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LM公司不良资产处置策略研究
摘 要
近年来，我国传统行业的企业生产力革新能力日趋缓慢。钢铁、水泥、煤炭、
玻璃、石化、石油、有色金属等行业亏损面近80%，产业利润大幅下降，产能严重
过剩，大批量传统企业面临资金周转困难、债务负担沉重等问题，逐渐沦落为“僵
尸企业”。为了让企业能够再次正常运转，脱离困境，可以采取传统的破产重组
方式，然而却不能够从根本上改变公司的产业结构，也不能够将它的创造能力真
正激发出来，进而实现盈利与不断发展壮大的目标；相反，传统的处理手段比如
打折减债、展期降息等，可能会给企业带来不良资产的坏账等金融风险。因此，
通过供给性改革调整供求结构，实现去产能化、降杠杆的目标，已势在必行
本研究以LM公司为研究对象，以文献分析,比较分析以及实地调研等方法为
基础,旨在通对不良资产的特殊性研究，对其的不同种类不良资产进行辨别分析，
为相关企业提供应对因国际经济化危机，国家宏观调控，等非主观原因导致的不
良债务可行的处置应对策略
本研究基于当前不良资产处置的背景，对不良资产的相关理论进行了梳理
结合通过对LM公司的不良资产形成的原因进行分析，结合LM公司实际进入处置
过程中遇到的盲点及阻碍得出当前LM公司面临的困境。同时针对LM公司目前采
取的处置模式，进行总结，提出不良资产的处置应当遵循的基本原则及提炼针对
LM公司处置模式的优化策略
通过研究发现LM公司之前主要采取了折价变现、挂牌拍卖、破产清算和协议
转让的处置方式，在实际操作中确实存在着一些问题。本文认为通过市场化“债
转股”，引入现金流的模式是LM公司重新步入正常生产经营轨道的主要手段
关键词：不良资产；LM公司；处置策略
研究类型：专题研究
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Abstract
The innovation capability in the traditional industries has been decreasing all over
China in recent years. The negative profits occurred in over 80% majority sectors such
as Iron and steel, cement, coal, glass, petrochemical, petroleum, non-ferrous metals
and other industries. The fact is that the industry's profits fell sharply, the production
capacity was severely oversupplying, and large-volume traditional enterprises faced
difficulties in capital turnover and heavy debt burdens. The conventional ways of
bankruptcy and reorganization can temporarily help enterprises get rid of the
predicament and in operation. However, they cannot fundamentally stimulate the
company's innovation, industrial restructuring, and upgrading, and restoration of
sustainable operations and profitability. Instead, some traditional strategies such as
debt reduction by discounting, interest rate cuts, might bring financial risks such as
bad debts of non-performing assets. Therefore, it is necessary to adjust the supply and
demand structure through supply reforms to achieve capacity reduction and leverage
reduction.
This study takes LM company as the research case. By applying literature analysis,
comparative analysis, field surveys and other methods, the objective of this study is
aimed at identifying the characteristics of non-performing assets, discriminating and
analyzing different types of non-performing assets, and providing relevant solutions
toward the situations of international economic crisis, country's macro-control, and
other non-subjective causes of bad debts.
Based on the current background of disposal of non-performing assets, the study
reviewed the relevant theories of non-performing assets. Combined with the causes
analysis of non-performing assets in LM Company, and the blind spots and obstacles
encountered in the actual entry and disposition of LM Company, this study indicated
the current dilemma faced by LM Company. Then, a comprehensive summary showed
the current treatment modes adopted by LM, and some basic principles and strategies
were provided in dealing with non-performing for LM Company.
The finding indicated that there are several issues in current strategies for dealing
with non-performing assets in the LM company by adopting discounted price, listing
auctions, bankruptcy liquidation. This study believes that the introduction of cash flow
model through market-based “debt-to-equity swap” is the principal strategy for LM
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company to return regular production and operation.
Keywords: bad assets; LM company; disposal strategy
Research types: Thematic Study。