Under normal circumstances, 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 commercial banks, investment banks, insurance companies, securities brokerage companies and other financial institutions.
China Financial Asset Management Co., Ltd. is a wholly state-owned non-bank financial institution established by the decision of the State Council to purchase non-performing loans of wholly state-owned commercial banks and manage and dispose the assets formed by purchasing non-performing loans of wholly state-owned commercial banks.
Extended data:
Company operating characteristics: pay equal attention to policy and market.
1. From the above establishment, it can be seen that China's asset management companies have a unique legal person status (a wholly state-owned non-bank financial institution decided by the State Council), special business objectives and a wide range of business (including asset disposal, corporate restructuring, securities underwriting, merger, etc.). And many businesses are equivalent to universal investment banks).
This situation laid the foundation for its unique operation mode in the future, and its operation mode showed the characteristics of "policy guarantee and market-oriented operation".
2. Policy guarantee is the premise of asset management companies' operation: As the NPLs of the four major state-owned commercial banks mainly come from state-owned enterprises, their original intention is to acquire NPLs of state-owned banks, manage and dispose of assets formed by NPLs of state-owned banks, and the scope and amount of acquisition are approved by the State Council.
3. The capital is uniformly allocated by the Ministry of Finance, and the operation objective is to preserve assets to the maximum extent and reduce losses. In addition, asset management companies were established in the transitional stage from planned economy to market economy. To this end, the acquisition of non-performing assets has taken a policy approach. In the disposal, the state gives asset management companies a series of preferential policies such as tax on business activities.
This powerful policy guarantee measure has become an effective prerequisite for asset management companies to play their business functions and resource allocation mechanisms; Otherwise, in promoting the operation of state-owned capital, it is likely to be interfered by many non-market factors, which will lead to the failure to achieve the expected goal smoothly.
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