How to test the bank investment loan linkage-matlab 等高线�

How to test the bank investment loan linkage Sina Financial e observation (WeChat public No.: sinaeguancha) columnist Li Gengnan saying "one cash may overthrow a hero", perhaps this is facing many start-up technology companies. To some extent, start-ups are more difficult to finance than ordinary small and micro businesses. But should choose investment loan linkage by financial institutions within the. Bank loans, as the saying goes, "one coin beats the hero Han", this may be the embarrassment of many start-up technology-based enterprises. For start-up technology companies, there is neither mortgage assets nor credible credit records, the road of listing financing is doomed to be so far away, the threshold of bank borrowing is always so high and strict, and the angel needs to wait for luck. To some extent, start-ups are more difficult to finance than ordinary small and micro businesses. Therefore, the financing of small and medium-sized technology-based enterprises has attracted more and more attention from the top. Since 2014 the national development No. 49 "on accelerating scientific and technological development of the service industry a number of opinions" first proposed to explore the combination of investment and loans financing mode since the frequent high-level problems improve the combination of investment and loans. On February 3rd, Premier Li Keqiang chaired a State Council executive meeting, the deployment of the construction of double bases for the development of the public record, clearly to choose financial institutions to carry out a pilot investment loan linkage financing service". So, how to choose pilot financial institutions? What kinds of financial institutions have the ability to carry out financing for investment loan linkage service? I think that the choice is not the usual sense of top-down pilot institutions "appointed", but should be chosen independently by financial institutions within the. Undoubtedly, under the background of national innovation driven strategy, the "public entrepreneurship, innovation" horn will inevitably generate more and more innovation needs and innovation subjects, will also be accompanied by more and more financing services needs. This will provide an attractive "blue ocean" for the development of the banking industry". But this is a "blue ocean" full of "reef", for the banking institutions accustomed to the traditional financial services, to enter this field, first of all to weigh whether they are ready. High growth and high risk of science and technology enterprises, the traditional banks are accustomed to relying on the traditional mortgage credit concept has been the face of technology and finance this piece of blue often feel powerless and frustrated"! Why is that so? On the one hand is because science and technology especially the technology start-up companies belong to the asset light, the lack of effective mortgage assets, even if there are patent rights and other intangible assets, but in the evaluation, circulation and transfer is still restricted related infrastructure, and now the so-called patent value mainly depends on the enterprise innovation success this undoubtedly makes the bank a "naked" in huge risk; on the other hand, start-up technology companies in the information recording bank is often "blank", banks face not only the asymmetric information but the information relative to the blank, make up the short board, to help enterprises achieve the inherent Kechuang bank credit threshold the bank must pay more than the average business loan survey analysis often cost. The most tragic destruction.

