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Jack2862
2023-03-10

Silicon Valley Bank, which hit the thunderstorm this time, is actually a top student

隔夜美国银行业的暴跌，成了震动整个市场的黑天鹅事件。

Silicon Valley Bank, which hit the thunderstorm this time, is actually a top student

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":9949126776,"tweetId":"9949126776","gmtCreate":1678446832695,"gmtModify":1678446836877,"author":{"id":4099483369818900,"idStr":"4099483369818900","authorId":4099483369818900,"authorIdStr":"4099483369818900","name":"Jack2862","avatar":"https://community-static.tradeup.com/news/bcc0628ed2b106be207097f3afcacb0d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body>Gg</body></html>","htmlText":"<html><head></head><body>Gg</body></html>","text":"Gg","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/9949126776","repostId":1115404762,"repostType":4,"repost":{"id":"1115404762","kind":"news","pubTimestamp":1678443758,"share":"https://ttm.financial/m/news/1115404762?lang=en_US&edition=fundamental","pubTime":"2023-03-10 18:22","market":"us","language":"zh","title":"Silicon Valley Bank, which hit the thunderstorm this time, is actually a top student","url":"https://stock-news.laohu8.com/highlight/detail?id=1115404762","media":"华尔街见闻","summary":"隔夜美国银行业的暴跌，成了震动整个市场的黑天鹅事件。","content":"<html><head></head><body>Just on February 14 this year, Silicon Valley Bank also appeared on Forbes magazine's \"Top 100 Banks in the United States in 2023\" list, ranking 5th in California and 20th in the United States with its excellent profitability.The plunge of the U.S. banking industry overnight became a black swan event that shook the entire market. At the center of the vortex is a large commercial bank with a history of nearly 40 years-Silicon Valley Bank (hereinafter referred to as SVB). After the release of a financing announcement that didn't seem to be a big problem, the stock price of SVB Financial Group, the parent company of SVB, crashed by 60%, and fell by more than 40% before the market today.<img src=\"https://static.tigerbbs.com/c5da7ade76be1b07f1d0ba111d6571d9\" tg-width=\"818\" tg-height=\"506\" width=\"100%\" height=\"auto\"/>The market value plummeted by nearly 10 billion dollars, many investors and depositors fled, and the company's credit rating was downgraded by Moody's... The largest bank in Silicon Valley was tottering overnight. Technology media The Information even commented that the best way to calm things down now is for a larger bank to acquire SVB.SVB's official website states the bank's vision: to help individuals, investors and the world's most innovative companies realize their ambitions.<img src=\"https://static.tigerbbs.com/4dc31e54a57bad47d23a24ce6c93fd7c\" tg-width=\"634\" tg-height=\"140\" referrerpolicy=\"no-referrer\"/>From \"financial partner of innovative economies\" to encountering an all-round run, how did SVB get to this point? Combined with the research report released by Guohai Securities analyst Jin Yi in 2020, Wall Street Insights conducted a detailed review of the development history of SVB.Started with pokerIn the 1960s and 1970s, due to its proximity to famous institutions of higher learning such as Stanford University and the University of California, Berkeley, and local preferential policies such as tax incentives and government loan guarantees, Silicon Valley gradually became a hot spot for knowledge and adventurers, and technology companies blossomed here.Emerging tech companies need capital to get started. But,Among the corporate assets of these start-ups, intangible assets such as intellectual property rights account for the majority, so it is difficult for enterprises to obtain enough loans from commercial banks by mortgaging fixed assets. There is an urgent need for a professional commercial bank that can understand the development logic of technology companies to help start-ups grow and fill the gaps in the market.Roger Smith and Bill Biggerstaff from Wells Fargo, as well as Stanford professor Robert Medearis, captured the opportunity astutely. The trio co-founded SVB in 1982.In the initial