State-owned commercial banks can tap the resource end of non-performing assets through various means of capital market operation, rediscover the true value of non-performing assets, improve their true value, make hardened non-performing assets flow and activate again, and generate new cash flow to dispose of non-performing assets. The key to the concept of "management of non-performing assets" is that state-owned commercial banks should grasp which non-performing assets have strategic investment value and venture capital value, and have certain potential investment market. In fact, many internationally renowned investment banks have turned their attention to the non-performing assets of state-owned commercial banks, which proves that non-performing assets contain great undeveloped value. When state-owned commercial banks discover the potential investment market of non-performing assets, they will provide debt restructuring and debt-to-equity swap services for debt enterprises as financial consultants, and provide investment consulting and bridge loan services for strategic investors and venture capitalists. But at this stage, besides the imperfect management system and means of state-owned commercial banks in China, it is more important that there are legal bottlenecks now; In addition, in the period of "separate operation and separate management" in China, there is still a lack of sufficient policy and legal support to directly convert bank creditor's rights into equity of strategic investors and venture capitalists. The state should give certain policy and legal support to state-owned commercial banks in the field of venture capital, and can give separate policies on the disposal of non-performing assets, so that state-owned commercial banks can properly use capital operation means to dispose of non-performing assets. At this stage, we can try out local mixed operation and explore the gradual realization of mixed operation from the disposal of non-performing assets. First, the non-performing assets of state-owned commercial banks are separated from the inside and handed over to the non-performing assets management center or security center for professional operation. At the same time, it is given the corresponding investment banking function and uses capital operation to dispose of non-performing assets.
2. Joint operation mode-unite all forces and all kinds of capital to innovate the disposal methods of non-performing assets of state-owned banks.
The first is to explore the joint operation and disposal of state-owned banks and asset management companies. State-owned banks and asset management companies can pay attention to the connection and combination between industries and products, give full play to the capital and information advantages of state-owned banks, and pay attention to the flexible and diverse ways of asset management companies. The state should allow the head office of state-owned banks to entrust asset management companies to dispose of them on their behalf, and the state and the head office should subsidize certain expenses; We can also relax the policy restrictions on the disposal of non-performing loans and mortgaged assets by referring to the disposal methods of asset management companies, and allow state-owned commercial banks to directly dispose of non-performing assets through transfer, discount sale, packaging, leasing, bidding and auction. Secondly, explore the joint operation and disposal of various capitals. A basic condition for the disposal of non-performing assets is to have a large amount of funds to participate. Without funds, it is impossible to dispose of non-performing assets smoothly. State-owned commercial banks should give full play to the role of the market, use the national policy of "encouraging foreign capital to participate in the reorganization of state-owned enterprises and the disposal of non-performing loans in various forms", attract private capital and foreign capital to participate in asset disposal, and introduce the cooperation mechanism of foreign venture capital companies when conditions permit, give full play to the role of various resources, and speed up the disposal of non-performing assets. Effective measures should be taken to encourage investors from all countries to enter the disposal market of non-performing assets of state-owned banks. At the same time, China's available private capital has entered the field of non-performing assets disposal of state-owned commercial banks, creating a relaxed policy environment for private entrepreneurs and their participation. In recent years, when the deposit interest rate has been continuously lowered and a large number of private capital is in urgent need of finding a way out, the relevant departments should cancel all kinds of policies and regulations restricting the private economy and actively encourage and guide private capital to intervene in the disposal of non-performing assets. Private capital, whether from units or individuals, is allowed to invest in the acquisition of creditor's rights, equity and physical assets of state-owned commercial banks, and enjoy the relevant preferential policies of asset management companies in part or in whole, so as to effectively protect the creditor's rights and shareholders' rights after private capital invests in the acquisition of non-performing assets of state-owned commercial banks and relieve the buyers' worries.
3. Merger and reorganization of enterprises-innovate the disposal methods of non-performing assets of state-owned commercial banks through merger and reorganization and debt restructuring.
State-owned commercial banks can promote the redistribution of existing assets through debt restructuring, allocate existing non-performing assets resources among the same industries at home and abroad, and finally realize economic restructuring and disposal of non-performing assets. State-owned commercial banks should take the reorganization of non-performing assets as an opportunity to promote the adjustment of economic structure and the upgrading of enterprise organizational structure and speed up the disposal of non-performing assets. Actively support the restructuring, merger and reorganization of state-owned enterprises, take flexible measures to solve the debt problems of key enterprises one by one, standardize the transfer of loan assets to new enterprises after restructuring, use plant and equipment assets as loans for new enterprises, continue to implement debt-to-equity swaps for enterprises to be restructured that meet the conditions of debt-to-equity swaps, and implement the right to operate bank debt-to-equity swaps on the premise of full demonstration.
4. Trust disposal mode-make use of the institutional advantages of trust companies and the advantages of industrial funds to innovate the disposal methods of non-performing assets of state-owned commercial banks.
