民资或可直接从资产处置中获利，或可为母公司或股东单位赢得信贷支持及利率优惠；银行则置换了不良贷款，改善了资产结构。

Or what can be directly benefit from the asset disposal,Or for the parent company or shareholders win credit support and preferential interest rates;The bank is the replacement of non-performing loans,Improve the assets structure.

　　⊙见习记者 高翔 ○编辑 枫林

⊙ trainee reporter towering ○ editing bush

　　温州市的民间资本管理公司正在尝试进入银行不良资产处置的市场。

Wenzhou folk capital management companies are trying to enter the bank non-performing assets disposal of the market.

　　本报记者获悉，温州瑞安华峰民间资本管理公司（以下简称“华峰民资”）与工行温州分行日前达成协议，打包收购该行2.7亿元不良资产。在首单业务的示范效应下，多家银行与民间资本管理公司已经达成意向。

Our correspondent has learned that,Wenzhou Ryan huafeng folk capital management company(Hereinafter referred to as"Huafeng what")And the icbc wenzhou branch has to reach an agreement,Pack the acquisition of non-performing assets of 270 million yuan.In the first single business under the demonstration effect,Many Banks and private capital management company has reached intent.

　　温州市金融办副主任、地方金融监管局副局长马兴在接受本报独家采访时透露，民资或可直接从资产处置中获利，或可为母公司或股东单位赢得信贷支持及利率优惠；银行则置换了不良贷款，改善了资产结构。

Wenzhou financial to do vice director/Local financial supervision bureau deputy director MaXing in accepting our exclusive interview revealed,Or what can be directly benefit from the asset disposal,Or for the parent company or shareholders win credit support and preferential interest rates;The bank is the replacement of non-performing loans,Improve the assets structure.

　　在实际操作过程中，产权证书过户环节过多、税费过高等问题，也对民资收购银行不良资产形成了阻碍。马兴表示，接下来金融办会牵头各部门，形成合力，降低交易成本，为民资参与处置银行不良资产创造良好环境。

In the actual operation process,Certificate of title transfer links too much/The high tax problems,What to purchase bad bank assets form the obstacles.MaXing said,The next financial do will lead each department,To form the joint effort,To reduce transaction costs,What is involved in disposal of bad bank assets to create a good environment.

　　先行试水 First test the waters

　　华峰民资是继瓯海信通民间资本管理公司和乐清东铁民间资本管理公司后，温州市第三家民间资本管理公司，注册资金1亿元，由华峰集团有限公司等8家法人单位和5名自然人共同组成发起，华峰集团为主发起人，持股20%。

What is the XinTong huafeng ouhai folk capital management company and yueqing east iron folk capital management companies,Wenzhou third folk capital management company,The registered capital of 100 million yuan,By huafeng group co., LTD. 8 legal person unit and five composed by a natural person,Huafeng group is main sponsor,20% shareholding.

　　民间资本管理公司为温州首创，以私募方式向特别对象募集资金，开展资本投资咨询、资本管理、项目投资等服务。

The folk capital management company for the wenzhou,In private way to special object to raise funds,Carry out capital investment consulting/Capital management/Project investment and other services.

　　此前，华峰民资与工行温州市分行达成了银行不良资产转让协议，打包收购该行2.7亿元的不良资产。具体操作方式是，在法院认可的情况下，将银行债权转移至华峰民资，待法院对抵押物拍卖处置后的拍卖款直接支付给华峰民间资本管理公司。

after,What was the huafeng with icbc wenzhou branch reached Banks non-performing assets transfer agreement,Pack the acquisition of non-performing assets of 270 million yuan.The specific mode of operation is,In the court approved cases,The bank creditor's rights transfer to what huafeng,For the court to auction after the disposal of the mortgaged property contest direct payment to huafeng folk capital management company.

　　在华峰民资与温州工行首单合作的基础上，去年11月2日，在温州市金融办牵头组织下，于瑞安召开银行不良贷款处置现场专题会。温州市金融办主任张震宇主持，副主任马兴也参加了此次会议。与会人员有工、农、中、建、交、平安、华夏等7家银行负责人和华峰民资、瓯海信通、乐清东铁等3家业已开业的民间资本管理公司，和4家正在筹建的民间资本管理公司负责人。

What in huafeng with icbc wenzhou first single on the basis of cooperation,Last November 2,,,In wenzhou financial do lead organization,A YuRuiAn bank non-performing loans disposal site ZhuanTiHui.Wenzhou financial do director ZhangZhenYu host,Deputy director MaXing also attended this meeting.The participants have work/agriculture/in/built/into/peace/7 the Chinese Banks and what huafeng/Ouhai XinTong/Yueqing east iron and other three companies have opened the folk capital management company,And four is the folk capital management company controller.