银行投贷联动该怎么试   文 新浪财经金融e观察(微信公众号:sinaeguancha)专栏作家 李庚南   俗话说“一文钱难倒英雄汉”,这或许是众多初创型科技企业面临的尴尬。某种程度上,初创型科技企业融资之难甚于一般的小微企业。而投贷联动应是由金融机构量力而行的自主选择。 银行贷款   俗话说“一文钱难倒英雄汉”,这或许是众多初创型科技企业面临的尴尬。   对于初创型科技企业而言,既没有可抵押的资产,也没有可信的信用记录,上市融资的路注定那么遥远,银行借款的门槛总是那么高严,而天使的垂顾更需要等待运气。某种程度上,初创型科技企业融资之难甚于一般的小微企业。因此,科技型中小企业融资问题日益受到高层的关注。   自2014年国发49号文《关于加快科技服务业发展的若干意见》首次提出要“探索投贷结合的融资模式”以来,高层频频提高投贷结合问题。2月3日,国务院总理李克强主持召开国务院常务会议,部署建设双创基地发展众创空间,明确提出要“选择金融机构试点开展投贷联动融资服务”。   那么,如何选择试点金融机构?究竟哪些金融机构有能力适合开展投贷联动融资服务呢?   笔者以为,这里所谓的选择,并非通常意义上的自上而下的试点机构“钦定”,而应是由金融机构量力而行的自主选择。   毫无疑问,在国家创新驱动大战略背景下,“大众创业、万众创新”的号角必将催生越来越多的创新需求和创新主体,也必将伴生越来越多的融资服务需求。这将为面临发展困境的银行业展现一片诱人的“蓝海”。   但这又是一片布满“暗礁”的“蓝海”,对于习惯了传统金融服务领域生态的银行机构而言,要进入这个领域,得首先掂量掂量自己有没有准备好。科技型企业的高成长性与高风险性,使一直以来惯于以抵押担保为依托的传统信贷理念的传统银行,面对科技金融这片蓝海往往“望洋兴叹”!   何以如此?一方面是因为科技型特别是科技初创型企业基本属于轻资产型,缺乏有效抵押资产,即使有专利权等无形资产,但在评估、流通、转让方面仍面临相关基础设施的制约,而且所谓的专利权价值体现主要依赖于企业创新成功与否,这无疑使银行“裸露”于巨大的风险前;另一方面,初创型科技企业在银行的信息记录往往是“一片空白”,银行面临的不止是信息不对称而是信息的相对空白,要弥补这些短板,帮助科创型企业达到银行固有的信贷门槛,银行往往要付出较一般企业贷款更多的调查分析成本。最“悲摧”的是,与付出的高昂成本、承压的巨大风险比较,银行从科技型企业获取的贷款收益与一般企业无殊甚至还要低。这岂不是“拿着卖面粉的钱操着卖白粉的心”么?   显然,按照惯性的信贷逻辑和营销模式,传统银行大抵不乐于、也不适合于对科技型特别是科创型企业贷款。但站在长期发展战略高度,站在培育自身忠实客户群角度,这又是一片令银行业无法忘怀的“蓝海”。“求之不得、弃之不舍”这或是传统银行面对科创企业的纠结,而投贷联动模式无疑是打破这一沉寂的有益探索。   何谓投贷联动?简单说,就是银行以“股权+债权”模式对企业进行投资,形成股权投资和银行信贷之间的联动效应的融资模式。这种模式,既解决了银行以传统业务支持企业带来的风险与收益的不匹配,也使银行在扶持企业过程中能否分享到企业成长的收益、增加自身的利润。   在实践中,投贷联动的具体模式因银行股权分享形式不同而异常,大体分为三种模式:一是银行与PE机构合作模式。银行通过与PE合作,在PE对企业评估和投资基础上,通过与PE、借款企业的股权分享约定,实现股权与银行债权的联动。具体又包括投贷联盟、选择权贷款模式。投贷联盟 实际上是银行跟随PE股权投资对企业给予一定比例的信贷支持,选择权贷款则是银行在与企业签订贷款协议时,约定可以把贷款作价转换为对应比例的股权期权,在客户通过IPO或股权转让等实现股权溢价后,由PE抛售所持部分股份,按照初始约定比例与银行共享分成。二是银行集团内部投贷联动模式。即在商业银行综合化经营背景下,银行机构通过在境外设立直接投资机构,由该投资机构在国内设立股权投资管理公司,在集团内部实现对科创型企业的投贷联动。或通过直接设立股权投资公司,进行“股权+债权”的投贷联动业务。三是向风险投资机构发放贷款模式。即银行直接向风险投资机构发放专项用于目标客户的贷款,间接实现对科创型企业的融资支持。   无论哪一种模式,投贷联动对传统商业银行都意味着挑战,意味着革新。如果不能在信贷管理理念方面有根本转变,如果在信贷管理机制和模式方面不能有创新和突破,商业银行要通过投贷联动等模式涉足科创型企业这片“蓝海”,在风险承受能力、业务可持续方面都将是一个问题。   欲揽瓷器活,需有金刚钻。对于传统银行而言,要通过投贷联动等模式介入科创型企业、分享科技金融之“羹”,需先锻造好属于自己的“金刚钻”。   首先,信贷理念需要创新。关键是要改变传统的、过度依赖抵押担保的信贷理念,从重抵押担保向重第一还款来源回归。这就需要提升信贷精细化管理,提升对客户信息调研的深度,不仅要把握客户的真实经营状况,把握客户的信息流、资金流和物流,更要研判和分析客户的未来发展前景,这一点对银行涉足科创型企业尤其重要。   实际上,现实已为这种转变提供了良好的契机。近年来,以房地产为代表的资产价值的快速缩水,使以房地产为核销抵押品的银行贷款风险凸显,而以往被冠以信贷创新的联保类贷款担保方式,至今仍使众多银行深陷“担保链”泥沼、难以自拔。银行业长期以来形成的依赖抵押担保的传统信贷理念已经被现实残酷地撕裂,银行业在痛苦的反思除了创新理念别无出路。   其次,风险观念需要重塑。关键是要回归银行的本源――经营风险,把风险作为经营的核心内容,从一味回避风险向识别风险、理解风险、管理风险转变。银行的本质就是管理风险,就是通过风险的“买入”与“卖出”实现自身的经营目标。因此,风险管理不只是银行自身安全的要求,更应是银行盈利的手段,基本逻辑是收益覆盖风险实现利润增长。   风险观的重塑是传统银行涉足科创领域的前提。这一点也将直接考验银行管理层、股东层的眼界和智慧,需要银行的董事层、股东层能树立科学的发展观,科学研判形势,根据形势的变化适时调整自身的经营目标,改变对利润过度追逐、风险过于回避的心态。   第三,考核机制需要改革。拓展科创型企业金融服务空间,不仅需要银行管理层转变理念、观念,重塑业务流程,更需要改革固有的考核激励机制,建立有助于激发基层经营行及员工开展科创型企业营销的积极性的考核激励机制。这是银行发展战略得以贯彻实施的前提。关键是要立足于科创型企业高风险特征以及投贷联动模式可能带来的高收益,探索建立差异化的考核激励办法,适当提高风险容忍度,制订合理、明晰、可操作的尽职免责制度。   当然,银行在探索投贷联动科技金融服务模式过程中,除了要锻造适合科创型企业的“金刚钻”,还需要相关监管规制的创新。尽管国务院49号文件及相关指导意见的陆续出台,政策的明朗赋予了银行机构在“投贷联动”方面探索的底气,但现行《商业银行法》对商业银行不得直接股权投资的约束仍横再那里,监管的达摩克利斯之剑仍高悬在那。目前,《商业银行法》的修订已经启动,修订或将带来的制度松绑令我们翘首以待。      (本文作者介绍:先后供职于工商银行、人民银行,现为银行监管部门人士,长期负责小企业金融服务推进工作,潜心研究小企业金融服务问题。)   本文为作者独家授权新浪财经使用,请勿转载。所发表言论不代表本站观点。相关的主题文章: