城商行投贷联动业务发展路径浅析——基于认股选择权贷款的论证  

Stock Option Loans:An Analysis of the Development Path of the Investment and Loan Business of City Commercial Banks

作　　者：李跃星 吴济诚 LI Yuexing;WU Jicheng(Investment Banking Department,Xiamen Bank)

机构地区：[1]厦门银行投资银行部

出　　处：《金融市场研究》2025年第1期116-124,共9页Financial Market Research

摘　　要：科技金融位列中央金融工作会议确定的“五篇大文章”之首,凸显了金融支持科技创新的重要性。商业银行是我国金融体系的重要主体,发挥好银行的作用对于提高金融支持科技创新意义重大。投贷联动作为一种债权融资和股权融资相融合的金融服务模式,可以在银行支持科技创新中发挥独特而重要的作用。传统城商行的业务模式以及早期积累优势已不能满足现阶段国家及市场对于发展科技产业的需要,相较于普通债权融资和股权投资,认股选择权业务在债权的固定收益上保留了分享股权收益的机会,一定程度上改变了风险缓释模式和盈利模式,有助于打造符合城商行自身经营特色的投贷联动产业链。本文梳理了现有商业银行投贷联动业务基本模式,聚焦论证了认股选择权贷款的运作模式、风险收益逻辑和获利周期预测,并建议城商行开展认股选择权贷款业务时应当加强自身专业人员队伍和关联合作建设,注意股债权业务风险隔离,建立符合科技型企业特点授信逻辑,明确认股选择权的收益来源逻辑等。Science and technology finance is ranked as the first of the''five articles''identified by the Central Financial Work Conference,highlighting the importance of financial support for science and technology innovation.Commercial banks are a critical component of China's financial system and they play a key role in providing financial support for scientific and technological innovation.As a financial service model integrating debt financing and equity financing,investment and loan linkage can play a unique and important role in bank support for scientific and technological innovation.The business model and early accumulation advantages of traditional city commercial banks can no longer meet the needs of the market and the country overall for the development of science and technology.Compared with ordinary debt financing and equity investment,the option business retains the opportunity to share the equity return on the fixed return of the debt,which to a certain extent changes the risk mitigation mode and profit model.It alsohelps build the linkage between investment and lending in line with the operating characteristics of the city commercial banks themselves.This paper summarizes the existing commercial banks'investment and lending industrial chain.It reviews the basic modes of existing commercial banks'investment and loan linkage business,focuses on the operation mode,risk-return logic and the profit cycle forecasts of the stock option loan mode.It also recommends that city commercial banks upgrade the skills of their own professional teams and pay more attention to the risk segregation of the stock and debt businesses.They also need to establish the logic of credit granting in line with the characteristics of science and technology enterprises and clarify the source of income from the enterprise's stage-by-stage valuation growth.

关 键 词：认股选择权贷款 投贷联动 科技型企业 

分 类 号：F83[经济管理—金融学]