亚洲金融风暴中的1999年，中、农、工、建四大国有商业银行的历史遗留呆 坏账问题几乎无法解决，国务院在借鉴国际经验的基础上相继设立了信达、华融、 东方、长城四家国有资产管理公司（以下简称“四大AMC”），负责收购、管理、处 置对应的四大国有商业银行剥离的不良资产，收购了四大行1.4万亿元的不良资产， 为降低银行的不良贷款率做出了巨大的贡献。 自2007年至2008年的美国爆发次贷危机，中国商业银行在2009年发放的四 万亿形成大大量呆坏账自2012年开始暴露出又一次的银行不良贷款危机，同时地 方金额机构风险问题逐步积累。因此国家逐步放开地方资产管理公司的设立条件， 一大批地方资产管理公司（以下简称“地方AMC）应运而生。自1999年第一家中 国信达资产管理公司成立以来，中国不良资产行业从无到有，从小到大，已经逐渐 形成“4+2+N+银行系”的市场化竞争格局。“4”指的是四大AMC；“2”指的是财 政部和银保监会联合下文允许各省市自治区最多成立两家地方AMC（根据最新的监 管政策允许，目前已有4个省份成立了3家地方AMC），系本文章研究的重点；“N” 指的是国内未持牌的资产管理公司，主要参与的是二级市场及三级市场；2018年银 监会为推进银行债转股市场化的进程，服务企业降低杠杆率，供给侧改革等多方需 求，推出了金融资产投资公司，目前已成立了5家金融资产投资公司。 截至2018年末，地方AMC获监管批复的已有53家，在不良资产行业如此竞 争激烈的环境下，目前对地方AMC研究并不多。作为中国市场经济最活跃的省份 之一，浙江省金融环境逐步呈现多样化、复杂化，为助力浙江地方供给侧改革，防 范化解金融风险，2013年ZS资产管理公司作为全国首批5家、浙江省第一家地方 AMC在杭州成立，5年多来，ZS资产管理公司在浙江省占有重要的市场份额，累 计收购不良资产债全本金超1800亿元，助力企业重组托管，转型升级，得到了当 地政府和企业的高度认可。但在高速发展的同时，也存在相应的问题，比如业务扩 张过猛、战略定位不明确、处置能力不足、缺乏完善明确的绩效考核制度、业务团 队间竞争过于激烈等等。 ZS资产管理公司竞争战略研究 本文从ZS资产管理公司角度出发，通过采用PEST分析法分析公司所处的政 治法律、经济、社会和技术等外部宏观环境，利用波特五力模型对行业环境进行分 析，得出目前机会大于威胁；通过对ZS资产管理公司的组织架构、财务情况、业 务体系、市场情况、人力资源等方面进行内部环境分析，得出内部优势大于劣势， 企业若能够抓住机遇提升自身竞争力发展业务，可以实现快速发展的目标。同时通 过SWOT分析制定ZS资产管理公司的组合竞争战略，运用QSPM矩阵进行定量 分析，得出适合ZS资产管理公司的竞争战略为差异化竞争战略。确定竞争战略后， 对战略制定进行细化分析，并落实保障措施，确保差异化竞争战略可以对ZS资产 管理公司未来的发展道路上提供强有力的支持，助力ZS资产管理公司在不良资产 行业中能实现可持续发展，在竞争激烈的市场环境中，发展成为具有竞争优势的特 色地方性资产管理公司的目标。 关键词： 不良资产，竞争战略，差异化战略 ZS资产管理公司竞争战略研究 Research on Competitive Strategy of ZS Asset Management Company ABSTRACT In 1999, in the Asian financial turmoil, the problems of the historical and residual bad debts of the four state-owned commercial banks of China, agriculture, industry and construction were almost impossible to solve. Based on the international experience of the State Council, Cinda, Huarong, Dongfang and Great Wall were established. The four state-owned asset management companies (hereinafter referred to as “the four major AMCs”) are responsible for the acquisition, management and disposal of the divestiture assets of the four major state-owned commercial banks, and the acquisition of 1.4 trillion yuan of non-performing loans of the four major banks. The bank’s non-performing loans ratio has made a huge contribution. Since the outbreak of the subprime mortgage crisis in the United States from 2007 to 2008, the four trillion yuan issued by Chinese commercial banks in 2009 formed a large number of bad and bad debts. Since 2012, another non-performing loans crisis has been exposed. At the same time, the risk of local amount institutions has gradually accumulation. Therefore, the state gradually liberalized the conditions for the establishment of local asset management companies, and a large number of local asset management companies (hereinafter referred to as "local AMCs") came into being. Since the establishment of the first China Cinda Asset Management Company in 1999, China's non-performing asset industry has nothing, from small to large, has gradually formed a market-oriented competition pattern of "4+2+N+banking department." "4" refers to the four major AMCs; "2" refers to the Ministry of Finance and the Banking Regulatory Commission jointly allow up to two local AMCs to be established in each province, municipality, and autonomous region (according to ZS资产管理公司竞争战略研究 the latest regulatory policy, 3 provinces have been established in 4 provinces), which is the focus of this article; "N" refers to domestic unlicensed assets The management company mainly participates in the secondary market and the tertiary market. In 2018, the CBRC launched a financial asset investment company in order to promote the market-oriented process of bank debt-to-equity swaps, serve enterprises to reduce leverage, and supply-side reform. Five financial asset investment companies have been established. As of the end of 2018, 53 local AMCs have received regulatory approvals. In such a highly competitive environment in the non-performing asset industry, there is not much research on local AMCs. As one of the most active provinces in China's market economy, Zhejiang's financial environment is gradually diversified and complicated. In order to help Zhejiang's local supply-side reform and prevent and mitigate financial risks, ZS Asset Management Corporation was the first batch of 5 The province's first local AMC was established in Hangzhou. For more than 5 years, ZS Asset Management Company has occupied an important market share in Zhejiang Province. The accumulated total amount of non-performing loans and debts has exceeded 180 billion yuan, helping companies to reorganize, manage, transform and upgrade. It is highly recognized by local governments and enterprises. However, at the same time of rapid development, there are also corresponding problems, such as excessive business expansion, unclear strategic positioning, insufficient disposal capacity, lack of a clear and clear performance evaluation system, excessive competition among business teams, and so on. From the perspective of ZS asset management company, this paper analyzes the company's political and legal, economic, social and technical external macro environment by using PEST analysis method, and analyzes the industry environment by using the Porter Five Force Model. It is concluded that the current opportunity is greater than the threat; By analyzing the internal environment of the organizational structure, financial situation, business system, market situation, and human resources of ZS Asset Management Company, it is concluded that the ZS资产管理公司竞争战略研究 internal advantages outweigh the disadvantages. If the company can seize the opportunity to improve its competitiveness and develop its business, it can Achieve the goal of rapid development. At the same time, the combined competition strategy of ZS asset management company was formulated through SWOT analysis, and the QSPM matrix was used for quantitative analysis. It was concluded that the competitive strategy suitable for ZS asset management company was a differentiated competition strategy. After determining the competition strategy, conduct a detailed analysis of the strategy formulation and implement safeguard measures to ensure that the differentiated competition strategy can provide strong support for ZS Asset Management Corporation's future development path and help ZS Asset Management Corporation in the non-performing asset industry. It can achieve sustainable development and develop into a local asset management company with competitive advantages in a highly competitive market environment. KEYWORDS: Non-performing loans，Competitive strategy，Differentiated competitive strategy ZS资产管理公司竞争战略研究 目录 第一章 绪论 ........ 1 第一节 选题背景与意义 ................ 1 一、选题的背景 ...............