2020届硕士研究生学位论文
招商银行千鹰展翼-投贷联动业务研究
Research on the Investment-Loan Linkage Business of CMB:A
Case Study of CMB 's "Eagle Wing-Spreading Plan"
研究生姓名：苏颖
学位类别：专业学位
学位名称：硕士学位
研究方向：资本市场
导师姓名：黄薏舟
导师职称：教授
答辩日期：2020年5月30日
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摘要
商业银行作为我国规模最大、实力最强的金融机构，在经济放缓、利率市场化深入
推进、金融脱媒以及互联网金融迅猛发展等一系列外来挑战持续加大背景下，商业银行
开展综合化经营是银行的重要经营选择，从而提高商业银行服务实体经济以及参与国际
竞争力的能力。此外，面临着新旧动能转换和经济转型升级的背景，中国提出了创新驱
动发展战略，其中科技创新型企业在税收、自身发展增速、对经济贡献增速表现出色，
是中国创新驱动战略的主力军。由于科创企业在成长初期，发展前景不易评估，商业银
行惜贷现象普遍存在，科创企业融资难和融资贵现象一直存在。
政府意识到商业银行与科创企业资金的资金供需方面的矛盾问题突出，于2016年
发布《中国银监会、科技部、中国人民银行关于支持银行业金融机构加大创新力度开展
科创企业投贷联动试点的指导意见》创新性的提出了“投贷联动”。制定了有利于科创
企业融资和商业银行业务创新发展的试点目标，允许试点银行使用“信贷投放”与“股
权投资”相结合的方式，为商业银行转型升级以及综合化经营奠定了制度基础。自此，
商业银行开展股权投资业务合法化。
2010年，招商银行依托“二次转型”，推出了针对创新型科技企业的“千鹰展翼”
服务体系，将市场定位于中小科创企业。在“千鹰展翼”计划下创新性的提出了投贷联
动业务，开发一系列针对科创企业的融资产品，以解决中小科创企业的融资难的问题，
探索出了三大类投贷联动业务模式，不仅为科创企业提供股权及债权融资，为科创企业
背书的同时也优化了科创企业的股权结构，为解决轻资产、高成长性的科创企业的资金
问题带来了积极影响。
本文结合国内外学者在投贷联动方面的研究成果和理论基础，使用案例研究方法分
析了招商银行投贷联动的基本情况，分析内容包括“千鹰展翼”投贷联动业务产生的背
景以及发展现状，重点分析了“千鹰展翼”投贷联动业务模式，从客户群体、招商银行
的各方面整理了该模式的五个特点，从资本市场、产品体系、组织体系、客户群体以及
业务流程等方面分析了该模式的优缺点，主要从“千鹰展翼”投贷联动业务模式对招商
银行、科创企业以及社会效益三方面分析了该模式的发展成效。在此基础上得出“千鹰
展翼”投贷联动业务模式宏观环境方面以及商业银行方面的优化意见总结和经验总结。
关键词：招商银行，投贷联动模式，科创企业
Abstract
As the largest and most powerful financial market entity in China,commercial banks
continue to increase their background in the context of a series of external challenges such as
economic slowdown,deepening interest rate marketization,financial disintermediation,and
the rapid development of Internet finance.Business is an important business choice for banks,
thereby improving their ability to serve the real economy and participate in international
competitiveness.In addition,China is facing a transformation of economic momentum.In this
context,China has proposed an innovation-driven development strategy.Among them,
scientific and technological innovation-oriented enterprises excel in taxation,
self-development growth,and contribution to the economy.It is the main force of China's
innovation-driven strategy.military.Since the early stage of growth of science and
technology enterprises,the development prospects are not easy to assess,and the phenomenon
of commercial banks'loan lending is widespread,and the phenomenon of difficult and
expensive financing for science and technology enterprises has always existed.
Relevant government departments are aware of the prominent contradiction between the
fund demander and the fund supply side.In 2016,they released the "China Banking
Regulatory Commission,the Ministry of Science and Technology,and the People's Bank of
China,The "Guiding Opinions"(hereinafter referred to as "Guiding Opinions")innovatively
proposed "investment-loan linkage"and gave a clear definition.Allowing pilot banks to make
equity investments in science and technology enterprises,promote the transformation and
upgrading of commercial banks,and lay the institutional foundation for the integrated
operation of commercial banks.Since then,commercial banks have legalized their equity
investment businesses.
In 2010,relying on the "second transformation",China Merchants Bank launched the
"Thousand Eagles Spread Wing"service system for innovative technology companies,
positioning the market as a small and medium-sized science and technology enterprise.Under
the "Thousand Eagles Spread Wing"plan,innovatively proposed investment-loan linkage
business,developed a series of financing products for science and technology enterprises,and
explored a variety of investment-loan linkage business models,which not only provided
equity and debt financing for science and technology enterprises As well as endorsing science
and technology enterprises,it has also optimized the equity structure of science and
technology enterprises.It has brought positive effects to solve the capital problem of
asset-light and high-growth enterprises.
Based on the research results and theoretical basis of investment and loan linkages of
domestic and foreign scholars,this paper analyzes the basic situation of China Merchants
Bank's investment and loan linkages using case study methods.The analysis includes the
background,status quo,and model of the “Thousand Eagle Spread Wings”investment and
loan linkages ,Characteristics,advantages and disadvantages,and development effectiveness.
The “Qianying Spread Wing”investment and loan linkage business model has a positive
impact on China Merchants Bank,science and technology enterprises and society.On this
basis,the experience summary of the “Thousand Eagle Spreading Wings”investment-loan
linkage in government and commercial banks was concluded.
Key words:Business of CMB Investment-Loan Linkage Science and technology
enterprises