stage, the three founders knew that they had to learn from and rely on the rich customer resources and industry experience of existing venture capital firms in Silicon Valley.And the way they expand their contacts is also very interesting-actively participating in poker games of all sizes in Silicon Valley. In the end, everyone in these poker groups has invested at least $10,000 in SVB.In the end, relying on the founder's network resources and hard lobbying, SVB attracted many famous entrepreneurs and activists in Silicon Valley to invest in shares, attracting an investment of US $5 million.This part of the shareholder group also provided SVB's earliest business resources, allowing SVB to accumulate valuable first-mover advantages in the field of risk lending.Unique business modelDuring the development of the 1990s, SVB's business framework was gradually determined.Although SVB is no different from traditional commercial banks in terms of business scope, it is involved in deposits, loans, international settlement and other businesses.But what's special is that it mainly serves emerging tech companies in computers, life sciences, clean energy and more, as well as private equity/venture capital funds. In addition, SVB will also bridge the gap between investment institutions and start-ups.Partnership with venture capital is SVB's core business model.Therefore, its business follows the venture capital. In Silicon Valley in the 1980s and 1990s, SVB executives were there where venture capitalists were meeting.SVB generally adopts a co-investment model for start-up credit, that is, after the enterprise obtains venture capital equity investment, it approves the credit line according to a certain proportion. Credit may require third-party guarantees such as venture capital, or intellectual property mortgages.Finally, SVB obtains income by charging higher interest than general corporate loans, and may also obtain a certain percentage of corporate warrants in order to increase income in the future. In addition, SVB also provides credit support to venture capital companies, providing bridge loan support when the latter's projects require capital investment but liquidity is in short supply.Due to risk control considerations, most banks dare not set foot in the start-up credit market. However, SVB has established a set of loan approval processes specifically for technology start-ups from three aspects: pre-loan, during-loan, and after-loan.<ul><li>First of all, before lending, SVB adopts a follow-up investment strategy.Only after obtaining investment from venture capital funds can enterprises obtain a certain percentage of SVB loans, usually about 1/4 of the venture capital investment amount. With the expertise of venture capital funds, SVB has screened out promising start-ups. If a company is favored by multiple venture capitalists at the same time, the probability of successfully applying for an SVB loan will be greatly increased. In addition, in order to further improve the ability to identify technology companies, SVB has also specially trained a group of researchers with professional knowledge backgrounds to participate in credit approval.</li><li>In loans, SVB requires different loan conditions according to the characteristics of different start-ups.For start-ups that have no income yet, the company requires enterprises to use intellectual patents as qualitative rather than quantitative mortgages, so that even if enterprises default, they can make up for certain losses by selling patents to large enterprises.</li><li>After the loan, SVB requires enterprises to open capital accounts in the bank.By monitoring the daily capital inflow and outflow of enterprises, banks can grasp the operating conditions of enterprises from the side, and timely give liquidity early warning and early disposal to enterprises that lack funds to repay loans. In addition, SVB will also communicate closely with the company's investment institutions to indirectly understand the company's development status.