是什么吸引投资者进入不良资产市场？私人投资者参与市场开发的关键支柱（英）2025

Key Pillars for Private Investors toParticipate in Market Development IFC Distressed Asset Recovery Program WB Finance, Competitiveness& Investment GPPublic Disclosure Authorized Marta Mueller and Fernando Dancausa December 2025 WHAT ATTRACTS INVESTORSTO DISTRESSED ASSETMARKETS? Key Pillars for Private Investors toParticipate in Market Development Marta Mueller and Fernando Dancausa © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings,interpretations, and conclusions expressed in this work do not necessarily reflect the views of TheWorld Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data includedin this work and does not assume responsibility for any errors, omissions, or discrepancies in theinformation, or liability with respect to the use of or failure to use the information, methods, processes,or conclusions set forth. The boundaries, colors, denominations, links/footnotes and other informationshown in this work do not imply any judgment on the part of The World Bank concerning the legal statusof any territory or the endorsement or acceptance of such boundaries. The citation of works authoredby others does not mean the World Bank endorses the views expressed by those authors or the contentof their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of theprivileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination ofits knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as longas full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World BankPublications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover photo: AdobeStock TABLEOF CONTENTS 01.PREFACE1 03.WHY IS IT IMPORTANT TO HAVE A DISTRESSED ASSET MARKET?6 04.THE ENABLING ENVIRONMENT FOR DISTRESSED ASSETMARKET DEVELOPMENT10 05.FIVE PILLARS FUNDAMENTAL FOR INVESTORS TO PARTICIPATEIN MARKET DEVELOPMENT14 A. Volume17B. Transferability18C. Price Gap21D. Structure and Servicing24E. Insolvency and Enforcement26 ANNEX I:A Few Key Questions to Facilitate a Market Diagnostic31 Abbreviations Definitions 01. PREFACE This note examines the process of development of distressed asset markets andidentifies selected critical factors, or “pillars,” that are key for attracting privateinvestors. The ultimate objectives of the note are to (a) provide policy makerswith a simple conceptual framework for assessing the level of development andattractiveness of their market to private investors; (b) assist in the identificationof market characteristics, regulations, or laws that prevent the development ofa market or that make market development more complicated, uncertain, orcostly; (c) identify potential reforms needed to support market development; and(d) broadly inform stakeholders’ awareness and knowledge of the benefits andkey features of distressed asset markets. The note is accordingly aimed at policymakers, financial regulators, financial institutions, investors, and debt collectionagencies,as well as legal practitioners and financial sector developmentspecialists. Because of its emphasis on the initial stages of development of amarket, the note targets emerging market and developing economies in whichdistressed asset markets are yet to flourish. The term “distressed asset markets” considers all classes of credit (consumer,small and medium enterprise, corporate, and mortgages) that are sold either asportfolios or as credits to a single borrower. Although a prudential definition ofnonperforming loans (NPLs) exists, this note uses a broader term—“distressedassets”—which also includes written-off loans as well as loans for which theborrower is showing increasing risk of default and for which the lender considersfull repayment unlikely. These loans may have not yet been classified as NPLsunder accounting or prudential definitions. Althoughdistressed asset markets can involve multiple types of sellers,this note focuses primarily on distressed assets sold by regulated financial institutions, including banks, since they are of themost concern to regulators with a commitmentto financial stability. Similarly, although this notemay refer to foreign investors in distressed assetmarkets, it should be emphasized that marketscan and do develop without the presence of foreigninvestors and their participation in a market is not aprerequisite for development. specialis