文/林石 张晓水

Article/LinShi ZhangXiaoShui

　　2009年，四大资产管理公司十年大限到期，生存还是死亡，当时是它们的问题。现如今，四大资产管理公司俨然成了暴利行业。仅今年上半年，四大资产管理公司利润就达110亿元，它们的这个赢利水平也开始步被人们诟病为“暴利”的商业银行的后尘。

In 2009,,Four asset management company ten years due time,To live or to die,At that time is their problems.nowadays,Four asset management companies peremptory become windfall industry.Only in the first half of this year,Four asset management companies profit reached 11 billion yuan,Their the profit level also began to step for by people for"profits"Commercial bank's footsteps.

　　然而，就像人们不看好商业银行的未来一样，业内人士同样认为资产管理公司的赢利不可持续。资产管理公司赢利的来源主要是中国4万亿元的刺激政策所引发的企业融资饥渴症。随着大规模基础设施投资建设的止步，中国宏观经济的进一步下滑，四大资产管理公司的业务很可能遭遇瓶颈。

however,Just like people don't value of commercial Banks as well as the future,The personage inside course of study also believes the asset management company's profit unsustainable.Asset management companies main sources of profit is China's 4 trillion yuan stimulus policy which caused by the enterprise financing is very hungry.Along with large scale infrastructure investment construction of walking,China's macro economy from falling further,Four asset management company's business is likely to encounter bottlenecks.

　　资产管理公司商业化转型后，在混业经营的政策庇护之下，激进的经营风格已经埋下了隐患，一旦遇上宏观经济的持续下滑，流动性持续收紧，金融控股公司模式将经受较大的风险考验。

Asset management companies commercialization after transformation,In the mixed management policy under the shelter,Radical management style has the hidden trouble,Once in macroeconomic continue to decline,Liquidity continue tightening,Financial holding company model will undergo large risk test.

　　一位金融业资深人士这样评价近几年资产管理公司的转型，他说，资产管理公司利润翻番的根源不过就是利用了央企的特殊地位、垄断性的金融资源牌照而已，其实际的市场经营能力与其赢利水平无法匹配。

A senior personage such financial evaluation in recent years the transformation of asset management companies,He said,Asset management companies profit double the number of root but is to use the renmin special status/Monopolistic financial resources licence only,The actual market operation ability and its profit level can't match.

　　信达地产(600657,股吧)困局 Cinda real estate(600657,guba)this

　　7月29日晚，央企信达地产（600657）发布公告称，7月27日，公司以8.93亿元夺得上海松江区一宗住宅地块，溢价率为40%，折合楼面价7022元/平方米。公告显示，当天信达地产全资子公司上海信达银泰置业有限公司、上海信达立人投资管理有限公司组成联合体，通过现场竞买方式取得上海市松江区“国际生态商务区”15-2地块，最终成交总价为89300万元。

July 29 night,Renmin cinda real estate(600657)Releases announcement to say to,July 27,,The company with 893 million yuan, songjiang district of Shanghai won a Pope residential block,Premium rate is 40%,Reduced floor price 7022 yuan/square meters.announcement,The day the real estate is a wholly owned subsidiary of the Shanghai silver Thai real estate co., LTD/Shanghai cinda made people investment management co., LTD., to form a consortium,Through the site of the ways to achieve the songjiang Shanghai"The international ecological business district"15-2 block,Final clinch a deal the price for 893 million yuan.

　　国际生态商务区15-2号地块是今年上海松江区推出的首块宅地。共有27家企业领取竞买申请书，其中9家提交了竞买申请，并最终参与了现场竞拍，其中便包括万科、金地、朗诗、农工商在内的众多知名房企。

The international ecological business district 15-2 block is this year, songjiang district of Shanghai launched the first piece of homestead.There are 27 enterprises get the application form for the bidding,The nine submit the application for bidding,And finally to participate in the auction,Among them was including vanke/Gold base/Lang poetry/The eco-industrial, many well-known enterprises room.