</li></ul>Towards full-cycle operationWith its prudent business strategy and excellent business model, SVB's performance has been moving forward steadily.Even in the face of a black swan event such as the bursting of the Internet bubble in the millennium, the strict loan approval process allowed SVB to remain profitable throughout the bursting of the bubble, and the non-performing loan ratio even dropped to a certain extent.However, in the bear market of that year, due to the reduction of business opportunities, the scale of SVB bank loans still suffered a certain degree of shrinkage. Therefore, through the policy window of mixed operations in the banking industry, SVB began to get involved in venture capital, investment banking, private banking, asset management and other services.Moreover, as the scale grows, SVB finally has the ability to meet the financing needs of large enterprises. SVB has formulated three service plans according to the start-up stage, growth stage, and maturity stage of the enterprise, namely \"SVB Accelerator\", \"SVB Growth\", and \"SVB Corporate Finance\", covering the entire life cycle of the enterprise.<ul><li>\"SVB Accelerator\" provides the following services for high-tech enterprises in the start-up stage: First, it sends dedicated service representatives to work with start-ups to understand and feed back the unique banking needs of enterprises; The second is to provide enterprises with financial products and services such as competitive entrepreneurial term loans and \"combination of investment and loan\"; The third is to build an online commercial banking service platform to help entrepreneurs expand their networks and find potential investors for entrepreneurs.</li><li>\"SVB Growth\" includes the following financial products and services: First, provide flexible loan solutions, including mezzanine financing, medium-term guaranteed financing, and provide loan receivable lines; The second is to build a global fund management platform to provide international business services for enterprises, provide offshore accounts, carry out foreign exchange exchange and payment, and simplify the transaction process; The third is to customize investment plans for customers; The fourth is to provide asset management and securities services.</li><li>\"SVB Corporate Finance\" services include: long-term loans, trade finance, various types of loans receivable and working capital credit, asset management and securities, financial advisory services, global cash management, foreign exchange exchange, etc. and group services.</li></ul>Will the building collapse or an oolong incident?To sum up, it is not difficult to find that the business model built by SVB is excellent:In terms of interest income, SVB relies on the \"high interest spread\" strategy.<ul><li>On the liability side, by absorbing deposits from venture capital companies and technology companies at the same time, banks can achieve the purpose of retaining funds within banks to the maximum extent even if they are transferred between investors and invested companies. At the same time, the loan conditions additionally require corporate deposits to be interest-free, which greatly reduces the cost of the liability side.</li><li>On the asset side, by providing credit to technology start-ups that are relatively insensitive to interest rates, the yield on credit assets has been raised, and \"high interest spreads\" have ultimately been achieved.</li></ul>In terms of non-interest income, SVB has established a \"mixed operation\" strategy. In addition to participating in venture capital funds and establishing an information customer network to facilitate business analysis and consulting, it also directly and indirectly invests in science and technology enterprises in the form of investment-loan linkage, or holds warrants, which can help enterprises grow in a long period of time and achieve high returns when equity withdraws.Today, SVB is the only professional bank in the venture capital circle in the United States. So far, it has helped more than 30,000 start-ups to raise funds, connected with 600 venture capital institutions and 120 private equity institutions around the