自 2008 年以来，我国经济下行压力大，不良资产规模逐渐呈增长态势，不 良资产行业恰逢其时。在巨大的市场机遇面前，不良资产行业的竞争也日趋激烈， 正逐渐形成“4+2+N+银行系”的竞争格局。“4”指的是四大国有资产管理公司； “2”指的是基于银保监会的相关规定，每省最多可设两家地方性资产管理公司 （最新的监管政策允许确有需求的省份如浙江，设立三家地方性资产管理公司）， 系文章所研究之重点；“N”代表的是国内未持牌的资产管理公司，主要参与二 级市场和三级市场，收购持牌资产管理公司的不良资产包或单个不良资产。近年 来，我国监管机构鼓励各省成立地方性资产管理公司，并逐步开放牌照，为的就 是支持并鼓励地方资产管理公司在区域内不良资产市场有所作为，积极参与各省 不良资产的收购与处置，化解金融风险，稳定地方经济，促进发展。长达资产管 理公司作为甘肃省第二家地方性资产管理公司，自成立至今，不良资产业务方面 有所发展，但同时存在相应问题，这其中包括不良资产业务战略定位不明确、不 良资产业务及投资类业务能力不足、企业缺乏完善的激励制度和体系、风险控制 和人力资源等后台职能部门制度和流程有待建立等等。如果不能及时找到出路和 答案，近则威胁到企业本身的生存发展，远则阻碍其战略使命的实现。面对复杂 多变的内外部环境，如何使得长达资产管理公司的不良资产业务不仅可以应对市 场同业的激烈竞争，并在竞争中立于不败之地，是目前长达资产管理公司的重要 议题。 本文通过对长达资产管理公司所处的外部环境和内部环境分析，得到其所面 临的机遇大于威胁，整体优势大于劣势，企业可以进一步扩大发展，提高业内影 响力，“自我修炼”，提升竞争力。运用 SWOT 矩阵分析制定备选竞争战略，输 入 QSPM 矩阵进行定量选择分析，得出长达资产管理公司应优先选择差异化竞争 战略予以实施。在设定了差异化竞争战略目标后，针对目标分解，落实实施细节 和实施保障控制措施，确保差异化竞争战略正常、有序、有效实施，助力长达资 产管理公司在不良资产行业中持续发展、壮大。 关键词：长达资产管理公司，竞争战略，差异化战略II RESEARCH ON THE COMPETITIVE STRATEGY OF NON-PERFORMING ASSET BUSINESS OF CHANGDA ASSET MANAGEMET COMPANY Abstract Since 2008, China's economy has been under great downward pressure, and the scale of non-performing assets has been growing gradually. The non-performing assets industry is just in time. In the face of enormous market opportunities, the competition in the non-performing assets industry is becoming increasingly fierce, and the competition pattern of 4 + 2 + N + banking system is gradually formed. 4 refers to the four major state-owned asset management companies; 2 refers to the establishment of up to two local asset management companies in each province based on the relevant provisions of the Banking and Insurance Regulatory Commission (the latest regulatory policies permit the establishment of three local asset management companies in provinces with real demand, such as Zhejiang), which is the focus of the article; N represents the domestic unlicensed asset management companies. It mainly participates in secondary and tertiary markets, purchasing NPAs of licensed asset management companies or single NPAs. In recent years, China's regulators have encouraged provinces to set up local asset management companies and gradually open their licences in order to support and encourage local asset management companies to do something in the regional non-performing asset market, actively participate in the acquisition and disposal of non-performing assets in provinces, defuse financial risks, stabilize local economy and promote development. As the second local asset management company in Gansu Province, Changchang Asset Management Company has developed its non-performing assets business since its establishment, but at the same time there are corresponding problems, including unclear strategic positioning of non-performing assets business, inadequate ability of non-performing assets business and investment business, lack of perfect incentive system and system, risk control and human resources, etc. Background functional department system and process need to be established and so on. If we can't find the way out and answer inIII time, it will threaten the survival and development of the enterprise itself in the near future, and hinder the realization of its strategic mission in the long run. Faced with the complex and changeable internal and external environment, how to make the non-performing assets business of long-term asset management company not only cope with the fierce competition in the market, but also remain invincible in the competition is an important issue of long-term asset management company. Based on the analysis of the external and internal environment of Changda Asset Management Company, this paper finds that the opportunities it faces are greater than threats, and the overall advantages are greater than disadvantages. Enterprises can further expand their development, improve the influence of the industry, self-cultivation and enhance their competitiveness. SWOT matrix analysis is used to formulate alternative competition strategy, and QSPM matrix is input for quantitative selection analysis. It is concluded that Changda Asset Management Company should give priority to differentiated competition strategy for implementation. After setting the target of differentiated competition strategy, according to the target decomposition, implement details and implement safeguard control measures, ensure the normal, orderly and effective implementation of differentiated competition strategy, and help the long-term asset management company to develop and grow in the non-performing assets industry. Keywords ： Changda Asset Management Company,Competition Strategy,Differentiated StrategyIV 目 录 中文摘要......................................................................................................I Abstract....................................................................................................II 第一章 引言................................................................................................1 1.1 研究背景与意义.............................................................................................1 1.1.1 研究背景..............................................................................................1 1.1.2 研究意义..............................................................................................2 1.2 研究内容与方法.............................................................................................3 1.2.1 研究内容..............................................................................................3 1.2.2 研究工具与方法..................................................................................4 第二章 理论基础........................................................................................7 2.1 竞争战略相关理论.........................................................................................7 2.1.1 波特竞争战略理论..............................................................................7 2.1.2 波特五力模型......................................................................................8 2.1.3 企业外部环境分析..............................................................................9 2.1.4 企业内部环境分析............................................................................10 2.2 国内标杆企业分析.......................................................................................11 2.2.1 国厚金融资产管理股份有限公司....................................................11 2.2.2 陕西金融资产管理股份有限公司....................................................12 2.2.3 重庆渝富资产经营管理集团有限公司............................................12 第三章 长达资产管理公司不良资产业务战略环境分析.....................15 3.1 长达资产管理公司现状...............................................................................15 3.1.1 长达资产管理公司的成立................................................................15 3.1.2 长达资产管理公司治理结构............................................................18 3.1.3 长达资产管理公司的业务发展情况................................................19V 3.1.4 长达资产管理公司业务目前存在的问题及原因....