Judging from the specific practices of the four major asset management companies, the simplest way is to buy out. After the bank packages the non-performing assets, it transfers them to the asset management company in batches. According to the size of the asset package, the asset management company can adopt a one-time or phased acquisition method, which can alleviate the financial pressure of the asset management company to some extent.

The second mode is cooperative disposal. In the policy acceptance stage of non-performing assets of state-owned banks, asset management companies have a preliminary understanding of debtors, but they can't go deep into the industry. At this stage, they can combine high-quality enterprises in the same industry to reorganize non-performing assets and finally realize benefit sharing.

The third mode is anti-entrustment disposal. After the asset management company buys out the non-performing assets of the bank, it sells the income right of the assets to the trust plan or the brokerage asset management plan. The ownership of assets still belongs to the four major asset management companies, and asset management companies continue to be responsible for the disposal of non-performing assets. In this mode, the asset management company can recover the capital cost in advance and remove the capital occupation, and the risk is borne by the investors themselves.

The fourth is the securitization of non-performing assets. After the asset management company buys out the bad asset package from the bank, it calculates the cash flow, regards the trust plan as SPV, and then issues the restructured asset-backed securities to sell to investors. As for the post-management of non-performing assets, it can still be entrusted to asset management companies for management. From 2006 to 2008, there were four cases of non-performing assets securitization in China, with a total issuance of about 654.38+03.4 billion yuan. However, after 2008, with the outbreak of the financial crisis, this business was also stopped. 20 15 the call for restarting asset-asset securitization is getting louder and louder, and it is expected that this kind of business will be liberalized soon.

Different from the four major asset management companies, the disposal scope of local asset management companies is limited to this province. In addition to the traditional disposal methods, local asset management companies are also gradually innovating the disposal mode.

(1) Blood transfusion recombination. Local asset management companies can transfuse some projects that can be revived, help enterprises get on the right track, realize a premium and then quit.

(2) Paying debts in kind. For some high-quality mortgage assets, try not to take a long litigation route, and realize a win-win situation for local asset management companies and enterprises by paying debts in kind.

(3) Publicly soliciting reorganizers or investors. On the basis of acting as a first-class wholesaler of non-performing assets, attract more professional social investors to participate in non-performing assets investment and enjoy industry profits.

(4) Joint local governments to set up non-performing assets disposal funds or subsidiaries. Make full use of local government resources, deepen the disposal of non-performing assets, and help local governments divest non-performing assets.

It should be pointed out that under the background of the rapid increase of non-performing assets, asset management companies are facing unlimited business opportunities, but due to the framework and mechanism of asset management companies, they are also facing greater "de-capitalization" pressure. For the non-performing assets that have been traded, asset management companies should classify and manage them in order to gain more profit space. For the creditor's rights non-performing assets, based on the "popsicle effect", because the principal part will not change, the source of income is interest or penalty interest, and the profit space is limited, it is necessary to quickly resolve it; For assets with bad property rights, based on the "root carving theory", asset management companies can choose to hold them for a long time, carve them carefully, and exchange time for space, so as to obtain higher returns.

Two. Bank-related business model

At present, domestic banks mostly dispose of non-performing assets through debt collection, internal account management, bad debt write-off, incremental dilution of loans, debt extension or restructuring, bidding and auction, debt-to-equity swap, and reuse of physical assets. Restricted by the disposal efficiency, commercial banks began to innovate their disposal methods under the background of the sharp increase of non-performing assets.

Under the pressure of strict assessment, many banks use interbank funds or wealth management funds to dock non-performing assets at key time nodes such as the end of the quarter or the end of the year, so as to realize off-balance-sheet non-performing assets and reduce the non-performing rate. Therefore, the pricing of bad statements is generally determined by the write-off amount of the bank in the current year. Specifically, defect reporting has the following operation modes:

(1) Holding mode of asset management company. Banks provide credit to asset management companies, or subscribe for bonds issued by asset management companies to inject funds into asset management companies. Then the asset management company uses the funds obtained from the bank to receive the non-performing assets of the bank to achieve the purpose of off-balance sheet of the bank, and the bank promises to buy back the non-performing assets received by the asset management company in the future. In this mode, asset management companies play the role of channels.

(2) Silver-silver mutual holding mode. After the asset management company buys out the bank's non-performing assets package, it sells the income right of the assets to the trust plan or the brokerage asset management plan, and then the bank connects with the bank through inter-bank credit or wealth management funds. In this model, asset management companies, trust companies or securities companies are all channel roles.