　　在高价拿地的同时，信达地产的业绩却正在大幅下滑。2012年第一季度信达地产的净利润872万元，而2011年这个数字是5.6亿元，净利润增长率是－90%；净资产收益率是0.14%，而去年年末这个数字是9.14%；净利润的现金含量是－5280万元，而2009 年年末这个数字是299万元。

In the high price to get at the same time,The performance of the real estate is a sharp decline.The first quarter of 2012 the real estate net profit of 8.72 million yuan,And in 2011 the figure is 560 million yuan,Net profit growth rate is 90%;Return on equity is 0.14%,And at the end of last year the figure is 9.14%;Net profit cash content is - 52.8 million yuan,And at the end of 2009 the number is 2.99 million yuan.

　　以上业绩在房地产行业整体遭遇寒冬的形势下，没有出乎人们的预料，不过信达地产最让人担心的还是其公司内部的管理。

Above results in the real estate industry under the situation of the whole experience winter,No beyond expectations,But the real estate the most worrying thing or the company's internal management.

　　不久前，信达地产投资者关系处的王先生离职。

Not long ago,The real estate investor relations in Mr. Wang exit.

　　他在离职前，向记者分析道，目前信达地产主要面临着三大困境：一是信达地产后于项目公司出现；二是项目公司在当地根深蒂固，各自为战；三是这是一家“强地方、弱总部”的企业。“由于信达地产的大部分资产属于承接自建设银行(601939,股吧)的不良地产资产，使得其项目布局凌乱，而不像一般专业开发商那样有条不紊地进行布局和积累，并且在项目规模上大小不一，感觉是在糊涂的发展。”

He before leave,To reporter analysis way,At present the real estate main faces three big trouble:One is the real estate project company after appear;The second is the project company in the local entrenched,Engage at will;Three is that this is a"Strong local/Weak headquarters"enterprise."Because the real estate most of the assets belongs to undertake since the construction bank(601939,guba)Bad real estate assets,Make the project layout messy,And unlike general professional developers that orderly layout and accumulation,In the project scale and size,Feeling is confused in the development."

　　由于国家调控房地产，财政部注资无望，而总公司过于保守稳健的风格，造成信达地产拿地也不够积极。“2010年6月到2011年6月，仅新增了一块土地。截至2011年12月31日，公司土地储备规划建筑面积约340.55万平方米，这在二线房企阵营中优势并不算大。”王先生说。

Due to national adjustment and control real estate,The ministry of finance capital injection hopelessness,And the company is too conservative robust style,Cause the real estate take the earth isn't aggressive enough."June 2010 to June 2011,The only a piece of land.As of December 31, 2011,The company land reserve planning construction area of about 3.4055 million square meters,In the second line room to camp advantage isn't big."Mr. Wang said.

　　另一个问题是，信达地产重组后遗症频频再现。2009年消化和清理资产后，信达地产在2010年进入了内部调整年。公司积极向万科、金地等公司学习标准化和信息化建设，加强集团管控，同时大力加强成本控制和城市与产品研究等。“但我们本身的背景比较复杂，转型要面对机构转型、业务转型、人员转型和思想转型等繁重又不可逾越的工作，还要面对剩余的资产处置难题，加上自身缺乏商业化经验，可以说困难重重。”王先生表示这些遗留问题让信达地产步伐过慢。

Another problem is,The real estate restructuring sequela reappear again and again.2009 years after digestion and clean up assets,The real estate in 2010 into the internal adjustment years.The company actively to vanke/Companies such as gold base learning standardization and information construction,Strengthen the group control,At the same time vigorously strengthen cost control and urban and product research and so on."But we own background is more complex,Transformation to face institution transformation/Business transformation/Personnel transformation and thought transformation etc heavy and insurmountable work,Also face the rest of the asset disposal problem,Add their own lack of commercial experience,Can say difficult."Mr. Wang said these legacy let the real estate slow pace.

　　“市场化意识不强，战略过于保守，土地储备并不充沛，所以我们很少关注信达地产。”7月16日，招商证券(600999,股吧)一位分析师在接受《新财经》杂志采访时表示。

"Market consciousness is not strong,Strategy is too conservative,Land reserve is not abundant,So we paid little attention to the real estate."July 16,,China merchants securities(600999,guba)An analyst in accepting[The new financial]Magazine interview said.

