A Research On Asset Management Company's Operating Mode During Transition System

Taking financial intermediary as the analysis view, the dissertation analyzes from financial intermediary theories of leading economics, taking the change of its internal characteristics during the transition and corresponding problems as the entrance, paying attention to the operating mode of the AMC which can't get a reasonable explain in current theories, surveying current theories and make innovation. The dissertation takes transition economy as the analysis background, constructing a systematic frame on AMC's operating mode, which is a good melioration to the scattered research status of its operating mode. Moreover, the research has important realistic significance on the analysis of its operating mode and forecast of its evolution path during transition economy.Firstly, based on the definition and analysis of financial intermediary's function during transition, the dissertation puts forward that the function of financial intermediary is to establish financial relation between private lender and national debtor. Taking this aspects as the main line, the author elaborates the superiority and limitation of the relation and puts forward that because of the impossibility of risk split, the economy endures accumulative risk pressure, so it is necessary to separate non-performing loans of state-owned banks from healthy assets and operated by AMC, which is the inevitable extension of the logic of the exogenous financial intermediary, so as to define the engendering and function of AMC.The dissertation takes AMC's operating mode as research object and makes an systematic analysis on its political purchase, political disposition, the predicament of political inappropriate disposition and commercial disposition, the second transfer, disposition difficulty of residual assets, the coming transformation and gets the following conclusions: (1) In order to keep away and solve financial risk effectively and to guarantee the fluent going of the transition, It is necessary to set up asset management companies whose operating mode is not abide by commercial principles, but according to government's needs. It accords with the logic of transition for AMC to take political purchase and disposition. (2) AMC should meet government's needs to some extent, in another hand; they practice commercial operation, so the predicament of political...