国有资产管理公司作用的博弈分析

Game Theory Analysis of the Role of Asset Management Companies——Based on Different Roles of Government and Banks in Dealing with Non-performing Loans

中文关键词:  不良贷款  AMC  博弈矩阵

英文关键词:commercial bank  M&A; game

中文摘要:

      为顺利完成对国有商业银行的股份制改造,1999年我国成立了四家国有资产管理公司(Asset Management Companies AMC),分别对四大国有独资商业银行的不良资产进行剥离。从成立之初到现在的六年多时间里,AMC为国有商业银行的成功改造和上市做出了重要贡献。随着AMC初期任务的完成及其处置效率的逐步下降,AMC作用受到广泛质疑,本文通过建立完全静态博弈模型,从博弈的视角分析在不良资产的处置过程中政府和银行的角色变化,通过历史的动态对比分析,得出AMC应该退出的结论。

英文摘要:

      In order to accelerate the stock share reform of China's state-owned commercial banks, in 1994 China established the four Asset Management Companies (AMC) to deal with the bad debts in the four state-owned commercial banks respectively. In the past more than 6 years since their emergence, the AMCs have played an important role in facilitating the banks to reform and enter the capital market. However, the AMCs have been widely criticized when their originally-set tasks have been fulfilled and their efficiency has been declining. This paper tries to construct a complete static game model to analyze the change in the roles of government and banks in dealing with the non-performing loans from game theory perspective. It gives the conclusion that the AMCs should withdraw under historically dynamic and comparative analysis.