　　“信达地产不仅是一个样本，也是四大资产管理公司面临困境的缩影，包括人才与机制等方面的困境，可以说四大资产管理公司正处于寻找自己未来命运的过程之中。”信达银泰一位董事向《新财经》透露的这些问题表面上是看不出来的，而是潜在的危机。

"The real estate is not only a sample,Also four asset management companies face the epitome of dilemma,Including the talent and the plight of mechanism and so on,Can say four asset management companies looking for his future is in the process of fate."Cinda the intime a director to[The new financial]Said of these problems on the surface be to look not to come out,But the potential crisis.

　　华融信托“烽火” Wisewin trust"beacon"

　　从今年4月开始的江西赛维LDK公司债务危机把华融国际信托有限公司（以下简称“华融信托”）推上了火山口。

From April this year LDK LDK company debt crisis put wisewin international trust co., LTD(Hereinafter referred to as"Wisewin trust")Bolted the crater.

　　7月12日，江西省新余市人大常委会网站上披露，该市第八届人大常委会第七次会议审议通过市人民政府一份议案，将江西赛维LDK公司向华融信托偿还信托贷款的缺口资金纳入同期年度市人民政府财政预算。

On July 12,The jiangxi province xinyu NPC standing committee website disclosure,The city of the eighth National People's Congress standing committee for deliberation the seventh time by the municipal people's government a bill,Will LDK LDK company to repay the trust loans wisewin trust funds gap into the annual budget of the municipal people's government.

　　民营企业的亏损由政府埋单，这种做法在全国舆论界掀起了一场大讨论。反对者认为，一个民营企业的亏损由全体纳税人买单是不公平的，政府没有权力随便动用纳税人的钱，况且地方政府由于卖地收入锐减，宏观经济下行导致财政收入增速放缓，其资金链已经拉得非常紧。

The losses of private enterprises by the government buried single,This kind of practice in the national press circles set off a big discussion.Opponents say,A private enterprise losses by all the taxpayer to pay is not fair,The government has no right to use taxpayers' money,Besides local government due to the decrease of sale income,Macroeconomic descending lead to financial income growth is slowing,The fund chain has pull very tight.

　　但最终政府还是掏钱替赛维归还了华融信托的这笔信托资金，来自华融信托的5亿元借款于今年6月28日到期，这次还款依然是赛维借新还旧。华融信托的条件是新余市人民政府出具经市人大常委会会议审议通过的、将该贷款还款计划列入财政预算的相关文件，在赛维公司偿还本次信托贷款出现资金缺口的情况下，将资金缺口纳入年度财政预算，由市人民政府在财政预算内安排资金代为归还。

But in the end the government or pay for "d returned wisewin trust the trust capital,Wisewin trust from $500 million loan in June 28 maturity,The reimbursement is still "d borrow new also old.Wisewin trust condition is xinyu municipal people's congress standing committee issued by the people's government after deliberation by the session of through/Will the loan repayment schedule included in the budget of the relevant documents,In the "d company to repay the trust loans appear under the condition of the funding gap,The financing gap into the annual budget,By the municipal people's government in the financial budget arrangement for funds to return.

　　自此，华融信托算是躲过了一劫，但是信托公司经营的风险在这个事件中暴露无遗。

Since then,Wisewin trust is escaped the fire,But the risk of trust company business in this event completely exposed.

　　信托行业在此轮4万亿元刺激政策中得到了大发展，尤其是对房地产的严厉调控政策导致房地产很难从银行得到资金，于是给房地产公司融资就成了信托公司的最大业务来源。另外，商业银行为了扩大中间业务，取得资金，大规模通过信托公司发行理财产品，这也是近几年信托公司的一个赚钱来源。从2006年的3500亿元到2012年一季度的5.3万亿元，仅仅5年多的时间，信托业管理的资产规模增幅超过10倍。仿佛一夜之间，信托业成了众人羡慕的行业。

Trust industry in this round of 4 trillion yuan stimulus policy got great development,Especially for real estate strict control policy in real estate is difficult to get money from the bank,She gave the real estate company finance becomes the biggest source of business trust companies.In addition,Commercial Banks in order to expand intermediate business,Get funds,Mass through the trust company issuing financial products,This is the trust company in recent years a source of money.From 2006 yuan to 5.3 trillion yuan in the first quarter of 2012,Only five years of time,Trust business management of the asset scale growth more than 10 times.As if overnight,Trust industry have become all the envy of the industry.

　　但是，信托业的迅猛扩张，其中酝酿的风险已经开始暴露。

but,The rapid expansion of the trust industry,The risk of brewing has begun to exposure.

