In the future, financial asset management companies should use investment banking concepts, tools, and models to manage non-performing assets, and actively participate in operations through innovative methods such as debt restructuring, industry-finance integrated funds, market-based debt-to-equity swaps, non-performing asset securitization, and "Internet +". Discover assets that are temporarily undervalued due to information asymmetry, and graft the capital market to enhance their intrinsic value
As the "firewall" of financial risks, my country's financial asset management companies have played an important role in resolving financial risks, maintaining financial stability, and rescuing problem companies through the disposal of non-performing assets.
When investigating, the reporter found that in the context of the continuous deepening of the current supply-side structural reforms and the solid progress of "three removals, one reduction and one supplement", the disposition of non-performing assets is constantly innovating. A series of innovative models such as debt restructuring, market-based debt-to-equity swaps, industry-finance integrated funds, non-performing asset securitization, Internet + non-performing asset disposal, etc. continue to emerge, expanding the channels for non-performing asset disposal.
From "three hits" to "three heavy"
The traditional non-performing asset disposal model is known as the "three strikes", that is, "discount, package, and litigation." However, these models can no longer fully adapt to the market environment in the new era, and it is imperative to transform and upgrade to a "triple".
What is "triple"? That is to realize the rebirth of the enterprise through "reorganization, reorganization, and reconstruction". Many people in the industry said that the "triple" is an effective model for the disposal of non-performing assets at present and for a period of time in the future.
"The market-based clearing of excess capacity, the effective disposal of'zombie companies', and the transformation and upgrading of traditional industries all require asset restructuring, corporate restructuring and even industry restructuring to resolve the mismatch between supply and demand in existing resources." China Orient Assets Said Deng Zhiyi, deputy secretary of the Party Committee of the Management Co., Ltd.
The so-called "restructuring" refers to helping companies repay their debts through debt restructuring, asset repayment, asset sales, and equity transfers. Among them, the debt restructuring model is conducive to accelerating the realization of resource integration and crisis relief, so it is quite favored by the industry.
In the debt restructuring model, first, according to the actual situation of the debtor, negotiate and modify the original debt settlement terms, such as adjusting the debt amount, maturity, interest rate and guarantee method, and then the debtor repays the principal and interest according to the terms of the new restructuring agreement.
On this basis, we can also adopt methods such as combining industry and finance, introducing well-known brands and professional management teams, additional capital investment, and business coordination to enrich the connotation and methods of debt restructuring, and revitalize non-performing assets.
The so-called "reorganization" generally refers to the use of statutory reorganization procedures to uniformly expose all debts, freeze and lock all assets, and according to the assets and liabilities, sell, divest, operate or increase the value of assets to maximize the value of assets. Thus, all debts can be completely resolved in one package.