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Investment bank

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A type of financial institution corresponding to a commercial bank

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Investment bank Investment Banks are financial institutions corresponding to commercial banks. Be mainly engaged in Securities issue , underwriting, trading, Enterprise reorganization Mergers and acquisitions, investment analysis, venture capital, project financing and other businesses Non-bank financial institutions , yes Capital market Upper main Financial intermediation . Investment banks are American and Continental Europe It's what the British call Merchant bank In China and Japan, it refers to securities firms. Investment banking Organizational form There are four main types: one is the independent type Specialized investment bank There are more of these types of institutions, spread all over the world, and they have their own specialties Business direction For example, Chinese Citic Securities , China International Capital Corporation American Goldman Sachs , Morgan Stanley ; Second, commercial banks own investment banks, mainly through commercial banks Mergers and acquisitions Other investment bank, equity participation or establishment Subsidiary company Be engaged in Investment banking This form is very typical in countries such as Britain and Germany, such as HSBC Group , Ubs group ; Three is Universal bank Direct investment banking, mainly in Europe, is a form in which banks engage in commercial banking as well as investment banking. Investment banks mainly have Investment business . Fourth, transnational Finance company .

Chinese name: Investment bank
Foreign name: Investment Banks
Engage in business: Securities issue , Consignment sales , Trading , Enterprise reorganization

positioning: Capital market Upper main Financial intermediation
dominance: Financial institution
Known in China as: Securities company

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Several banks in the China Shipbuilding Building in Shanghai

Investment bank The term "investment bank" in English, but "investment bank" contains at least four layers of meaning: first, institutional level, refers to the capital market Direct financial institution Financial enterprises; Second, industry level refers to the whole industry of investment banking; Third, the level of business, refers to the business of investment banks; The fourth, subject level, is about the theory and practice of investment banking disciplines (including "investment banking"). Securities science Securities Investment, etc.). At present, the domestic academic and practical circles have a confused understanding of the term investment bank, and to a large extent, they do not distinguish clearly these four levels. In fact, the four meanings of this English phrase have corresponding Chinese words, which can be used as investment bank, Investment banking Investment banking, investment banking and investment banking.

Investment banks are associated with Commercial bank A corresponding concept is that modern finance ADAPTS to modern times Economic development Form one Emerging industry . It differs from other related industries in the remarkable characteristics of, one, it belongs to Financial services industry This is the difference between general consultation, Intermediary service industry A sign of; Second, it mainly serves the capital market, which is the mark that distinguishes commercial banks. Third, it is an intelligence-intensive industry, which is a mark that distinguishes other professional financial services institutions.

The division and name of securities companies in the world are not the same, the popular name in the United States is investment bank, and the United Kingdom is called Merchant bank . Some countries, such as Germany, practice it Banking industry with Securities industry Mixed operation It is usually carried out by a company set up by a bank Securities business Manage. Like China, some countries, such as Japan, refer to financial institutions specializing in securities business as securities companies ^[1] .

Investment banking is a constantly evolving industry. In the financial world, the term investment banking has a very broad meaning. From a broad point of view, it includes a wide range of financial business; From a narrow perspective, it includes Business scope Is more traditional.

(1) Narrow meaning

The narrow meaning of investment banking is limited to certain capital Market activity emphasize Primary market Financial advisor on underwriting business, mergers and acquisitions and financing business.

(2) Broad meaning

The broad meaning of investment banking covers a wide range of capital market activities, including Corporate financing Mergers and acquisitions advisory, sales and trading of financial products such as stocks and bonds, Asset management And venture capital business ^[1] .

Investment bank is the product of the development of securities and joint-stock company system to a specific stage, is a developed securities market and mature Financial system It plays an important role in the communication of capital supply and demand, the construction of securities markets, the promotion of corporate mergers and acquisitions, and the promotion of industrial concentration and development in modern social and economic development Economies of scale Formation, Optimize resource allocation Such an important role.

Because of the rapid development of the investment banking industry, the definition of investment banks is also very difficult. Investment banks are American and Continental Europe In Britain, it is called a merchant bank, and in Japan it is a securities company. There are four main international definitions of investment banks:

First: Any financial institution that runs the Wall Street financial business can be called an investment bank.