world, and occupied the start-up credit market. With a share of more than 50%, it is a well-deserved leading enterprise.Just on February 14 this year, SVB also appeared on Forbes magazine's \"Top 100 Banks in the United States in 2023\" list, ranking 5th in California and 20th in the United States with its excellent profitability.That's why this time the black swan seemed so unprepared: a 40-year-old store with outstanding performance and customer assets of up to 212 billion US dollars (as of the end of 2022) will really fall in 2023 because of the announcement of an unrealized loss of a mere 1.8 billion US dollars? Whether this is a public relations oolong or a liquidity crisis that is about to shake the United States will not be revealed until later.</body></html>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Silicon Valley Bank, which hit the thunderstorm this time, is actually a top student</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSilicon Valley Bank, which hit the thunderstorm this time, is actually a top student\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2023-03-10 18:22\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Just on February 14 this year, Silicon Valley Bank also appeared on Forbes magazine's \"Top 100 Banks in the United States in 2023\" list, ranking 5th in California and 20th in the United States with its excellent profitability.The plunge of the U.S. banking industry overnight became a black swan event that shook the entire market. At the center of the vortex is a large commercial bank with a history of nearly 40 years-Silicon Valley Bank (hereinafter referred to as SVB). After the release of a financing announcement that didn't seem to be a big problem, the stock price of SVB Financial Group, the parent company of SVB, crashed by 60%, and fell by more than 40% before the market today.<img src=\"https://static.tigerbbs.com/c5da7ade76be1b07f1d0ba111d6571d9\" tg-width=\"818\" tg-height=\"506\" width=\"100%\" height=\"auto\"/>The market value plummeted by nearly 10 billion dollars, many investors and depositors fled, and the company's credit rating was downgraded by Moody's... The largest bank in Silicon Valley was tottering overnight. Technology media The Information even commented that the best way to calm things down now is for a larger bank to acquire SVB.SVB's official website states the bank's vision: to help individuals, investors and the world's most innovative companies realize their ambitions.<img src=\"https://static.tigerbbs.com/4dc31e54a57bad47d23a24ce6c93fd7c\" tg-width=\"634\" tg-height=\"140\" referrerpolicy=\"no-referrer\"/>From \"financial partner of innovative economies\" to encountering an all-round run, how did SVB get to this point? Combined with the research report released by Guohai Securities analyst Jin Yi in 2020, Wall Street Insights conducted a detailed review of the development history of SVB.Started with pokerIn the 1960s and 1970s, due to its proximity to famous institutions of higher learning such as Stanford University and the University of California, Berkeley, and local preferential policies such as tax incentives and government loan guarantees, Silicon Valley gradually became a hot spot for knowledge and adventurers, and technology companies blossomed here.Emerging tech companies need capital to get started. But,Among the corporate assets of these start-ups, intangible assets such as intellectual property rights account for the majority, so it is difficult for enterprises to obtain enough loans from commercial banks by mortgaging fixed assets. There is an urgent need for a professional commercial bank that can understand the development logic of technology companies to help start-ups grow and fill the gaps in the market.Roger Smith and Bill Biggerstaff from Wells Fargo, as well as Stanford professor Robert Medearis, captured the opportunity astutely. The trio co-founded SVB in 1982.In the initial stage, the three founders knew that they had to learn from and rely on the rich customer resources and industry experience of existing venture capital firms in Silicon Valley.And