商业银行投贷联动业务运作模式研究

Research on Operation Mode of Investment-credit Linkage Business of Commercial Banks

作为一种突破既有机制的金融创新,投贷联动的业务模式主要包括境内、境外设立投资子公司的内部投贷联动和投贷联盟、选择权贷款、设立股权投资基金的外部投贷联动两种模式。凭借较强的综合化经营能力,招商银行发挥投商行联动、投贷联动资金优势,通过运用"贷款+投资选择权""贷款+投资混合融资"的内部投贷联动模式和"投贷联盟"的外部投贷联动模式,在实践中构建投贷联动一体化的综合金融服务体系,但仍存在总量较小、范围较窄、业务模式有待进一步创新、风险分担机制需进一步完善等问题。对此,商业银行在开展投贷联动业务时,应遵循其业务特点和规律来开展业务、用股权投资引导和主导贷款、建立配套的联动机制、构建符合科创企业特征的风险评估体系。

As a financial innovation that breaks through the existing mechanism,the business mode of investment-credit linkage mainly includes two types:one is to set up the internal investment-credit linkage of the investment subsidiary in the territory of China and abroad,the other is the external investment-credit linkage such as loan investment alliance,the option loan,and the establishment of equity investment fund.With a strong integrated business capability,China Merchants Bank gives full play to the capital advantages of investment-commercial banks linkage and investment-credit linkage,it constructs an integrated financial service system of investment-credit linkage by using the internal investment-credit linkage mode of'loan+investment option','loan+investment hybrid financing'and the external investment-credit linkage mode of'investment-credit alliance',in practice,it establishes an integrated financial service system of investment-credit linkage,but there are still some problems,such as small total amount,narrow scope,business mode to be further innovated,and risk sharing mechanism to be further improved.In this regard,commercial banks should follow their business characteristics and rules to carry out investment-credit linkage business,use equity investment to guide and lead loans,establish a matching linkage mechanism,and construct a risk assessment system that conforms to the characteristics of scientific and technological enterprises.