{"id":70,"thumbnail":"https://jilailawyer.com//rails/active_storage/blobs/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBazBCIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--93ac0e57660c2bd04bfa36f949a90974a8c514ae/3424.jpg","title_zh":"国有金融企业的不良资产处置研究","title_en":"Research on the disposal of non-performing assets of state-owned financial enterprises","content_zh":"\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cstrong\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"Microsoft YaHei UI\"\u003e一、不良资产的处置模式\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cstrong\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"Microsoft YaHei UI\"\u003e二、\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003cfont face=\"Microsoft YaHei UI\"\u003e信托公司视角下的不良资产处置操作方案与操作流程\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e--以云南锡业债转股为例\u003c/font\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cstrong\u003e\u003cfont face=\"Calibri\"\u003e三、\u003c/font\u003e\u003cfont face=\"Microsoft YaHei UI\"\u003e信托公司视角下的不良资产处置操作方案与操作流程\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e--以渤钢系企业重整为例\u003c/font\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cstrong\u003e\u003cfont face=\"Calibri\"\u003e四、\u003c/font\u003e\u003cfont face=\"Microsoft YaHei UI\"\u003e国有金融企业不良资产处置的重大法律问题及应对策略\u003c/font\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cstrong\u003e\u003cfont face=\"Microsoft YaHei UI\"\u003e五、不良资产处置过程涉及的法律法规\u003c/font\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cbr /\u003e\r\n\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e前言\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e自\u003c/font\u003e2012\u003cfont face=\"宋体\"\u003e年以来，在宏观经济下行的影响下我国企业整体的不良资产率呈现上升趋势，且在近两年达到了最高峰值，这使得很多企业因此陷入经营僵局，甚至不得不在未来经营预期很好的情形下因巨大负债而申请破产。因此，综合运用法律法规允许范围内的一切手段和方法，对目标资产进行价值变现和价值提升，能够有效地让深陷泥潭的企业重现活力，甚至可以促进宏观经济的发展。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e自\u003c/font\u003e2012\u003cfont face=\"宋体\"\u003e年以来，在宏观经济下行的影响下我国企业整体的不良资产率呈现上升趋势，且在近两年达到了最高峰值，这使得很多企业因此陷入经营僵局，甚至不得不在未来经营预期很好的情形下因巨大负债而申请破产。因此，综合运用法律法规允许范围内的一切手段和方法，对目标资产进行价值变现和价值提升，能够有效地让深陷泥潭的企业重现活力，甚至可以促进宏观经济的发展。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cb\u003e\u003cspan class=\"15\" style=\"font-family: \u0026quot;Times New Roman\u0026quot;;\"\u003e\u003cspan style=\"font-weight: bold;\"\u003e01.\u003c/span\u003e\u003c/span\u003e\u003cspan class=\"15\"\u003e\u003cspan style=\"font-family: \u0026quot;Times New Roman\u0026quot;;\"\u003e\u003cspan style=\"font-weight: bold;\"\u003e\u003cfont face=\"宋体\"\u003e不良资产的处置模式\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/b\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e不良资产的处置模式并非固化的、一成不变的，而是要根据具体的原因来制定处置策略。一般来说，国有金融企业对于其涉及的不良资产主要有以下处置模式：\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（一）一般方式（核销）\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e国有金融企业按规定将呆账贷款或贷款损失予以核销，但是不是任何一笔不良贷款都可以核销，必须符合一定条件，中央政府对贷款核销有着严格的法律程序。必须是经过多种努力认定没有任何收回或者减少的可能性，已经成为呆账的不良贷款。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（二）债务重组\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债务重组又称债务重整，是指债权人在债务人发生财务困难情况下，债权人按照其与债务人达成的协议或者法院的裁定作出让步的事项。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债务重组被广泛的运用到不良资产处置的过程中，在国有金融企业无法收账但是对于债务人的经营前景抱有乐观态度时，对债务进行让步（包括债权延时到期、减少债务人需归还的利息或本金等），以降低自身的损失。当前，债务重组一般都伴随着债转股，以实现不良资产的变现和升值。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（三）债转股\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债转股，是指由金融资产管理公司作为投资的主体，将商业银行原有的不良信贷资产\u003c/font\u003e――\u003cfont face=\"宋体\"\u003e也就是将企业的债务转为金融资产管理公司对企业的股权。它不是将企业债务转为国家资本金，也不是将企业债务一笔勾销，而是由原来的债权债务关系转变为金融资产管理公司与企业间的持股与被持股、控股与被控股的关系，由原来的还本付息转变为按股分红。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（四）不良资产剥离重组\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e）以减资方式剥离不良资产\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e母公司首先对子公司资产进行清理，据其资产状况进行分类，然后剥离并收回其中的不良资产，同时相应减少母公司对子公司的投资，子公司按规定办理相关的减资登记手续。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e2\u003cfont face=\"宋体\"\u003e）以资产置换方式剥离不良资产\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e这种方式有两种情况：\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e一是母公司以其优良资产与子公司的不良资产进行等值置换，这样既剥离了子公司的不良资产，优化了子公司资产结构，又减少了繁琐的公司变更登记手续。\u003c/font\u003e\u0026nbsp;\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e二是由母公司专门设立的不良资产管理公司以其优质资产与母公司本部及其子公司的不良资产进行等值置换，好坏资产籍此完全分离，但前提是不良资产管理公司必须有可以置换的优良资产，这需要母公司在内部政策、企业资源等方面予以统筹安排。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e）以收购方式剥离不良资产\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e以收购方式剥离不良资产也有两种情况：\u003c/font\u003e\u0026nbsp;\u0026nbsp; \u0026nbsp;\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e一是母公司以货币资金收购子公司所清理出来的不良资产。\u003c/font\u003e\u0026nbsp;\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e二是母公司所设立的不良资产管理公司以货币资金收购子公司的不良资产，前提是不良资产管理公司有足够支付的货币资金。以收购方式剥离不良资产，出让不良资产的企业不会减资。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e4\u003cfont face=\"宋体\"\u003e）以投资方式剥离不良资产\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e母公司将其不良资产（包括本部形成的不良资产和以减资方式、以置换方式、以收购方式从子公司收回的不良资产）经评估后作为投资注入到母公司所专门设立的不良资产管理公司\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e5\u003cfont face=\"宋体\"\u003e）以委托管理方式剥离不良资产\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u003cfont face=\"宋体\"\u003e这种方式是将企业（企业集团本部或者子公司）的不良资产整体打包后委托给不良资产管理公司进行专业化管理。该方式不改变企业法人财产的权属关系，剥离的只是企业不良资产的经营管理权。不良资产所属企业与不良资产管理公司之间仅仅只是一种委托代理关系，存在着代理成本。这种\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026ldquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e剥离\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e是一种有限剥离。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（五）破产重整、引入战略投资人\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e绝大多数的不良资产处置都离不开破产程序，破产重组给不良资产的处置提供了一个程序化的平台，更具权威性和程序性，破产重整的过程中，重新制定经营计划，给予债权人更好的偿债预期，并通过债务重组和债转股的形式降低企业的负债率，同时吸收战略投资人加入，是企业焕发新生的有效途径。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（六）\u003c/font\u003eNPAS\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e不良资产证券化包括不良贷款、准履约贷款、重组贷款、不良债券和抵债资产的证券化。\u003c/font\u003e2016\u003cfont face=\"宋体\"\u003e年以来，不良资产证券化试点重启为商业银行处置不良资产提供了新的渠道。作为不良资产转让的一种创新方式，不良资产证券化与直接向\u003c/font\u003e\u003cfont face=\"Calibri\"\u003eAMC\u003c/font\u003e\u003cfont face=\"宋体\"\u003e转让相比，具有转让价格较高、流动性更强、风险真实出表并且可以获得资产服务费收入等优点。但由于不良资产证券化交易结构比较复杂，参与方较多，定价难度高，且对投资者的专业性要求较高，尤其是次级档投资者较为缺乏导致发起银行需让渡部分流动性补偿收益。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（七）通过诉讼和仲裁\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e诉讼程序是作为非诉讼通道无法进行时的有效工具，在处置不良资产时势必会存在非诉途径无法解决的问题，此时，提起诉讼使用强制力的手段是不可或缺的。适用于不良授信客户，优势：法律的权威性、强制性、抗干扰性。劣势：依法收贷工作常遇到\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e不受理、不判决、不执行\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e等尴尬局面；收贷耗费时间较长、成本较高。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cb\u003e\u003cspan class=\"15\" style=\"font-family: \u0026quot;Times New Roman\u0026quot;;\"\u003e\u003cspan style=\"font-weight: bold;\"\u003e02.\u003cfont face=\"宋体\"\u003e信托公司视角下的不良资产处置操作方案与操作流程\u003c/font\u003e--\u003cfont face=\"宋体\"\u003e以云南锡业债转股为例\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/b\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（一）云南锡业债转股\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e云锡集团是世界锡生产企业中产业链最长、最完整的企业，也是云南历史最为悠久的企业。其前身是清光绪九年\u003c/font\u003e(1883\u003cfont face=\"宋体\"\u003e年\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e)\u003c/font\u003e\u003cfont face=\"宋体\"\u003e清政府建办的个旧厂务招商局，至今有\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e130\u003c/font\u003e\u003cfont face=\"宋体\"\u003e多年的历史。目前，云锡集团旗下有\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e40\u003c/font\u003e\u003cfont face=\"宋体\"\u003e多个全资、控股子公司，产业链触角延伸到铜、铅、银等多种贵金属，甚至是房地产行业。集团旗下两个上市公司，分别为锡业股份和贵研铂业。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e该集团属于高负债的有色行业地方国企，也是上一轮债转股企业。截至\u003c/font\u003e 2016 \u003cfont face=\"宋体\"\u003e年上 半年，云锡集团总资产 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e525 \u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元，负债 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e435\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元，公司负债率达到 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e82.9\u003c/font\u003e\u003cfont face=\"宋体\"\u003e％，降杠杆目标 为负债率 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e65\u003c/font\u003e\u003cfont face=\"宋体\"\u003e％。云锡集团的资产负债率一度高达 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e82.8\u003c/font\u003e\u003cfont face=\"宋体\"\u003e％，较行业 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e55\u003c/font\u003e\u003cfont face=\"宋体\"\u003e％平均水平高出近 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e30 \u003c/font\u003e\u003cfont face=\"宋体\"\u003e个百分点。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e云锡集团也是上一轮债转股企业。\u003c/font\u003e2001\u003cfont face=\"宋体\"\u003e年，云南锡业公司与华融、信达资管公司共同出资组建了云南锡业集团有限责任公司，当年\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e7\u003c/font\u003e\u003cfont face=\"宋体\"\u003e月云南锡业公司财务账上的整体资产进入 云南锡业集团。根据云南省国资委批复以及公司与华融、信达公司和集团公司等签订的减资协议及其补充协议，集团公司通过减资方式回购华融和信达所持的债转股股权。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"Calibri\"\u003e2015\u003c/font\u003e\u003cfont face=\"宋体\"\u003e年\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e6\u003c/font\u003e\u003cfont face=\"宋体\"\u003e月，集团公司支付对价\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e10\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元完成减资回购事宜，至此，历经\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e14\u003c/font\u003e\u003cfont face=\"宋体\"\u003e年，资管公司正式实现债转股的股权完全退出。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e资金来源：自有资金与社会资金相结合，以社会资金为主。\u003c/font\u003e100\u003cfont face=\"宋体\"\u003e亿的债转股资金，主要通过市场募集社会资金。少部分为建行自有资金，但是金额很小，主要是为了撬动社会资金。社会资金可能包括保险资管机构、建行养老金子公司的养老金、全国社保、信达\u003c/font\u003e\u003cfont face=\"Calibri\"\u003eAMC\u003c/font\u003e\u003cfont face=\"宋体\"\u003e的资管子公司、以及私人银行的银行理财。基金\u003c/font\u003e\u003cfont face=\"Calibri\"\u003eLP\u003c/font\u003e\u003cfont face=\"宋体\"\u003e预期收益率\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e5-15\u003c/font\u003e\u003cfont face=\"宋体\"\u003e％，强调不刚性兑付。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债转股范围：展潜力的板块，主要是云锡集团二级或三级子公银行正常类贷款（非建行贷款）。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债权转换成的股权，对应的不一定是原负债单位，而是集团旗下的优质板块和资产。项目分两期落地，每期\u003c/font\u003e 50 \u003cfont face=\"宋体\"\u003e亿。包括云锡集团下属二级、三级子公司的五个子项目。建行对云锡集团总贷款在 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e50 \u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元以下，占云锡总负债近 \u003c/font\u003e\u003cfont face=\"Calibri\"\u003e10\u003c/font\u003e\u003cfont face=\"宋体\"\u003e％。按照国务院债转股指导意见，实施主体将交叉债转股，因此，建行的该债转股方案不涉及本行贷款，而是其他银行贷款。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e定价：债权方面，基金以\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e：\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e1\u003c/font\u003e\u003cfont face=\"宋体\"\u003e账面价值承接债务；股权方面，由于项目不同，价格也不一样。股权投资的标的，是相对有发司。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（二）操作方案\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e在云南锡业债转股案例中，中建信托作为基金的管理者，发挥了很好的基金管理经验。在操作层面，建行及建信信托负责这个项目，建行负责去寻客户、谈协议等，建信信托负责基金管理，资金来源则主要是社会资本，银行也会出一部分钱作原始资本金，但是少量的。基金所募集的资金最终将\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e全部用于还债\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e，但为规避道德风险，主要是用于偿还建行以外的债权。此外，本次债转股一大特点是，债和股的业务板块并非一一对应。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cfont face=\"宋体\"\u003e根据投资协议，建行将采用基金模式\u003c/font\u003e\u003c/span\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e动员社会资金，投资云锡集团有较好盈利前景的板块和优质资产。