596, "txt": "“打包处置”是常规处置方法，即对3户及以上不良资产进行组包批量转让。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[31]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 70, "global_sentence_id": 81, "edu_l1_label": "IOS"}, {"txt": "采取打包的原因主要有以下两点，一是贷款金额大、项目分布广，逐笔评估处置需要耗费大量人力财力，处置周期长且效率低下，打包处置能降低处置成本并提升效率；", "language": "chinese", "position": {"atoms": [{"position_id": 598, "txt": "采取打包的原因主要有以下两点，一是贷款金额大、项目分布广，逐笔评估处置需要耗费大量人力财力，处置周期长且效率低下，打包处置能降低处置成本并提升效率；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[31]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 70, "global_sentence_id": 82, "edu_l1_label": "IOS"}, {"txt": "二是资产包内各资产质量良莠不齐，回收率低的“坏”资产难以单独出售，将其与质量较高的资产组合起来包装成资产包，易于将“坏”资产出售，提升处置率。", "language": "chinese", "position": {"atoms": [{"position_id": 599, "txt": "二是资产包内各资产质量良莠不齐，回收率低的“坏”资产难以单独出售，将其与质量较高的资产组合起来包装成资产包，易于将“坏”资产出售，提升处置率。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[31]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 70, "global_sentence_id": 83, "edu_l1_label": "IOS"}, {"txt": "但在此情况下，如何对资产包合理定价成为难点所在，需要充分进行尽职调查，并运用合适的定价模型和工具以准确评估风险收益。", "language": "chinese", "position": {"atoms": [{"position_id": 600, "txt": "但在此情况下，如何对资产包合理定价成为难点所在，需要充分进行尽职调查，并运用合适的定价模型和工具以准确评估风险收益。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[31]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 70, "global_sentence_id": 84, "edu_l1_label": "IOS"}, {"txt": "二是自行处置或委托清收。", "language": "chinese", "position": {"atoms": [{"position_id": 602, "txt": "二是自行处置或委托清收。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[32]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 71, "global_sentence_id": 85, "edu_l1_label": "IOS"}, {"txt": "直接催收是非诉讼手段，包括协商还款、公告催收等方式。", "language": "chinese", "position": {"atoms": [{"position_id": 604, "txt": "直接催收是非诉讼手段，包括协商还款、公告催收等方式。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[32]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 71, "global_sentence_id": 86, "edu_l1_label": "IOS"}, {"txt": "清收以诉讼为主，诉讼追偿即运用法律武器维护债权，是较为强硬的手段，主要适用于目标企业有逃废债务、挪用资金、转移资产等行为，缺乏担保措施，对催收、谈判反应不积极，协商无果等情况。", "language": "chinese", "position": {"atoms": [{"position_id": 605, "txt": "清收以诉讼为主，诉讼追偿即运用法律武器维护债权，是较为强硬的手段，主要适用于目标企业有逃废债务、挪用资金、转移资产等行为，缺乏担保措施，对催收、谈判反应不积极，协商无果等情况。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[32]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 71, "global_sentence_id": 87, "edu_l1_label": "IOS"}, {"txt": "通过起诉追索债务能够加大债务人履约力度，增强回款可能性。", "language": "chinese", "position": {"atoms": [{"position_id": 606, "txt": "通过起诉追索债务能够加大债务人履约力度，增强回款可能性。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[32]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 71, "global_sentence_id": 88, "edu_l1_label": "IOS"}, {"txt": "增值处置方式遵循了“根雕理论”，该理论形象地将不良资产处置增值过程比喻成将枯树根雕刻成精美艺术品。", "language": "chinese", "position": {"atoms": [{"position_id": 608, "txt": "增值处置方式遵循了“根雕理论”，该理论形象地将不良资产处置增值过程比喻成将枯树根雕刻成精美艺术品。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[33]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 72, "global_sentence_id": 89, "edu_l1_label": "IOS"}, {"txt": "增值处置方式对资产管理公司的专业能力尤其是投行化运作能力提出较高要求，被俗称为“三重”，即“重组、重整、重构”。", "language": "chinese", "position": {"atoms": [{"position_id": 609, "txt": "增值处置方式对资产管理公司的专业能力尤其是投行化运作能力提出较高要求，被俗称为“三重”，即“重组、重整、重构”。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[33]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 72, "global_sentence_id": 90, "edu_l1_label": "IOS"}, {"txt": "主要包括以下几种方式：", "language": "chinese", "position": {"atoms": [{"position_id": 611, "txt": "主要包括以下几种方式：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[33]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 72, "global_sentence_id": 91, "edu_l1_label": "IOS"}, {"txt": "一是资产重组。", "language": "chinese", "position": {"atoms": [{"position_id": 613, "txt": "一是资产重组。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[34]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 73, "global_sentence_id": 92, "edu_l1_label": "IOS"}, {"txt": "资产管理公司与债务人根据不良资产风险程度、经营实际情况达成个性化重组协议，以债务重组、资产重组等方式盘活存量资产，修复企业资产负债表，帮助企业恢复经营，从而实现重组收益。", "language": "chinese", "position": {"atoms": [{"position_id": 615, "txt": "资产管理公司与债务人根据不良资产风险程度、经营实际情况达成个性化重组协议，以债务重组、资产重组等方式盘活存量资产，修复企业资产负债表，帮助企业恢复经营，从而实现重组收益。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[34]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 73, "global_sentence_id": 93, "edu_l1_label": "IOS"}, {"txt": "其中常规债务重组适用于债务人出现短期流动性问题，资产管理公司以修改债务条款减免债务等方式化解企业流动性风险。", "language": "chinese", "position": {"atoms": [{"position_id": 616, "txt": "其中常规债务重组适用于债务人出现短期流动性问题，资产管理公司以修改债务条款减免债务等方式化解企业流动性风险。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[34]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 73, "global_sentence_id": 94, "edu_l1_label": "IOS"}, {"txt": "资产整合适用于经营不善但有较大增值潜力资产的债务人，资产管理公司通过重组方式清理债权债务关系，使得核心资产能够重新运营，提升资产价值。", "language": "chinese", "position": {"atoms": [{"position_id": 617, "txt": "资产整合适用于经营不善但有较大增值潜力资产的债务人，资产管理公司通过重组方式清理债权债务关系，使得核心资产能够重新运营，提升资产价值。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[34]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 73, "global_sentence_id": 95, "edu_l1_label": "IOS"}, {"txt": "二是债转股。", "language": "chinese", "position": {"atoms": [{"position_id": 619, "txt": "二是债转股。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[35]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 74, "global_sentence_id": 96, "edu_l1_label": "IOS"}, {"txt": "债权人将持有的目标企业债权转换为企业股权，进行阶段性持股，对企业经营管理，待运营效益恢复后择机退出获得股权溢价，赚取收益。", "language": "chinese", "position": {"atoms": [{"position_id": 621, "txt": "债权人将持有的目标企业债权转换为企业股权，进行阶段性持股，对企业经营管理，待运营效益恢复后择机退出获得股权溢价，赚取收益。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[35]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 74, "global_sentence_id": 97, "edu_l1_label": "IOS"}, {"txt": "国务院发布的《关于积极稳妥降低企业杠杆率的意见》及其附件《关于市场化银行债券转股权的指导意见》中，鼓励金融资产管理公司参与开展市场化债转股。", "language": "chinese", "position": {"atoms": [{"position_id": 622, "txt": "国务院发布的《关于积极稳妥降低企业杠杆率的意见》及其附件《关于市场化银行债券转股权的指导意见》中，鼓励金融资产管理公司参与开展市场化债转股。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[35]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 74, "global_sentence_id": 98, "edu_l1_label": "IOS"}, {"txt": "债转股能够有效降低企业杠杆率和银行不良贷款率，提升企业经营效益。", "language": "chinese", "position": {"atoms": [{"position_id": 623, "txt": "债转股能够有效降低企业杠杆率和银行不良贷款率，提升企业经营效益。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[35]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 74, "global_sentence_id": 99, "edu_l1_label": "IOS"}, {"txt": "三是不良资产证券化。", "language": "chinese", "position": {"atoms": [{"position_id": 625, "txt": "三是不良资产证券化。