2019年另类资产配置之不良资产专题研究报告

1清科研究中心www.pedata.cn2019年另类资产配置之不良资产专题研究报告China's Non-performing Assets Investment Report 20192019年另类资产配置之不良资产专题研究报告Alternative Assets: Non-performing Assets Report 201922019年另类资产配置之不良资产专题研究报告Alternative Assets: Non-performing Assets Report 20191清科研究中心www.pedata.cn目 · 录88888888引言··························································································································· 1第 1 章 不良资产简介 ···································································································· 31.1 不良资产定义及成因 ···································································································31.2 不良资产投资的特点 ···································································································41.3 配置不良资产的必要性 ································································································5第 2 章 海外不良资产投资的发展历程 ··············································································· 62.1 海外不良资产投资发展历史及特点 ·················································································62.2 海外机构发展情况介绍 ································································································8第 3 章 我国不良资产投资的发展历程 ··············································································113.1 我国不良资产发展历史 ······························································································ 113.2 我国不良资产发展现状 ······························································································123.2.1 供给端：大违约时代到来 不良资产规模扩大 ···························································123.2.2 处置端：“4+2+N”行业格局 参与主体多元化 ·······················································163.2.3 投资端：不良投资者更加多元 渗透率提升 ······························································183.2.4 服务机构：参与机构种类丰富 向信息化和专业化转型 ···············································183.2.5 政策环境：配套法律和税务政策完善中仍有不足 ······················································19第 4 章 不良资产投资逻辑和运营模式 ··············································································224.1 债权处置模式 ··········································································································224.1.1 原装处置模式 ···································································································234.1.2 精细化处置：债务重组 ······················································································244.1.3 债权处置经典案例 ·····························································································274.2 实物资产处置模式 ····································································································294.2.1 原装处置模式 ···································································································304.2.2 精细化处置：实物资产重组 ·················································································304.3 股权处置方式 ··········································································································334.3.1 债转股模式 ·····························································