Second: only financial institutions that operate part or all of their capital markets business are investment banks.

Third: the financial institutions engaged in securities underwriting and corporate mergers and acquisitions are called investment banks.

The fourth is to refer only to financial institutions that underwrite securities in the primary market and trade securities in the secondary market as investment banks.

Origin and development

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Securities underwriting It is the most original and basic business activity of investment bank. The remit of the investment bank underwriting is broad, including the country Central government , bonds issued by local governments and government agencies, Enterprise issue Stocks and bonds, securities issued by foreign governments and corporations in the country and the world, International financial institution Issued securities, etc. In the underwriting process, investment banks generally weigh whether to compose underwriting and choose underwriting methods according to the underwriting amount and risk. There are four usual underwriting methods:

The first: underwriting. This means Lead underwriter And other syndicate Members agree to buy all securities issued at an agreed price and then sell those securities to their customers. In this case, the issuer does not bear the risk, and the risk is passed on to the investment bank.

The second type: Take by tender . It is usually carried out when investment banks are in a situation of strong passive competition. The securities issued in this way are generally creditworthy and popular with investors.

Third: consignment sales. This is generally due to the investment bank's view of the security Credit rating Low, underwriting risk of the formation. At this time, the investment bank only accepts the entrustment of the issuer to sell securities on its behalf. If not all the securities issued within the specified period are sold, the remaining part will be returned to the issuer, and the issuance risk will be borne by the issuer itself.

The fourth type: Sponsorship promotion . Issuing company Increase capital and shares Its main object is the existing shareholders, but it cannot ensure that the existing shareholders subscribe to its securities, in order to prevent difficulties in raising the required funds in a timely manner, and even cause the company Stock price As a result, issuers typically entrust investment banks with the task of issuing new shares to existing shareholders, thereby shifting the risk to investment banks.

Securities brokerage transaction

Investment bank Secondary market As a market maker, Broker's office and barter The triple role. As market makers, investment banks are obliged to create and maintain a liquid secondary market for the securities after the underwriting of the securities is completed Market price The stability of... As a broker, an investment bank acts on behalf of a buyer or seller, acting as an agent to trade at the price proposed by the client. As dealers, investment banks have Proprietary trading The need for securities is because investment banks, entrusted by customers, manage a large number of assets and must ensure the preservation and appreciation of these assets. In addition, the investment bank is also in the secondary market Risk arbitrage And risk arbitrage.

Private placement of securities

The issuance of securities is divided into two types Public offering and Private placement Two. The underwriting of securities in the first place is actually a public offering. A private offering, also known as a private offering, is when the issuer does not sell securities to The public , but only for a limited number of Institutional investor Such as insurance companies, Mutual fund Let's wait. Private offerings are not permitted Public offering The regulatory restrictions, in addition to can save issuance time and Issue cost Outside, and can be compared in Open market Trading on securities of the same structure gives investment banks and investors a higher price yield Therefore, the scale of private equity issuance is still expanding. But at the same time, private placement also has poor liquidity, narrow issuance, difficult to expand public listing Corporate awareness Such shortcomings.

Mergers and acquisitions

Enterprise merger Acquisitions and acquisitions have become the most important business components of modern investment banks in addition to securities underwriting and brokerage. Investment banks can participate in corporate M&A activities in a variety of ways, such as finding merger and acquisition targets, and providing buying and selling prices to hunters and prey companies nor Price clause Consulting, help the hunter company to develop merger plans or help the prey company to develop countertakeover plans against hostile takeovers, help arrange financing and Bridge loan Let's wait. In addition, mergers often include" Junk bond "Issues, corporate restructuring and assets restructuring And other activities.

