近年来兴起的银行投贷联动业务本质上是以股权投资收益补偿科技创业企业贷款风险损失。作为解决科技型中小企业融资难的融资形式创新，投贷联动是符合金融支持“科技创新驱动转型发展”政策要求的积极举措，也是银行业在依法合规前提下试点推进综合化经营，实现自身转型发展的重要突破口。本报告在比较和借鉴美国、日本对银行股权投资的法律和监管制度的基础上，梳理了当前我国银行业开展投贷联动的法律和监管约束条件。随后，比较分析了当前我国商业银行开展投贷联动业务的主要模式，指出对投贷联动业务实施监管应当遵循如下原则：一是定向试点，审慎推进；二是专业化经营；三是坚持风险补偿原则，以贷为本，以投补贷；四是落实风险隔离，有效管控风险。报告最后就投贷联动业务监管制度安排和实施进程提出了四项具体建议。
In essential，emerging business of investment and loan linkage in bank in recent years，compensates losses from the risk of loan in technology-based start-ups at the expense of equity investment profits.
As an innovation of financing forms to resolve the difficulty in obtaining loans of technology-based small and medium-sized enterprises，investment and loan linkage is a positive initiative required by “transformation development driven by scientific and technological innovation” policy. It is also a key breakthrough to promote integrated managements pilot and achieve self-transformation development in banking industry on the premise of compliance with laws and regulations. On the basis of comparison with and reference to the laws and regulatory regimes involved with equity investment in banks in USA and Japan，this paper clarifies the current relevant laws and regulatory constraints of the business of investment and loan linkage in domestic banks. Subsequently，after comparison and analysis of primary modes to establish that business in domestic commercial banks，this paper indicates that in order to implement regulations to aforementioned business，following principles should be abode by：firstly，establishing and promoting deliberately directional pilot；secondly，managing specialization；thirdly，persisting in principle of risk compensation by compensating loan which is fundamental with investment profits；fourthly，fulfilling isolation of risk and risk management effectively. The report ultimately enumerates 4 specific proposals regarding with the institutional arrangements and implementation processes to supervise the business of investment and loan linkage.