　　今年6月，中诚信托30亿元的矿产信托—中诚信托“诚至金开1号集合信托计划”出现兑付风险。该款信托计划成立于去年2月1日，募集规模达到了30.3亿元，其认购起点为300万元，存续期达3年，预期年化收益率为9.5%～11%，募集资金的目的是对山西振富能源集团有限公司进行股权投资。这个信托产品的风险不仅在于振富能源集团王平彦有着巨额的民间负债，而且在于信托产品对应的资产所属采矿权尚有较大争议。因此中城信托深陷兑付漩涡。

In June this year,Chengxin holder 3 billion yuan of mineral trust - chengxin holder"Honesty to gold open 1 set trust plan"Appear cash a risk.This trust plan was established in February 1, last year,Raising scale achieved 3.03 billion yuan,The subscription starting point for 3 million yuan,To 3 years during the,Expected annualised rate of return is 9.5% ~ 11%,The purpose is to raise funds to shanxi vibration rich energy group co., LTD. For equity investment.The trust is not only the risk of product of vibration rich energy group WangPingYan has huge civil liabilities,And trust products in the corresponding assets belongs to the mining right have a great dispute.Therefore midtown trust in cash a whirlpool.

　　信托公司的风险给四大资产管理公司也敲响了警钟，除了信达之外，其他三家都拥有信托公司，其业务近几年也发展很快，因此有理由认为资产管理公司下属信托业务的风险也不容小觑。

The risk of trust companies to four asset management companies also was a wake-up call,In addition to the outside,The other three have trust company,Its business in recent years and develops very quickly,So there is reason to think that asset management company subordinate trust business risk also not allow small gaze.

　　超常规发展 Supernormal development

　　成立于1999年的四大资产管理公司，是以央行再贷款和定向发行金融债的方式，对口承接了工、农、中、建四大国有银行的巨额不良资产，总计接收了1.4万亿元不良资产。四家资产管理公司从央行获得6041亿元再贷款，又对四大国有银行及国家开发银行共发行8110亿元金融债券，由财政部担保，期限均为10年。

Founded in 1999, four asset management companies,Based on the central bank reloan and directional issued financial bond way,To mouth to undertake the work/agriculture/in/To build four big state-owned bank's huge bad assets,Total received 1.4 trillion yuan bad assets.Four asset management companies from the central bank obtain 604.1 billion yuan reloan,And the four major state-owned Banks and national development bank issued a total of 811 billion yuan financial bonds,By the ministry of finance guarantee,Term are for 10 years.

　　2004年，为配合国有银行股改上市，在第二次大规模不良资产处置时，央行向资产管理公司再次提供了为期5年的6195亿元再贷款，用于收购中、工、建、交等银行的可疑类贷款，并明确要按实际中标价格偿还本息，超过部分由央行停息挂账。这部分再贷款的归还已延期至2012年。

In 2004,,To cope with the state-owned Banks listed on the other,In the second large scale when non-performing assets disposal,The central bank to asset management company provides again five years of 619.5 billion yuan reloan,Used for acquisition/work/built/Intersection of bank's suspicious kind of loan,And clearly to repay the principal and interest according to the actual price,The exceeded part by the central bank credit cease.This part of the restitution of refinancing has been put off until 2012.

　　2010年7月，中国信达资产管理股份有限公司正式在京挂牌成立，标志着我国金融资产管理公司商业化转型试点正式启动。同时，财政部成为100%持股的唯一股东。

In July 2010,China cinda asset management co., LTD. Was established in Beijing officially listed,Marks China's financial assets management companies commercial transformation pilot official start.At the same time,The ministry of finance become the only shareholders holding 100%.

　　信达公司复制工行财务重组的模式，与财政部共设“共管账户”，将信达历史上形成的2000多亿元巨额挂账损失剥离至此账户，存续时间初定为10年。

Our company copy icbc financial restructuring mode,With a total of the ministry of finance"Condominium account",Will the history of the formation of more than 2000 yuan huge credit loss stripping now account,At the beginning of the existence of the time for 10 years.