(3) The bank and the external institution * * * jointly set up a subsidiary to directly acquire the non-performing assets of the parent company and further dispose of the non-performing assets, and the proceeds from the disposal shall be divided by the partners.

It should be pointed out that the two modes of holding and mutual holding are essentially the operation of banks to exchange time for space. Although both of them have realized the phased release of non-performing assets of banks, the risks still exist in the banking system. On the one hand, the phased statement has won a certain space for banks, and non-performing assets do not need to be disposed of quickly, but can be slowly digested in the next few years; On the other hand, while paying the capital cost, banks are still responsible for the bad disposal. The cash recovered from the disposal in the next few years may not be enough to cover the capital cost and personnel operating expenses, and finally they have to buy out the sale again at a reduced price, which may delay the best sale time and may not be worth the loss.

Three. Related business models of trust companies

1. Capital intermediary focusing on channel business

Trust companies have cooperated with banks for a long time. They can cooperate with some city commercial banks, especially those in remote areas. Because of the high non-performing rate of these banks, they dare not invest in their own regional assets, but they are very willing to invest in the assets of big banks with good credit in safe areas. Trust companies can play the role of capital intermediary and realize the docking between the funds of small and medium-sized banks and the non-performing assets of big banks.

2. Cooperate with asset service agencies to productize non-performing assets.

On the asset side, the bank-trust cooperation business has accumulated banking resources for trust companies, which can ensure the supply of non-performing assets. From the traditional business of trust companies, although non-performing assets are not the areas that trust companies are good at, trust companies have always been good at asset productization in real estate, infrastructure, government platforms, capital markets and other fields. Because asset service agencies have the ability to dispose of assets, trust companies can set up funds in conjunction with specialized asset service agencies to deal with investors with different risk preferences through structured hierarchical design and credit enhancement measures. This model can make trust companies move closer to asset securitization and cultivate trust companies' active management ability.

3. Big investment bank model: SPV+ wholesaler of non-performing assets

Trust companies cultivate the ability to identify and judge the value of non-performing assets through channel business. On this basis, trust companies can obtain a large number of non-performing assets packages, and entrust the disposal and management of non-performing assets to professional asset service institutions to achieve a win-win situation. In this model, the trust company is a kind of "big investment bank", which can be either an intermediate SPV or a wholesaler of non-performing assets.

Four, the insurance company related business model

From the perspective of large-scale asset allocation, the scale of insurance funds is large, and there is also a demand for allocation of non-performing assets. At present, insurance companies have already participated in local asset management companies. Specifically, insurance companies participate in local asset management companies by issuing insurance asset management plans and signing repurchase agreements. Because local asset management companies have SASAC background, the risk is low. However, under this model, business opportunities are limited, which is not enough to support the demand for long-term allocation of insurance funds.

In addition, under the conditions of the liberalization of the policies of the CIRC, insurance asset management companies can cooperate with institutions with the ability to dispose of non-performing assets to set up a limited partnership fund as a limited partner (LP) of the fund and deeply participate in the business of the non-performing asset market.

Insurance funds can even be used as a single LP to intervene in specific high-quality projects, and then issue project asset support plans based on fund shares to further connect the funds entrusted to be managed within the insurance company system. In this mode, insurance companies can use fund shares to incite the entire insurance system.

Verb (abbreviation of verb) related business model of non-licensed institutions

1. Investment in non-performing projects in sub-sectors

There are already some professional investment institutions in the real estate, microfinance and other sub-sectors. For example, some real estate M&A funds established by private capital or foreign capital focus on investing in real estate projects with default risk, and obtain the benefits brought by the consolidation, transformation and management improvement of the target projects through the location selection and actuarial skills of the projects. There are also private investment institutions that use real estate as collateral and focus on the disposal of non-performing assets of individuals and small and micro enterprises. Because there are many targets, personal risks are greatly dispersed, and the defense ability of individuals and small and micro enterprises is poor. Investment institutions are in a relatively strong position in the judiciary and are relatively easy to dispose of, so the average disposal period can be controlled at about two years, and higher returns can be obtained.

2. Productive operation mode of non-performing assets.

At present, some asset service institutions have set up non-performing debt investment funds, and the investors are mainly high-net-worth customers. Because the disposal cycle of non-performing assets is generally more than two years, asset service institutions need to strengthen liquidity management and even provide liquidity support with their own funds. In product design, you can directly design products with a two-year term, or you can set products with different terms to meet investors with different needs.

-Reprinted by Dianjinren