China Huarong Asset Management Co., Ltd Postdoctoral Research Workstation (hereinafter referred to as Huarong Workstation) was established in December, 2001 with the full approval of the Ministry of Human Recourses and Social Security of the People’s Republic of China. On March 15th, 2002, Huarong Workstation unveiled its nameplate and signed a joint training agreement with five educational organizations including Peking University, Renmin University of China, Fudan University, Wuhan University and Chinese Academy of Social Sciences. Later in 2013, University of Chinese Academy of Sciences also signed the agreement, becoming the sixth participating organization. We admitted our first batch of postdoctoral researchers in July, 2002. Since then, we have taken onboard as many as 60 post doctors in 13 batches from many prestigious educational institutions including Peking University, Fudan University, Zhejiang University, Renmin University of China, Wuhan University, Harbin Institute of Technology, Xi’an Jiaotong University, Shanghai Jiao Tong University, Central University of Finance and Economics, Southwestern University of Finance and Economics, Dongbei University of Finance and Economics, Shanghai University of Finance and Economics, Tianjin University, China University of Political Science and Law, Beihang University, Chinese Academy of Social Sciences, Chinese Academy of Sciences and The University of Hong Kong. Among all those admitted, 46 researchers successfully graduated and 31 researchers were offered employment opportunities in China Huarong.
During the past 13 years, as the first Postdoctoral Research Workstation of a state-run proprietorship financial institution, Huarong Workstation has witnessed the ongoing process of China Huarong’s reform and development. Being compliant with the Temporary Provisions of Corporate Postdoctoral Management issued by the Ministry of Human Recourses and Social Security and postdoctoral management systems within the company, guided by the Postdoctoral Management Committee and Postdoctoral Department of Beijing Municipal Bureau as well as taking into consideration of business operations of Chinese financial asset management companies (AMCs) and relevant requirements for postdoctoral research workstations, we defined our mission as to research and explore both theoretical and practical issues in the running of AMCs, promote technological innovation, management innovation and system innovation of AMCs and develop high quality, high level and professional asset management personnel. The workstation is designed to be a theoretical research center, research operation center, talent training channel and an expert communication platform. We aim to build a first class postdoctoral research workstation and promote financial AMCs’ reform and development process. In 2010, Huarong workstation was rewarded ‘National Excellent Postdoctoral Research Workstation’ for overall excellence by the Ministry of Human Recourses and Social Security, and Huarong workstation was the only workstation that received such award with a state-owned financial company background.
Looking back to Huarong workstation’s development history, the workstation has made positive and significant progress in fields of postdoctoral management and self-construction. Firstly, focusing on the company’s strategic development objectives, the workstation achieved steady progress by following the guidance of Postdoctoral Development Plans and Measures of the Twelfth Five Year Plan. Secondly, the company leadership not only attached great importance to postdoctoral management, but also offered thoughtful guidance and huge support in the design, goal setting and resource allocation of the workstation, thus enabling the workstation to operate in a standard and orderly fashion. Thirdly, we emphasized perceptiveness, innovativeness and practicability in the setting of postdoctoral research topics to ensure a solid starting point for future postdoctoral research. Fourthly, we introduced a program of “Guiding Teacher from The Third Party”, which brought in world class experts and created a guiding platform that covers all theory, policy and practice for postdoctoral researchers. Fifthly, we introduced a mechanism to link research project topics with business practices, so that the business value of research projects is enhanced. Sixthly, we committed strongly to standard management and continuously improved postdoctoral workstation management system so as to provide more support on the system level. Seventhly, we combined postdoctoral development with corporate personnel training which allows both post doctors themselves to improve faster and corporates and society to take in better-prepared employees. Eighthly, we maintained healthy relationships with our partner organizations and made full use of their support and their postdoctoral training resources. Ninthly, we strengthened scientific coordination, academic exchanges and external publicity efforts within the postdoctoral training industry in order to enhance our brand awareness.
Over the past 13 years, Huarong Workstation not only developed its unique features but also obtained abundant scientific achievements. We enriched both theoretical and policy research in fields of non-performance asset management, AMC transformation and development as well as operation and management of financial holding groups. Our work promoted practices of market-oriented transformation of China’s financial AMCs. By December, 2014, postdoctoral researchers from Huarong workstation have independently undertaken and completed 47 research projects including financial asset management innovation, equity asset management, distressed asset disposal and pricing, asset securitization, mergers and restructuring, investment bank technology, orientation of AMCs, reform and restructuring of asset companies, Trusteeship of Deeply-Troubled Enterprises, PE, the legal environment of debt restructuring, risks of financial holding groups, asset, management and control, IT, auditing, strategic management, risk management, customer management, corporate treasury, consolidated management, collaboration, core competitiveness, stock reform and investor relations. Currently, we are undertaking 12 research projects including internationalization of financial AMCs, product innovation, non-financial enterprises debt, project appraisal, economic capital, wealth management, information disclosure, IPO, liquidity risk, internal control and real estate. We have submitted over 400 research reports, operational schemes and program reports on relevant topics. Even more, we have issued nearly 230 academic papers as first author and published 9 masterpieces and collected paper on authority and core journals and magazines such as World Economy, Management World, Soft Science Studies, Journal of Financial Research, Journal of Management in Engineering, World Economy Study, Investment Research, Accounting Research Study, Insurance Studies, Statistical Studies, Economic Daily and Financial Times. We have attended domestic and international academic seminars for more 20 person-times and received 17 academic rewards that are above ministerial and provincial level. Our postdoctoral research achievements have not only enriched China’s theoretical studies on non-performing assets management and AMCs transformation, but also provided support to the improvement of financial AMCs’ operation and development as well as an acceleration of market-oriented transformation.
Currently, the market-oriented transformation of China’s financial AMCs has entered a new era. Huarong Workstation will keep adapting to the strategic development plan of China Huarong. Oriented by innovation, Huarong Workstation will continually enhance the work pattern and the mechanism of postdoctoral research within the workstation, improve talent development and strengthen its internal structure. We will establish a first class postdoctoral research workstation to provide more support in reform and development of financial AMCs and do our part to ensure China Huarong’s healthy and solid development in the long run.