　　信达公司董事长田国立还表示，信达将适时引入战略投资者，择机在境内外整体上市。在此之前，建设银行高层就曾经在公开场合向信达抛出“橄榄枝”，表达过入股信达的兴趣。

The company President TianGuoLi also said,Our timely introduced strategic investors,The overall listing both at home and abroad.Before this,Construction bank high-rise once in public thrown to the"Olive branch",Expressed interest in linkage.

　　信达的这个转型路径正在被华融复制，其他两家资产管理公司也将参考以上路径。

We the transformation path is being wisewin copy,The other two asset management companies will also reference path above.

　　华融资产管理公司董事长赖晓明介绍资产管理公司经验时提到了两点，一是大客户战略，二是金融控股集团战略。他说，2011年一年他飞了33.8万公里，每个办事处主任都是首席营销官，到处找米下锅。

Huarong asset management company chairman LaiXiaoMing introduce asset management company experiences mentioned two points,One is the big customer strategy,The second is financial holding group strategy.He said,In 2011 a year he fly 338000 km,Each office director is chief marketing officer,Looked everywhere for cooking rice.

　　作为以前中国人民银行的官员，赖晓明利用人行和银监会的人脉资源，增加大型客户，跟17个省签订了战略合作协议。华融的客户有五大类：各级政府、央企、金融机构、中小企业、境外机构等。

As the people's bank of China before the officials,LaiXiaoMing use pedestrian and regulator's human resources,Increase large customer,With 17 provinces signed a strategic cooperation agreement.Wisewin customers have five big class:Governments at all levels/renmin/Financial institutions/Small and medium-sized enterprise/Overseas institutions, etc.

　　而在金融控股集团战略方面，他说，华融已经组建了6个公司，包括华融湘江银行、华融渝富资产管理、华融期货、华融地产、华融证券和华融信托。

And in financial holding group strategy,He said,Wisewin has formed six company,Including wisewin xiangjiang river bank/Wisewin chongqing rich asset management/Wisewin futures/Wisewin real estate/Wisewin securities and wisewin trust.

　　他认为，资产管理公司做金融控股集团的一个优势是多牌照，以资产管理公司为主导，比较独特，优势是可以更贴近市场，打业务组合牌。但是目前的问题是没有上位法，也就是《金融控股公司法》，全而不大，小而不强，管而不矩，各个子公司都有不同的金融监管机构，这容易形成政出多门，让子公司无所适从。

He thinks,Asset management companies do financial holding group is one advantage of many licence,To asset management companies as the leading factor,Is unique,Advantage can be more close to the market,Business combination play CARDS.But the problem is not ShangWeiFa,is[Financial holding company law],Full and not,Small and is not strong,Tube without moment,Each subsidiary has different financial regulators,This easy to form government out of many,Let subsidiary at loose ends.

　　警惕金控转型 Alert gold control transformation

　　 如何商业化转型，四大资产管理公司不约而同选择了金融控股集团模式。然而，很少有人思考金融控股集团模式可能带来的风险。

How to commercial transformation,Four asset management companies to choose the financial holding group model.however,Few people think about financial holding group model risks that may be caused by.

　　早在“十年大限”到来之前，四大资产管理公司就通过一系列收购，将其触角涉及证券、银行、信托、金融租赁、基金等诸多领域。这些金灿灿的牌照，已经成为它们主要的利润来源。四大资产管理公司的高管曾多次公开表示，它们转型的方向就是金融控股集团。

As early as in"Ten years time"Before the arrival of,Four asset management companies through a series of acquisitions,Will the antenna involving securities/The bank/trust/Financial leasing/Fund, etc.These golden licence,Has become their main profit source.Four asset management company executives have said publicly that many times,They transformation direction is financial holding group.

　　2011年12月，财政部金融司下发《关于金融资产管理公司商业化转型有关问题的通知》(财金【2011】173号文)，对资产管理公司整体发展方向、业务范围、公司治理结构和风险管控作出明确规定。此后，四家资产管理公司开始获得保险、基金、投行、期货、信托、金融租赁等牌照，几乎所有金融业态都有涉及，走上了混业经营的道路。

In December of 2011,Issued by the ministry of finance JinRongSi[About the financial asset management companies commercial transformation of the relevant questions of the notice](view[2011]The no. 173),To the asset management company overall development direction/Business scope/Corporate governance structure and risk control explicitly provided.Since then,Four asset management companies began to obtain insurance/fund/Investment Banks/futures/trust/Financial leasing licence,Almost all financial format are involved,On the way of mixed operation.