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[36]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 75, "global_sentence_id": 100, "edu_l1_label": "IOS"}, {"txt": "这是以不良资产产生的现金流作为偿付基础发行资产支持证券。", "language": "chinese", "position": {"atoms": [{"position_id": 627, "txt": "这是以不良资产产生的现金流作为偿付基础发行资产支持证券。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[36]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 75, "global_sentence_id": 101, "edu_l1_label": "IOS"}, {"txt": "不良资产持有者将资产所有权转让给SPV，再由SPV将资产汇集成资产池，设计成证券化产品发售。", "language": "chinese", "position": {"atoms": [{"position_id": 628, "txt": "不良资产持有者将资产所有权转让给SPV，再由SPV将资产汇集成资产池，设计成证券化产品发售。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[36]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 75, "global_sentence_id": 102, "edu_l1_label": "IOS"}, {"txt": "不良资产证券化作为创新性处置方式具有明显优势，能够提升不良资产处置效率（高蓓和张明，2018）和流动性投资者对发行银行风险管理能力的认可度（张潇潇和施文，2018），拓宽投资渠道，从而可能带来较高的潜在收益。", "language": "chinese", "position": {"atoms": [{"position_id": 629, "txt": "不良资产证券化作为创新性处置方式具有明显优势，能够提升不良资产处置效率（高蓓和张明，2018）和流动性投资者对发行银行风险管理能力的认可度（张潇潇和施文，2018），拓宽投资渠道，从而可能带来较高的潜在收益。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[36]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 75, "global_sentence_id": 103, "edu_l1_label": "IOS"}, {"txt": "并且不良资产证券化不会带来道德风险问题（Bubb and Kaufman，2011）。", "language": "chinese", "position": {"atoms": [{"position_id": 630, "txt": "并且不良资产证券化不会带来道德风险问题（Bubb and Kaufman，2011）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[36]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 75, "global_sentence_id": 104, "edu_l1_label": "IOS"}, {"txt": "虽然目前我国不良资产证券化水平较低，但从长远来看，随着我国不良资产规模扩大、资本市场逐渐成熟和资管机构不良资产投行化运作能力提升，资产证券化有望在不良资产处置中发挥重要作用。", "language": "chinese", "position": {"atoms": [{"position_id": 631, "txt": "虽然目前我国不良资产证券化水平较低，但从长远来看，随着我国不良资产规模扩大、资本市场逐渐成熟和资管机构不良资产投行化运作能力提升，资产证券化有望在不良资产处置中发挥重要作用。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[36]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 75, "global_sentence_id": 105, "edu_l1_label": "IOS"}, {"txt": "3、四大AMC的经营绩效", "language": "chinese", "position": {"atoms": [{"position_id": 633, "txt": "3", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[37]/span/strong[1]/span"}, {"position_id": 635, "txt": "、四大", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[37]/span/strong[2]/span"}, {"position_id": 637, "txt": "AMC", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[37]/span/strong[3]/span"}, {"position_id": 639, "txt": "的经营绩效", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[37]/span/strong[4]/span"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 76, "global_sentence_id": 106, "edu_l1_label": "IOS"}, {"txt": "四大资产管理公司在完成政策性任务后开始商业化运转。", "language": "chinese", "position": {"atoms": [{"position_id": 641, "txt": "四大资产管理公司在完成政策性任务后开始商业化运转。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[38]/span"}]}, "tags": [], "label": "content", "web_segment_id": 77, "global_sentence_id": 107, "edu_l1_label": "IOS"}, {"txt": "笔者通过梳理其商业化运转阶段的经营绩效，发现存在两大主要特征。", "language": "chinese", "position": {"atoms": [{"position_id": 642, "txt": "笔者通过梳理其商业化运转阶段的经营绩效，发现存在两大主要特征。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[38]/span"}]}, "tags": [], "label": "content", "web_segment_id": 77, "global_sentence_id": 108, "edu_l1_label": "IOS"}, {"txt": "一是杠杆率显著提升，资产负债期限错配风险突出。", "language": "chinese", "position": {"atoms": [{"position_id": 644, "txt": "一是杠杆率显著提升，资产负债期限错配风险突出。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[39]/span"}]}, "tags": [], "label": "content", "web_segment_id": 78, "global_sentence_id": 109, "edu_l1_label": "IOS"}, {"txt": "四大资产管理公司的资产负债率自从2012年以来呈现波动上升趋势（图2）。", "language": "chinese", "position": {"atoms": [{"position_id": 646, "txt": "四大资产管理公司的资产负债率自从2012年以来呈现波动上升趋势（图2）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[40]/span"}]}, "tags": [], "label": "content", "web_segment_id": 79, "global_sentence_id": 110, "edu_l1_label": "IOS"}, {"txt": "2023年平均值为91.3%，比2012年的82.3%高出9个百分点。", "language": "chinese", "position": {"atoms": [{"position_id": 647, "txt": "2023年平均值为91.3%，比2012年的82.3%高出9个百分点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[40]/span"}]}, "tags": [], "label": "content", "web_segment_id": 79, "global_sentence_id": 111, "edu_l1_label": "IOS"}, {"txt": "偏高的杠杆水平意味着长期偿债能力承压。", "language": "chinese", "position": {"atoms": [{"position_id": 648, "txt": "偏高的杠杆水平意味着长期偿债能力承压。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[40]/span"}]}, "tags": [], "label": "content", "web_segment_id": 79, "global_sentence_id": 112, "edu_l1_label": "IOS"}, {"txt": "不良资产行业本身属于资本密集型行业，资产管理公司在高负债模式下需要有较高的经营能力才能实现盈利偿还债务，维持企业运转。", "language": "chinese", "position": {"atoms": [{"position_id": 649, "txt": "不良资产行业本身属于资本密集型行业，资产管理公司在高负债模式下需要有较高的经营能力才能实现盈利偿还债务，维持企业运转。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[40]/span"}]}, "tags": [], "label": "content", "web_segment_id": 79, "global_sentence_id": 113, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/3FH0fZ3SP1Umele2v1kwpDX.png", "language": "chinese", "position": {"atoms": [{"position_id": 246, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/3FH0fZ3SP1Umele2v1kwpDX.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section[3]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 80, "global_sentence_id": 114, "edu_l1_label": "EDU_O"}, {"txt": "从资产端来看，四大AMC随着业务版图扩大，资产规模也迅速扩张。", "language": "chinese", "position": {"atoms": [{"position_id": 651, "txt": "从资产端来看，四大", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/strong/span"}, {"position_id": 653, "txt": "AMC随着业务版图扩大，资产规模也迅速扩张。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": ["strong"], "label": "content", "web_segment_id": 81, "global_sentence_id": 115, "edu_l1_label": "IOS"}, {"txt": "2012—2021年间，华融的资产规模在四家中均处于领先地位。", "language": "chinese", "position": {"atoms": [{"position_id": 654, "txt": "2012—2021年间，华融的资产规模在四家中均处于领先地位。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 116, "edu_l1_label": "IOS"}, {"txt": "根据其发布的招股说明书，华融的主要业务包括不良资产经营、金融服务以及资产管理和投资。", "language": "chinese", "position": {"atoms": [{"position_id": 655, "txt": "根据其发布的招股说明书，华融的主要业务包括不良资产经营、金融服务以及资产管理和投资。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 117, "edu_l1_label": "IOS"}, {"txt": "然而华融却在上市后开启激进的扩张战略，借助金融全牌照优势大力进军其他业务，最盛时期旗下有银行、证券、基金、信托等各类金融机构。", "language": "chinese", "position": {"atoms": [{"position_id": 656, "txt": "然而华融却在上市后开启激进的扩张战略，借助金融全牌照优势大力进军其他业务，最盛时期旗下有银行、证券、基金、信托等各类金融机构。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 118, "edu_l1_label": "IOS"}, {"txt": "其资产规模在2012—2017年间从0.3万亿增长到1.87万亿，国际业务资产总额从2015年末的605.51亿元增至2017年末的2747.64亿元。", "language": "chinese", "position": {"atoms": [{"position_id": 657, "txt": "其资产规模在2012—2017年间从0.3万亿增长到1.87万亿，国际业务资产总额从2015年末的605.51亿元增至2017年末的2747.64亿元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 119, "edu_l1_label": "IOS"}, {"txt": "这期间的盲目扩张也为后续风险暴露埋下隐患。", "language": "chinese", "position": {"atoms": [{"position_id": 658, "txt": "这期间的盲目扩张也为后续风险暴露埋下隐患。