Project financing

Project finance is a technical means of arranging a package of financing for a specific economic unit or project planning that a borrower can rely on only that economic unit Cash flow And the proceeds are used as a source of repayment and as assets of the economic unit Loan guarantee . Investment bank plays a very key role in project financing, it will be related to the project government agencies, financial institutions, investors and project sponsors, and coordinate lawyers, accountants, engineers and so on together Project feasibility study And then through Issue bonds Funds, stocks or loans, auctions, mortgages, etc Formal organization Project investment The required financing. The main tasks of investment banks in project financing are: Project evaluation , financing Scheme design , relate to Legal document The drafting, relevant Credit rating Securities pricing and underwriting.

Corporate finance

Corporate finance is actually an investment bank that acts as a financial adviser or operation to its clients Management consultant To advise, plan or operate. It is divided into two categories: the first type is based on the requirements of companies, individuals, or governments, to conduct in-depth research and analysis of a certain industry, a certain market, a certain product or securities, and provide a more comprehensive and long-term Decision analysis Data; The second category is in Enterprise management When encountering difficulties, help enterprises to make suggestions and put forward contingency measures, such as formulation Development strategy , rebuild Financial system , sale and transfer of subsidiaries, etc.

Fund management

Fund is an important investment tool, it is organized by the fund sponsor, absorb a large number of investors scattered funds, hire expertise And investment experience of experts to invest and gain profits. Investment banks are closely linked to funds. First, the investment bank can act as the initiator of the fund, initiate and establish the fund; Second, investment banks can act as fund managers to manage funds. Third, investment banks can act as underwriters of funds, helping fund issuers sell to investors Benefit certificate .

Financial advisor

Investment banking Financial advisory business It is a series of investments undertaken by investment banks on companies, especially listed companies Securities market Business planning and Consulting service The general term for. Refers mainly to investment banks in companies Shareholding reform Listing, refinancing in the secondary market and occurrence Mergers and acquisitions Sell assets, etc Major transaction Professional financial advice at the event. The investment advisory business of investment banks is the link and bridge connecting the primary and secondary markets, communicating investors, operators and issuers of securities market. It is customary to position the scope of investment advisory business in providing investment advice and advice to investors participating in the secondary market Management service .

Asset securitization

Asset securitization It refers to an investment bank that takes certain assets of a company as a guarantee Securities issue Is a kind of tradition Bond financing Very different new Financing method . The company conducting the asset conversion is called the asset security originator. Sponsors will hold various less liquid Financial assets For example Residential mortgage loan Credit card Accounts receivable Etc., sorted into a batch Asset portfolio It is sold to a specific trading organization, that is, the buyer of financial assets (mainly investment banks), and then the financial assets are bought by the specific trading organization Guaranteed issue Asset-backed securities To recover the purchase funds. This set of processes is called an asset securitization . The securities of asset securitization are all kinds of debt bonds, mainly Commercial paper , Medium-term bond , Trust certificate , Preferred stock Such forms. asset-backed purchaser The principal and interest can be repaid to the holder when the securities mature. Securities repayment funds come from the cash flow created by the guaranteed assets, that is, the repayment of the principal and interest due by the debtor of the assets. If the encumbered asset defaults and refuses to pay, the repayment of the asset security is also limited to the amount of the securitized asset, and the originator or purchaser of the financial asset has no obligation to pay more than the limit of the asset.

Financial innovation

Depending on its nature, finance, like many other fields, is full of innovation. Futures, options, Schedule adjustment Such products or tools are the result of innovation ^[2] . There are three strategies for using derivatives, namely arbitrage hedging, increase returns and improvement securities the Investment management . Through the establishment and trading of financial innovation tools, investment banks further expand the business space and investment banking Capital gain . First, investment banks act as brokers to buy and sell such products for clients Financial instrument And receive commission; Secondly, investment banks can also get certain Difference in price Revenue, because investment banks often first buy and sell derivatives as counterparties to their clients, and then find another client to make the opposite cover trade; Third, these financial innovation tools can also help investment banks Risk control , protected from loss. Financial innovation has also broken the boundaries between banks and non-banks, commercial banks and investment banks in the original institutions and the traditional market division, intensifying the competition in the financial market.