　　然而，决策层对现阶段推进金融混业经营态度比较谨慎，意见尚不统一，有些人更希望看到资产管理公司做大做强一项特色业务，而不是面面俱到。但是四家资产管理公司恰恰提出的是探索金融业综合经营的长远诉求，并以此为转型的最终出路。尽管这并不是成熟资本市场中不良资产管理公司主流的退出方式，但这还是被部分业界人士视为一种有益的尝试。中国信达董事长侯建杭表示：“资产管理公司规模适中，风险可控，选取其作为金融业综合经营的突破口是可行的。”

however,For the decision-making to promote financial mixed operation very cautious attitude,Advice is not yet uniform,Some people want to see asset management company bigger and stronger a characteristic business,Rather than trying to.But four asset management companies on the proposed comprehensive management is to explore the financial industry long-term appeals,According to the transformation of the final way out.Although this is not mature capital market bad assets management company mainstream exit manner,But that was part of the practitioners as a beneficial attempt.China cinda chairman HouJian hangzhou said:"Asset management companies moderate scale,Risks are controllable,Select it as the financial industry comprehensive management breakthrough is feasible."

　　监管层对于资产管理公司金融控股模式的意见尚不统一，其担心的主要问题是在一个金融市场尚在初级阶段的欠发达经济体中，金融控股公司模式具有很大风险。

Supervision layer for asset management company financial holding pattern advice is not yet uniform,The worry is the main problems in a financial market is still in the primary stage of the less developed economies,Financial holding company model has a lot of risk.

　　而对于金融企业来说，资本金是为了抵御风险，也是监管机构监管金融机构的重要指标，资本金不实将酝酿巨大风险。

For the financial enterprise speaking,Capital is to resist the risk,Regulators also is an important index of financial institutions,False capital will be undergoing huge risk.

　　中国的金融企业都热衷于金融控股集团的模式，主要原因是协同效应带来的经济效益，每个子公司都拥有统一的信息平台、统一的客户服务中心、统一的销售渠道。但是，一旦某个机构内部发生危机或者破产，将可能向其他子公司和母公司扩散，并有可能被放大。因此，在混业经营的模式下，系统性风险很难防范。

China's financial enterprise are keen on financial holding group model,The main reason is the economic benefits of synergistic effect,Each subsidiary have unified information platform/Unified the customer service center/Unified marketing channel.but,Once a institutions internal crisis or bankruptcy,Will likely to other subsidiaries and parent company diffusion,And may be amplified.therefore,In the mixed operation mode,Systemic risk is hard to prevent.

　　金融控股集团内部复杂的控股关系和资金往来，比如，交叉持股、集团内公司间相互交易、贷款或其他担保承诺、集团成员间资产买卖行为等交易行为，极易酿成风险并危及集团生存和整个金融市场。

Financial holding group internal complex holding relations and funds,For example,cross-shareholdings/Companies within the group interaction transaction/Loan or other security commitment/Among the members of the group assets such as business conduct transactions,Easy spawn risk and endanger group survival and the whole financial market.

　　对于以上风险，正在热衷于金融控股集团的资产管理公司还没来得及采取措施进行防范，而监管层也让资产管理公司以“试点”的心态对待金融控股模式的风险。

For the risk,Are keen on financial holding group's asset management companies haven't enough time to take measures to protect against it,And supervision layer also let asset management company"pilot"State of mind to the risk of financial holding mode.

　　“资产管理公司支付利息、偿还再贷款及金融债本金等能力应该是有的，但现在的困境是商业化面临的难题。我们现在有两个财务报表，一个是关于政策性业务的财务报表，一个是关于商业化业务的财务报表，外面的战略投资者一看到政策性业务的财务报表，都不敢进去了。”信达内部人士对《新财经》杂志诉说这些年战略投资者迟迟没有引进来的根本原因。

"Asset management companies to pay interest/Repay reloan and financial bond principal ability should be some,But now the troubles of the commercial challenges.We now have two financial statements,One is the policy business financial statements,One is the commercial business financial statements,The outside strategic investors see a policy-related business financial statements,All dare not go in."The insiders to[The new financial]Magazine tell these strategic investors hesitated to introduce the fundamental reason.