摘要
商业银行投资政府投资基金是一个相对较新的业务领域。基于现有法律法规,商业银行普遍通过第三方,尤其是通过特殊目的实体(SPV)进行相关投资。资金从商业银行到具体项目至少涉及三个核心投资关系:商业银行与第三方的投资关系,第三方与政府投资基金的投资关系和政府投资基金与具体项目的投资关系。本文从法律视角解构了上述三个核心投资关系,还原了商业银行投资政府投资基金业务的法律本质和风险,并提出尝试通过投资子公司来规范商业银行投资政府投资基金,以及在当前环境下采用穿透识别进行实质监管的具体建议。
Investing in government-invested funds of commercial banks is a relatively new business. According to related laws and regulations, commercial banks generally make investment through third parties, especially SPV. Cash flow from commercial banks to target projects involves at least three key investment relationships： firstly, the investment relationship between commercial banks and a third party; secondly, the investment relationship between the third party and government-invested funds; lastly, the investment relationship between government-invested funds and target projects. This paper elaborates on these three key investment relations from a legal perspective, analyzes the legal nature and risks of commercial banks＇ investment in government-invested fund, proposes to regulate commercial banks＇ investment in government-invested fund through investment subsidiaries, and advises on the adoption of merit-based supervision through penetrating identifications under the current circumstance.
出处
《金融监管研究》
2017年第12期81-92,共12页
Financial Regulation Research
关键词
商业银行
政府投资基金
合规风险
穿透式监管
SPV
Commercial Bank
Government Investment Fund
Compliance Risk
Penetrating Supervision
SPV
作者简介
侯斯强，法律硕士，中国银监会政策性银行监管部，联系方式：allen．housq@gmail．com