Venture capital

Venture capital is also known as Venture capital It refers to the start-up period and expansion period for emerging companies financing The performance is high risk and high return. Emerging companies generally refer to the use of new technologies or new inventions, the production of new products, with a large Market potential Can get much higher Average profit Profitable, but fraught with great risk. On account of High risk Ordinary investors are often reluctant to get involved, but such companies are the most in need of capital support, thus providing investment banks with broad access Market space . Investment banks are involved in venture capital at different levels. First, they raise capital for these companies through private placement. Second, it is sometimes carried out for some companies with great potential Direct investment To become its shareholder; Third, more investment banks are set up. Venture fund "Or" Venture fund "To these companies Source of funds .

Underwriting function

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underwriter The underwriting function can generally be divided into four categories:

1. Purchase function: that is, the risk underwriting function, which means that the underwriter will buy the securities to be sold by the securities issuing company at a certain price.

The underwriter will be responsible for the failure to resell the securities Risk loss :

Waiting risk;

Price risk ;

distribution Risk.

2. Distribution function: Investment banks sell the securities issued by enterprises to the investing public, but they do not bear the risk of insufficient sales or improper selling price. Underwriters play the role of wholesalers or retailers

3. Advisory function: provide the operation technology and relevant information of the capital market, and provide reference for the financing of the issuing company; Provide a comparison of funding channels.

4. Protection function: maintaining securities Market price Stability, stability confidence.

At risk

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Nature of risk

1. Market risk

Market risk refers to the adverse fluctuations of market prices, interest rates, exchange rates and other factors that cause losses or unavailability of a position or portfolio of an investment bank Expected return The possibility of...

2. Credit risk

Credit risk refers to one party to a contract default Possibilities, including loans, swap Options and the risk of losses arising from counterparty defaults in the settlement process.

3. Liquidity risk

Liquidity risk is also known as liquidity Risk, I mean investment banks Current ratio Too low, its Financial structure Lack of liquidity due to Financial product The risk that an investment bank will be unable to repay its debts due to illiquidity and tight positions.

4. Operational risk

Operational risk is the result of a transaction or Management system The risk of financial loss arising from improper operations, including the risk of loss of control within the company.

5. Legal risk

Legal risk arises from the possibility that one side of the transaction will not be able to perform the contract against the other. Legal risk may arise because the contract is simply unenforceable or because a party to the contract has acted beyond its legal authority. Legal risks include potential illegality and the possibility that the counterparty has no right to enter into the contract.

6. System risk

Systemic risk refers to: ① due to the failure of a single company, a single market or settlement system chaos in the whole Financial market Produce" Domino effect Circumstances leading to the successive failure of financial institutions; ② caused the whole market liquidity difficulties of investors" Credit crisis ". Systemic risk includes the risk that the collapse of a single firm or market triggers a cascading or entire market collapse.

Business scope

1. Issuance underwriting risk

2. Brokerage business risk

3. Risk of proprietary business

4. Market maker Business risk

Business model

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Separate operation Mode: Investment banking with Commercial bank The business is separated and operated relatively independently by the two organizations.

Mixed operation Business model : The integration and penetration of investment banking and commercial banking are provided by hybrid banks.

Organizational structure

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Generally speaking, an investment bank adopts Organizational structure Is its internal composition and Management idea Closely related. There are three main forms of organizational structure of modern investment banks.

Partnership system

Partnership company refers to the organization form in which two or more partners own the company and share the profits of the company, and the partners are the owners or shareholders of the company. Its main feature is: partners share the enterprise Operating income And jointly bear the operating losses Unlimited liability ; It may be jointly operated by all partners, or it may be operated by some partners, and the other partners only contribute capital and are responsible for their profits and losses; The size of the partnership can be large or small.

Mixed company system

Hybrid company It is usually a combination of capital or firms that are not closely related in function to form a larger capital or firm. After the 1960s, in the development process of diversified production and operation of large companies, investment banks are the important objects of acquisition or merger to become hybrid companies. The main motivation for these mergers and acquisitions is to increase the size of the parent company's business, and in this process, investment banks gradually start to take over Partnership system The shift to a modern corporate system.

Modern corporation system

modern Company system Give the company an independent personality and establish it as an enterprise Property right of legal person As the core and important symbol. The property right of the legal person is the total ownership of the enterprise, including investment and investment appreciation Enterprise property The rights you enjoy. The existence of legal property rights shows Body corporate The rights are no longer expressed as individual rights. The modern corporate system enables investment banks to Fund raising , Financial risk control , Operation and management The modernization and other aspects have obtained advantages that the traditional partnership system does not have.

evolution

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Investment banking in the modern sense was born Europe and America It was mainly sold by many in the eighteenth and nineteenth centuries Government bond Evolved from the financial institutions that discounted corporate bills. The early development of investment banks is mainly due to the following four factors.

Increasingly active

With the expansion of the scope and amount of trade, financing credit is objectively required, so some large businessmen with excellent reputation will use their accumulated wealth to become Merchant bank Home, specializes in financing and Bill acceptance Discount business This is the root cause of investment banks.

Rise and development

Securities industry With the rapid development of stock exchange is Investment banking The catalyst of rapid development provides a broad development field for it. Investment banks act as Securities underwriter And the stockbroker gradually laid its foundation in Securities market In the central position.

Infrastructure construction

Capitalist economy The rapid development of the transportation, energy and other infrastructure caused huge pressure, in order to alleviate this contradiction, the eighteenth and nineteenth centuries Europe and the United States set off the climax of infrastructure construction, this process is huge Capital requirement Investment banks have developed rapidly in the process of financing and financing.

Joint-stock company system

The emergence and development of shareholding system not only brought the West Economic system A profound revolution has also enabled investment banks to act as companies and The public The role of financial intermediary between the two was established.

In the early 20th century, the continuous prosperity of the western economy brought about the upsurge of the securities industry, which turned the bustling transaction of the securities market into a kind of fanatical currency speculation. Commercial banks rely on their strong Financial strength Frequently involved in the securities market, and even participate Securities speculation ; At the same time, the governments of various countries lack effective laws and regulatory institutions to regulate the development of the securities industry, which occurred from 1929 to 1933 Economic crisis It's a recipe for disaster.

The economic crisis directly led to the collapse of a large number of investment banks, and the securities industry was extremely depressed. This has made it clear to governments that: Bank credit The blind expansion and direct or indirect involvement of commercial banks are very risky Stock market right Economic security Is a major hidden danger. After 1933, the United States, Britain and other countries separated investment banking and commercial banking business, and carried out separate management, since then, a new independent investment banking industry rose in the depression of economic crisis.

After nearly three decades of post-crisis adjustment, investment banking is once again booming. Since the 1970s, Mortgage bond , package finance Management service , Leveraged buyout (LBO), Futures, Options, swaps, Asset securitization Etc. Financial derivative The continuous innovation of the financial industry, especially the securities industry, has become one of the fastest changing, most revolutionary and challenging industries. This innovation on the other hand also reflects the investment banks, commercial banks, insurance companies, Trust and investment company We are bypassing separation Management system The constraints eroded each other's business, and investment banks and commercial banks mixed with each other globalize The trend has become very powerful.

Development trend

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In the past two decades, investment banking has been involved in the internationalization, diversification, specialization and concentration of financial business, and has strived to open up various market Spaces. These changes are changing investment banking and investment banking, right World economy and Financial system Has had a profound impact, and has formed a distinct and powerful Development trend .

diversification

Since the 1960s and 1970s, the West Developed country It's starting to relax Financial regulation To allow different financial institutions to properly cross-operate, for Investment banking The diversification of development has created conditions. In the 1980s, with the increasingly fierce market competition and the continuous development and improvement of financial innovation tools, the formation of this trend was further strengthened. Nowadays, investment banks have completely jumped out of the narrow business framework of traditional securities underwriting and securities brokerage, and formed a diversified business structure of securities underwriting and brokerage, private equity issuance, mergers and acquisitions, project financing, corporate finance, fund management, investment consulting, asset securitization, and venture capital.