the way they expand their contacts is also very interesting-actively participating in poker games of all sizes in Silicon Valley. In the end, everyone in these poker groups has invested at least $10,000 in SVB.In the end, relying on the founder's network resources and hard lobbying, SVB attracted many famous entrepreneurs and activists in Silicon Valley to invest in shares, attracting an investment of US $5 million.This part of the shareholder group also provided SVB's earliest business resources, allowing SVB to accumulate valuable first-mover advantages in the field of risk lending.Unique business modelDuring the development of the 1990s, SVB's business framework was gradually determined.Although SVB is no different from traditional commercial banks in terms of business scope, it is involved in deposits, loans, international settlement and other businesses.But what's special is that it mainly serves emerging tech companies in computers, life sciences, clean energy and more, as well as private equity/venture capital funds. In addition, SVB will also bridge the gap between investment institutions and start-ups.Partnership with venture capital is SVB's core business model.Therefore, its business follows the venture capital. In Silicon Valley in the 1980s and 1990s, SVB executives were there where venture capitalists were meeting.SVB generally adopts a co-investment model for start-up credit, that is, after the enterprise obtains venture capital equity investment, it approves the credit line according to a certain proportion. Credit may require third-party guarantees such as venture capital, or intellectual property mortgages.Finally, SVB obtains income by charging higher interest than general corporate loans, and may also obtain a certain percentage of corporate warrants in order to increase income in the future. In addition, SVB also provides credit support to venture capital companies, providing bridge loan support when the latter's projects require capital investment but liquidity is in short supply.Due to risk control considerations, most banks dare not set foot in the start-up credit market. However, SVB has established a set of loan approval processes specifically for technology start-ups from three aspects: pre-loan, during-loan, and after-loan.<ul><li>First of all, before lending, SVB adopts a follow-up investment strategy.Only after obtaining investment from venture capital funds can enterprises obtain a certain percentage of SVB loans, usually about 1/4 of the venture capital investment amount. With the expertise of venture capital funds, SVB has screened out promising start-ups. If a company is favored by multiple venture capitalists at the same time, the probability of successfully applying for an SVB loan will be greatly increased. In addition, in order to further improve the ability to identify technology companies, SVB has also specially trained a group of researchers with professional knowledge backgrounds to participate in credit approval.</li><li>In loans, SVB requires different loan conditions according to the characteristics of different start-ups.For start-ups that have no income yet, the company requires enterprises to use intellectual patents as qualitative rather than quantitative mortgages, so that even if enterprises default, they can make up for certain losses by selling patents to large enterprises.</li><li>After the loan, SVB requires enterprises to open capital accounts in the bank.By monitoring the daily capital inflow and outflow of enterprises, banks can grasp the operating conditions of enterprises from the side, and timely give liquidity early warning and early disposal to enterprises that lack funds to repay loans. In addition, SVB will also communicate closely with the company's investment institutions to indirectly understand the company's development status.