First of all, it briefly reviews the evaluation of domestic financial non-performing assets.
1999, the State Council approved the establishment of four asset management companies to handle about130 billion financial non-performing assets divested from the four major state-owned commercial banks. Asset management companies quickly carry out asset disposal around the overall goal of preventing and resolving financial risks and supporting the reform of state-owned enterprises. At that time, asset management companies received assets from commercial banks according to book value, and did not evaluate them in the process of asset divestiture. The difficulty of immediate asset disposal is asset pricing. Asset appraisal pricing plays a very important role in reasonably determining the disposal price of assets, assessing the disposal performance of asset management companies, preventing the loss of state-owned assets and preventing moral hazard in asset disposal, which has aroused great concern from regulatory authorities, all sectors of society and asset companies.
In order to do a good job in asset disposal evaluation, asset management companies and evaluation industries have made a lot of positive explorations. On the basis of summing up various experiences, the Ministry of Finance issued the Measures for the Administration of Asset Disposal at the end of 2000, which put forward the principle requirements for asset disposal evaluation, and then issued a series of management regulations, which played an extremely important role in standardizing the asset disposal evaluation of asset management companies. The Ministry of Finance also organized experts to refer to the practices of relevant banks and put forward a discount method for the present value of non-performing assets. The People's Bank of China and other regulatory authorities introduced internationally renowned financial consulting companies, and put forward expert opinions on the operation system of asset management companies, including evaluation and pricing. Asset management companies and evaluation agencies have also made a lot of useful attempts in the evaluation methods and technologies of non-performing assets. Cinda Asset Management Company hired internationally renowned institutions in the early days of its establishment, selected some projects for evaluation, and explored the evaluation methods of non-performing assets. Great Wall Asset Management Company invited experts from the appraisal industry to study and put forward the method of hypothetical liquidation in the appraisal of non-performing assets. Huarong Asset Management Company hired an international financial consultant to conduct due diligence and evaluation on the publicly invited asset packages in accordance with international practice, and tried to evaluate the packaged assets. In the process of accepting the entrustment, various evaluation institutions have practiced and explored DCF method, case comparison method and Delphi method. The above work provides a good practical basis for formulating the Guiding Opinions on the Evaluation of Non-performing Financial Assets (Trial).
Second, the analysis of the difficulties in the evaluation of financial non-performing assets
The evaluation of financial non-performing assets includes creditor's rights evaluation, equity evaluation and property right evaluation. Among them, equity evaluation and real right evaluation can implement the relevant national norms in principle, and the difficulty of non-performing assets evaluation is the evaluation of creditor's rights assets, which has obvious characteristics compared with general asset evaluation: the core of creditor's rights evaluation is the solvency of enterprises; The evaluation of creditor's rights is based on the evaluation of assets owned by enterprises. Because debtors can't cooperate, it is often difficult to obtain the basic information of evaluation. Because it is a bad debt, a large number of "three noes" enterprises and cancelled enterprises have no basic evaluation data, so it is difficult to carry out evaluation; Involving government departments, institutions, military industry and secret-related enterprises, which do not meet the basic conditions for assessment; The solvency of enterprises depends on the assets and operating conditions of related parties such as enterprises and guarantors, and is also influenced by many complex factors such as government will, social stability, employee placement, repayment willingness and so on. These characteristics determine that the evaluation of creditor's rights assets is essentially different from that of general assets, and the evaluation difficulty is greatly increased.
In asset disposal business, the debtor or guarantor does not cooperate or can't find it, so it is difficult to collect the basic information of evaluation. In many cases, it is impossible to evaluate the creditor's rights assets due to conditions. For example, the amount of non-performing loans and factual non-performing loans is small, the number of households is large, and the distribution is extremely scattered. The enterprise is seriously insolvent, on the verge of bankruptcy, or has been shut down, bankrupt or closed down, or belongs to the "three noes" enterprise. Most of them can't find the basic information of evaluation, or the enterprises don't cooperate and don't have the basic conditions for evaluation, so they can't carry out evaluation. The evaluated unit is an administrative institution (military enterprise, social organization), which does not meet the basic conditions of evaluation and cannot be evaluated according to the existing norms. The amount of some creditor's rights projects is small, accounting for a small proportion of corporate liabilities. However, the assessed enterprise has huge assets, or there are many subordinate enterprises and branches. If the assessment is very difficult, it does not conform to the principle of cost-effectiveness. If it is not evaluated, it is suspected of violating the rules. In addition, many creditor's rights evaluation involves debtors, guarantors and other parties, and most guarantors cannot evaluate without cooperation. Even if they cooperate with the assessment, the amount of assets involved is relatively large and the cost is high, which is not in line with the principle of cost-effectiveness.