　　据马兴介绍，会上温州市金融办对首单业务进行了“要素提炼”，总结了经验，以供其他的民间资本管理公司和银行做参考。

According to MaXing introduced,Wenzhou financial meeting to do the first single business"Elements refining",Summarizes the experience,For other folk capital management companies and Banks for your reference.

　　目前，部分银行已与一些民间资本管理公司达成了不良资产转让协议。华夏银行(600015,股吧)温州分行与苍南润丰民间资本管理公司达成了1亿元银行不良资产转让协议，工行温州分行已与海螺民间资本管理公司达成了1亿元银行不良资产转让协议，中行温州分行也已向上级行提请了报告，目前处于批复阶段。建行温州分行、农行温州分行也有类似意向。

At present,Part of the bank has and some folk capital management company to reach the bad assets transfer agreement.Huaxia bank(600015,guba)Wenzhou branch and cangnan runfeng folk capital management company reached 100 million yuan bank non-performing assets transfer agreement,Icbc wenzhou branch already and conch folk capital management company reached 100 million yuan bank non-performing assets transfer agreement,Bank of China wenzhou branch has to do a report to the superior,At present stage in reply.Construction bank wenzhou branch/Agriculture bank wenzhou branch have similar intention.

　　打破惯性 Break inertia

　　1999年，信达、华融、东方、长城四家国有资产管理公司先后成立，主要任务是收购、管理和处置国有银行剥离的不良资产。

In 1999,,the/wisewin/Oriental/The Great Wall four state-owned asset management companies established successively,The main task is to purchase/Management and disposal of bad assets of state-owned Banks stripping.

　　截至2011年年底，四家资产管理公司共接收、收购及受托不良资产近约4万亿元，累计处置2.92万亿元，回收现金6876亿元，回收率为23.56％。

By the end of 2011,Four asset management companies were receiving/Acquisition and the bad assets of nearly 4 trillion yuan,Accumulative total disposal is 2.92 trillion yuan,Recovery cash 687.6 billion yuan,The recovery rate is 23.56%.

　　马兴对本报记者表示：“四大资产管理公司脱胎于四大国有银行。因此，在银行将不良资产转让给资产管理公司的过程中，有一种"左手到右手"的感觉。双方的财务硬约束都不强。”

MaXing to our reporter said:"Four asset management companies emerged from the four major state-owned Banks.so,In the bank will bad assets transferred to asset management company's process,There is a"Hand to hand"feeling.Both sides of the financial hard constraint was not strong."

　　他进而指出，让民资来参与收购银行不良资产，由于是“花自己的钱”，因此在每个交易环节上会锱铢必较，对成本和收益比较敏感，有助于实现不良贷款价值回收最大化。

He then pointed out that,What let to participate in the acquisition of bad bank assets,Because is"To spend their own money",So in every trade link will haggle over every penny,The cost and income are more sensitive,Help to achieve maximum recovery value of non-performing loans.

　　据马兴介绍，一般来说，国有资产管理公司在接收银行不良资产时，是百分之百接收的。而民间资本管理公司由于对成本较为敏感，会与银行讨价还价，要求银行在贷款面值基础上打折扣。

According to MaXing introduced,Generally speaking,The state-owned assets management company in the receiving Banks non-performing assets,Is one hundred percent receiving.While the folk capital management company due to cost more sensitive,And bank bargaining,Request the bank loan value basis at a discount.

　　假如不能打折，民间资本管理公司会要求银行将抵押充足、在市场上容易变现、交易费用少的资产组合打包，处置完了后有一定的盈利空间。退一步说，即使民间资本管理公司在处置过程中是亏本运作，银行可以为其母公司或股东增加授信或给予优惠利率，“一算总账还是赚了”，且有利于建立良好的银企关系。

If cannot discount,The folk capital management company will ask the bank will mortgage enough/In the market easily realizable/Transaction costs less portfolio packing,Disposal after finished some profit space.Step back and said,Even the folk capital management company in the disposal process is sacrifice operation,Banks can for the parent company or shareholders increase credit or give preferential interest rates,"A score1 or made",And to establish a good relationship between the fact.

