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By Wang Gang, Financial Research Institute of DRC; Yin Ting, Post-doctoral Working Center of Bank of Communications& Chen Wenjun, STF Institute of Shanghai Finance University

Research Report No.13, 2016(Total No.4896) 2016-2-29

Abstract: In recent years, venture capital investment plus bank loan business model has become more and more popular in banking sector. Essentially, it uses gains from equity investment to make up for risk losses resulting fromhi-tech bank loans. As an innovation of financing modelforsolving financing difficulty of small and medium-sized hi-tech enterprises, venture capital investment plus bank loan business model is a positive move in compliance with the policy of banking sector’s transformation and innovation and hi-tech-driven development. By so doing the banking sector could make a breakthrough for its transformation through the pilot practice of comprehensive management in accordance with law. Based on a comparative analysis of the legal and regulatory systems on banks’ equity investment in the United States and Japan, this report illustrates the legal and regulatory constraints relating toventure capital investment plus bank loan business model in China’s banking sector, and puts forward the majorventure capital investment plus bank loan business model for banking sector. It points out that venture capital investment plus bank loan business should adhere to the following principles in terms of regulation.First, regulation should be made with targeted measures and prudence.Second, operation should be specialized.Third, the mechanism of venture loan indemnity should be implemented. While focusing on venture capital investment business, banks could use gains from venture capital investment to subsidize bank loan losses. And fourthly, efforts should be made for risk isolation and control. In the final part, the report gives four policy options on regulatory system arrangement and implementation process of venture capital investment plus bank loan business.

Key words: regulatory system, risk indemnity, risk isolation, venture capital investment plus bank loan business model