资产

The third chapter is to analyze the working system of the asset management corporations, and put forward the measures to solve several critical problems: buyout of bad assets, valuation of bad assets, settlement of bad assets, etc.

在现有的资产管理公司基本框架上，提内容提要出解决几个关键性问题的可行方法：不良资产收购、不良资产评估、不良资产处置以及金融资产管理公司功能的推广。第四章提出完善金融资产管理公司内外部环境的建议。

This thesis adopts foreign successful experiences on disposing of non-performing asset and brings forward conceivability to accelerating the reform of state-owned commercial banks, which uses bondly institutional, organizational, marketable and financial operational innovation by analyzing the conditions of non-performing asset, deeper forming reasons and the experiences and lessons disposing of them. Then we should sustaining enrich the approaches and means of disposing of non-performing asset, and shape a new system and market, and its aim is to accelerate economic development and to reduce financial risk, and to ensure moderate and persistent development of state-owned commercial banks.

本文在吸收借鉴国外处置不良资产成功经验的基础上，通过分析国内不良资产的现状、形成的深层次原因、处理不良资产的经验教训，提出了大胆利用制度创新、组织创新、市场创新、金融业务创新加速国有商业银行不良资产处置的操作构想，通过不断丰富不良资产处置的途径与手段，形成全新的制度与市场，以达到标本兼治的目的，旨在使国有商业银行更好的促进经济发展的同时，降低资产风险，保障国有商业银行的稳健运营、持续发展。

The capitalist and the corrupt officials collude with steal state-owned and the collective property mainly have " four big secret passages ": Transfers state-owned and the collective property right completely has not entered the market, the minority unlawful element seizes the opportunity the camera operation, receives the bribe, the underestimate sells cheap state-owned and the collective property; The state-owned property right management level from sells buys, even uses the illegal method to fictionalize empty increases the cost and the debt, shifts the hideaway property, embezzles state-owned and the collective property; Inside and outside some units colludes with, underestimated sells cheap the state asset; By expense and so on pre-buckle staff economical compensatory payment names pull down the property right transfer price, finally lets let only then free hold this part state-owned and the collective property.

资本家和贪官污吏勾结窃取国有和集体资产主要有"四大暗道"：转让国有和集体产权没有完全进入市场，少数不法分子乘机暗箱操作、收受贿赂、低估贱卖国有和集体资产；国有产权管理层自卖自买，甚至利用不法手段虚构虚增成本和债务，转移隐藏资产，侵吞国有和集体资产；一些单位内外勾结，低估贱卖国有资产；以预扣职工经济补偿金等费用的名义压低产权转让价格，最终让受让方无偿占有这部分国有和集体资产。

Transfers state-owned and the collective property right completely has not entered the market, the minority unlawful element seizes the opportunity the camera operation, receives the bribe, the underestimate sells cheap state-owned and the collective property; The state-owned property right management level from sells buys, even uses the illegal method to fictionalize empty increases the cost and the debt, shifts the hideaway property, embezzles state-owned and the collective property; Inside and outside some units colludes with, underestimated sells cheap the state asset; By expense and so on pre-buckle staff economical compensatory payment names pull down the property right transfer price, finally lets let only then free hold this part state-owned and the collective property.

资本家和贪官污吏勾结窃取国有和集体资产主要有"四大暗道"：转让国有和集体产权没有完全进入市场，少数不法分子乘机暗箱操作、收受贿赂、低估贱卖国有和集体资产；国有产权管理层自卖自买，甚至利用不法手段虚构虚增成本和债务，转移隐藏资产，侵吞国有和集体资产；一些单位内外勾结，低估贱卖国有资产；以预扣职工经济补偿金等费用的名义压低产权转让价格，最终让受让方无偿占有这部分国有和集体资产。

In this thesis, we introduce three indexes that are used to evaluate the main business firstly. Theyre profit of main business, cashflow of main business and integrated index of main business. Then, we construct a series of regression models of assets structure with profit of main business and cashflow of main business, which signalize the current assets and the fixed assets help them; the long-term investments hinder them; the other assets help or hinder them uncertainly, and even have nothing to do with them sometimes. Finally, we construct the regression models of assets structure with integrated index of main business, and put forward a method to optimize the assets structure.

