商业银行投贷联动机制创新与监管研究

发布时间：2018-04-03 06:21

本文选题：投贷联动　切入点：科技金融　出处：《国际金融研究》2016年11期

【摘要】：美国、日本等实行分业经营的国家在监管制度上做出特殊安排,支持商业银行投贷联动成为服务初创期科技型小企业的典型模式,这对我国发展科技金融,落实创新驱动国家战略有积极的借鉴意义。本文通过修订斯蒂格利茨的一个模型,证明科技创新领域的高风险造成股权投资缺口,使市场配置偏离帕累托最优状态,以投贷联动模式增加股权投资,可以改善配置效率,符合社会利益,从而解释了监管制度变迁的动力。同时,用资产组合的最优化与专业化以及组合跨期最优化证明投贷联动模式具有激励效应,从而鼓励商业银行向科技型小企业放贷。最后,本文使用独有的数据来源,实证验证了科技型企业信贷风险显著有别于非科技型企业,并且证明了大型银行与中小银行在支持战略新兴产业上存在明显的效率差异,中小银行可能会更积极地以专门的机制参与科技金融。本文还就完善有关监管规则提出建议。
[Abstract]:The United States, Japan and other countries with separate business operations have made special arrangements in the regulatory system to support the joint investment and lending of commercial banks to become a typical model for small sci-tech enterprises serving the start-up period. This will help our country to develop science and technology finance.The implementation of innovation-driven national strategy has positive significance.By revising a model of Stiglitz, this paper proves that the high risk in the field of science and technology innovation causes equity investment gap, makes market allocation deviate from Pareto optimal state, and increases equity investment in the mode of investment and loan linkage, which can improve the allocation efficiency.In line with the interests of society, thus explaining the power of regulatory system change.At the same time, the optimization and specialization of the portfolio and the inter-period optimization of the portfolio prove that the linkage mode of investment and loan has the incentive effect, thus encouraging the commercial banks to lend to the small enterprises of science and technology.Finally, using unique data sources, this paper empirically verifies that the credit risk of technology-based enterprises is significantly different from that of non-technology-based enterprises, and that there are obvious differences in efficiency between large banks and small and medium-sized banks in supporting strategic emerging industries.Small and medium-sized banks may be more actively involved in science and technology finance with special mechanisms.This article also puts forward the suggestion to consummate the relevant supervision rules.
【作者单位】：中国银行业监督管理委员会上海监管局;中国银行业监督管理委员会上海监管局法人银行监管处;
【基金】：中国金融四十人论坛资助的课题研究成果
【分类号】：F831.2

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