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 120, "edu_l1_label": "IOS"}, {"txt": "信达资产、东方资产与长城资产在此期间内的资产规模也快速增长。", "language": "chinese", "position": {"atoms": [{"position_id": 659, "txt": "信达资产、东方资产与长城资产在此期间内的资产规模也快速增长。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 121, "edu_l1_label": "IOS"}, {"txt": "虽然监管的加强，资产管理公司资产规模快速扩张的趋势在2018年中断，四大AMC资产总规模增速也从两位数下降为2022年的-12%，瘦身缩表效果明显。", "language": "chinese", "position": {"atoms": [{"position_id": 660, "txt": "虽然监管的加强，资产管理公司资产规模快速扩张的趋势在2018年中断，四大AMC资产总规模增速也从两位数下降为2022年的-12%，瘦身缩表效果明显。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[41]/span/span"}]}, "tags": [], "label": "content", "web_segment_id": 81, "global_sentence_id": 122, "edu_l1_label": "IOS"}, {"txt": "从负债端来看，四大资产管理公司的融资来源主要为借款和应付债券，且借款以短期借款为主。", "language": "chinese", "position": {"atoms": [{"position_id": 662, "txt": "从负债端来看，四大资产管理公司的融资来源主要为借款和应付债券，且借款以短期借款为主。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[42]/span"}]}, "tags": [], "label": "content", "web_segment_id": 82, "global_sentence_id": 123, "edu_l1_label": "IOS"}, {"txt": "例如，东方资产的应付债券从2016年的698.35亿元增加至2022年的2163.1亿元。", "language": "chinese", "position": {"atoms": [{"position_id": 663, "txt": "例如，东方资产的应付债券从2016年的698.35亿元增加至2022年的2163.1亿元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[42]/span"}]}, "tags": [], "label": "content", "web_segment_id": 82, "global_sentence_id": 124, "edu_l1_label": "IOS"}, {"txt": "又如，华融在总资产规模增速尤为迅猛的2014—2017年间，大力扩张发债规模，通过华融国际、华融湘江银行、华融租赁、华融证券等发行美元债券与金融债券。", "language": "chinese", "position": {"atoms": [{"position_id": 664, "txt": "又如，华融在总资产规模增速尤为迅猛的2014—2017年间，大力扩张发债规模，通过华融国际、华融湘江银行、华融租赁、华融证券等发行美元债券与金融债券。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[42]/span"}]}, "tags": [], "label": "content", "web_segment_id": 82, "global_sentence_id": 125, "edu_l1_label": "IOS"}, {"txt": "在此期间，华融应付债券及票据的利息支出从11.1亿元增至117.1亿元，增长9.5倍。", "language": "chinese", "position": {"atoms": [{"position_id": 665, "txt": "在此期间，华融应付债券及票据的利息支出从11.1亿元增至117.1亿元，增长9.5倍。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[42]/span"}]}, "tags": [], "label": "content", "web_segment_id": 82, "global_sentence_id": 126, "edu_l1_label": "IOS"}, {"txt": "信达资产的财务费用与营业收入之比从2012年的11.44%增至2022年的49.84%，而2022年华融资产的此项指标甚至高达99.46%。", "language": "chinese", "position": {"atoms": [{"position_id": 666, "txt": "信达资产的财务费用与营业收入之比从2012年的11.44%增至2022年的49.84%，而2022年华融资产的此项指标甚至高达99.46%。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[42]/span"}]}, "tags": [], "label": "content", "web_segment_id": 82, "global_sentence_id": 127, "edu_l1_label": "IOS"}, {"txt": "二是回归主业趋势加强，但盈利能力有所下降。", "language": "chinese", "position": {"atoms": [{"position_id": 668, "txt": "二是回归主业趋势加强，但盈利能力有所下降。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[43]/span"}]}, "tags": [], "label": "content", "web_segment_id": 83, "global_sentence_id": 128, "edu_l1_label": "IOS"}, {"txt": "在2017年全国金融工作会议后，四大资产管理公司积极响应政策号召，在经营重点和业务板块划分等方面纷纷作出调整，经营绩效也有所变化。", "language": "chinese", "position": {"atoms": [{"position_id": 670, "txt": "在2017年全国金融工作会议后，四大资产管理公司积极响应政策号召，在经营重点和业务板块划分等方面纷纷作出调整，经营绩效也有所变化。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[44]/span"}]}, "tags": [], "label": "content", "web_segment_id": 84, "global_sentence_id": 129, "edu_l1_label": "IOS"}, {"txt": "从营业收入来看，2012—2017年间四大AMC收入总额节节攀升,2017年的营业收入总额是2012年的3倍。", "language": "chinese", "position": {"atoms": [{"position_id": 672, "txt": "从营业收入来看，2012—2017年间四大AMC收入总额节节攀升,2017年的营业收入总额是2012年的3倍。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 130, "edu_l1_label": "IOS"}, {"txt": "2017年后，营业收入明显收缩，呈现波动下行趋势。", "language": "chinese", "position": {"atoms": [{"position_id": 673, "txt": "2017年后，营业收入明显收缩，呈现波动下行趋势。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 131, "edu_l1_label": "IOS"}, {"txt": "尤其是2022年，四大AMC收入总额同比下降34%。", "language": "chinese", "position": {"atoms": [{"position_id": 674, "txt": "尤其是2022年，四大AMC收入总额同比下降34%。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 132, "edu_l1_label": "IOS"}, {"txt": "在业务侧重上，四家资产管理公司有所不同。", "language": "chinese", "position": {"atoms": [{"position_id": 675, "txt": "在业务侧重上，四家资产管理公司有所不同。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 133, "edu_l1_label": "IOS"}, {"txt": "华融资产的三项业务板块中，不良资产经营业务始终占据主要地位，营业收入贡献度超过50%；", "language": "chinese", "position": {"atoms": [{"position_id": 676, "txt": "华融资产的三项业务板块中，不良资产经营业务始终占据主要地位，营业收入贡献度超过50%；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 134, "edu_l1_label": "IOS"}, {"txt": "金融服务业务次之，资产管理和投资业务占比最低。", "language": "chinese", "position": {"atoms": [{"position_id": 677, "txt": "金融服务业务次之，资产管理和投资业务占比最低。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 135, "edu_l1_label": "IOS"}, {"txt": "信达资产业务板块与华融资产较为相近，其在2019年重新划分经营分部，聚焦不良资产板块与金融服务板块，强化经营主责主业，不良资产经营业务收入占比在2018年之后显著提升，最近四年一直保持在70%以上。", "language": "chinese", "position": {"atoms": [{"position_id": 678, "txt": "信达资产业务板块与华融资产较为相近，其在2019年重新划分经营分部，聚焦不良资产板块与金融服务板块，强化经营主责主业，不良资产经营业务收入占比在2018年之后显著提升，最近四年一直保持在70%以上。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 136, "edu_l1_label": "IOS"}, {"txt": "长城资产的主营业务净收入主要来自不良资产经营管理业务，占比在75%～90%间，其余净收入来源于银行业务、保险业务、租赁业务和证券业务等。", "language": "chinese", "position": {"atoms": [{"position_id": 679, "txt": "长城资产的主营业务净收入主要来自不良资产经营管理业务，占比在75%～90%间，其余净收入来源于银行业务、保险业务、租赁业务和证券业务等。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 137, "edu_l1_label": "IOS"}, {"txt": "相较而言，东方资产主营业务净收入占比最高的是保险业务。", "language": "chinese", "position": {"atoms": [{"position_id": 680, "txt": "相较而言，东方资产主营业务净收入占比最高的是保险业务。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 138, "edu_l1_label": "IOS"}, {"txt": "保险业务赚取保费贡献了60%～85%的主营业务净收入，不良资产经营及处置净收入占比最高也不足30%，其余净收入来源于银行业务利息业务和证券业务手续费及佣金净收入。", "language": "chinese", "position": {"atoms": [{"position_id": 681, "txt": "保险业务赚取保费贡献了60%～85%的主营业务净收入，不良资产经营及处置净收入占比最高也不足30%，其余净收入来源于银行业务利息业务和证券业务手续费及佣金净收入。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 139, "edu_l1_label": "IOS"}, {"txt": "2016—2019年间，保险业务收入占比有所下降，然而最近三年又有重新抬头态势，表明东方资产对旗下中华联合保险公司的收入依赖度较高。", "language": "chinese", "position": {"atoms": [{"position_id": 682, "txt": "2016—2019年间，保险业务收入占比有所下降，然而最近三年又有重新抬头态势，表明东方资产对旗下中华联合保险公司的收入依赖度较高。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[45]/span"}]}, "tags": [], "label": "content", "web_segment_id": 85, "global_sentence_id": 140, "edu_l1_label": "IOS"}, {"txt": "近年来，随着四大资产管理公司经营重点变化，盈利能力有所下滑（图3）。", "language": "chinese", "position": {"atoms": [{"position_id": 684, "txt": "近年来，随着四大资产管理公司经营重点变化，盈利能力有所下滑（图3）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[46]/span"}]}, "tags": [], "label": "content", "web_segment_id": 86, "global_sentence_id": 141, "edu_l1_label": "IOS"}, {"txt": "尤其是2018年以来，四大资产管理公司的ROA下降到不足1%，甚至在个别年份为负。", "language": "chinese", "position": {"atoms": [{"position_id": 685, "txt": "尤其是2018年以来，四大资产管理公司的ROA下降到不足1%，甚至在个别年份为负。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[46]/span"}]}, "tags": [], "label": "content", "web_segment_id": 86, "global_sentence_id": 142, "edu_l1_label": "IOS"}, {"txt": "这一现象侧面反映出，一方面压降非主营业务对资产管理公司的盈利能力有明显影响，而另一方面，由于经济增速趋缓、房地产等行业风险暴露，依靠资产增值获得处置收益的运营模式已难以为继，不良资产处置难度加大，如何通过不良资产主业拓展盈利仍是资产管理公司持续探索的重点。", "language": "chinese", "position": {"atoms": [{"position_id": 686, "txt": "这一现象侧面反映出，一方面压降非主营业务对资产管理公司的盈利能力有明显影响，而另一方面，由于经济增速趋缓、房地产等行业风险暴露，依靠资产增值获得处置收益的运营模式已难以为继，不良资产处置难度加大，如何通过不良资产主业拓展盈利仍是资产管理公司持续探索的重点。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[46]/span"}]}, "tags": [], "label": "content", "web_segment_id": 86, "global_sentence_id": 143, "edu_l1_label": "IOS"}, {"txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/2fr7M23MlDwa1DL5K5ads1t.png", "language": "chinese", "position": {"atoms": [{"position_id": 269, "txt": "<img https://wcd-image-bucket-test.oss-cn-zhangjiakou.aliyuncs.com/raw/2fr7M23MlDwa1DL5K5ads1t.png", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section[4]/img"}]}, "tags": ["img"], "label": "figure", "web_segment_id": 87, "global_sentence_id": 144, "edu_l1_label": "EDU_O"}, {"txt": "三、不良资产处置的国际经验", "language": "chinese", "position": {"atoms": [{"position_id": 688, "txt": "三、不良资产处置的国际经验", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[47]/span/strong/span"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 88, "global_sentence_id": 145, "edu_l1_label": "BOS"}, {"txt": "1、美国的“RTC模式”与“TARP模式”", "language": "chinese", "position": {"atoms": [{"position_id": 690, "txt": "1", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[48]/span/strong[1]/span"}, {"position_id": 692, "txt": "、美国的“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[48]/span/strong[2]/span"}, {"position_id": 694, "txt": "RTC", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[48]/span/strong[3]/span"}, {"position_id": 696, "txt": "模式”与“", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[48]/span/strong[4]/span"}, {"position_id": 698, "txt": "TARP", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[48]/span/strong[5]/span"}, {"position_id": 700, "txt": "模式”", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[48]/span/strong[6]/span"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 89, "global_sentence_id": 146, "edu_l1_label": "IOS"}, {"txt": "美国是不良资产处置经验最为丰富成熟的国家，也是最早成立资产管理公司的国家。", "language": "chinese", "position": {"atoms": [{"position_id": 702, "txt": "美国是不良资产处置经验最为丰富成熟的国家，也是最早成立资产管理公司的国家。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[49]/span"}]}, "tags": [], "label": "content", "web_segment_id": 90, "global_sentence_id": 147, "edu_l1_label": "IOS"}, {"txt": "历史上美国有过两次大规模处置不良资产的经历，分别是在1989—1994年和2008—2013年。", "language": "chinese", "position": {"atoms": [{"position_id": 703, "txt": "历史上美国有过两次大规模处置不良资产的经历，分别是在1989—1994年和2008—2013年。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[49]/span"}]}, "tags": [], "label": "content", "web_segment_id": 90, "global_sentence_id": 148, "edu_l1_label": "IOS"}, {"txt": "第一次大规模处置不良资产是在储贷协会危机期间，主要采取“RTC模式”（Resolution Trust Company，重组托管公司，RTC）。", "language": "chinese", "position": {"atoms": [{"position_id": 705, "txt": "第一次大规模处置不良资产是在储贷协会危机期间，主要采取“RTC模式”（Resolution Trust Company，重组托管公司，RTC）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[50]/span"}]}, "tags": [], "label": "content", "web_segment_id": 91, "global_sentence_id": 149, "edu_l1_label": "IOS"}, {"txt": "1980年代，储贷机构资产端主要集中于房地产行业，房贷期限长，而负债端期限较短。", "language": "chinese", "position": {"atoms": [{"position_id": 706, "txt": "1980年代，储贷机构资产端主要集中于房地产行业，房贷期限长，而负债端期限较短。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[50]/span"}]}, "tags": [], "label": "content", "web_segment_id": 91, "global_sentence_id": 150, "edu_l1_label": "IOS"}, {"txt": "由于高利率下资产减值压力增加而负债端吸储乏力，引发储贷协会危机。", "language": "chinese", "position": {"atoms": [{"position_id": 707, "txt": "由于高利率下资产减值压力增加而负债端吸储乏力，引发储贷协会危机。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[50]/span"}]}, "tags": [], "label": "content", "web_segment_id": 91, "global_sentence_id": 151, "edu_l1_label": "IOS"}, {"txt": "1989年美国国会通过《金融机构改革、复兴和实施法案》，设立RTC全面接管破产机构的资产和负债。", "language": "chinese", "position": {"atoms": [{"position_id": 709, "txt": "1989年美国国会通过《金融机构改革、复兴和实施法案》，设立RTC全面接管破产机构的资产和负债。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[51]/span"}]}, "tags": [], "label": "content", "web_segment_id": 92, "global_sentence_id": 152, "edu_l1_label": "IOS"}, {"txt": "RTC的主要职责为清收问题机构资产，通过市场化手段管理处置，资金来源于债券发行和财政部借款。", "language": "chinese", "position": {"atoms": [{"position_id": 710, "txt": "RTC的主要职责为清收问题机构资产，通过市场化手段管理处置，资金来源于债券发行和财政部借款。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[51]/span"}]}, "tags": [], "label": "content", "web_segment_id": 92, "global_sentence_id": 153, "edu_l1_label": "IOS"}, {"txt": "RTC处置手段主要包括公开拍卖、暗盘竞标/资产管理合同、资产证券化和合伙经营等，其中资产证券化手段尤为重要。", "language": "chinese", "position": {"atoms": [{"position_id": 711, "txt": "RTC处置手段主要包括公开拍卖、暗盘竞标/资产管理合同、资产证券化和合伙经营等，其中资产证券化手段尤为重要。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[51]/span"}]}, "tags": [], "label": "content", "web_segment_id": 92, "global_sentence_id": 154, "edu_l1_label": "IOS"}, {"txt": "RTC接管资产主要是住房抵押贷款，其将较为相似且能产生现金流的资产打包组合，发行证券产品。", "language": "chinese", "position": {"atoms": [{"position_id": 713, "txt": "RTC接管资产主要是住房抵押贷款，其将较为相似且能产生现金流的资产打包组合，发行证券产品。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[52]/span"}]}, "tags": [], "label": "content", "web_segment_id": 93, "global_sentence_id": 155, "edu_l1_label": "IOS"}, {"txt": "具体而言，RTC通过向联邦国民抵押协会（FNMA,房利美）和联邦住宅抵押公司（FHLMA）出售符合条件的住房抵押贷款并获得证券,再将证券出售给投资者。", "language": "chinese", "position": {"atoms": [{"position_id": 714, "txt": "具体而言，RTC通过向联邦国民抵押协会（FNMA,房利美）和联邦住宅抵押公司（FHLMA）出售符合条件的住房抵押贷款并获得证券,再将证券出售给投资者。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[52]/span"}]}, "tags": [], "label": "content", "web_segment_id": 93, "global_sentence_id": 156, "edu_l1_label": "IOS"}, {"txt": "RTC在1989年—1995年间，累计托管了美国40多个州的747家储贷机构，处置资产总额共计4200多亿美元。", "language": "chinese", "position": {"atoms": [{"position_id": 715, "txt": "RTC在1989年—1995年间，累计托管了美国40多个州的747家储贷机构，处置资产总额共计4200多亿美元。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[52]/span"}]}, "tags": [], "label": "content", "web_segment_id": 93, "global_sentence_id": 157, "edu_l1_label": "IOS"}, {"txt": "第二次大规模处置不良资产是在次贷危机爆发后，主要采取“TARP模式”（Troubled Asset  Relief Program, TARP,问题资产救助计划）。", "language": "chinese", "position": {"atoms": [{"position_id": 717, "txt": "第二次大规模处置不良资产是在次贷危机爆发后，主要采取“TARP模式”（Troubled Asset  Relief Program, TARP,问题资产救助计划）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 158, "edu_l1_label": "IOS"}, {"txt": "2008年10月美国国会通过《经济紧急稳定法案》，其中核心内容为7000亿美元的TARP方案,由财政部使用资金，通过购买问题资产来救助金融机构。", "language": "chinese", "position": {"atoms": [{"position_id": 718, "txt": "2008年10月美国国会通过《经济紧急稳定法案》，其中核心内容为7000亿美元的TARP方案,由财政部使用资金，通过购买问题资产来救助金融机构。