</li></ul>Towards full-cycle operationWith its prudent business strategy and excellent business model, SVB's performance has been moving forward steadily.Even in the face of a black swan event such as the bursting of the Internet bubble in the millennium, the strict loan approval process allowed SVB to remain profitable throughout the bursting of the bubble, and the non-performing loan ratio even dropped to a certain extent.However, in the bear market of that year, due to the reduction of business opportunities, the scale of SVB bank loans still suffered a certain degree of shrinkage. Therefore, through the policy window of mixed operations in the banking industry, SVB began to get involved in venture capital, investment banking, private banking, asset management and other services.Moreover, as the scale grows, SVB finally has the ability to meet the financing needs of large enterprises. SVB has formulated three service plans according to the start-up stage, growth stage, and maturity stage of the enterprise, namely \"SVB Accelerator\", \"SVB Growth\", and \"SVB Corporate Finance\", covering the entire life cycle of the enterprise.<ul><li>\"SVB Accelerator\" provides the following services for high-tech enterprises in the start-up stage: First, it sends dedicated service representatives to work with start-ups to understand and feed back the unique banking needs of enterprises; The second is to provide enterprises with financial products and services such as competitive entrepreneurial term loans and \"combination of investment and loan\"; The third is to build an online commercial banking service platform to help entrepreneurs expand their networks and find potential investors for entrepreneurs.</li><li>\"SVB Growth\" includes the following financial products and services: First, provide flexible loan solutions, including mezzanine financing, medium-term guaranteed financing, and provide loan receivable lines; The second is to build a global fund management platform to provide international business services for enterprises, provide offshore accounts, carry out foreign exchange exchange and payment, and simplify the transaction process; The third is to customize investment plans for customers; The fourth is to provide asset management and securities services.</li><li>\"SVB Corporate Finance\" services include: long-term loans, trade finance, various types of loans receivable and working capital credit, asset management and securities, financial advisory services, global cash management, foreign exchange exchange, etc. and group services.</li></ul>Will the building collapse or an oolong incident?To sum up, it is not difficult to find that the business model built by SVB is excellent:In terms of interest income, SVB relies on the \"high interest spread\" strategy.<ul><li>On the liability side, by absorbing deposits from venture capital companies and technology companies at the same time, banks can achieve the purpose of retaining funds within banks to the maximum extent even if they are transferred between investors and invested companies. At the same time, the loan conditions additionally require corporate deposits to be interest-free, which greatly reduces the cost of the liability side.</li><li>On the asset side, by providing credit to technology start-ups that are relatively insensitive to interest rates, the yield on credit assets has been raised, and \"high interest spreads\" have ultimately been achieved.</li></ul>In terms of non-interest income, SVB has established a \"mixed operation\" strategy. In addition to participating in venture capital funds and establishing an information customer network to facilitate business analysis and consulting, it also directly and indirectly invests in science and technology enterprises in the form of investment-loan linkage, or holds warrants, which can help enterprises grow in a long period of time and achieve high returns when equity withdraws.Today, SVB is the only professional bank in the venture capital circle in the United States. So far, it has helped more than 30,000 start-ups to raise funds, connected with 600 venture capital institutions and 120 private equity institutions around the world, and occupied the start-up credit market. With a share of more than 50%, it is a well-deserved leading enterprise.Just on February 14 this year, SVB also appeared on Forbes magazine's \"Top 100 Banks in the United States in 2023\" list, ranking 5th in California and 20th in the United States with its excellent profitability.That's why this time the black swan seemed so unprepared: a 40-year-old store with outstanding performance and customer assets of up to 212 billion US dollars (as of the end of 2022) will really fall in 2023 because of the announcement of an unrealized loss of a mere 1.8 billion US dollars? Whether this is a public relations oolong or a liquidity crisis that is about to shake the United States will not be revealed until later.