美国银行业股权投资发展和监管的经验借鉴与启示

What can We Learn from the Equity Investment by U.S. Banks, It's Experiences of Development and Supervision

美国的银行及其附属机构是私募股权市场中的主要机构投资者之一,而杠杆收购则是这一市场中的主要交易形式。美国银行业参与私募股权投资主要有"只投不贷"和"投贷联动"两种模式。处于对金融风险的考虑,美国出台的"沃克尔规则"对银行从事私募股权等高风险投资作出了限制。而在银行投贷联动方面,美国的硅谷银行则提供了良好的案例,并有效地支持了创新型小企业。中国正在大力推行投贷联动的试点,美国在相关方面的发展和监管经验为之提供了良好的经验借鉴。

The banks and its affiliates are one of the main institutional investors in private equity market of the United States. Leverage buyout is the main form of transaction on this market. There are two modes of private investment by U. S. banks, which are equity investment and venture loan. In consideration of financial risks, the proposal of ＂Volcker Rules＂ prohibits banks from engaging in high risk investment, such as private investment. Silicon Valley Bank provides a positive case of venture loan, which supports effectively start-up SMEs. China is initiating the venture loan. Therefore, we can learn from the U.S. experiences.