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 159, "edu_l1_label": "IOS"}, {"txt": "TARP主要通过资本金收购计划、定向投资计划、资产担保计划等手段救助银行。", "language": "chinese", "position": {"atoms": [{"position_id": 719, "txt": "TARP主要通过资本金收购计划、定向投资计划、资产担保计划等手段救助银行。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 160, "edu_l1_label": "IOS"}, {"txt": "此外，2009年3月，美国在TARP基础上进一步提出“公私合营投资计划”（Public-Private Investment Program ，PPIP）。", "language": "chinese", "position": {"atoms": [{"position_id": 720, "txt": "此外，2009年3月，美国在TARP基础上进一步提出“公私合营投资计划”（Public-Private Investment Program ，PPIP）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 161, "edu_l1_label": "IOS"}, {"txt": "该计划旨在以财政部资本金等公共资金撬动私人资本来联合收购不良资产。", "language": "chinese", "position": {"atoms": [{"position_id": 721, "txt": "该计划旨在以财政部资本金等公共资金撬动私人资本来联合收购不良资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 162, "edu_l1_label": "IOS"}, {"txt": "美国财政部与投资者按1:", "language": "chinese", "position": {"atoms": [{"position_id": 722, "txt": "美国财政部与投资者按1:", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 163, "edu_l1_label": "IOS"}, {"txt": "1出资共建公私合营投资基金，用以收购不良贷款和不良债券，联邦存款保险公司可为私人投资者提供融资担保，提升其参与投资的积极性。", "language": "chinese", "position": {"atoms": [{"position_id": 723, "txt": "1出资共建公私合营投资基金，用以收购不良贷款和不良债券，联邦存款保险公司可为私人投资者提供融资担保，提升其参与投资的积极性。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[53]/span"}]}, "tags": [], "label": "content", "web_segment_id": 94, "global_sentence_id": 164, "edu_l1_label": "IOS"}, {"txt": "2、韩国的资产管理公司（KAMCO）模式", "language": "chinese", "position": {"atoms": [{"position_id": 725, "txt": "2", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[54]/span/strong[1]/span"}, {"position_id": 727, "txt": "、韩国的资产管理公司（", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[54]/span/strong[2]/span"}, {"position_id": 729, "txt": "KAMCO", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[54]/span/strong[3]/span"}, {"position_id": 731, "txt": "）模式", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[54]/span/strong[4]/span"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 95, "global_sentence_id": 165, "edu_l1_label": "IOS"}, {"txt": "1997年，韩国政府通过《有效处置金融机构不良资产及设立韩国资产管理公司法案》，由政府、韩国产业银行等共同出资设立不良贷款处置基金，授权韩国资产管理公司（KAMCO）为基金代理人。", "language": "chinese", "position": {"atoms": [{"position_id": 733, "txt": "1997年，韩国政府通过《有效处置金融机构不良资产及设立韩国资产管理公司法案》，由政府、韩国产业银行等共同出资设立不良贷款处置基金，授权韩国资产管理公司（KAMCO）为基金代理人。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[55]/span"}]}, "tags": [], "label": "content", "web_segment_id": 96, "global_sentence_id": 166, "edu_l1_label": "IOS"}, {"txt": "KAMCO原本属于韩国发展银行（KDB），后被独立出来专门集中处置银行业不良资产，资金主要来自债券发行。", "language": "chinese", "position": {"atoms": [{"position_id": 734, "txt": "KAMCO原本属于韩国发展银行（KDB），后被独立出来专门集中处置银行业不良资产，资金主要来自债券发行。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[55]/span"}]}, "tags": [], "label": "content", "web_segment_id": 96, "global_sentence_id": 167, "edu_l1_label": "IOS"}, {"txt": "1998年3月至1999年12月，KAMCO通过基金收购44万亿韩元不良贷款，占当年银行业未偿还不良贷款规模的50%（中金公司，2022）。", "language": "chinese", "position": {"atoms": [{"position_id": 735, "txt": "1998年3月至1999年12月，KAMCO通过基金收购44万亿韩元不良贷款，占当年银行业未偿还不良贷款规模的50%（中金公司，2022）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[55]/span"}]}, "tags": [], "label": "content", "web_segment_id": 96, "global_sentence_id": 168, "edu_l1_label": "IOS"}, {"txt": "KAMCO处置不良资产方式主要包括不良资产证券化、企业重组、债转股等。", "language": "chinese", "position": {"atoms": [{"position_id": 737, "txt": "KAMCO处置不良资产方式主要包括不良资产证券化、企业重组、债转股等。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[56]/span"}]}, "tags": [], "label": "content", "web_segment_id": 97, "global_sentence_id": 169, "edu_l1_label": "IOS"}, {"txt": "不良资产证券化是韩国处置不良资产的重要手段，政府在1998年制订《资产证券化法案》以推动其深入发展。", "language": "chinese", "position": {"atoms": [{"position_id": 738, "txt": "不良资产证券化是韩国处置不良资产的重要手段，政府在1998年制订《资产证券化法案》以推动其深入发展。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[56]/span"}]}, "tags": [], "label": "content", "web_segment_id": 97, "global_sentence_id": 170, "edu_l1_label": "IOS"}, {"txt": "据统计，韩国约有三分之一不良资产是通过证券化手段处置（Thomas，2004）。", "language": "chinese", "position": {"atoms": [{"position_id": 739, "txt": "据统计，韩国约有三分之一不良资产是通过证券化手段处置（Thomas，2004）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[56]/span"}]}, "tags": [], "label": "content", "web_segment_id": 97, "global_sentence_id": 171, "edu_l1_label": "IOS"}, {"txt": "KAMCO以不良贷款作为基础资产，将资产出售给特殊目的载体（Special Purpose Vehicle, SPV），由SPV发行资产支持债券给KAMCO，债券结构采用优先级债券和次级债券方式。", "language": "chinese", "position": {"atoms": [{"position_id": 740, "txt": "KAMCO以不良贷款作为基础资产，将资产出售给特殊目的载体（Special Purpose Vehicle, SPV），由SPV发行资产支持债券给KAMCO，债券结构采用优先级债券和次级债券方式。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[56]/span"}]}, "tags": [], "label": "content", "web_segment_id": 97, "global_sentence_id": 172, "edu_l1_label": "IOS"}, {"txt": "其中优先级债券出售给公开市场投资者，次级债券由KAMCO持有。", "language": "chinese", "position": {"atoms": [{"position_id": 741, "txt": "其中优先级债券出售给公开市场投资者，次级债券由KAMCO持有。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[56]/span"}]}, "tags": [], "label": "content", "web_segment_id": 97, "global_sentence_id": 173, "edu_l1_label": "IOS"}, {"txt": "此外，韩国积极将外资引入不良资产市场，学习国际先进不良资产定价和处置经验。", "language": "chinese", "position": {"atoms": [{"position_id": 743, "txt": "此外，韩国积极将外资引入不良资产市场，学习国际先进不良资产定价和处置经验。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[57]/span"}]}, "tags": [], "label": "content", "web_segment_id": 98, "global_sentence_id": 174, "edu_l1_label": "IOS"}, {"txt": "KAMCO引进摩根斯坦利、凯雷集团、高盛、龙星基金、新桥资本等多家国际投资机构入股韩国企业参与处置不良资产，最终实现资本获利和资产增值双赢。", "language": "chinese", "position": {"atoms": [{"position_id": 744, "txt": "KAMCO引进摩根斯坦利、凯雷集团、高盛、龙星基金、新桥资本等多家国际投资机构入股韩国企业参与处置不良资产，最终实现资本获利和资产增值双赢。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[57]/span"}]}, "tags": [], "label": "content", "web_segment_id": 98, "global_sentence_id": 175, "edu_l1_label": "IOS"}, {"txt": "3、日本的RCC模式与政府注资模式", "language": "chinese", "position": {"atoms": [{"position_id": 746, "txt": "3", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[58]/span/strong[1]/span"}, {"position_id": 748, "txt": "、日本的", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[58]/span/strong[2]/span"}, {"position_id": 750, "txt": "RCC", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[58]/span/strong[3]/span"}, {"position_id": 752, "txt": "模式与政府注资模式", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[58]/span/strong[4]/span"}]}, "tags": ["strong"], "label": "title2", "web_segment_id": 99, "global_sentence_id": 176, "edu_l1_label": "IOS"}, {"txt": "日本泡沫经济破灭后，1996年日本政府成立了整理回收机构（The Resolution and Collection Corporation，RCC）。", "language": "chinese", "position": {"atoms": [{"position_id": 754, "txt": "日本泡沫经济破灭后，1996年日本政府成立了整理回收机构（The Resolution and Collection Corporation，RCC）。