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根据《商业银行法》第43条的规定,商业银行在没有国家另行规定的情况下,不能够向非银行金融机构或企业进行股权投资。但各家商业银行仍然以服务者的身份间接开展私募股权投资业务,规模不容小觑。同时商业银行涉足私募股权投资领域在资金储备、资金募集、项目资源等方面有着无法比拟的天然优势。本文首先提出了我国商业银行可以采用的三种假想模式,分别为设立基金子公司模式、设立直投子公司模式,以及与外部私募机构合作的模式,主张商业银行由服务者向主导者角色转交。其次,以三种假想模式为蓝本,分析商业银行参与私募股权投资的特殊风险以及在金融混业经营下导致的利益冲突,其根本原因是金融机构多重身份的混同,而每种身份代表的利益诉求又各不相同。最后,梳理了我国现行法律法规、部门规章与规范性文件,并检讨现行法律体系下商业银行参与私募股权投资的障碍所在,同时兼论合法化后的风险防范。在三种假想模式的基础之上,提出了四项对策建议:多部门联合制定暂行办法,使业务合法化;设立试点银行审慎推行,做好风险防范措施与退出策略;设置商业银行参与私募股权投资的资金规模限额;设立资金、业务防火墙,避免风险传染。
According to Article 43 of the Law on Commercial Banks, commercial banks can not make equity investments in non-bank financial institutions or enterprises unless otherwise stipulated by the state. However, each commercial bank still carries out its private equity investment business indirectly as a service provider. The scale should not be underestimated. At the same time, commercial banks have been involved in the field of private equity investment with unmatched natural advantages in fund reserves, fund raising and project resources. This paper first proposes three hypothetical modes that commercial banks in our country can adopt: the mode of setting up fund subsidiaries, the mode of setting up direct investment subsidiaries and the cooperation with external private placement agencies, and advocating the transfer of commercial banks from the service providers to the dominant ones . Second, based on the three hypothetical models, the analysis of the special risks of commercial banks participating in private equity investment and the conflicts of interest arising under the financial mixed operation is mainly due to the mixture of multiple identities of financial institutions. The interests of each representative Appeals are different. At last, it sorts out the current laws and regulations, departmental rules and normative documents in our country, and reviews the obstacles of commercial banks participating in private equity investment under the current legal system. At the same time, it also discusses the risk prevention after the legalization. On the basis of the three hypothetical models, four countermeasures and suggestions are put forward: interim measures should be formulated jointly by multisectoral departments so as to legitimize their operations; the pilot banks should be set up prudently to implement risk prevention measures and exit strategies; commercial banks should be involved in private equity The scale of capital investment; set up funds, business firewall, to avoid risk of infection.