从理论上讲,资产管理公司在资本市场上实现股权退出的途径很多,主要的有股权转让、股份回购、直接上市乃至破产清算,当然,还包括拍卖、证券化等金融创新工具。但是,由于受到中国资本市场发育水平和发育程度的限制,机构投资者的数量有限、实力不足,可以选择的股权变现的手段还不多,因此,资产管理公司 In theory, there are many ways for asset management companies to exit their shareholdings in the capital market. They mainly include equity transfer, share repurchase, direct listing and even bankruptcy liquidation. Of course, they also include financial innovation tools such as auction and securitization. However, due to the limited development level and level of development in the Chinese capital market, the number of institutional investors is limited and their strength is not sufficient, and there are not many options available for realization of equity. As a result, asset management companies