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[59]/span"}]}, "tags": [], "label": "content", "web_segment_id": 100, "global_sentence_id": 177, "edu_l1_label": "IOS"}, {"txt": "该机构在1999至2002年间收购了55万亿日元不良贷款，主要以不良资产证券化、单个出售、打包拍卖等方式处置不良资产。", "language": "chinese", "position": {"atoms": [{"position_id": 755, "txt": "该机构在1999至2002年间收购了55万亿日元不良贷款，主要以不良资产证券化、单个出售、打包拍卖等方式处置不良资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[59]/span"}]}, "tags": [], "label": "content", "web_segment_id": 100, "global_sentence_id": 178, "edu_l1_label": "IOS"}, {"txt": "整理回收机构一方面收购金融机构的不良资产，防止银行业风险传染；", "language": "chinese", "position": {"atoms": [{"position_id": 756, "txt": "整理回收机构一方面收购金融机构的不良资产，防止银行业风险传染；", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[59]/span"}]}, "tags": [], "label": "content", "web_segment_id": 100, "global_sentence_id": 179, "edu_l1_label": "IOS"}, {"txt": "另一方面参与实体企业再生，盘活存量资产。", "language": "chinese", "position": {"atoms": [{"position_id": 757, "txt": "另一方面参与实体企业再生，盘活存量资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[59]/span"}]}, "tags": [], "label": "content", "web_segment_id": 100, "global_sentence_id": 180, "edu_l1_label": "IOS"}, {"txt": "除了成立专门处置不良资产的资产管理公司之外，日本政府解决不良资产的另一重要举措是为银行业注入巨额公共财政资金。", "language": "chinese", "position": {"atoms": [{"position_id": 758, "txt": "除了成立专门处置不良资产的资产管理公司之外，日本政府解决不良资产的另一重要举措是为银行业注入巨额公共财政资金。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[59]/span"}]}, "tags": [], "label": "content", "web_segment_id": 100, "global_sentence_id": 181, "edu_l1_label": "IOS"}, {"txt": "2002年日本政府推出“紧急经济对策”，明确不良资产处置目标与时间期限，规定大银行坏账率要在2005年底降低为2002年3月的50%，并对部分银行实施“国有化政策”，政府收购问题银行股票并对其进行国有化改革。", "language": "chinese", "position": {"atoms": [{"position_id": 760, "txt": "2002年日本政府推出“紧急经济对策”，明确不良资产处置目标与时间期限，规定大银行坏账率要在2005年底降低为2002年3月的50%，并对部分银行实施“国有化政策”，政府收购问题银行股票并对其进行国有化改革。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[60]/span"}]}, "tags": [], "label": "content", "web_segment_id": 101, "global_sentence_id": 182, "edu_l1_label": "IOS"}, {"txt": "2005年日本大银行实现了不良资产处置目标，不良资产问题得到有效解决。", "language": "chinese", "position": {"atoms": [{"position_id": 761, "txt": "2005年日本大银行实现了不良资产处置目标，不良资产问题得到有效解决。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[60]/span"}]}, "tags": [], "label": "content", "web_segment_id": 101, "global_sentence_id": 183, "edu_l1_label": "IOS"}, {"txt": "四、政策建议", "language": "chinese", "position": {"atoms": [{"position_id": 763, "txt": "四、政策建议", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[61]/span/strong[1]/span"}]}, "tags": ["strong"], "label": "title1", "web_segment_id": 102, "global_sentence_id": 184, "edu_l1_label": "BOS"}, {"txt": "当前与未来一段时间内，中国经济面临的内外部环境变得更加复杂与不确定。", "language": "chinese", "position": {"atoms": [{"position_id": 765, "txt": "当前与未来一段时间内，中国经济面临的内外部环境变得更加复杂与不确定。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[62]/span"}]}, "tags": [], "label": "content", "web_segment_id": 103, "global_sentence_id": 185, "edu_l1_label": "IOS"}, {"txt": "从外部来看，特朗普2.0冲击即将开始、国际地缘政治冲突易发频发、去全球化压力方兴未艾。", "language": "chinese", "position": {"atoms": [{"position_id": 766, "txt": "从外部来看，特朗普2.0冲击即将开始、国际地缘政治冲突易发频发、去全球化压力方兴未艾。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[62]/span"}]}, "tags": [], "label": "content", "web_segment_id": 103, "global_sentence_id": 186, "edu_l1_label": "IOS"}, {"txt": "从内部来看，在人口老龄化加剧、传统投资效率下降的背景下，中国经济增速由高速增长转变为中速增长。", "language": "chinese", "position": {"atoms": [{"position_id": 767, "txt": "从内部来看，在人口老龄化加剧、传统投资效率下降的背景下，中国经济增速由高速增长转变为中速增长。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[62]/span"}]}, "tags": [], "label": "content", "web_segment_id": 103, "global_sentence_id": 187, "edu_l1_label": "IOS"}, {"txt": "随着房地产、地方债、中小金融机构等风险的进一步暴露，未来中国银行业不良资产率仍有恶化趋势。", "language": "chinese", "position": {"atoms": [{"position_id": 768, "txt": "随着房地产、地方债、中小金融机构等风险的进一步暴露，未来中国银行业不良资产率仍有恶化趋势。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[62]/span"}]}, "tags": [], "label": "content", "web_segment_id": 103, "global_sentence_id": 188, "edu_l1_label": "IOS"}, {"txt": "笔者认为，未来要妥善化解新一轮商业银行不良资产，需要“三管齐下”。", "language": "chinese", "position": {"atoms": [{"position_id": 770, "txt": "笔者认为，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[63]/span/span[1]"}, {"position_id": 772, "txt": "未来要妥善化解新一轮商业银行不良资产，需要“三管齐下”。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[63]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 104, "global_sentence_id": 189, "edu_l1_label": "IOS"}, {"txt": "首先，商业银行必须要靠自己的不良资产拨备与净利润去消化部分不良资产。", "language": "chinese", "position": {"atoms": [{"position_id": 774, "txt": "首先，商业银行必须要靠自己的不良资产拨备与净利润去消化部分不良资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[63]/span/span[3]"}]}, "tags": [], "label": "content", "web_segment_id": 104, "global_sentence_id": 190, "edu_l1_label": "IOS"}, {"txt": "其次，商业银行可以通过市场化手段，将部分不良资产以市场价格转让给更具经验的第三方机构，让其去进行化解。", "language": "chinese", "position": {"atoms": [{"position_id": 775, "txt": "其次，商业银行可以通过市场化手段，将部分不良资产以市场价格转让给更具经验的第三方机构，让其去进行化解。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[63]/span/span[3]"}]}, "tags": [], "label": "content", "web_segment_id": 104, "global_sentence_id": 191, "edu_l1_label": "IOS"}, {"txt": "再次，等商业银行的资产负债表变得更加干净之后，中央政府或地方政府可以通过财政资金注资，以帮其补充资本金。", "language": "chinese", "position": {"atoms": [{"position_id": 776, "txt": "再次，等商业银行的资产负债表变得更加干净之后，中央政府或地方政府可以通过财政资金注资，以帮其补充资本金。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[63]/span/span[3]"}]}, "tags": [], "label": "content", "web_segment_id": 104, "global_sentence_id": 192, "edu_l1_label": "IOS"}, {"txt": "不难看出，在上述第二个环节中，中国资产管理公司面临广阔的发展机遇，可通过综合运用收购处置、重组重整、债转股、不良资产证券化等多种方式处置不良资产，进行风险化解。", "language": "chinese", "position": {"atoms": [{"position_id": 778, "txt": "不难看出，", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[64]/span/span[1]"}, {"position_id": 780, "txt": "在上述第二个环节中，中国资产管理公司面临广阔的发展机遇，可通过综合运用收购处置、重组重整、债转股、不良资产证券化等多种方式处置不良资产，进行风险化解。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[64]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 105, "global_sentence_id": 193, "edu_l1_label": "IOS"}, {"txt": "然而不容忽视的是，市场化挑战对资产管理公司的专业能力提出了重大考验，如何立足主业以专业手段实现资产盘活增值，助力防范化解重点领域风险，值得重点关注。", "language": "chinese", "position": {"atoms": [{"position_id": 782, "txt": "然而不容忽视的是，市场化挑战对资产管理公司的专业能力提出了重大考验，如何立足主业以专业手段实现资产盘活增值，助力防范化解重点领域风险，值得重点关注。