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3683767\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a4ac7a6ebd455cb354600f2c4dcef71e","relate_stocks":{"IAT":"安硕美国地区银行ETF"},"source_url":"https://wallstreetcn.com/articles/3683767","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1115404762","content_text":"就在今年2月14日，硅谷银行还登上了《福布斯》杂志“2023美国百大银行”榜单，凭借出色的盈利能力名列加州第5位、美国第20位。隔夜美国银行业的暴跌，成了震动整个市场的黑天鹅事件。处于漩涡中心的，是一家有近40年历史的大型商业银行——硅谷银行（Silicon Valley Bank，下文简称SVB）。一纸看似问题不大的融资公告发布后，SVB母公司SVB Financial Group股价闪崩60%，今日盘前又重挫超40%。市值暴跌近百亿美元、众多投资者和储户纷纷出逃、公司信用评级也遭穆迪下调……硅谷第一大银行一夜之间风雨飘摇。科技媒体The Information甚至评论称，现在能让事情平息的最好办法，就是某家更大的银行出手收购SVB。SVB的官网上写着这家银行的愿景：帮助个人、投资者和世界最具创新性的公司们实现其雄心。从“创新经济体的金融伙伴”到遭遇全方位挤兑，SVB是怎么走到这一步的？结合国海证券分析师靳毅在2020年发布的研究报告，华尔街见闻对SVB的发展史进行了详尽梳理。靠扑克牌局起家上世纪六七十年代，由于临近斯坦福大学、加州大学伯克利分校等著名高等学府，叠加当地的税收优惠、政府贷款担保等优惠政策，硅谷逐渐成为了知识与冒险家的热土，科技公司在这里开花结果。新兴的科技公司需要资本起步。但是，在这些初创企业的公司资产中，知识产权等无形资产占大头，因此企业很难靠抵押固定资产从商业银行中获得足够的贷款。市场上亟需一家能理解科技公司发展逻辑的专业性商业银行，来帮助创业企业成长，填补市场的空白。来自富国银行的Roger Smith和Bill Biggerstaff，以及斯坦福大学教授Robert Medearis敏锐地捕捉到了这一机会。1982年，三人联合创立了SVB。在草创阶段，三位创始人深知必须学习和依靠硅谷现有的风投公司丰富的客户资源与行业经验。而他们拓展人脉的方式也很有趣——积极参与硅谷大大小小的扑克牌局，最后，这些扑克牌团体内的每一个人都至少给SVB投资了一万美元。最终，凭借创始人人脉资源和卖力游说，SVB招揽了众多硅谷著名的企业家和活动人士投资入股，吸引了500万美元的投资。这一部分股东群体，也提供了SVB最早的业务资源，让SVB在风险借贷领域积攒了宝贵的先发优势。独特的业务模式在90年代的发展过程中，SVB的业务框架逐渐确定。虽然在经营范围上，SVB 与传统商业银行无异，涉足存款、贷款、国际结算等业务，但特别之处在于，它主要为计算机、生命科学、清洁能源等领域的新兴科技公司以及私募股权/风险投资基金提供服务。此外，SVB还会为投资机构与初创企业牵线搭桥。与风投的合作是SVB的核心商业模式。因此，它的业务是跟着风投走的。在八九十年代的硅谷，哪里的风投在开会，SVB的高管就在哪里。SVB对初创企业信贷一般采取跟投的模式， 即在企业获得风险资本股权投资以后，按照一定比例批准信贷额度。信贷可能需要风险资本等第三方担保，或者知识产权抵押等。最后，SVB通过收取高于一般企业贷款的利息获取收益， 同时可能获取一定比例的企业认股权证，以求在未来增厚收益。另外，SVB还对风险资本公司提供信贷支持，在后者的项目需要资金投入但是流动性短缺的时候，提供过桥贷款支持。出于风控考虑，大多数银行不敢涉足初创企业信贷市场。但SVB专门从贷前、贷中、贷后三个方面下手，建立起一套专门针对科技初创企业的贷款审批流程。首先，在贷前，SVB采取跟投的策略。企业只有在获得风投基金投资后，才可能获得一定比例的SVB贷款，通常是风投投资金额的1/4左右。借助风投基金的专业知识，SVB已经筛选出了有发展前景的初创企业。如果一家企业同时获得多家风投青睐，那么申请成功SVB贷款的概率将大大升高。此外，为了进一步提高对科技企业的辨别能力，SVB还专门培养了一批具有专业知识背景的研究员参与信贷审批。在贷中，SVB根据不同的初创企业特点要求不同的贷款条件。对于还没有收 入的初创企业，公司要求企业用知识专利做定性而非定量的抵押，这样即使企业 违约，通过出售专利给大企业也能弥补一定损失。在贷后，SVB则要求企业将资金账户开在本行内。通过对企业日常资金进出情况进行监控，银行可以从侧面掌握企业的经营状况，并及时对缺乏资金还贷的企业进行流动性预警和提前处置。此外，SVB还会和该企业的投资机构密切沟通，间接了解企业发展现状。迈向全周期经营凭借审慎的经营策略和出色的业务模式，SVB的业绩一路稳健向前。即使遭遇千禧年互联网泡沫破灭这样的黑天鹅事件，严密的贷款审批流程也让SVB在整个泡沫破灭期间依然保持盈利，贷款不良率甚至还有一定的下降。但在当年的熊市下，由于业务机会的减少，SVB银行贷款规模还是遭遇了一定幅度的缩水。于是，借着银行业混业经营的政策窗口，SVB开始涉足风险投资、投资银行、私人银行、资产管理等服务。并且，随着规模增长，SVB也终于有能力满足大型企业的融资需求。SVB按照企业初创期、成长期、成熟期，对应制定了三种服务方案，分别是“SVB 加速器”、“SVB 增长”、“SVB 企业金融”，覆盖企业的整个生命周期。“SVB 加速器”为初创期高科技企业提供以下服务：一是派遣专门的服务代表 与初创者在一起工作，理解并反馈企业独特的银行需求；二是为企业提供有竞争 力创业定期贷款、“投贷结合”等的金融产品和服务；三是构建一个在线的商业 银行服务平台，帮助企业家扩展网络，为创业者找到潜在投资者。“SVB 增长”包括以下金融产品和服务：一是提供灵活的贷款方案，包括夹层融资、中期担保融资、提供应收贷款额度等；二是构建全球资金管理平台为企业提供国际业务服务，提供离岸的账户、开展外汇交换和支付，简化交易过程；三是为客户定制投资方案；四是提供资产管理和证券服务。“SVB 企业金融”服务包括：长期贷款、贸易融资、各类应收贷款和流动资金信贷、资产管理和证券、金融咨询服务、全球现金管理、外汇交换等和集团服务。大厦将倾还是乌龙事件？综上所述，不难发现，SVB搭建的业务模式十分出色：在利息收入上，SVB倚仗的是“高息差”策略。负债端，银行通过同时吸收风投企业与科技企业的存款，达到了即使资金在投资者与被投资企业间转移，也可以最大限度留存在银行内部的目的。同时贷款条件附加要求企业存款无息，大大压低了负债端成本。资产端，通过对利率相对不敏感的科技初创企业投放信贷，拉高了信贷资产收益率，最终实现“高息差”。在非息收入上，SVB搭建起了“混业经营”策略。除了通过参股风投基金，建立信息客户网络，方便开展企业分析咨询等业务外，还以投贷联动的方式直投、间接投资科技企业，或者持有认股权证，在较长的时间周期内帮助企业成长的同时，实现了股权退出时的高额回报。时至今日，SVB都是美国唯一一家创投圈内的专业性银行，至今已经帮助超3万家初创企业进行融资，对接全球600家风险投资机构，120家私募股权机构，在初创企业信贷市场占有率超过50%，是当之无愧的龙头企业。就在今年2月14日，SVB还登上了《福布斯》杂志“2023美国百大银行”榜单，凭借出色的盈利能力名列加州第5位、美国第20位。所以这一次的黑天鹅才显得如此猝不及防：一家业绩出色、客户资产高达2120亿美元（截至2022年底）的四十年老店，真的会因为公告了区区18亿美元的未实现亏损，倒在2023年吗？这到底是一场公关乌龙，还是即将震动美国的流动性危机，要等之后才会揭晓。","news_type":1,"symbols_score_info":{"IAT":1,"SIVB":0.9}},"isVote":1,"tweetType":1,"viewCount":2592,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}