在退出方式上，基金选择了市场化操作，将云锡集团未上市公司部分股权装入集团上市公司，实现退出。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: center;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: center;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（三）操作流程\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp style=\"margin: 0pt; text-align: center;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cimg alt=\"\" src=\"/ckeditor_assets/pictures/98/content_1.png\" style=\"width: 600px; height: 339px;\" /\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e1\u003c/span\u003e\u003cfont face=\"宋体\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e、\u003c/span\u003e前期准备\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e，建行对云锡集团的经营前景进行评估预测，重写拟定经营方案和策略，核算集团的资产负债，对其进行尽职调查。\u003c/span\u003e\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan class=\"p\"\u003e2\u003c/span\u003e\u003cfont face=\"宋体\"\u003e\u003cspan class=\"p\"\u003e、\u003c/span\u003e建行与云锡集团签署合作协议，据合作协议，云锡集团获得建设银行首批注入的\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e43.5\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元资金。其中，第一笔资金\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e23.5\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元，用于置换企业部分高息负债资金；第二笔资金\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e10\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元，用于对云锡控股下属关联公司实施投资；第三笔资金\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e10\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元，用于对云锡集团下属关联公司优质矿权进行投资。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e3\u003cfont face=\"宋体\"\u003e、建行在项目中负责寻找社会资金和战略投资人，最终募集总投资\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e100\u003c/font\u003e\u003cfont face=\"宋体\"\u003e亿元。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e4\u003cfont face=\"宋体\"\u003e、建行和建行信托设立\u003c/font\u003e\u003cfont face=\"Calibri\"\u003eLP\u003c/font\u003e\u003cfont face=\"宋体\"\u003e基金，由建行信托负责运营和管理。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e5\u003cfont face=\"宋体\"\u003e、云锡集团二级或三级子公银行正常类贷款以债转股形式完成债务置换。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cb\u003e\u003cspan class=\"15\" style=\"font-family: \u0026quot;Times New Roman\u0026quot;;\"\u003e\u003cspan style=\"font-weight: bold;\"\u003e03.\u003cfont face=\"宋体\"\u003e信托公司视角下的不良资产处置操作方案与操作流程\u003c/font\u003e--\u003cfont face=\"宋体\"\u003e以渤钢系企业重整为例\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/b\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（一）渤钢系企业重整案的不良资产处置模式\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e渤钢系企业重整案的债务人财产分布广泛、结构复杂，负债金额巨大，债权人人数众多，是国内目前重整资产与负债规模最大的案件。为实现渤钢系企业价值最大化，最大限度保障债权人权益，渤钢系企业重整采用\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e出售式重整\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e模式。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e渤钢系企业内部广泛存在相互担保、资金拆借等情况，主要金融机构债权人对四大集团均享有债权或权益。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e与此同时，渤钢系企业之间在人员、资金使用、生产经营等方面存在极为紧密的关联性，重整价值由四大集团整体构成，\u003c/font\u003e \u003cfont face=\"宋体\"\u003e若将四大集团割裂重整，一是将使重整价值大幅减损，难以引入战略投资者；二是四大集团重整将被割裂，难以有效推进，将面临失败凤险。为此，经向法院汇报，并与金融债委会、主要债权人等进行充分沟通，渤钢系企业将以集团为单位实施\u003c/font\u003e \u003cfont face=\"宋体\"\u003e重整，并在四大集团之间实施统筹重整，以实现渤钢系企业财产价值最大化，及最大限度提高债权人的清偿率。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（二）渤钢系企业统筹重整操作方案\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e1\u003cfont face=\"宋体\"\u003e、统筹重整方案，在负债、资产和表决程序都以统筹方式进行。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e2\u003cfont face=\"宋体\"\u003e、交易结构方面\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e将原本的渤钢系企业分为两部分，分别重组为钢铁资产平台与非钢资产平台。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e钢铁资产平台将引入战略投资者，聚焦钢铁主业，承接渤钢系企业中主要的钢铁类资产、钢铁类运营业务等，并解决渤钢系企业部分负债。其中钢铁资产平台将包括钢铁资产控股平台与钢铁资产运营平台。通过战略投资者的引入及战略投资者提供的偿债资源，债权人的债权将通过现金、留债、债转股等方式获得有效清偿；战略投资者将对钢铁资产平台做深度整合，\u003c/font\u003e \u003cfont face=\"宋体\"\u003e进一步提升新渤钢的盈利水平，使完成债转股之后的债权人分享重整后企业运营收益。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e非钢资产平台将引入第三方专业资产管理与运营团队，聚焦非钢资产的处置与运营，承接渤钢系企业中未纳入钢铁资产平台的全部资产、运营业务等，并解决渤钢系企业中的部分负债。通过以非钢资产作为基础成立信托计划，债权人将通过荻得信托产品受益权份额实施债权清偿。通过笫三方专业资产管理与运营团队，实现非钢资产有效整合，针对不同资产的实际情况确定处置或运营方式，提升非钢资产运营与处置价值，充分保障信托产品受益权的实现。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（三）具体操作流程\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: center;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e\u003cimg alt=\"\" src=\"/ckeditor_assets/pictures/162/content_%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20201117112243.jpg\" style=\"width: 600px; height: 297px;\" /\u003e\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: center;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e前期工作：通过尽职调查确定渤钢系企业的基本情况，并据此制定未来的经营方案，对不同类型债权分别汇总并制定债权受偿方案。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e1\u003cfont face=\"宋体\"\u003e、渤钢系企业通过公司分立、资产划转、非货币出资设立子公司等方式重组为钢铁资产平台与非钢资产平台。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e2\u003cfont face=\"宋体\"\u003e、为钢铁资产平台引入战略投资者，且分别参与钢铁资产控股平台与钢铁资产运营平台；同时，将非钢资产平台相应资产委托信托公司，成立信托计划，并引入专业资管公司\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e3\u003cfont face=\"宋体\"\u003e、债权人在钢铁资产平台主要通过现金、留债、债转股方式实现清偿，在非钢资产平台主要通过以分配信托产品收益权份额实现清偿。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cb\u003e\u003cspan class=\"15\" style=\"font-family: \u0026quot;Times New Roman\u0026quot;;\"\u003e\u003cspan style=\"font-weight: bold;\"\u003e04.\u003cfont face=\"宋体\"\u003e国有金融企业不良资产处置的重大法律问题及应对策略\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/b\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（一）不良资产处置程序中存在的主要法律问题\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e1\u003cfont face=\"宋体\"\u003e、不良资产处置行为本身涉及复杂的法律关系\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e在诉讼方面，不良资产处置的重点问题主要集中在债权上的担保问题、财产保全、银行的审查、债权债务转让的风险防范等方面，以债权债务转让为例，主要注意以下法律规定。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u0026middot;\u003cfont face=\"宋体\"\u003e法律规定：\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e）债务人将合同的义务全部或者部分转移给第三人的，应当经债权人同意。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e2\u003cfont face=\"宋体\"\u003e）债务人转移义务的，新债务人可以主张原债务人对债权人的抗辩。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e）债务人转移义务的，新债务人应当承担与主债务有关的从债务，但该从债务专属于原债务人自身的除外。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e4\u003cfont face=\"宋体\"\u003e）法律、行政法规规定转让权利或者转移义务应当办理批准、登记等手续的，依照其规定。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u0026middot;\u003cfont face=\"宋体\"\u003e存在的风险\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e）债权人转让权利的，应当通知债务人。未经通知，该转让对债务人不发生效力。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e2\u003cfont face=\"宋体\"\u003e）债权人转让权利的通知不得撤销，但经受让人同意的除外。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e）债权人转让权利的，受让人取得与债权有关的从权利，但该从权利专属于债权人自身的除外。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e4\u003cfont face=\"宋体\"\u003e）债务人接到债权转让通知后，债务人对让与人的抗辩，可以向受让人主张。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e5\u003cfont face=\"宋体\"\u003e）债务人接到债权转让通知时，债务人对让与人享有债权，并且债务人的债权先于转让的债权到期或者同时到期的，债务人可以向受让人主张抵销。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e2\u003cfont face=\"宋体\"\u003e、不良资产处置行为受到国家法律、法规的约束和限制\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e政策方面的限制：处置不良资产的有关税收政策不配套。金融机构呆账认定与核销存在财政部与税务总局两个政策口径，金融企业发生的呆账损失需经税务机关审批方可税前扣除。目前，财政部颁布的《金融企业呆账核销管理办法》放宽了中小企业贷款核销的条件，其仅指会计上的核销，而税收法规在单户贷款余额规模、中小企业贷款认定标准、贷款逾期时间、贷款追索要求等方面较财政部的规定更为严格，部分呆账损失因税收政策不配套而无法顺利申报税前抵扣，变相增加了处置成本。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e批量转让政策存在限制：一是受让主体范围受限。根据现行规定，不良资产批量转让是指金融企业对\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e户及以上不良资产进行组包，定向转让给资产管理公司（包括四大金融资产管理公司以及地方资产管理公司）的行为，不得向以外的主体批量转让不良资产。目前，资产管理公司处于买方垄断地位，商业银行议价能力有限。此外，资产管理公司受资本充足监管，其资本规模能够承接的不良资产规模也相对有限。二是个人贷款不良资产批量转让受限。按照《金融企业不良资产批量转让管理办法》的要求，个人贷款（包括个人购房购车贷款、信用卡透支、其他消费贷款等以个人为借款主体的各类贷款）不得进行批量转让，在一定程度上限制了商业银行处置个人贷款不良资产的手段和渠道。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e司法保障受到限制：法院诉讼追偿效率低，处置周期较长。当前，大量经济金融纠纷案件短期集中到法院，立案排队、保全排队的现象比较突出。在诉讼过程中，债务人一旦拒绝接收传票或失联，法院只能通过公告方式送达诉讼文书，延长了诉讼程序和时限。部分案件从立案到诉讼回款，时间跨度达一年至两年左右，难以快速通过处置资产实现银行债权。司法执行方面也存在较大难度。司法执行是实现不良资产有效收回的关键。商业银行通过诉讼维权效率较低，即使胜诉也面临执行困难的问题。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e解决方法：目前只能从实务中发现问题倒逼国家立法，此外加强创新不良资产处置模式。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（二）资产处置方案中存在的法律风险及其解决对策\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e资产处置方案是在债务追索的基础上制定的资产处置具体措施。目的在于对不良债权进行依法处置，以最大化的收回资产。因此，在制定资产处置方案应当注意以下几点：\u003c/font\u003e\u0026nbsp;\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e其一，资产处置方案采取的资产方式必须是国家法律规定可以采取的资产处置方式。\u003c/font\u003e\u0026nbsp;\u003cfont face=\"宋体\"\u003e根据国家有关法律规定，一般可以采取的资产处置措施主要有：债务重组、以物抵债、债权转让或出售、拍卖、招标、租赁、债转股、资产证券化、公开发行股票上市、诉讼、破产清算等。可以说，凡依法可采取的资产处置方式，资产公司都可以采取。但在采取某种具体资产处置方式时，应当注意不得违反国家有关法律规定，否则就是违法，就会影响资产处置工作的顺利开展，并可能承担相应的法律责任。\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e其二，资产处置有关协议、程序必须符合国家有关法律规定。一是进行资产处置必须签订有关协议或合同；二是所签订的协议内容必须符合《合同法》、《担保法》等有关法律规定，符合国家关于处置不良资产的有关法律、政策、制度规定。就债权转让的程序而言，根据我国《合同法》第\u003c/font\u003e80\u003cfont face=\"宋体\"\u003e条规定：\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026ldquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e债权人转让权利的，应当通知债务人。未经通知，该转让对债务人不发生效力\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e，但是，法律对\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026ldquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e通知\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e的形式未作明确规定，对是否要以债务人确实收到为要件，有关方面（包括司法部门）对此理解不一致。某些公司、企业的债权，涉及的金额往往较大且债务人数较多，如果要求每笔债权的转移均以债务人确认为要件，实践操作的可行性较小，特别是还存在有些债务人为了逃废债务，故意不签收通知的情形，因此，建议通过在新闻媒体上进行公告的方式，合理防止债务人以没收到债权转移通知为由，拒绝向受让人履行债务，以逃废债务，最大限度地保护国有资产的安全。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（三）债转股中的政策及法律问题\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e从法律角度看，企业债转股可能同时受到《公司法》、《合同法》、《商业银行法》、《破产法》等多部法律的调整，在具体实施过程中还要考虑国务院及各地方政府的政策指导。结合云锡集团债转股案例，笔者认为债转股中的如下政策及法律问题值得我们关注：\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e1\u003cfont face=\"宋体\"\u003e、明确债转股适用的企业范围\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e并非所有企业都能搭上债转股这辆\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e顺风车\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e。《指导意见》鼓励发展前景良好但遇到暂时困难的优质企业开展市场化债转股，同时禁止\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026ldquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e僵尸企业\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e、有恶意逃废债行为的企业、债权债务关系复杂且不明晰的企业以及有可能助长过剩产能扩张和增加库存的企业实施债转股。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e需要注意的是，\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e僵尸企业\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e、\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026ldquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e恶意逃废债行为\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e等都不是一个准确的法律概念，在界定上存在困难。笔者认为应该通过企业的生产经营及财务状况、管理层的管理行为、涉诉及执行情况、人行征信报告等，并结合相关法律如《合同法》第四章关于合同履行的规定、《破产法》第二条关于破产原因的规定等进行综合判断。同时，应充分与政府部门、司法机关、金融机构等进行沟通，准确判断企业状况。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e2\u003cfont face=\"宋体\"\u003e、明确债转股适用的债权范围\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e《指导意见》指出\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e转股债权范围以银行对企业发放贷款形成的债权为主，适当考虑其他类型债权。\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e结合《破产法》中关于破产债权的相关规定进行分析，除了专属于破产程序的破产费用债权和共益债权外，企业债权的类型主要包括有担保债权、劳动债权、税收债权、普通债权等。其中劳动债权与税收债权因为性质特殊不宜作为转股债权，普通债权中的一部分是企业经营过程中赊销行为形成的应收账款，此类债权较为零散也不宜作为转股债权。因此企业转股债权的主要范围集中在有担保和无担保的金融类债权。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e进一步分析企业的金融债权类型，按照其融资方式可分为以银行贷款为代表的间接融资类债权和以债券类产品为代表的直接融资类债权。从交易成本上看，与商业银行、信托公司等金融机构的谈判成本、执行成本明显低于与广大债券类产品投资人的交易成本。此外，从外部性上分析，企业债券类产品的发行、交易均在公开市场完成，投资者类型多样，且风险承担能力差异较大，此类债权债转股的外部性影响明显更大。