随着国有企业改革不断深入，大量企业的不良资产开始显现，这不仅阻碍了我国国 有企业的改革进程，而且也影响着中国经济健康稳定地发展。为此，各级政府正逐渐完 善国有资本管理机制及创建投资运营平台，并通过降低不良资产行业壁垒，陆续成立地 方资产管理公司等方式保全、盘活国有资产。 在此形势下，本文以JT公司在不良资产处置中面临的问题和困难为切入点，对国 有企业不良资产界定及国外不良资产处置模式差异化进行研究，探讨不良资产处置过程 中影响和制约其有效处置的关键性因素，寻求国有不良资产处置问题的方法，提出相应 的具体对策和进一步优化设想，以期对国有企业处置不良资产提供可供选择的处置方 案。 本文首先阐述论文的研究背景、实际意义以及研究目标等。其次，对国内外不良资 产处置进行概述，通过对国外不同资产管理公司的现行不良资产处置方式进行分析和比 较，以期得出若干对JT公司在处置方面的有益经验和启示。再次，以JT公司为研究对 象，分析JT公司在采用债务重组、拍卖出售及法律诉讼方式处置不良资产过程出现的 困难、原因，以期找出影响和制约不良资产有效处置的关键因素。最后根据对JT公司 化解不良资产处置问题的具体对策进行研究，探索国有不良资产处置方法，以达到盘活 和提升国有企业存量资产，最大限度回收资产，国有资产保值增值等目的。 根据论文分析，JT公司在处置过程中要合理选择有效方式和谈判策略，并采用合适 的评估机构和方法使不良资产价值具有公允性、准确性，降低处置过程的各项风险，防 止资产进一步贬值和流失。同时，国有企业还要承担责任，建立健全各项制度，形成有 效激励与约束机制，加快处置进度，并通过推进不良资产市场化、利用资产重组盘活资 产价值、利用“互联网+”平台处置等方式拓宽处置渠道，优化JT公司处置方式，达到 处置效率和回收效益最优化的目的。 关键词：不良资产；处置方式；资产管理 1 Abstract With the continuous deepening of state-owned enterprise reform, non-performing asset of numerous companies have cropped up. This has not only impeded the progress of China’s state-owned enterprise reform, but also affected the sound and steady development of China’s economy. Therefore, governments at various levels are gradually perfecting the state-owned capital management mechanism, creating investment operation platforms, and establishing local asset management companies through reducing industry barriers of non-performing assets to preserve and revitalize state-owned asset. Under such circumstances, this paper starts from the problems and difficulties facing JT Company in handling non-performing asset and studies the definition of non-performing asset in state-owned enterprises and differentiated overseas models in handling non-performing asset. The paper has also discussed critical factors affecting and impeding the effective handling of non-performing asset, sought for ways to handle non-performing asset in JT Company properly, put forward corresponding improvement strategies and optimized innovation design to solve such problems, and offered alternative proposals to handle non-performing asset in state-owned enterprises. First of all, the paper introduces the research background and its practical significance, offers an overview of relevant theories on non-performing asset, and defines non-performing asset. Then, taking JT Company as its research object, the paper analyzes difficulties, reasons and solutions in the process of handling non-performing asset by JT Company and finds out critical factors affecting and impeding the effective handling of non-performing asset. Moreover, the author has analyzed and compared ways of handling non-performing asset in different overseas asset management companies to obtain helpful experience and inspiration for JT Company to handle such asset. Finally, through studying JT Company’s problems in handling non-performing asset, the author has offered innovative ways of exploring ways to handle non-performing asset for the purpose of revitalizing and increasing the stock asset of the company, maximally recovering its asset, and maintaining and increasing the value of state-owned asset. Based on thesis analysis, JT Company shall properly select effective methods and negotiation strategies for the disposition process, and employ a suitable evaluation organization and methods to achieve fairness and veracity of its non-performing asset value, to reduce risks related with the disposition process and to prevent further depreciation and loss of its assets. Besides, a state-owned enterprise shall assume responsibilities, establish 2 sound systems, form effective incentive and constraint mechanisms, accelerate disposition progress, expand disposition channels via advancing marketization of non-performing assets, utilizing asset restricting to vitalize asset values and utilizing the mode of “Internet+” platform-based disposition, and therefore achieve the goal of optimizing disposition efficiency and recycle benefits. Key Words: non-performing asset; handling way; asset management. 3 目 录 摘要 ..................................................................................................................................... I Abstract ................................................................................................................................. II 目 录 .................................................................................................................................. IV 第一章 绪论 ..........................................................................................................................7 1.1 研究背景 ......................................................................................................................7 1.2 研究意义 ......................................................................................................................8 1.3 研究目标 ......................................................................................................................9 1.4 研究内容及拟解决的关键问题 ...................................................................................9 1.5 研究方法 ......................................................................................................................9 第二章 国内外不良资产概述 ............................................................................................. 11 2.1 国有企业不良资产概述 ............................................................................................. 11 2.1.1 国有企业不良资产含义及成因 .......................................................................... 11 2.1.2 国有企业不良资产特征 ...................................................................................... 14 2.1.3 国有企业不良资产分类 ...................................................................................... 14 2.1.4国企不良资产的处置必要性 ............................................................................... 15 2.2 国外不良资产处置概述 ............................................................................................. 16 2.2.1 不良资产相关理论 .............................................................................................. 16 2.2.2 资产管理机构研究 .............................................................................................. 17 2.1.3 不良资产处置模式及手段 .................................................................................. 18 2.1.4 国外不良资产管理公司处置方式 ....................................................................... 18 2.3 国有不良资产处置研究 ............................................................................................. 23 2.3.1 国外不良资产处置启示 ...................................................................................... 23 2.3.2 国有不良资产处置原则 ...................................................................................... 24 2.4 本章小结 .................................................................................................................... 26 第三章 JT公司不良资产处置现状与问题 ......................................................................... 27 3.1 JT公司成立背景及主营业务种类 ............................................................................. 27 3.1.1 不良资产的处置现状 .......................