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[64]/span/span[3]"}]}, "tags": [], "label": "content", "web_segment_id": 105, "global_sentence_id": 194, "edu_l1_label": "IOS"}, {"txt": "新形势下，为助力AMC高效处置不良资产、防范化解风险，结合不良资产处置的国际经验，笔者提出如下政策建议。", "language": "chinese", "position": {"atoms": [{"position_id": 784, "txt": "新形势下，为助力AMC高效处置不良资产、防范化解风险，结合不良资产处置的国际经验，笔者提出如下政策建议。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[65]/span"}]}, "tags": [], "label": "content", "web_segment_id": 106, "global_sentence_id": 195, "edu_l1_label": "IOS"}, {"txt": "一是应健全资产证券化有关政策，支持引导金融机构进行不良资产证券化。", "language": "chinese", "position": {"atoms": [{"position_id": 786, "txt": "一是应健全资产证券化有关政策，支持引导金融机构进行不良资产证券化。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[66]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 107, "global_sentence_id": 196, "edu_l1_label": "IOS"}, {"txt": "目前不良资产证券化在实际不良资产处置中尚未被广泛应用，原因有法律监管不完善、实践操作复杂、资产管理公司投行化运作能力还需提升等等，但不良资产证券化市场发展潜力巨大，处置效率和潜在收益高。", "language": "chinese", "position": {"atoms": [{"position_id": 788, "txt": "目前不良资产证券化在实际不良资产处置中尚未被广泛应用，原因有法律监管不完善、实践操作复杂、资产管理公司投行化运作能力还需提升等等，但不良资产证券化市场发展潜力巨大，处置效率和潜在收益高。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[66]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 107, "global_sentence_id": 197, "edu_l1_label": "IOS"}, {"txt": "明晰规范的法律制度能为资产证券化发展保驾护航，应完善资产证券化法律法规，对相关业务流程进行规范。", "language": "chinese", "position": {"atoms": [{"position_id": 789, "txt": "明晰规范的法律制度能为资产证券化发展保驾护航，应完善资产证券化法律法规，对相关业务流程进行规范。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[66]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 107, "global_sentence_id": 198, "edu_l1_label": "IOS"}, {"txt": "二是应完善对资产管理公司统一的监管标准。", "language": "chinese", "position": {"atoms": [{"position_id": 791, "txt": "二是应完善对资产管理公司统一的监管标准。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[67]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 108, "global_sentence_id": 199, "edu_l1_label": "IOS"}, {"txt": "目前我国不良资产行业成型但不成熟，行业主体有全国性AMC、地方AMC、非持牌AMC等，但并非受相同监管约束，且不同的监管部门对行业主体认定标准存在差异。", "language": "chinese", "position": {"atoms": [{"position_id": 793, "txt": "目前我国不良资产行业成型但不成熟，行业主体有全国性AMC、地方AMC、非持牌AMC等，但并非受相同监管约束，且不同的监管部门对行业主体认定标准存在差异。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[67]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 108, "global_sentence_id": 200, "edu_l1_label": "IOS"}, {"txt": "例如地方AMC被认定为非金融机构，不享受金融机构同业拆借等同业投融资政策，在税收优惠等方面也不能享有与全国性AMC同等待遇。", "language": "chinese", "position": {"atoms": [{"position_id": 794, "txt": "例如地方AMC被认定为非金融机构，不享受金融机构同业拆借等同业投融资政策，在税收优惠等方面也不能享有与全国性AMC同等待遇。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[67]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 108, "global_sentence_id": 201, "edu_l1_label": "IOS"}, {"txt": "监管部门应形成对行业主体的统一监管标准，完善配套政策措施，激发各类资产管理公司处置不良资产的积极性和内生动力。", "language": "chinese", "position": {"atoms": [{"position_id": 795, "txt": "监管部门应形成对行业主体的统一监管标准，完善配套政策措施，激发各类资产管理公司处置不良资产的积极性和内生动力。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[67]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 108, "global_sentence_id": 202, "edu_l1_label": "IOS"}, {"txt": "三是应完善不良资产处置的市场化运作机制。", "language": "chinese", "position": {"atoms": [{"position_id": 797, "txt": "三是应完善不良资产处置的市场化运作机制。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[68]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 109, "global_sentence_id": 203, "edu_l1_label": "IOS"}, {"txt": "纵观国际不良资产处置经验，市场力量积极参与不良资产处置业务并发挥了重要作用。", "language": "chinese", "position": {"atoms": [{"position_id": 799, "txt": "纵观国际不良资产处置经验，市场力量积极参与不良资产处置业务并发挥了重要作用。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[68]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 109, "global_sentence_id": 204, "edu_l1_label": "IOS"}, {"txt": "为提高不良资产处置效率应完善市场化运作机制，加快建设统一规范的不良资产转让交易平台，降低不良资产交易门槛，吸引外国投资者、产业基金、养老基金、社保基金等参与投资，提升市场交易活跃度。", "language": "chinese", "position": {"atoms": [{"position_id": 800, "txt": "为提高不良资产处置效率应完善市场化运作机制，加快建设统一规范的不良资产转让交易平台，降低不良资产交易门槛，吸引外国投资者、产业基金、养老基金、社保基金等参与投资，提升市场交易活跃度。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[68]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 109, "global_sentence_id": 205, "edu_l1_label": "IOS"}, {"txt": "还应加强信息披露和透明度，健全产品信用评级标准和披露要求，推动不良资产证券化等产品合理定价。", "language": "chinese", "position": {"atoms": [{"position_id": 801, "txt": "还应加强信息披露和透明度，健全产品信用评级标准和披露要求，推动不良资产证券化等产品合理定价。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[68]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 109, "global_sentence_id": 206, "edu_l1_label": "IOS"}, {"txt": "四是应积极拓宽资产管理公司融资渠道。", "language": "chinese", "position": {"atoms": [{"position_id": 803, "txt": "四是应积极拓宽资产管理公司融资渠道。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[69]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 110, "global_sentence_id": 207, "edu_l1_label": "IOS"}, {"txt": "资产管理公司负债端以短期债务为主，融资期限短，融资成本较高，融资来源有限。", "language": "chinese", "position": {"atoms": [{"position_id": 805, "txt": "资产管理公司负债端以短期债务为主，融资期限短，融资成本较高，融资来源有限。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[69]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 110, "global_sentence_id": 208, "edu_l1_label": "IOS"}, {"txt": "而资产端收购的不良资产处置周期较长，在当前经济增速放缓、风险错综复杂的背景下，不良资产项目涉及债权主体多、复杂程度高、处置周期拉长，导致企业资产负债错配，影响业务开展。", "language": "chinese", "position": {"atoms": [{"position_id": 806, "txt": "而资产端收购的不良资产处置周期较长，在当前经济增速放缓、风险错综复杂的背景下，不良资产项目涉及债权主体多、复杂程度高、处置周期拉长，导致企业资产负债错配，影响业务开展。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[69]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 110, "global_sentence_id": 209, "edu_l1_label": "IOS"}, {"txt": "拓宽融资渠道能够有效改善该种局面，资管公司可通过资本市场进行融资，利用公司债、资产证券化等多种金融手段拓宽融资渠道，发行更多长期债券以匹配资产处置周期，实力允许的AMC也可以上市获取权益融资。", "language": "chinese", "position": {"atoms": [{"position_id": 807, "txt": "拓宽融资渠道能够有效改善该种局面，资管公司可通过资本市场进行融资，利用公司债、资产证券化等多种金融手段拓宽融资渠道，发行更多长期债券以匹配资产处置周期，实力允许的AMC也可以上市获取权益融资。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[69]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 110, "global_sentence_id": 210, "edu_l1_label": "IOS"}, {"txt": "五是应强化资产管理公司与第三方机构合作力度。", "language": "chinese", "position": {"atoms": [{"position_id": 809, "txt": "五是应强化资产管理公司与第三方机构合作力度。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[70]/span/span[1]"}]}, "tags": [], "label": "content", "web_segment_id": 111, "global_sentence_id": 211, "edu_l1_label": "IOS"}, {"txt": "国际上成熟高效的不良资产处置市场主体众多，包括一级市场批发商、二级市场分销商、各类型投资者等，在不良资产证券化等业务开展过程中资产管理公司与投资银行、信用评级机构、信托公司、律师事务所和会计事务所等机构合作密切。", "language": "chinese", "position": {"atoms": [{"position_id": 811, "txt": "国际上成熟高效的不良资产处置市场主体众多，包括一级市场批发商、二级市场分销商、各类型投资者等，在不良资产证券化等业务开展过程中资产管理公司与投资银行、信用评级机构、信托公司、律师事务所和会计事务所等机构合作密切。