因此，以银行贷款为代表的间接融资类债权更适宜债转股方案。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e3\u003cfont face=\"宋体\"\u003e、债转股需要关注的法律问题\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e）转股前，各方应根据《合同法》的相关规定确认原债权债务关系合法有效、不违反强制性规定，确认无抗辩事由、无撤销事由，确认债权金额，起草并签署相关债务重组协议。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e2\u003cfont face=\"宋体\"\u003e）转股过程中，各方应根据《公司法》的相关规定，对作为出资的非货币财产（即债权）评估作价，不得高估或低估。同时根据《公司注册资本登记管理规定》，债权转为公司股权的应当增加注册资本，即债转股需按照转股企业增资事项履行相应内外部程序，包括股东会绝对多数决、修改公司章程、签署债转股协议、履行工商变更登记程序等。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e）转股完成后，根据《商业银行法》要求，商业银行本身不得主动持有企业股权，被动持有股权的应自取得之日起两年内予以处分，同时根据《商业银行资本管理办法》规定，商业银行被动持股两年内的风险权重为\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e400%\u003c/font\u003e\u003cfont face=\"宋体\"\u003e，两年后为\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e1250%\u003c/font\u003e\u003cfont face=\"宋体\"\u003e。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e4\u003cfont face=\"宋体\"\u003e）股权退出过程中，若选择资本市场退出，应注意《公司法》第\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e141\u003c/font\u003e\u003cfont face=\"宋体\"\u003e条及《证券法》第\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e38\u003c/font\u003e\u003cfont face=\"宋体\"\u003e条对于股权转让期限的限制；若选择对赌协议方式退出，尤其是与企业对赌，应注意《公司法》第\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e142\u003c/font\u003e\u003cfont face=\"宋体\"\u003e条对于股份回购设置的条件和比例限制，若存在损害公司、股东及债权人利益的可能，则有被法院认定无效的风险。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e4\u003cfont face=\"宋体\"\u003e、关注债转股与破产重整程序的结合\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债转股除了可以通过庭外协议重组的方式进行外，若企业具备破产原因，也可以通过申请破产重整的方式在庭内进行。破产重整将受到《破产法》规定的程序约束，有利于提高债转股的效率和效力，保护企业的价值。但同时应当注意，与庭外债转股不同，破产重整下的债转股将直接影响其他债权人的利益，因此方案应该更加全面、谨慎。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e5\u003cfont face=\"宋体\"\u003e、小结\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e债权转换为股权后，其权利义务关系、权利实现方式、法律保护规则均发生了重大变化，只有毫不动摇地坚持市场化、法治化的原则，坚持\u003c/font\u003e\u0026ldquo;\u003cfont face=\"宋体\"\u003e一企一策\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026rdquo;\u003c/font\u003e\u003cfont face=\"宋体\"\u003e，避免运动式推进，才能真正在企业与债权人之间实现帕累托改进。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（四）战略投资人涉及的法律问题\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e1\u003cfont face=\"宋体\"\u003e、基本模式\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e）向目标公司注入现金、技术或资产；\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e从公司融资的角度看，战略投资者注入的现金是融资者最期待的。融资双方通过对目标公司资产进行估值，协议确定战略投资者投入的现金金额以及相应持有目标公司的股权比例，战略投资者据此以现金向目标公司增资。这样，目标公司获得了融资，实现了融资目标。当然，战略投资者也可以用法律允许的其他非货币方式财产作价出资，如实物、土地使用权、知识产权等可以用货币估计并可以依法转让非货币财产。比较常见的是以目标公司急需的技术、机器设备作价，作为对目标公司的增资，以此换取目标公司一定的股权。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e2\u003cfont face=\"宋体\"\u003e）向目标公司股东支付现金；\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e这就是通常的股权转让方式，目标公司除了股东以及相应的公司治理结构发生变化和调整外，资产、现金等没有发生任何表更。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e）向目标公司股东提供股权或股票；\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e这也是一种股权转让方式，只是战略投资者受让目标公司股权的对价是向目标公司股东提供该战略投资者或其关联公司的股权或股票。目标公司的自身资产、现金等未发生变化，但是，通过这种换股安排，目标公司的股东也可能达到其战略目标，即通过转让目标公司的控制权获得战略投资者或其关联公司的股权或股票。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e2\u003cfont face=\"宋体\"\u003e、涉及法律问题\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e1\u003cfont face=\"宋体\"\u003e）注重战略投资者的选择，防止「合作过路客」\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e引进的战略合作伙伴，能够通过合资合作或其他方式，给公司带来资金、先进技术、管理经验，提升公司的核心竞争力和推动公司技术进步和产业升级。但是，我们在引进战略投资者的过程中，应注重战略投资者的选择，防止合得快、散得快。伙伴选择不当，没有稳定的合作基础，双方形成利益违背，不仅不能使公司取得进步和发展，反而会使公司停止不前。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e公司在选择战略投资的伙伴时，并不一定非要寻求与国内外一流公司合作，关键在于合作能否产生优势互补的效应。同时，要审核战略投资者的资质条件。\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e引进的战略投资者，应具备以下条件：\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e①\u003cfont face=\"宋体\"\u003e　公司之间的产品有关联度，业务紧密，产业、产品构成上下游关系，能够进行项目合作、资源整合，促进产业升级，延伸产业链。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e②\u003cfont face=\"宋体\"\u003e　具有行业领先技术，拥有自主知识产权，通过引进其新技术、新工艺，能够促进产品结构与产业结构的调整和升级，提高公司的竞争力。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e③\u003cfont face=\"宋体\"\u003e　拥有一定的知名品牌，市场开拓能力强，有健全的营销网络，特别是具有拓展国内、国际市场的优势和条件，拥有较高的市场占有率。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e④\u003cfont face=\"宋体\"\u003e　具有良好的财务状况和经济实力，银行资信好，自有资金充足，有较强的投融资能力。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e⑤\u003cfont face=\"宋体\"\u003e　拥有先进的公司文化，能够给公司带来先进的现代管理模式、理念和机制；经营管理能力强，有适应国际化经营的人力资源和现代化管理手段。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e⑥\u003cfont face=\"宋体\"\u003e　具有良好的商业信誉和诚信记录，具有并购和重组其他公司的成功范例。公司守法经营，公司无不良经营记录。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e2\u003cfont face=\"宋体\"\u003e）采用多种方式客观地引进战略投资者\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e公司引进战略投资者\u003c/font\u003e,\u003cfont face=\"宋体\"\u003e应当坚持因企制宜的原则。引进战略投资者的主要方式包括兼并、收购、增资扩股、合资合作等多种方式。可主要采取减持产权\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e(\u003c/font\u003e\u003cfont face=\"宋体\"\u003e股权\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e) \u003c/font\u003e\u003cfont face=\"宋体\"\u003e或增资扩股吸收增量资本入股的方式，引进战略投资者。二是在某些小的项目上可考虑控股或参股，也可以退出，让给其他企业经营。鼓励自主经营，自负盈亏，形成小的阿米巴经营模式，采取多种形式引进战略投资者。\u003c/font\u003e\u003cfont face=\"Calibri\"\u003e\u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e（\u003c/font\u003e3\u003cfont face=\"宋体\"\u003e）搞好内部管理、利益分配和风险防范与分担，防止出现只做股东、不管经营的问题\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e合作各方应按照现代公司制度和产权制度的要求，加强公司的管理工作，在战略规划、组织实施及成本、质量、安全、资金、销售等方面健全完善一系列管理制度，促进管理水平和经济效益的提高，使合作得以有效、稳固地延续下去。利益分配和风险防范是合作能否形成和延续的核心问题。因合作而产生的利益增加，需要在成员中进行分配，若分配不当，则容易导致战略合作的解体。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e合理的利益分配和风险防范与分担是合作成功的保证，也是激发成员积极性的关键所在。通过引进战略投资者，组建股份公司，带来了资金、技术、管理、人才、资源和市场等各种要素，更重要的是，它能促进建立更适应现代公司制度要求的产业结构，有利于把改制后的公司做大做强，对提升企业竞争力有较大的促进作用。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e3\u003cfont face=\"宋体\"\u003e、小结\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cfont face=\"宋体\"\u003e引入战略投资者是当前日益被看好的国有企业改革与发展的一种重要模式。战略投资者一般拥有丰富的投资经验及整合经验，能够在行业、市场、商业模式上给企业提供参考，协助被投资企业创造并在资本市场上实现更大的价值。引进战略投资者对国有企业在增强资金实力、构建合理产权结构、完善治理结构、提高管理水平和提升核心竞争力等方面都可发挥出重要功能。\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e\u003cstrong\u003e\u003cspan style=\"font-family: Calibri;\"\u003e05.\u003c/span\u003e\u003c/strong\u003e\u003cb\u003e\u003cspan class=\"15\" style=\"font-family: \u0026quot;Times New Roman\u0026quot;;\"\u003e\u003cspan style=\"font-weight: bold;\"\u003e\u003cfont face=\"宋体\"\u003e不良资产处置过程涉及的法律法规\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/b\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp align=\"justify\" class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: justify;\"\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中华人民共和国民事诉讼法》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《企业会计准则第\u003c/font\u003e12号\u0026mdash;\u0026mdash;债务重组》\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《金融企业国有资产转让管理办法（财政部令第\u003c/font\u003e54号）》\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中华人民共和国破产法》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中华人民共和国合同法》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《九民系要》破产法部分\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中华人民共和国公司法》关于出资方面的规定\u003c/font\u003e27条\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《金融资产投资公司管理办法（试行）》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《最高人民法院关于审理涉及金融不良债权转让案件工作座谈会纪要》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《关于商业银行借款合同项下债权转让有关问题的批复》\u003c/font\u003e(银办函(2001)648号)\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《关于商业银行向社会投资者转让贷款债权法律效力有关问题的批复》（银监办发【\u003c/font\u003e2009】24号）\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《关于国有金融资产管理公司处置国有商业银行不良资产案件交纳诉讼费用的通知》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《最高人民法院关于金融资产管理公司收购、处置银行不良资产有关问题的补充通知》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《最高人民法院关于国有金融资产管理公司处置国有商业银行不良资产案件交纳诉讼费用的通知》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中华人民共和国担保法》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中华人民共和国物权法》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《金融企业不良资产批量转让管理办法》（财金\u003c/font\u003e[2012]6号）\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中国银监会办公厅关于规范金融资产管理公司不良资产收购业务的通知》银监办发【\u003c/font\u003e2016】56号中国人民银行办公厅《关于商业银行借款合同项下债权转让有关问题的批复》\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《金融资产管理公司资产处置管理办法》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《不良金融资产处置尽职指引》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《金融资产管理公司条例》（国务院令第\u003c/font\u003e297号)\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《财政部关于印发金融资产管理公司有关业务风险管理办法的通知》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《金融资产管理公司内部控制办法》（财金【\u003c/font\u003e2005】136号）\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《关于规范信贷资产转让及信贷资产类理财业务有关事项的通知》\u003c/font\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e（银监发【\u003c/font\u003e2009】113号）\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《关于进一步规范银行业金融机构信贷资产转让业务的通知》（银监发【\u003c/font\u003e2010】102号）\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px;\"\u003e\u003cspan class=\"p\" style=\"margin: 5pt 0pt; padding: 0pt; text-align: left;\"\u003e\u003cspan style=\"font-family: Calibri;\"\u003e●\u003cfont face=\"Microsoft YaHei UI\"\u003e《中国银监会办公厅关于规范银行业金融机构信贷资产收益权转让业务的通知》（银监办发【\u003c/font\u003e2016】82号）\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n","content_en":"\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e1. Disposal model of non-performing assets\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e2. The operation plan and operation process of non-performing assets disposal from the perspective of trust companies--Taking Yunnan Tin Industry\u0026#39;s debt-to-equity swap as an example\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e3. The operation plan and operation process of non-performing assets disposal from the perspective of trust companies--Taking the reorganization of Bogang steel companies as an example\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e4. Major legal issues and countermeasures in the disposal of non-performing assets of state-owned financial enterprises\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eV. Laws and Regulations Involved in the Disposal of Non-performing Assets\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cbr /\u003e\r\n\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eforeword\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSince 2012, under the influence of the macroeconomic downturn, the overall non-performing asset ratio of Chinese enterprises has shown an upward trend, and has reached the highest peak in the past two years, which has caused many enterprises to fall into a deadlock in operation, and even have to have good business expectations in the future. filed for bankruptcy due to huge debts. Therefore, the comprehensive use of all means and methods within the scope of laws and regulations to realize the value and enhance the value of the target assets can effectively rejuvenate the enterprises in the quagmire, and even promote the development of the macro economy.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSince 2012, under the influence of the macroeconomic downturn, the overall non-performing asset ratio of Chinese enterprises has shown an upward trend, and has reached the highest peak in the past two years, which has caused many enterprises to fall into a deadlock in operation, and even have to have good business expectations in the future. filed for bankruptcy due to huge debts. Therefore, the comprehensive use of all means and methods within the scope of laws and regulations to realize the value and enhance the value of the target assets can effectively rejuvenate the enterprises in the quagmire, and even promote the development of the macro economy.