Because there is no special standard for the evaluation of non-performing assets, the evaluation method of creditor's rights is not uniform, the evaluation procedure is not clear, the report format is difficult to standardize and the evaluation results are difficult to use. On the one hand, this situation greatly increases the difficulty of evaluation and management of asset management companies, on the other hand, it reduces the standardization and credibility of evaluation reports, and also leads to the problem of false evaluation and evaluation for evaluation's sake. At the same time, it also greatly increases the supervision difficulty of the regulatory authorities on evaluation and pricing, and there are differences with asset management companies on many project evaluation issues.
Three. Significance of "Guiding Opinions on Evaluation of Non-performing Financial Assets"
Under the direct organization and leadership of China Assets Appraisal Association, with the support of the Ministry of Finance, China Banking Regulatory Commission and other regulatory authorities, and through the joint efforts of experts from appraisal associations, appraisal industries and asset management companies, the Guiding Opinions on Financial Non-performing Assets Appraisal was completed. This opinion is the first professional standard opinion of non-performing assets evaluation in China, which has standardized and innovated the financial non-performing assets evaluation business in many aspects. It will play a very important role in standardizing the appraiser's appraisal behavior, ensuring the quality of practice and safeguarding the public interests. At the same time, it will also play an important role in standardizing the evaluation and management behavior of asset management companies and clarifying the regulatory standards for asset evaluation.
The opinion divides the evaluation of financial non-performing assets into two forms: value evaluation and value analysis, and stipulates the application scope of the two methods; Based on the complexity of the object of non-performing assets evaluation, the opinion stipulates the assumptions and restrictions of the evaluation; According to the characteristics of non-performing assets, the concept of different value types and the problems that should be paid attention to in use are put forward for the first time. These regulations are in line with the characteristics of non-performing assets evaluation and make the evaluation behavior closer to the actual disposal of non-performing assets. These facts will greatly enhance the role of the appraisal industry in the pricing of non-performing assets.
The opinion stipulates the business of value evaluation and value analysis, including the selection of value types and evaluation methods, the acquisition of evaluation data and the requirements of evaluation procedures. , and provides for information disclosure. At the same time, the technical framework of creditor's rights value analysis and the content and format of creditor's rights value analysis report are provided for certified appraisers to follow when carrying out appraisal business, which has strong operability.
The Opinions stipulates the responsibilities and obligations of the client from another angle, requiring asset management companies to understand the assumptions and limitations of the evaluation, the value types of the evaluation, the constraints in the evaluation, the reference function of the evaluation results and the correct understanding and use of the evaluation report when entrusting the evaluation and using the report. At the same time, the Opinions provide objective standards for the regulatory authorities to supervise the disposal of assets, which is conducive to the supervision of asset management companies' evaluation and pricing.
Fourth, further improve the evaluation of financial non-performing assets.
First, pay attention to accumulating experience, and establish and improve the operational basis of non-performing assets evaluation methods. Various asset management companies have accumulated a large number of cases of handling financial non-performing assets in their years of practice. These cases reflect the general law of the value of non-performing assets and are valuable resources for the financial industry and appraisal industry. It is suggested to establish a non-performing assets evaluation database, collect and sort out cases of financial non-performing assets disposal, analyze the influence of various disposal factors on asset value by mathematical statistics analysis, and establish a reasonable and standardized evaluation parameter system, so as to provide practical operational basis for evaluation methods such as transaction case comparison method and reasonably reflect the influence of market mechanism on asset value.
Second, pay attention to finding the real market value of non-performing assets in the evaluation, truly serve the disposal, and improve the status and role of evaluation in asset disposal. In the past policy disposal business, asset evaluation played an effective role in preventing the loss of state-owned assets and moral hazard. After the commercial transformation of various asset management companies, the pricing function of asset appraisal will be given higher expectations and requirements. The complexity and diversity of the disposal objects of financial non-performing assets increase the difficulty and risk of enterprise decision-making. As the central link of pricing, how to make the evaluation results more in line with the actual disposal and closer to the market value is an important topic in the next evaluation practice. The Guiding Opinions on the Evaluation of Non-performing Financial Assets provides more diverse evaluation methods and a wider range of value types, provides strong technical support and basis for evaluation practice, and is conducive to improving the quality and efficiency of evaluation services.
Third, pay attention to the influence of non-financial factors on asset evaluation and pricing. There is often a big gap between the evaluation and disposal practice based on financial data in practical work, mainly due to the influence of non-financial factors. The value of non-performing financial assets is not only affected by the debtor's own financial situation, but also considers many factors such as employee placement, social stability, willingness to pay debts, social credit, economic development and so on. According to the current technical methods, the impact of these non-financial factors is difficult to quantify and reflect in the evaluation results. Appraisers should pay attention to accumulate experience in this field in specific evaluation time, and constantly supplement and improve the evaluation technical system.
The fourth is to extend the service field, carry out the evaluation practice in the field of wholesale disposal, and integrate with international practice. The business of asset management companies continues to develop, and more assets need to be packaged or wholesale. With the reform and opening up of the financial market, asset management companies are facing more commercial acquisitions by other commercial banks.