State-owned commercial banks can package the non-performing assets of a region or even a province as a whole and entrust them to local trust companies at a certain reserve price. First, the trust company pays off the creditor's rights in one lump sum, and then both parties use the special geographical advantages (government background) and trust functions (such as restructuring, share conversion and other investment banking means) of the trust company to collect the above creditor's rights, and the recovered part is divided by the trust company and the bank in proportion. Due to the unique independence and bankruptcy isolation system of trust assets, once the trust company is entrusted to deal with the non-performing assets of banks, it can make maximum use of the institutional advantages of the trust company to separate these assets from all creditors, and make use of its own financing channels and the advantages of industrial funds to deal with a large number of non-performing assets quickly and efficiently through capital injection. Moreover, according to the relevant requirements of the trust law, trust assets will be separated from the balance sheet of the client and will not be included in the balance sheet of the trust company. Trust assets are completely off-balance sheet business. This off-balance sheet disposal method can quickly reduce the non-performing assets ratio of commercial banks in the shortest time. Therefore, the trust disposal method is efficient and effective.
5. Outsourcing method-giving play to the role of social intermediary institutions and innovating the disposal methods of non-performing assets of state-owned commercial banks.
State-owned commercial banks outsource some non-performing assets to law firms, credit consulting and investigation companies, factoring companies and other social intermediary agencies for disposal, which can save market transaction costs and internal organization costs and improve disposal efficiency. At present, a large number of non-performing assets of state-owned commercial banks are scattered in various branches. In the disposal process of many non-performing assets projects, these institutions should deal with courts, arbitration institutions, evaluation institutions and government departments respectively, and organize relevant disposal materials to be submitted to higher authorities for examination and approval. On the one hand, this situation leads to the seller's market of judicial services and evaluation, and the quality of judicial services and evaluation is high. State-owned commercial banks are forced to pay expensive litigation and evaluation fees, but they often fail to get the due results, and "winning the case is too expensive" keeps repeating itself. On the other hand, it also makes the grass-roots institutions of commercial banks in various countries exhausted, and the enthusiasm for the disposal of non-performing assets is affected. If the disposal of some non-performing assets is outsourced to these institutions, the situation will be greatly improved: due to the establishment of the contractual relationship of entrusted agency disposal, such contracts can be customized in batches like loan contracts, and the unit cost is very low. Banks will only need to face several social intermediaries and be on the monopoly supply side of non-performing assets resources, so the transaction cost and organization cost of disposal will be greatly reduced and the benefits will be improved; Faced with the big cake of bank's disposal of non-performing assets, social intermediary institutions will strive for the right of agency disposal for their own interests and handle it efficiently. In this way, state-owned commercial banks can change from passive to active, and the disposal speed of non-performing assets will be greatly improved. At present, China's "Commercial Bank Law" and other laws and regulations do not prohibit the outsourcing of non-performing assets disposal business. The outsourcing of non-performing assets disposal of commercial banks in China belongs to some downstream operation links of loan business, and many legal business and evaluation business in these links have actually been outsourced. Therefore, from the current situation, the outsourcing of bank non-performing assets disposal will not be subject to legal and financial supervision for the time being. Judging from the types and business scope of various social intermediaries in China, all kinds of law firms, credit consulting and investigation companies and factoring companies can undertake the outsourcing business of non-performing assets disposal of state-owned commercial banks. Therefore, there is a demand for social intermediaries to deal with the non-performing assets of state-owned commercial banks, and due to competition, social intermediaries will not form a price alliance in a short time and will not monopolize the outsourcing market for the disposal of non-performing assets of state-owned commercial banks. In the medium and long term, the outsourcing of non-performing assets disposal of state-owned commercial banks will also stimulate the development of intermediary institutions such as credit reporting, consultation, evaluation, factoring industry and legal services, and further promote the professional division of social intermediary affairs, which is of great benefit to the development of China's market economy.
6. Asset securitization-disposing of non-performing assets through securitization can not only accelerate the disposal speed and improve the disposal efficiency, but also promote financial innovation, enrich financial products and accelerate the further development of the capital market.
Through securitization, commercial banks not only expand their own business, but also accumulate experience in the operation of the capital market. For non-performing creditor's rights and creditor's rights converted from partial debt restructuring, commercial banks can select some assets according to the classification criteria such as loan amount, guarantee method, geographical distribution, industry category, etc. They can form different asset pools with physical assets and entrust or sell them to SPV (Special Purpose Agency), which will issue bonds with higher returns based on these assets. The securitization scheme can be designed and operated according to the following procedures:
(1) According to the market situation, select certain creditor's rights and physical assets to form asset pools with different amounts and the same category, and entrust or sell them to SPV through open competition or agreement.
(2) As the purchaser of the original assets, the institution issues bonds with one-time repayment of principal and interest with certain assets as the support, and the proceeds from issuing bonds are used as the payment price for purchasing bad debts.
(3) After the bond expires, the "special purpose" institution will repay the principal and interest. If the accumulated realized cash is insufficient to pay the principal and interest of the bonds, the promoters of the special purpose institutions may advance the difference according to their respective investment proportions or agreements signed in advance.