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[70]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 111, "global_sentence_id": 212, "edu_l1_label": "IOS"}, {"txt": "资产管理公司应加大与上下游机构合作力度，拓展与政策性开发银行等金融机构业务合作，发挥金融体系内各机构协同联动优势，更为有效地处置即将到来的大量不良资产。", "language": "chinese", "position": {"atoms": [{"position_id": 812, "txt": "资产管理公司应加大与上下游机构合作力度，拓展与政策性开发银行等金融机构业务合作，发挥金融体系内各机构协同联动优势，更为有效地处置即将到来的大量不良资产。", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[70]/span/span[2]"}]}, "tags": [], "label": "content", "web_segment_id": 111, "global_sentence_id": 213, "edu_l1_label": "IOS"}, {"txt": "参考文献：", "language": "chinese", "position": {"atoms": [{"position_id": 814, "txt": "参考文献：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[71]/strong/span"}]}, "tags": ["strong"], "label": "reference", "web_segment_id": 112, "global_sentence_id": 214, "edu_l1_label": "EDU_O"}, {"txt": "1.Bubb R, Kaufman A. Securitization and Moral Hazard:", "language": "chinese", "position": {"atoms": [{"position_id": 816, "txt": "1.Bubb R, Kaufman A. Securitization and Moral Hazard:", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[72]/span/span[1]"}]}, "tags": [], "label": "reference", "web_segment_id": 113, "global_sentence_id": 215, "edu_l1_label": "EDU_O"}, {"txt": " Evidence from Credit Score Cutoff Rules.", "language": "chinese", "position": {"atoms": [{"position_id": 817, "txt": " Evidence from Credit Score Cutoff Rules.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[72]/span/span[1]"}]}, "tags": [], "label": "reference", "web_segment_id": 113, "global_sentence_id": 216, "edu_l1_label": "EDU_O"}, {"txt": " Journal of Monetary Economics, 2014(63).", "language": "chinese", "position": {"atoms": [{"position_id": 818, "txt": " ", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[72]/span/span[1]"}, {"position_id": 820, "txt": "Journal of Monetary Economics", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[72]/span/em/span"}, {"position_id": 822, "txt": ", 2014(63).", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[72]/span/span[2]"}]}, "tags": ["em"], "label": "reference", "web_segment_id": 113, "global_sentence_id": 217, "edu_l1_label": "EDU_O"}, {"txt": "2.Thomas B.", "language": "chinese", "position": {"atoms": [{"position_id": 824, "txt": "2.Thomas B.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[73]/span/span[1]"}]}, "tags": [], "label": "reference", "web_segment_id": 114, "global_sentence_id": 218, "edu_l1_label": "EDU_O"}, {"txt": " The Korean Banking System Six Years After the Crisis.", "language": "chinese", "position": {"atoms": [{"position_id": 825, "txt": " The Korean Banking System Six Years After the Crisis.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[73]/span/span[1]"}]}, "tags": [], "label": "reference", "web_segment_id": 114, "global_sentence_id": 219, "edu_l1_label": "EDU_O"}, {"txt": " Financial Institutions and Market, Mimeo, 2004.", "language": "chinese", "position": {"atoms": [{"position_id": 826, "txt": " ", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[73]/span/span[1]"}, {"position_id": 828, "txt": "Financial Institutions and Market", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[73]/span/em/span"}, {"position_id": 830, "txt": ", Mimeo, 2004.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[73]/span/span[2]"}]}, "tags": ["em"], "label": "reference", "web_segment_id": 114, "global_sentence_id": 220, "edu_l1_label": "EDU_O"}, {"txt": "3.高蓓,张明.不良资产处置与不良资产证券化:", "language": "chinese", "position": {"atoms": [{"position_id": 832, "txt": "3.高蓓,张明.不良资产处置与不良资产证券化:", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[74]/span"}]}, "tags": [], "label": "reference", "web_segment_id": 115, "global_sentence_id": 221, "edu_l1_label": "EDU_O"}, {"txt": "国际经验及中国前景.国际经济评论,2018(1).", "language": "chinese", "position": {"atoms": [{"position_id": 833, "txt": "国际经验及中国前景.国际经济评论,2018(1).", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[74]/span"}]}, "tags": [], "label": "reference", "web_segment_id": 115, "global_sentence_id": 222, "edu_l1_label": "EDU_O"}, {"txt": "4.张潇潇,施文.不良信贷资产证券化与银行声誉.投资研究,2018,37(5).", "language": "chinese", "position": {"atoms": [{"position_id": 835, "txt": "4.张潇潇,施文.不良信贷资产证券化与银行声誉.投资研究,2018,37(5).", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[75]/span"}]}, "tags": [], "label": "reference", "web_segment_id": 116, "global_sentence_id": 223, "edu_l1_label": "EDU_O"}, {"txt": "5.中金公司.KAMCO：", "language": "chinese", "position": {"atoms": [{"position_id": 837, "txt": "5.中金公司.KAMCO：", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[76]/span"}]}, "tags": [], "label": "reference", "web_segment_id": 117, "global_sentence_id": 224, "edu_l1_label": "EDU_O"}, {"txt": "韩国政策性AMC之启示.2022.", "language": "chinese", "position": {"atoms": [{"position_id": 838, "txt": "韩国政策性AMC之启示.2022.", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[76]/span"}]}, "tags": [], "label": "reference", "web_segment_id": 117, "global_sentence_id": 225, "edu_l1_label": "EDU_O"}, {"txt": "——————", "language": "chinese", "position": {"atoms": [{"position_id": 840, "txt": "——————", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[77]/span"}]}, "tags": [], "label": "O", "web_segment_id": 118, "global_sentence_id": 226, "edu_l1_label": "EDU_O"}, {"txt": "<img https://mmbiz.qpic.cn/mmbiz_jpg/aY3gXiaSjX67PcD5lj2PJwPwIu9mftyicexicKDTic2nBQKVibSEw0x8Fa4h9tyFE1SpFa129AGn9hLheGDtCn2dFFg/640?wx_fmt=other&from=appmsg&wxfrom=5&wx_lazy=1&wx_co=1&tp=webp", "language": "chinese", "position": {"atoms": [{"position_id": 423, "txt": "<img https://mmbiz.qpic.cn/mmbiz_jpg/aY3gXiaSjX67PcD5lj2PJwPwIu9mftyicexicKDTic2nBQKVibSEw0x8Fa4h9tyFE1SpFa129AGn9hLheGDtCn2dFFg/640?wx_fmt=other&from=appmsg&wxfrom=5&wx_lazy=1&wx_co=1&tp=webp", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/p[78]/img"}]}, "tags": ["img"], "label": "O", "web_segment_id": 119, "global_sentence_id": 227, "edu_l1_label": "EDU_O"}, {"txt": "点击下方原文链接加入会员｜首席社", "language": "chinese", "position": {"atoms": [{"position_id": 842, "txt": "点击下方原文链接加入会员｜首席社", "x": "/html/body/div[2]/div[2]/div[2]/div/div[1]/div[2]/section[5]/span"}]}, "tags": [], "label": "O", "web_segment_id": 120, "global_sentence_id": 228, "edu_l1_label": "EDU_O"}, {"txt": "                        首席经济学家论坛                      ", "language": "chinese", "position": {"atoms": [{"position_id": 844, "txt": "\n                        首席经济学家论坛                      ", "x": "/html/body/div[4]/div[2]/div[2]/div[1]/div[1]/div/div/div/div/div[2]/div/div"}]}, "tags": [], "label": "O", "web_segment_id": 138, "global_sentence_id": 229, "edu_l1_label": "EDU_O"}], "type": "WEB"}
# 张明、李明洲：中国的不良资产处置——发展历程、国际经验与政策建议
## 一、当前中国银行业不良资产的特点
## 二、中国不良资产处置的发展历程
### 1、四大AMC的产生与发展
### 2、不良资产处置的主要方式
### 3、四大AMC的经营绩效
#### 一是杠杆率显著提升，资产负债期限错配风险突出。
#### 二是回归主业趋势加强，但盈利能力有所下降。
## 三、不良资产处置的国际经验
### 1、美国的“RTC模式”与“TARP模式”
### 2、韩国的资产管理公司（KAMCO）模式
### 3、日本的RCC模式与政府注资模式
## 四、政策建议