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e01. Disposal model of non-performing assets\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe disposal mode of non-performing assets is not fixed and immutable, but a disposal strategy should be formulated according to specific reasons. Generally speaking, state-owned financial enterprises mainly have the following disposal modes for their non-performing assets:\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) General method (writing off)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eState-owned financial enterprises write off bad debt loans or loan losses according to regulations, but not any non-performing loan can be written off, and certain conditions must be met. The central government has strict legal procedures for loan write-offs. It must be a non-performing loan that has become a bad debt without any possibility of recovery or reduction after various efforts.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) Debt restructuring\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eDebt reorganization, also known as debt reorganization, refers to the matter in which the creditor makes concessions in accordance with the agreement reached with the debtor or the ruling of the court in the event of financial difficulties of the debtor.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eDebt restructuring is widely used in the process of disposing of non-performing assets. When state-owned financial enterprises cannot collect accounts but are optimistic about the debtor\u0026#39;s business prospects, they will make concessions on debts (including delaying the maturity of creditor\u0026#39;s rights and reducing the amount of debt that the debtor needs to repay). interest or principal, etc.) to reduce their own losses. Currently, debt restructuring is generally accompanied by debt-to-equity swaps to realize the realization and appreciation of non-performing assets.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) Debt-to-equity swap\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eDebt-to-equity swap means that the financial asset management company as the main body of investment converts the original non-performing credit assets of commercial banks\u0026mdash;that is, the debt of the enterprise into the equity of the financial asset management company in the enterprise. It does not convert corporate debts into state capital, nor does it write off corporate debts in one go, but changes from the original creditor-debt relationship to the relationship between financial asset management companies and enterprises, holding and being held, holding and being held. Converted from the original debt service to share dividends.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(IV) Divestment and restructuring of non-performing assets\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) Stripping off non-performing assets by means of capital reduction\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe parent company first cleans up the subsidiary\u0026#39;s assets, classifies them according to their asset status, and then divests and recovers the non-performing assets therein, and at the same time reduces the parent company\u0026#39;s investment in the subsidiary accordingly.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) Peel off non-performing assets by asset replacement\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThere are two cases in this way:\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eFirst, the parent company replaces its excellent assets with the non-performing assets of its subsidiaries at an equivalent value, which not only strips off the non-performing assets of the subsidiaries, optimizes the asset structure of the subsidiaries, but also reduces the cumbersome company registration procedures.\u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe second is the non-performing asset management company specially established by the parent company to exchange its high-quality assets with the non-performing assets of the parent company\u0026#39;s headquarters and its subsidiaries. The replacement of excellent assets requires the parent company to make overall arrangements in terms of internal policies and corporate resources.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) Stripping of non-performing assets by acquisition\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThere are also two cases of divesting non-performing assets by acquisition: \u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eOne is the non-performing assets cleaned up by the parent company\u0026#39;s acquisition of subsidiary companies with monetary funds.\u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSecond, the non-performing asset management company established by the parent company purchases the non-performing assets of the subsidiary with monetary funds, provided that the non-performing asset management company has sufficient monetary funds to pay. The non-performing assets are stripped through acquisition, and the companies that sell the non-performing assets will not reduce their capital.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(4) Stripping off non-performing assets by way of investment\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe parent company injects its non-performing assets (including non-performing assets formed by the headquarters and non-performing assets recovered from subsidiaries by means of capital reduction, replacement, and acquisition) as investments into the non-performing asset management specially established by the parent company. company\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(5) Stripping of non-performing assets through entrusted management\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThis method is to package the non-performing assets of the enterprise (enterprise group headquarters or subsidiaries) as a whole and entrust it to a non-performing asset management company for professional management. This method does not change the ownership relationship of the legal person property of the enterprise, but only strips off the management right of the non-performing assets of the enterprise. The relationship between the non-performing asset-owned enterprise and the non-performing asset management company is only a principal-agent relationship, and there is an agency cost. This \u0026quot;peeling\u0026quot; is a limited peeling.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(5) Bankruptcy reorganization and introduction of strategic investors\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe vast majority of non-performing asset disposals are inseparable from bankruptcy procedures. Bankruptcy and reorganization provides a procedural platform for the disposal of non-performing assets, which is more authoritative and procedural. Creditors have better debt repayment expectations, reduce the debt ratio of enterprises through debt restructuring and debt-to-equity swaps, and attract strategic investors to join, which is an effective way for enterprises to rejuvenate.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(6) NPAS\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSecuritization of non-performing assets includes securitization of non-performing loans, quasi-performing loans, restructured loans, non-performing bonds and foreclosed assets. Since 2016, the restart of the pilot securitization of non-performing assets has provided a new channel for commercial banks to dispose of non-performing assets. As an innovative way of non-performing asset transfer, compared with direct transfer to AMC, non-performing asset securitization has the advantages of higher transfer price, stronger liquidity, real risks, and income from asset service fees. However, due to the complex structure of non-performing asset securitization transactions, many participants, high pricing difficulty, and high professional requirements for investors, especially the lack of secondary investors, the originating bank needs to transfer part of the liquidity compensation income.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(7) Through litigation and arbitration\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eLitigation procedures are an effective tool when non-litigation channels cannot be carried out. When disposing of non-performing assets, there will inevitably be problems that cannot be solved by non-litigation channels. At this time, the use of coercive means to file a lawsuit is indispensable. Applicable to bad credit customers, advantages: legal authority, compulsion, anti-interference. Disadvantages: Loan collection work in accordance with the law often encounters embarrassing situations such as \u0026quot;non-acceptance, non-judgment, and non-execution\u0026quot;; loan collection takes a long time and costs are high.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e02. The operation plan and operation process of non-performing assets disposal from the perspective of trust companies--Taking Yunnan Tin Industry\u0026#39;s debt-to-equity swap as an example\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) Yunnan Tin Industry Debt-to-Equity Swap\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eYunnan Tin Group is the company with the longest and most complete industrial chain among the world\u0026#39;s tin production enterprises, as well as the company with the longest history in Yunnan. Its predecessor was the Gejiu Factory Investment Promotion Bureau established by the Qing government in the ninth year of Guangxu in the Qing Dynasty (1883), which has a history of more than 130 years. At present, Yunxi Group has more than 40 wholly-owned and holding subsidiaries, and its industrial chain tentacles extend to copper, lead, silver and other precious metals, and even the real estate industry. The two listed companies under the group are Tin Industry Co., Ltd. and Guiyan Platinum Industry.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe group is a highly indebted local state-owned enterprise in the non-ferrous metal industry, and it is also a company in the last round of debt-to-equity swaps. As of the first half of 2016, Yunxi Group had total assets of 52.5 billion yuan and liabilities of 43.5 billion yuan. The company\u0026#39;s debt ratio reached 82.9%, and the target of reducing leverage was 65%. The asset-liability ratio of Yunnan Tin Group was as high as 82.8%, nearly 30 percentage points higher than the industry average of 55%.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eYunxi Group is also the last round of debt-to-equity swap companies. In 2001, Yunnan Tin Industry Co., Ltd., Huarong and Xinda Asset Management Co., Ltd. jointly funded the establishment of Yunnan Tin Industry Group Co., Ltd. In July of that year, the overall assets on the financial account of Yunnan Tin Industry Company entered Yunnan Tin Industry Group. According to the approval of the State-owned Assets Supervision and Administration Commission of Yunnan Province and the capital reduction agreement and supplementary agreements signed by the company with Huarong, Cinda and the group company, the group company repurchased the debt-to-equity swap held by Huarong and Cinda through capital reduction.