　　马兴认为，对民资来说，或可通过处置过程本身赚钱，或可以为母公司或股东争取银行信贷支持；而对银行来说，得以将不良贷款置换出去，又未损失资本，以新换旧，改善了资产结构。

MaXing think,For what was to,Or through the disposal process itself to make money,Or for the parent company or shareholders for bank credit support;And for Banks,Able to non-performing loans replacement out,And not loss capital,New for old,Improve the assets structure.

　　待解难题 For solving problems

　　该合作模式在实际操作过程中也遇到了困难，最为突出的问题就是交易环节过多、税费过高。

The cooperation pattern in the actual operation process also met with difficulties,The most outstanding problem is too much trade links/High taxes.

　　马兴向记者举例，抵押物要先由企业或个人转移到银行，再由银行转至民间资本管理公司。环节过多，税费过高，都大大增加了双方的交易成本，一定程度上打击了民间资本参与收购银行不良资产的积极性。极端的例子是，温州市某商业银行将价值2000万元左右的抵押厂房转让、评估，需缴纳各项税费达400多万元。

For MaXing told reporters,First the mortgaged property by the enterprise or individual transfer to the bank,Again by bank transfer to the folk capital management company.Link too much,High taxes,All significantly increased the both sides of the transaction cost,To a certain extent, hit the folk capital to participate in acquisition of non-performing assets of Banks enthusiasm.Extreme example is,Wenzhou a commercial bank will value 20 million yuan mortgage plant transfer/evaluation,Need to pay various taxes more than 400 yuan.

　　在处置银行不良资产的过程中，房管、土地、工商、司法等部门还未形成有机合力，未形成一整套资产保全机制，未能实现无缝对接。有时债权银行在向法院申请解除司法查封物后，由于其他债权人的存在，期间该抵押物可能会被其他法院因民商事诉讼案件而查封，导致债权转让双方损失严重，交易潜在风险过大。

In the disposal of non-performing assets of Banks in the process,the/land/commerce/Judicial departments are not form organic force,Not formed a set of asset preservation mechanism,Failed to achieve seamless docking.Sometimes creditor bank in to the court for judicial seizure remove after things,Due to the presence of other creditors,The mortgaged property during may be other court for civil and commercial cases and attachment,Lead to creditor's rights transfer both sides and severe losses,Trading too potential risk.

　　鉴于此，有的债权银行同不良贷款企业协商向第三方转让房产、土地等贷款抵押物以偿还贷款时，第三方大多会要求先办完权证过户手续后再付款。而银行需收回贷款后，才能办理抵押注销手续，不良贷款企业又无力偿还贷款，造成大多数案例商谈成功，但实际操作过程中难度过大。

In view of this,Some creditor bank with bad loans enterprise consultation property transfer to a third party/Land, such as loan collateral to repay the loan,Most of the third party may require the first authority through formalities of payment again.And the bank to withdraw after the loan,To deal with guaranty to the cancellation procedures,Bad loans enterprise and unable to repay the loan,Cause most of the cases about success,But the actual operation process too much difficulty.

　　此外，银行此前转让不良资产，收购方基本为长城、东方、华融和信达等国有金融资产管理公司，出售对象极少是民营企业和个人。这导致温州一些银行的上级行对民资参与收购其不良资产未予支持。

In addition,After the bank transfer of bad assets,Acquirers basic for the Great Wall/Oriental/Wisewin and such as the state-owned financial asset management companies,The object is to sell few private enterprise and individuals.This leads to wenzhou some bank supervisor to do what was involved in the acquisition of non-performing assets for support.

　　马兴表示，温州市金融办正在牵头，准备召集房管、国土、工商、司法等部门开联席会议，争取不良资产进入市场交易后实现无缝对接，简化办事流程。他强调：“政府需要做的事情，是降低交易成本，创造一个良好的市场环境，使交易双方都觉得这样做有利可图。”

MaXing said,Wenzhou financial do is lead,Ready to call the/land/commerce/Judicial departments open joint meeting,For bad assets into the market after the transaction, realize seamless docking,Simplify the work flow.He stressed that:"The government needs to do,Is to reduce transaction costs,To create a good market environment,Make trade both sides think it profitable."