本文首先将主营业务指标分为主营业务利润、主营业务现金流量与主营业务综合指标；然后，通过构建资产结构与主营业务利润、资产结构与主营业务现金流量回归模型，发现流动资产、固定资产对主营业务利润和主营业务现金流量为正影响，长期投资对主营业务利润和主营业务现金流量为负影响，其他资产对主营业务利润和主营业务现金流量影响时有时无，时正时负；最后，在此研究基础上，构建资产结构与主营业务综合业绩指标回归模型，并提出优化资产结构的方法。

Sometimes does have relationship with them and sometimes does not have, affects when the direction the timing negative; The asset structure has the remarkable influence to the ROA; Produced assets, the total asset scale mainly lead to positive affect to manage achievement, but sometimes, in the different industry existence scale uneconomical phenomenon, will appear the negative influence; The revolving property and the consumptive property produce negative influence to manage achievement; The sales rate of incensement have no remarkable influence to manage achievement.

研究发现资产结构对营业收入净利率和净资产收益率的影响因会计年度不同而表现出不同的程度的相关性，有时有有时无，影响方向时正时负；资产结构对总资产报酬率有显著影响；产能性资产、总资产规模对经营业绩总体影响为正，但有些行业存在规模不经济的现象，有时会出现负方向影响；周转性资产和消耗性资产对经营业绩影响为负；销售增长率对经营业绩没有显著影响。

Rules for Assets Evaluation -Intangible Assets》 defines that intangible assets include both recognizable intangible assets such as patent right, trademark right, copyright, proprietary technique, sales network, customer relationship, franchise rights, contractual rights and so on, and irrecognizable intangible assets such as business reputation.

资产评估准则--无形资产》科学界定了无形资产内涵，既包括专利权、商标权、著作权、专有技术、销售网络、客户关系、特许经营权、合同权益等可辨认无形资产，又包括商誉等不可辨认无形资产，同时将销售网络、客户关系等新型无形资产纳入规范范围。

Specific patterns of behavior, the "enterprise of state-owned assets law" will be owned Assets Supervision and Administration the power to limit the choice of enterprise managers, asset disposal and major decisions on matters such as pure "shareholder" rights, and to the "Company Law" and other related laws and fully docking, and will be state-owned assets legislation, the strategic layout of state-owned assets and structural adjustment policies, the state-owned assets management, and so on the basis of public policy, public rights and public management function fully spun off from the rule of law point of view, completed a beautiful turn and functions of the transition.

行为的具体模式，国有&企业国有资产法&将国有资产监督管理的权力，限制的事项，如纯粹的&股东对企业经营，资产处置和重大决策的选择&权利，并在&公司法&和其他有关法律，充分对接，并将国有资产立法，国家战略布局，国有资产和结构调整政策，国有资产管理等公共政策的基础上，公共权利和公共管理职能完全分离出来，从法律的角度来看统治，完成了一个漂亮的转折，过渡功能。

The basic concepts such as price, value, counting criterion have been discussed, but the discussion is rather from a practical point of view than from the analysis of its essence. There are also discussions on valuation methods, but they are just limited in the specific method used in a singular asset valuation instead of colligating and comparing the methods applied in different kinds of assets valuation.

目前对资产评估理论的研究基本上都局限于在现行资产评估理论框架下的个别问题的探讨，评估界存在对资产评估理论中价格、价值，评估计价标准等基本概念的讨论，但讨论主要从实用角度出发，少有从资产评估理论的本质出发进行分析的；评估界也存在对资产评估方法的讨论，但讨论多仅限于单一资产评估时方法应用本身，没有将方法在各类资产评估时的应用对应起来进行比较、统一。

Accordingly,this paper firstly delimits the connotations of human assets—the use right,the power of appointment and the usufruct of human assets—from the angle of Property Rights Economics,and specifies the subject and object of them.

因此，本文首先从产权经济学的角度对人力资产的内涵做出界定，将人力资产归结为人力资源的使用权、处置权和收益权等产权权利，从而明确人力资产计量的主体和客体；其次，根据人力资产的内涵来分析人力资产的特征，并据此探讨人力资产的价值构成——使用价值和创造价值，为寻找人力资产价值的货币表现形式提供理论依据。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。