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eIn June 2015, the group company paid a consideration of 1 billion yuan to complete the capital reduction and repurchase. So far, after 14 years, the asset management company officially realized the complete withdrawal of equity from the debt-to-equity swap.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSource of funds: the combination of self-owned funds and social funds, with social funds as the main source. The 10 billion debt-to-equity swap funds mainly raised social funds through the market. A small part is CCB\u0026#39;s own funds, but the amount is very small, mainly to leverage social funds. Social funds may include insurance asset management institutions, pensions of CCB pension subsidiaries, National Social Security, asset management subsidiaries of Cinda AMC, and bank wealth management of private banks. The expected rate of return of the fund LP is 5-15%, emphasizing that it is not rigidly paid.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eScope of debt-to-equity swap: sectors with potential development, mainly normal loans (non-CCB loans) of secondary or tertiary subsidiary banks of Yunnan Tin Group.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe equity converted from the debt does not necessarily correspond to the original debt unit, but the high-quality sectors and assets of the group. The project will be implemented in two phases, each with a value of 5 billion. Including five sub-projects of the second- and third-level subsidiaries of Yunnan Tin Group. The total loan of CCB to Yunxi Group is less than 5 billion yuan, accounting for nearly 10% of the total debt of Yunxi Group. According to the State Council\u0026#39;s debt-to-equity swap guidelines, the implementing entity will cross-debt-to-equity swaps. Therefore, CCB\u0026#39;s debt-to-equity swap plan does not involve loans from its own bank, but loans from other banks.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003ePricing: In terms of creditor\u0026#39;s rights, the fund undertakes debt at 1:1 book value; in terms of equity, due to different projects, the prices are also different. The target of equity investment is relative development.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) Operation plan\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eIn the case of Yunnan Tin Industry\u0026#39;s debt-to-equity swap, China Construction Trust, as the manager of the fund, has played a very good fund management experience. At the operational level, CCB and CCB Trust are responsible for this project, CCB is responsible for finding customers and negotiating agreements, etc., CCB Trust is responsible for fund management, and the source of funds is mainly social capital. a bit. The funds raised by the fund will ultimately be \u0026quot;used to repay debts\u0026quot;, but in order to avoid moral hazard, they are mainly used to repay claims other than CCB. In addition, a major feature of this debt-to-equity swap is that the business sectors of debt and equity do not correspond one-to-one.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eAccording to the investment agreement, CCB will use the fund model to mobilize social funds to invest in sectors and high-quality assets of Yunxi Group with good profit prospects. In terms of exit method, the fund chose market-oriented operation, and put part of the equity of the unlisted company of Yunxi Group into the listed company of the group to realize the exit.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:center\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:center\"\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e（三）操作流程\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp style=\"margin:0pt; text-align:center\"\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cimg alt=\"\" src=\"/ckeditor_assets/pictures/98/content_1.png\" style=\"width:600px; height:339px\" /\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e1. Preliminary preparations: CCB evaluates and forecasts the business prospects of Yunxi Group, rewrites and formulates business plans and strategies, calculates the group\u0026#39;s assets and liabilities, and conducts due diligence on it.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e2. CCB and Yunxi Group signed a cooperation agreement. According to the cooperation agreement, Yunxi Group received the first batch of 4.35 billion yuan of capital injected by China Construction Bank. Among them, the first fund of 2.35 billion yuan is used to replace part of the high-interest debt funds of the enterprise; the second fund of 1 billion yuan is used to invest in affiliated companies of Yunxi Holdings; the third fund of 1 billion yuan is used for Invest in high-quality mineral rights of affiliated companies of Yunnan Tin Group.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e3. CCB is responsible for finding social funds and strategic investors in the project, and finally raised a total investment of 10 billion yuan.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e4. CCB and CCB Trust set up LP funds, which are operated and managed by CCB Trust.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e5. The normal loans of the secondary or tertiary subsidiary banks of Yunnan Tin Group will be replaced by debt-to-equity swaps.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e03. The operation plan and operation process of non-performing assets disposal from the perspective of trust company--Taking the reorganization of Bogang Steel as an example\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e(1) Non-performing asset disposal mode in the reorganization case of Bogang-related enterprises\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003eThe debtor\u0026#39;s property in the reorganization case of Bogang-related enterprises is widely distributed, complex in structure, huge in debt, and numerous in number of creditors. It is currently the largest case of reorganization of assets and liabilities in China. In order to maximize the value of Bosteel-related enterprises and protect the rights and interests of creditors to the greatest extent, the reorganization of Bosteel-related enterprises adopts the \u0026quot;sale-type reorganization\u0026quot; model.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003eMutual guarantees and funds borrowing and lending are widely existed in Bogang-related enterprises, and creditors of major financial institutions have claims or rights and interests over the four major groups.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003eAt the same time, there is a very close relationship between the personnel, capital use, production and operation among Bogang-related enterprises, and the reorganization value is composed of the four major groups as a whole. The reorganization value is greatly reduced, and it is difficult to introduce strategic investors; second, the reorganization of the four major groups will be fragmented, it will be difficult to effectively promote, and will face the risk of failure. For this reason, after reporting to the court and fully communicating with the financial debt committee and major creditors, the Bogang-related enterprises will carry out the reorganization on a group basis, and carry out overall reorganization among the four major groups, so as to realize the Maximize the property value of steel enterprises and maximize the repayment rate of creditors.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e(2) Operational plan for overall restructuring of Bosteel-related enterprises\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e1. The overall restructuring plan shall be carried out in an overall manner in the liabilities, assets and voting procedures.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e2. In terms of transaction structure\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003eThe original Bosteel-related enterprises were divided into two parts, which were respectively reorganized into a steel asset platform and a non-steel asset platform.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003eThe iron and steel asset platform will introduce strategic investors, focus on the main iron and steel business, undertake the main iron and steel assets and iron and steel operations of Bogang-related enterprises, and solve some of the liabilities of Bogang-related enterprises. Among them, the steel asset platform will include the steel asset holding platform and the steel asset operation platform. Through the introduction of strategic investors and the debt repayment resources provided by strategic investors, the creditor\u0026#39;s rights will be effectively repaid through cash, debt retention, debt-to-equity swap, etc.; strategic investors will deeply integrate the steel asset platform to further enhance new The profitability of Bogang Steel enables the creditors after completing the debt-to-equity swap to share the operating income of the enterprise after the reorganization.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003eThe non-steel asset platform will introduce a third-party professional asset management and operation team, focus on the disposal and operation of non-steel assets, undertake all the assets and operations of Bosteel-related enterprises that are not included in the iron and steel asset platform, and solve the problems of Bogang-related enterprises. part of the liabilities. By establishing a trust plan based on non-steel assets, the creditor will implement the debt repayment through the share of the beneficiary rights of the trust product. Through the professional asset management and operation team of the third party, the effective integration of non-steel assets can be realized, and the disposal or operation methods can be determined according to the actual situation of different assets, so as to enhance the operation and disposal value of non-steel assets, and fully guarantee the realization of the beneficiary rights of trust products.\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e(3) Specific operation process\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:center\"\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e\u003cimg alt=\"\" src=\"/ckeditor_assets/pictures/162/content_%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20201117112243.jpg\" style=\"width:600px; height:297px\" /\u003e\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:center\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003ePreliminary work: Determine the basic situation of Bosteel-related enterprises through due diligence, and formulate future business plans accordingly, summarize different types of claims and formulate claims repayment plans.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e1. Bosteel-related enterprises are reorganized into steel asset platforms and non-steel asset platforms through company separation, asset transfer, and non-monetary investment to establish subsidiaries.