商业银行应因时而变、因势而变。随着金融利率市场化、金融机构准入市场化
改革的推进，多层次资本市场、产权市场的完善，互联网金融的崛起，商业银
行必须认清形势，走节约资本、改进服务水平、提升技术含量的路子，以实现
各方共赢。其中，与私募股权基金合作，是多渠道配置金融资源、增加中间业
务收入的重要途径。本文归纳了私募股权基金金融研究成果，阐述了商业银行
在影子银行体系中的核心地位，分析了商业银行面临挑战和机遇，指出商业银
行应提高认识，积极参与私募股权基金业务，这既是银行自身转型发展的内在
需求，也是经济金融外在环境的客观需要。然后以 Z 银行具体业务为例，分析
开展此业务的具体背景、交易结构、运作机制和存在问题。最后，提出改进银
行私募股权基金业务管理的政策建议。

关键词：有限合伙；私募股权基金；商业银行；投资银行类中间业务；房
地产Abstract
By now, we have been witnessing that the Chinese economy evolving and
upgrading toward a new level and financial environment reforming deeply. To achive
Win-Win goal, the commercial banks must foresee the future and try hard to improve
the capital management and to raise the intermediate service level of investment bank
bussiness in line with the macro-ecnomy in which the formulation of intrest rate is
becoming more and more market oriented , the barrier of establishing finical
institutions is fading meanwhile the capital and equity market is keeping on
constructingmercial banks allocate finical resources more effectivlly in
cooperation with the PE to boom the non-intrest incomes of themselves. In this paper,
there are summarizations of the studies of PE, analysises of the important role that
commercial banks played, ways of how to cope with the challenges and means of
how to catch up the opportunities. Further more this pape has uncovered an example
that how a Bank-PE business constructed and what the core of the scheme is, as well
as issues of operations and problems within. Finally I have provided the policies and
suggestions of how to manage and develop the Bank-PE business.
Key Words:Limited partnership;Private equey fund;Commercial bank;
Intermediate business for investment bank; Real estate