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论文编号：	10695
作者编号：	2120163000
上传时间：	2018/12/8 21:16:09
中文题目：	投贷联动模式与风险控制研究——基于股权投资视角
英文题目：	Research on Investment and Loan Linkage Mode and Risk Control ——Based on Equity Investment Perspective
指导老师：	刘向东
中文关键字：	投贷联动；股权投资；风险控制
英文关键字：	investment and loan linkage; equity investment; risk control
中文摘要：	“融资难、融资贵”一直以来都是中小企业面临的难题，也是学术界和实业界长期关注和研究的问题。“大众创业、万众创新”提出后，中小企业的发展越来越需要金融和投资机构提供更加优质多元化的全面完善金融服务。银行作为金融业主力军长期以来一直从事以信贷为主的单一金融服务，为了更好地发挥银行支持中小企业的作用，2016年4月21日银监会与科技部联合发文支持银行业金融机构加大创新力度，开展科技型企业投融资试点，在预防和控制风险的基础上，提出开展投融资联动业务，创新业务模式，以此实现对中小企业进行“投资” 与“信贷”业务的联动，以达到对中小企业多层次的融资服务。 在此背景下，银监会批准国内首批9家银行开展直接股权投资业务，国内其他商业银行??也结合自身发展和市场需求，主动与私募股权投资机构合作，结合贷款和投资的特点，开展投贷联动业务，为商业银行拓展新业务提供了一种途径，也为私募股权机构增强了为企业融资的能力。但是，由于相关法律法规的限制，目前中国商业银行与外部股权投资机构之间的投融资联动实践尚处于探索阶段，联动程度低，相互渗透率浅，难以与股权投资市场快节奏发展相匹配，同时也与国外投资和贷款联动的成熟模式之间存在很大差距。 基于此，本文创新性地提出以“投资”和“贷款”的参与度不同对投贷联动商业模式和风险控制进行分类，以其寻找出不同参与度下投资机构和商业银行在合作模式和风险控制方面的异同和有机结合。如何真正实现投资机构和商业银行在“投”与“贷”融合联动中的最佳效果，最终实现投贷双方以及中小企业的多赢，是本文研究的重点问题。 本文的研究思路与方法是依据“投资”和“信贷”参与度的高低来重新划分投贷联动模式，通过对每种模式的介绍、优劣势分析和案例简析，创新性提出投资”与“信贷”共同参与推动的投贷联动模式以及成功推广该模式的关键风险控制。因此，本文进一步对投贷联动业务风险进行全面分析，得出股权投资风险作为投贷联动风险中的特殊风险，对缓释、降低投贷联动整体风险具有重要的作用。最后通过具体案例分析验证，并对投贷联动业务模式设计和风险控制提出对策建议。
英文摘要：	“Financing difficulties and High financing costs” has always been a difficult problem for SMEs, and it is also a long-term concern and research issue in the academic and industry circles. After the "mass entrepreneurship, innovation", the development of SMEs increasingly requires financial and investment institutions to provide more comprehensive and comprehensive financial services. As a financial owner, the bank has been engaged in a single financial service based on credit for a long time. In order to better play the role of banks in supporting small and medium-sized enterprises, on April 21, 2016, the China Banking Regulatory Commission and the Ministry of Science and Technology jointly issued a document to support the banking financial institutions to increase Innovative efforts to carry out pilot projects for investment and financing of science and technology enterprises. On the basis of prevention and control of risks, we propose to carry out investment and financing linkage business and innovate business models to achieve linkage between “investment” and “credit” for SMEs. Achieve multi-level financing services for SMEs. In this context, the China Banking Regulatory Commission approved the first batch of nine domestic banks to carry out direct equity investment business. Other domestic commercial banks also cooperated with private equity investment institutions in combination with their own development and market demand, and combined with the characteristics of loans and investments. The loan-linked business provides a way for commercial banks to expand into new businesses, and it also enhances the ability of private equity firms to finance their businesses. However, due to the restrictions of relevant laws and regulations, the investment and financing linkage practice between Chinese commercial banks and external equity investment institutions is still in the exploration stage. The degree of linkage is low and the mutual penetration rate is shallow, which is difficult to match the fast-paced development of the equity investment market. At the same time, there is a big gap between the mature model of foreign investment and loan linkage. Based on this, this paper innovatively proposes to classify investment and loan linkage business models and risk control with different participation levels of “investment” and “loan”, in order to find out the cooperation mode and risk of investment institutions and commercial banks with different participation degrees. Similarities and differences in control and organic integration. How to truly achieve the best effect of investment institutions and commercial banks in the "investment" and "loan" integration linkage, and ultimately achieve a win-win situation for both investment and credit, as well as small and medium-sized enterprises, is the key issue of this paper. The research ideas and methods of this paper are based on the "investment" and "credit" participation level to re-divide the investment-loan linkage model, through the introduction of each model, analysis of advantages and disadvantages and case analysis, innovative investment and "" The “credit” joint investment and loan linkage model and the key risk control of successfully promoting the model. Therefore, this paper further analyzes the risk of investment and loan linkage business, and concludes that equity investment risk is a special risk in the investment-linked risk. It is important to slow down and reduce the overall risk of investment and loan linkage. Finally, through specific case analysis and verification, and propose countermeasures for investment and loan linkage business model design and risk control.
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