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e2. Introduce strategic investors to the steel asset platform, and participate in the steel asset holding platform and the steel asset operation platform respectively; at the same time, entrust the corresponding assets of the non-steel asset platform to a trust company, establish a trust plan, and introduce a professional asset management company\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e3. Creditors on the iron and steel asset platform mainly realize repayment through cash, retained debt, and debt-to-equity swaps, and on the non-steel asset platform mainly through the distribution of shares of trust product income rights.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e04. Major legal issues and countermeasures for the disposal of non-performing assets of state-owned financial enterprises\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) Major legal issues in the non-performing asset disposal procedure\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e1. The disposal of non-performing assets involves complex legal relationships\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eIn terms of litigation, the key issues in the disposal of non-performing assets mainly focus on the guarantee of creditor\u0026#39;s rights, property preservation, bank review, and risk prevention in the transfer of creditor\u0026#39;s rights and debts.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e\u0026middot;by law:\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) If the debtor transfers all or part of the contractual obligations to a third party, the creditor\u0026#39;s consent shall be obtained.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) If the debtor transfers its obligations, the new debtor may claim the original debtor\u0026#39;s defense against the creditor.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) If the debtor transfers its obligations, the new debtor shall bear the subordinate debts related to the main debt, except that the subordinate debts are exclusive to the original debtor.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(4) If the laws and administrative regulations stipulate that the transfer of rights or the transfer of obligations shall be subject to approval, registration and other procedures, such provisions shall be followed.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e\u0026middot;Existing risks\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) If the creditor assigns its rights, it shall notify the debtor. Without notice, the assignment will not be effective against the debtor.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) A notice of the assignment of rights by the creditor shall not be revoked except with the consent of the assignee.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) If the creditor transfers the rights, the assignee obtains the subordinate rights related to the creditor\u0026#39;s rights, except that the subordinate rights are exclusive to the creditor itself.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(4) After the debtor receives the notice of assignment of the creditor\u0026#39;s rights, the debtor can claim the defense against the assignor to the assignee.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(5) When the debtor receives the notice of assignment of the creditor\u0026#39;s rights, the debtor has the creditor\u0026#39;s rights against the assignor, and the debtor\u0026#39;s creditor\u0026#39;s rights expire before or at the same time as the creditor\u0026#39;s rights transferred, the debtor may claim offset against the transferee.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e2. The disposal of non-performing assets is subject to the constraints and restrictions of national laws and regulations\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003ePolicy restrictions: The relevant tax policies for disposal of non-performing assets are not matched. The identification and write-off of bad debts in financial institutions has two policy calibers: the Ministry of Finance and the State Administration of Taxation. Bad debt losses incurred by financial enterprises must be approved by the tax authority before they can be deducted before tax. At present, the \u0026quot;Administrative Measures for the Write-off of Bad Debts of Financial Enterprises\u0026quot; promulgated by the Ministry of Finance has relaxed the conditions for the write-off of loans to SMEs, which only refers to the write-off in accounting. Loan overdue time, loan recourse requirements, etc. are more stringent than the regulations of the Ministry of Finance. Some bad debt losses cannot be successfully declared for pre-tax deduction due to unsupported tax policies, which increases disposal costs in disguise.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThere are limitations in the batch transfer policy: First, the scope of the transferee is limited. According to the current regulations, batch transfer of non-performing assets refers to the behavior of financial enterprises to group three or more non-performing assets and transfer them to asset management companies (including the four major financial asset management companies and local asset management companies). The main body transfers non-performing assets in batches. At present, asset management companies are in a buyer\u0026#39;s monopoly position, and commercial banks have limited bargaining power. In addition, asset management companies are subject to capital adequacy supervision, and the scale of non-performing assets that their capital can undertake is relatively limited. Second, the batch transfer of non-performing assets of personal loans is restricted. In accordance with the requirements of the \u0026quot;Administrative Measures for the Batch Transfer of Non-Performing Assets of Financial Enterprises\u0026quot;, personal loans (including personal home and car loans, credit card overdrafts, other consumer loans and other types of loans with individuals as the main borrower) shall not be transferred in batches. It provides the means and channels for commercial banks to dispose of non-performing personal loan assets.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eJudicial guarantees are limited: court litigation is inefficient and the disposal cycle is long. At present, a large number of economic and financial dispute cases are concentrated in the courts in a short period of time, and the phenomenon of queuing up for filing and preservation is more prominent. In the process of litigation, once the debtor refuses to receive the summons or loses contact, the court can only serve the litigation documents by public announcement, extending the litigation procedure and time limit. In some cases, the time span from filing a lawsuit to recovering money from a lawsuit is about one to two years. It is difficult to quickly realize the bank\u0026#39;s claims by disposing of assets. There are also difficulties in judicial enforcement. Judicial enforcement is the key to effective recovery of non-performing assets. Commercial banks are less efficient in defending their rights through litigation, and even if they win the case, they will face difficulties in enforcement.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSolution: At present, we can only find problems from practice to force national legislation, and in addition, strengthen and innovate the disposal mode of non-performing assets.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) Legal risks in asset disposal plans and their solutions\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eAsset disposal plans are specific measures for asset disposal formulated on the basis of debt recourse. The purpose is to dispose of bad debts in accordance with the law, so as to maximize the recovery of assets. Therefore, when formulating an asset disposal plan, the following points should be paid attention to:\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eFirst, the asset disposal method adopted in the asset disposal plan must be the asset disposal method that can be adopted by national laws. According to the relevant laws and regulations of the state, the general asset disposal measures that can be taken are: debt restructuring, debt repayment, transfer or sale of creditor\u0026#39;s rights, auction, bidding, leasing, debt-to-equity swap, asset securitization, public offering of stocks, litigation, bankruptcy liquidation, etc. It can be said that any asset disposal method that can be adopted by law can be adopted by the asset company. However, when adopting a specific method of asset disposal, care should be taken not to violate the relevant laws and regulations of the state, otherwise it is illegal, which will affect the smooth development of asset disposal work and may bear corresponding legal responsibilities.\u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eSecond, the relevant agreements and procedures for the disposal of assets must comply with the relevant laws and regulations of the state. First, relevant agreements or contracts must be signed to dispose of assets; second, the content of the signed agreements must comply with the Contract Law, the Guarantee Law and other relevant laws and regulations, as well as the relevant national laws, policies and system regulations on the disposal of non-performing assets. As far as the procedure for assignment of creditor\u0026#39;s rights is concerned, according to Article 80 of my country\u0026#39;s \u0026quot;Contract Law\u0026quot;: \u0026quot;If the creditor assigns its rights, it shall notify the debtor. Without notification, the assignment will not be effective for the debtor.\u0026quot; The form is not clearly stipulated, and the relevant parties (including the judicial department) have inconsistent understandings on whether the debtor actually receives it as an element. The claims of certain companies and enterprises often involve a large amount and a large number of debtors. If each transfer of claims is required to be confirmed by the debtor, the feasibility of practical operation is relatively small, especially if there are some debtors in order to escape. Therefore, it is recommended to announce on the news media to reasonably prevent the debtor from refusing to perform the debt to the assignee on the grounds that he has not received the notice of transfer of the creditor\u0026#39;s rights, so as to avoid the debt and maximize the to protect the security of state-owned assets.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) Policy and legal issues in debt-to-equity swap\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eFrom a legal point of view, corporate debt-to-equity swaps may be subject to adjustment by many laws such as the Company Law, the Contract Law, the Commercial Bank Law, and the Bankruptcy Law. Policy guidance for local governments. Combined with the debt-to-equity swap case of Yunxi Group, the author believes that the following policy and legal issues in the debt-to-equity swap deserve our attention:\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e1. Clarify the scope of enterprises for which the debt-to-equity swap is applicable\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eNot all companies can take the \u0026quot;ride\u0026quot; of debt-to-equity swaps. The \u0026quot;Guiding Opinions\u0026quot; encourages high-quality enterprises with good development prospects but encountering temporary difficulties to carry out market-oriented debt-to-equity swaps, while prohibiting \u0026quot;zombie enterprises\u0026quot;, enterprises that maliciously evade debt, enterprises with complex and unclear creditor\u0026#39;s rights and debts, and those with Debt-to-equity swaps for companies that could fuel excess capacity expansion and build up inventories.