商业银行在我国国民经济和金融系统中承担重要职能，而当前在国内经济结构转型、金融脱虚向实的宏观环境下，仅依靠以信贷为主的传统商行业务已无法满足国家战略产业发展、多层次资本市场建设和企业多元化融资的需求。同时，在日趋激烈的市场竞争中，商业银行同质化的经营模式和过度依赖息差的盈利模式亟待创新转型。在此背景下，是否应鼓励商业银行参与股权投资与商业银行如何有效开展股权投资业务成为了当前监管部门与金融从业者的重要研究课题。由于商业银行参与股权投资的影响面广，开展系统性分析难度大，长期以来，业内缺乏全面、有效的分析，已有研究大多停留在宏观经济层面或微观企业层面，无法刻画商业银行参与股权投资对金融政策传导、资本市场、商业银行的影响，以及三者之间相互演进的动态传递过程，从而不能为商业银行参与股权投资提供全面的方案建议。 本研究从我国商业银行以股权投资推动资本市场建设、满足不同企业客户的融资需求入手，论证了商业银行参与股权投资在我国金融市场中具有不可替代的功能，并通过分析商业银行已开展股权投资业务的成效与对自身盈利模式转型的贡献论证了商业银行参与股权投资对其经营能力提升的重要意义。在借鉴美国、德国等发达国家商业银行以银行控股金融集团、全能银行等混业经营模式参与股权投资的经验与启示后，进一步论证了商业银行参与股权投资的必要性、可行性，并揭示潜在风险。 本研究以国有大型商业银行代表ZG银行为例，通过深度分析2009年至今4个发展阶段下9种业务模式与真实案例，全面分析商业银行参与股权投资的模式演变、优化过程与存在问题，得出了在当前阶段下，国内商业银行通过子公司自有资金进行股权投资、母行转型发展轻资产股权顾问业务的模式，可有效服务实体经济发展，化解系统性金融风险，提升商业银行的核心竞争力。本研究亦对行业未来发展提出了相关的政策建议。
Commercial banks assume essential functions in China's national economy and financial system. However, under the current macro-environment of domestic economic structural transformation and enhancing the development of the real economy, relying solely on traditional credit-based commercial banking business can no longer meet the needs of the nation’s goal to develop strategic industries, advancing a multi-level capital market, and diversified financing needs of corporations. At the same time, in an increasingly competitive market, the homogeneous business model of commercial banks as well as the over-reliance on interest rate margin for profit are in need of innovation and transformation. In this context, whether commercial banks should be encouraged to participate in equity investment and how commercial banks can effectively carry out the equity investment business have become important research topics for regulators and financial practitioners. Due to the magnitude of potential impact and the difficulty of conducting systematic analysis, there has long been a lack of comprehensive and effective analysis on commercial banks' participation in equity investments. Most existing studies were conducted at the macroeconomic level or micro and enterprise level. Therefore, they are unable to describe the impact of commercial banks' participation in equity investment on financial policy transmission, capital market activities, and commercial banks, as well as the dynamic process of coevolution among the three, failing to provide comprehensive recommendations and planning for commercial banks' participation in equity investment. This study addresses the importance of Chinese commercial banks' equity investment activities from the perspectives of developing China's capital market and satisfying various financing needs of corporate customers to illustrate commercial banks’ participation in equity investment plays irreplaceable functions in China’s financial market. Through analyzing the impact of existing investments on corporate clients’ business and financial operations and commercial banks’ transformation of profit model, the study shows the significance of equity investment to enhancement of commercial banks’ operations. After drawing on the experience and learnings of commercial banks in the United States, Germany and other developed countries and analyzing how they participate in equity investment with mixed business models such as bank holding companies and universal banks, this study comprehensively demonstrates the necessity, feasibility, and potential risks of commercial banks to participate in equity investment.This paper examines the journey of major state-owned commercial bank “ZG”bank as a case study. The research thoroughly examines ZG's four development stages and nine business models from 2009 to the present to comprehensively analyze how commercial banks' involvement in equity investment has evolved, its path of optimization, and problems it faces. The study concludes that under China's current conditions, the most fitting solution is for commercial bank subsidiaries to conduct equity investment with their own funds, while parent banks transform to develop an asset-light equity investment advisory model. This strategy will serve the development of the real economy more effectively, neutralize systemic financial risks, and enhance the core competitiveness of commercial banks. The study also offers relevant policy recommendations on the future development of the industry.
