The first mode is the buyout system. 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 will transfer 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 buyout 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 non-performing asset package from the bank, it uses the trust plan as SPV by calculating the cash flow, 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 suspended. 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 released 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 gradually innovating the disposal mode.
Under the background of the rapid increase of non-performing assets, although asset management companies are facing unlimited business opportunities, they are also facing greater "de-capitalization" pressure because of the framework and mechanism of asset management companies. For the non-performing assets that have been traded, asset management companies should conduct classified management in order to obtain greater profit space. For 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.
Two. Bank-related business model
At present, most domestic banks 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. Specifically, defect reporting has the following operation modes:
(1) The shareholding mode of asset management companies. Banks provide credit to asset management companies, or subscribe for bonds issued by asset management companies and 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, so as 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 external institutions jointly set up subsidiaries 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.
On the one hand, staged statements have 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. In the next few years, the recovered cash 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
The cooperation between trust companies and banks has a long history. They can cooperate with some city commercial banks, especially those in remote areas. Because these banks are located in areas with high NPL ratio, they dare not invest in their own regional assets, but they are very willing to invest in the assets of large banks with good credit in safe areas. Trust companies can play the role of capital intermediary and realize the docking of small and medium-sized banks' funds with large banks' non-performing assets.
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 productizing assets in real estate, infrastructure, government platforms and capital markets. 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
Through channel business, trust companies have cultivated the ability to identify and judge the value of non-performing assets. On this basis, trust companies can obtain a large number of non-performing asset packages, and entrust the disposal and management of non-performing assets to professional asset service institutions to achieve a win-win situation. In this mode, 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. Related business models of insurance companies
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 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.
Asset management usually refers to a kind of trust business of "managing money on behalf of the trustee". In this sense, any institution or organization mainly engaged in this kind of business can be called an asset management company.
Usually, commercial banks, investment banks, securities companies and other financial institutions carry out normal asset management business by setting up asset management business departments or establishing asset management subsidiaries. They belong to the first type of asset management business. Based on this normal asset management business, it is scattered in the business of financial institutions such as commercial banks, investment banks, insurance and securities brokerage companies.