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eIt should be noted that \u0026quot;zombie enterprises\u0026quot; and \u0026quot;malicious evasion of debts\u0026quot; are not an accurate legal concept, and there are difficulties in defining them. The author believes that it should be based on the production, operation and financial status of the enterprise, the management behavior of the management, the litigation and execution situation, the People\u0026#39;s Bank of China credit report, etc., and in combination with relevant laws such as the provisions on contract performance in Chapter IV of the Contract Law and the Bankruptcy The provisions of Article 2 of the Law on the reasons for bankruptcy shall be comprehensively judged. At the same time, it should fully communicate with government departments, judicial organs, financial institutions, etc. to accurately judge the status of the enterprise.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e2. Clarify the scope of claims applicable to the debt-to-equity swap\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe \u0026quot;Guiding Opinions\u0026quot; pointed out that \u0026quot;the scope of the creditor\u0026#39;s rights for equity conversion is mainly based on the creditor\u0026#39;s rights formed by the bank\u0026#39;s loan to the enterprise, and other types of creditor\u0026#39;s rights are given due consideration.\u0026quot; Combined with the relevant provisions of the \u0026quot;Bankruptcy Law\u0026quot; on bankruptcy creditor\u0026#39;s rights, the analysis is carried out, except for the creditor\u0026#39;s rights exclusively dedicated to the bankruptcy procedure. In addition to bankruptcy cost claims and common interest claims, the types of corporate claims mainly include secured claims, labor claims, tax claims, and ordinary claims. Among them, labor creditor\u0026#39;s rights and tax creditor\u0026#39;s rights are not suitable to be converted into shares due to their special nature. A part of ordinary creditor\u0026#39;s rights are accounts receivable formed by credit sales in the process of business operation. Therefore, the main scope of corporate equity conversion claims is concentrated in secured and unsecured financial claims.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eFurther analysis of the types of financial claims of enterprises can be divided into indirect financing claims represented by bank loans and direct financing claims represented by bond products according to their financing methods. From the perspective of transaction costs, the negotiation and execution costs with commercial banks, trust companies and other financial institutions are significantly lower than the transaction costs with the majority of bond product investors. In addition, from the perspective of externalities, the issuance and trading of corporate bond products are all completed in the open market. There are various types of investors and large differences in risk tolerance. The externalities of such debt-to-equity swaps have significantly greater impact. Therefore, indirect financing claims represented by bank loans are more suitable for debt-to-equity swaps.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e3. Legal issues that need to be paid attention to in debt-to-equity swaps\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) Before the share conversion, all parties shall confirm that the original creditor\u0026rsquo;s rights and debts relationship is legal and valid according to the relevant provisions of the \u0026ldquo;Contract Law\u0026rdquo; and does not violate the mandatory provisions, confirm that there are no reasons for defense or cancellation, confirm the amount of creditor\u0026rsquo;s rights, and draft and sign the relevant debts. Restructuring Agreement.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) In the process of stock conversion, all parties shall, in accordance with the relevant provisions of the Company Law, evaluate and value the non-monetary property (ie, creditor\u0026#39;s rights) as capital contributions, and shall not overestimate or underestimate. At the same time, according to the \u0026quot;Regulations on the Administration of the Registration of the Company\u0026#39;s Registered Capital\u0026quot;, if the debt is converted into the company\u0026#39;s equity, the registered capital should be increased, that is, the debt-to-equity swap must go through the corresponding internal and external procedures in accordance with the capital increase of the equity-converted enterprise, including the absolute majority vote of the shareholders\u0026#39; meeting, revision of the company\u0026#39;s articles of association, Sign the debt-to-equity swap agreement, perform the industrial and commercial change registration procedures, etc.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) After the share conversion is completed, according to the requirements of the Commercial Bank Law, the commercial bank itself shall not actively hold the equity of the enterprise, and the passively held equity shall be punished within two years from the date of acquisition \u0026rdquo; stipulates that the risk weight of passive shareholding by commercial banks is 400% within two years and 1250% after two years.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(4) In the process of equity withdrawal, if you choose to withdraw from the capital market, you should pay attention to the restrictions on the equity transfer period in Article 141 of the Company Law and Article 38 of the Securities Law; For gambling, it should be noted that Article 142 of the \u0026quot;Company Law\u0026quot; sets the conditions and proportional restrictions on share repurchase. If there is a possibility of harming the interests of the company, shareholders and creditors, there is a risk of being deemed invalid by the court.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e4. Pay attention to the combination of debt-to-equity swap and bankruptcy reorganization procedures\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eDebt-to-equity swaps can be carried out in court by applying for bankruptcy reorganization if the company has reasons for bankruptcy. Bankruptcy reorganization will be subject to the procedures stipulated in the Bankruptcy Law, which is conducive to improving the efficiency and effectiveness of debt-to-equity swaps and protecting the value of enterprises. But at the same time, it should be noted that, unlike the out-of-court debt-to-equity swap, the debt-to-equity swap under bankruptcy reorganization will directly affect the interests of other creditors, so the plan should be more comprehensive and prudent.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e5. Summary\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eAfter the debt is converted into equity, the relationship between rights and obligations, the way of realizing rights, and the rules of legal protection have all undergone major changes. , in order to truly achieve Pareto improvement between the enterprise and its creditors.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(4) Legal issues involved in strategic investors\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e1. Basic mode\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) Inject cash, technology or assets into the target company;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eFrom the perspective of corporate financing, the cash injected by strategic investors is what financiers look forward to most. By valuing the assets of the target company, the two financing parties agree to determine the amount of cash invested by the strategic investor and the corresponding shareholding ratio of the target company, and the strategic investor will increase capital to the target company in cash accordingly. In this way, the target company has obtained financing and achieved the financing target. Of course, strategic investors can also use other non-monetary properties permitted by law to make capital contributions, such as physical objects, land use rights, intellectual property rights, etc., which can be estimated in currency and can transfer non-monetary properties in accordance with the law. It is more common to price the technology, machinery and equipment urgently needed by the target company as a capital increase in the target company in exchange for a certain equity interest in the target company.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) Pay cash to shareholders of the target company;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThis is the usual way of equity transfer. Except for the change and adjustment of shareholders and the corresponding corporate governance structure of the target company, there is no change in assets, cash, etc.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) Provide equities or stocks to shareholders of the target company;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThis is also a method of equity transfer, except that the strategic investor\u0026#39;s consideration for the transfer of the target company\u0026#39;s equity is to provide the target company\u0026#39;s shareholders with the equity or stock of the strategic investor or its affiliates. The target company\u0026#39;s own assets, cash, etc. have not changed. However, through this share swap arrangement, the target company\u0026#39;s shareholders may also achieve its strategic goal, that is, to obtain the equity of the strategic investor or its affiliates by transferring the control right of the target company. or stocks.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e2. Involving legal issues\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(1) Pay attention to the selection of strategic investors and prevent \u0026quot;cooperative passers-by\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe introduced strategic partners can bring capital, advanced technology and management experience to the company through joint ventures or other means, enhance the company\u0026#39;s core competitiveness and promote the company\u0026#39;s technological progress and industrial upgrading. However, in the process of introducing strategic investors, we should pay attention to the selection of strategic investors, so as to prevent quick cooperation and quick dispersal. Improper selection of partners, no stable cooperation foundation, and conflict of interests between the two parties will not only fail to make the company progress and develop, but will make the company stagnate.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eWhen a company chooses a partner for strategic investment, it does not necessarily have to seek cooperation with first-class companies at home and abroad. The key is whether the cooperation can produce the effect of complementary advantages. At the same time, it is necessary to review the qualifications of strategic investors. The introduced strategic investors should meet the following conditions:\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e① The products between the companies are closely related, the business is close, and the industries and products form an upstream and downstream relationship, which can carry out project cooperation, resource integration, promote industrial upgrading, and extend the industrial chain.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e② It has industry-leading technology and independent intellectual property rights. By introducing its new technology and new technology, it can promote the adjustment and upgrading of product structure and industrial structure, and improve the company\u0026#39;s competitiveness.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e③ Possess certain well-known brands, strong market development ability, and sound marketing network, especially with the advantages and conditions to expand domestic and international markets, and have a relatively high market share.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e④ Have good financial status and economic strength, good bank credit, sufficient self-owned funds, and strong investment and financing capabilities.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e⑤ Possess an advanced company culture, which can bring advanced modern management models, concepts and mechanisms to the company; strong management capabilities, human resources and modern management methods that adapt to international operations.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e⑥ Possess a good business reputation and integrity record, and have successful examples of mergers and acquisitions and reorganization of other companies. The company operates in compliance with the law, and the company has no bad business records.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(2) Objectively introduce strategic investors in various ways\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eWhen introducing strategic investors, the company should adhere to the principle of adapting to the conditions of the enterprise. The main ways to introduce strategic investors include mergers, acquisitions, capital increase and share expansion, joint ventures and cooperation. Strategic investors can be introduced mainly by reducing property rights (equity) or increasing capital and expanding shares to absorb incremental capital. Second, in some small projects, you can consider holding or participating in shares, or you can withdraw and let other companies operate. Encourage independent operation, take responsibility for profits and losses, form a small amoeba business model, and introduce strategic investors in various forms.\u0026nbsp;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e(3) Do a good job in internal management, benefit distribution and risk prevention and sharing, and prevent the problem of only being a shareholder and not operating\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eAll parties to the cooperation should strengthen the management of the company in accordance with the requirements of the modern company system and property rights system, and improve a series of management systems in strategic planning, organization and implementation, cost, quality, safety, capital, sales, etc., so as to promote the management level and economy. The improvement of efficiency enables the cooperation to continue effectively and steadily. Benefit distribution and risk prevention are the core issues of whether cooperation can be formed and continued. The increased benefits arising from cooperation need to be distributed among the members. Improper distribution will easily lead to the disintegration of the strategic cooperation.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eReasonable benefit distribution and risk prevention and sharing are the guarantee of successful cooperation and the key to arousing the enthusiasm of members. Through the introduction of strategic investors and the establishment of joint-stock companies, various elements such as capital, technology, management, talents, resources and markets have been brought in. More importantly, it can promote the establishment of an industrial structure that is more suitable for the requirements of the modern company system, which is conducive to Making the restructured company bigger and stronger will greatly promote the competitiveness of the enterprise.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e3. Summary\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003eThe introduction of strategic investors is an important model for the reform and development of state-owned enterprises that is increasingly favored. Strategic investors generally have rich investment experience and integration experience, and can provide reference for enterprises in the industry, market and business model, and assist the invested enterprise to create and realize greater value in the capital market. The introduction of strategic investors can play an important role for state-owned enterprises in enhancing financial strength, building a reasonable property rights structure, improving governance structure, improving management level and enhancing core competitiveness.\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e05. Laws and regulations involved in the disposal of non-performing assets\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Civil Procedure Law of the People\u0026#39;s Republic of China\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Accounting Standards for Business Enterprises No. 12 - Debt Restructuring\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Administrative Measures for the Transfer of State-owned Assets of Financial Enterprises (Order No. 54 of the Ministry of Finance)\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Bankruptcy Law of the People\u0026#39;s Republic of China\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●Contract Law of the People\u0026#39;s Republic of China\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●Part of Bankruptcy Law of \u0026quot;Nine People\u0026#39;s Departments\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●Article 27 of the \u0026quot;Company Law of the People\u0026#39;s Republic of China\u0026quot; on capital contribution\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Administrative Measures for Financial Asset Investment Companies (for Trial Implementation)\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Minutes of the Symposium of the Supreme People\u0026#39;s Court on the Trial of Cases Involving the Transfer of Financial Non-performing Creditor\u0026#39;s Rights\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Reply on Issues Concerning the Transfer of Creditor\u0026#39;s Rights under the Loan Contract of Commercial Banks\u0026quot; (Yinbanhan (2001) No. 648)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Reply on Issues Concerning the Legal Validity of Commercial Banks\u0026#39; Transfer of Loan Claims to Social Investors\u0026quot; (Yin Jian Ban Fa [2009] No. 24)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Notice on the Payment of Litigation Fees by State-owned Financial Assets Management Companies for Disposal of Non-performing Assets of State-owned Commercial Banks\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Supplementary Notice of the Supreme People\u0026#39;s Court on Issues Concerning the Acquisition and Disposal of Bank Non-performing Assets by Financial Asset Management Companies\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Notice of the Supreme People\u0026#39;s Court on the Payment of Litigation Fees in the Case of the State-owned Financial Assets Management Company\u0026#39;s Disposal of Non-performing Assets of State-owned Commercial Banks\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Guarantee Law of the People\u0026#39;s Republic of China\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Property Law of the People\u0026#39;s Republic of China\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Administrative Measures for Batch Transfer of Non-performing Assets of Financial Enterprises\u0026quot; (Caijin [2012] No. 6)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Notice of the General Office of the China Banking Regulatory Commission on Regulating the Acquisition of Non-performing Assets of Financial Asset Management Companies\u0026quot; Yin Jian Ban Fa [2016] No. 56 \u0026quot;Reply of the General Office of the People\u0026#39;s Bank of China on Issues Concerning the Transfer of Creditor\u0026#39;s Rights under the Loan Contract of Commercial Banks\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Administrative Measures for Asset Disposal of Financial Asset Management Companies\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●《Due Diligence Guidelines for Disposal of Non-performing Financial Assets》\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●Regulations on Financial Assets Management Companies (Order No. 297 of the State Council)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Notice of the Ministry of Finance on Printing and Distributing the Measures for the Management of Business Risks of Financial Asset Management Companies\u0026quot;\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Measures for Internal Control of Financial Assets Management Companies\u0026quot; (Caijin [2005] No. 136)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e●\u0026quot;Notice on Regulating the Transfer of Credit Assets and Related Matters of Credit Assets Wealth Management Business\u0026quot; ● (Yin Jian Fa [2009] No. 113)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Notice on Further Regulating the Transfer of Credit Assets of Banking Financial Institutions\u0026quot; (Yin Jian Fa [2010] No. 102)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp\u003e\u003cspan style=\"font-size:16px\"\u003e\u003cspan class=\"p\" style=\"margin:5pt 0pt; padding:0pt; text-align:left\"\u003e\u003cspan style=\"font-family:Calibri\"\u003e\u003cfont face=\"宋体\"\u003e● \u0026quot;Notice of the General Office of the China Banking Regulatory Commission on Regulating the Transfer of Credit Assets Benefit Rights of Banking Financial Institutions\u0026quot; (Yin Jian Ban Fa [2016] No. 82)\u003c/font\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n","_type":"继来法视界","position":7,"created_at":"2020-09-27T19:02:49.193+08:00","updated_at":"2020-12-09T15:20:00.000+08:00","pv":20653,"abstract_zh":"自2012年以来，在宏观经济下行的影响下我国企业整体的不良资产率呈现上升趋势，且在近两年达到了最高峰值，这使得很多企业因此陷入经营僵局，甚至不得不在未来经营预期很好的情形下因巨大负债而申请破产。因此，综合运用法律法规允许范围内的一切手段和方法，对目标资产进行价值变现和价值提升，能够有效地让深陷泥潭的企业重现活力，甚至可以促进宏观经济的发展。","abstract_en":"Since 2012, under the influence of the macroeconomic downturn, the overall non-performing asset ratio of Chinese enterprises has shown an upward trend, and has reached the highest peak in the past two years, which has caused many enterprises to fall into a deadlock in operation, and even have to have good business expectations in the future. filed for bankruptcy due to huge debts. Therefore, the comprehensive use of all means and methods within the scope of laws and regulations to realize the value and enhance the value of the target assets can effectively rejuvenate the enterprises in the quagmire, and even promote the development of the macro economy.","link":""}