internationalization

There are profound reasons for the globalization of investment banking. First, the global economy Speed of development The development speed of the securities market is different, which makes investment banks take it as a new field of competition and profit growth point, which is the internal requirement for investment banks to expand. Second, the improvement of the international financial environment and financial conditions objectively brings global benefits to investment banks Operating reserve The conditions. As early as the 1960s, investment banks adopted the concept of Foreign agency The cooperative approach helps the country's companies market securities overseas or enter as an investor intermediary Foreign market . By the 1970s, for more effective participation International market In the competition, major investment banks have set up their own branches overseas. After the 1980s, with the integration of the world economy, capital market and the rapid development of the information and communication industry, the former limitation of distance can no longer be a barrier for financial institutions, and business globalization has become an important issue whether investment banks can occupy the commanding heights in the fierce market competition.

specialization

Specialized division of labor cooperation is Socialized mass production In the process of diversification and development of the entire financial system, the specialization of investment banking business has become inevitable, and each major investment bank has its own strengths while expanding and diversifying its business. For example, Merrill Lynch In infrastructure financing and Securities management Enjoy a high reputation, Goldman Sachs Known for research and underwriting, Salomon Brothers Commercial paper issuance and Corporate merger and acquisition First Boston is a leader in organizing syndicates and arranging private placements.

centralization

In the 1950s and 1960s, with the post-war economic and financial recovery and growth, the major consortia Competition and cooperation make Financial capital Increasingly concentrated, investment banks are no exception. Due to business competition from commercial banks, insurance companies and other financial institutions, such as Revenue bond Marketing, Eurodollar syndicate And so on, more intensified the concentration of investment banking. In this situation, the major investment banking industry has passed Merger and acquisition , reorganization, listing and other means to expand the scale. For example, the merger of Merrill Lynch and Whitewald, Swiss bank Company acquisition British Warburg, etc. Large-scale mergers and acquisitions made the business of investment banks highly concentrated. In 1987, among the 25 largest investment banks in the United States, the largest 3, 5 and 10 companies accounted for the issuance of securities in the market respectively percent They were 41.82%, 64.98% and 87.96%.

distinction

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EDITOR

item	Investment bank	Commercial bank
Original service	Securities underwriting	Deposits and loans
Feature	Direct financing And focus on Long-term financing	Indirect financing And focus on Short-term financing
Business profile	It's not reflected in the balance sheet	In-schedule and Off-balance sheet business
Main source of profit	commission	Deposit and loan spread
Management policy And principle	Focus more on development under the premise of controlling risks	pursue profitability The combination of safety and liquidity, adhere to the principle of robustness
Supervisory department	mainly Securities regulatory agency	Central bank
Risk characteristics	In general, Investor The risk is greater, Investment bank risk It's smaller.	Under normal circumstances, the risk faced by depositors is small, and the risk of commercial banks is larger

Current situation of China

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Sino Investment banking From satisfaction Securities issue With the need to trade constantly developed. From the perspective of China's practice, investment banking business was initially completed by commercial banks, and commercial banks are not only Financial instrument It is also the largest financial institution in charge of financial assets. In the mid-to-late 1980s, as China opened up Securities circulation market The original commercial bank Securities business Gradually separated, each region has set up a large number of securities companies, the formation of securities companies Securities market intermediaries The system. In the following decade, securities brokers gradually became Investment bank of China The main body of business. However, in addition to professional securities firms, there are a large number Business scope A broader set of trust and investment companies, Financial investment company , Equity transaction With brokerage agencies, Asset management company , Financial advisory firm And other parts of the investment banking business.

Investment banks in China can be divided into three types: the first is national and the second is national regional The third is private (e.g China Renaissance Capital , Yi Kai Capital, Greenbridge Capital , Hanergy Investment, Beixiang Investment, etc.). National investment banks are divided into two categories: one is the securities company based on the banking system; The other is directly under The State Council or The State Council ministries and commissions as the background Trust and investment company . Regional investment banks are mainly provincial and municipal level professional securities companies and Trust company . Both types of investment banks rely on the state in the securities business franchise It occupies the main position in China's investment banking industry. The third type of private investment banks are mainly some Investment management company , Financial advisory firm And asset managers, etc., the vast majority of them are providing clients from the past Management consulting and Investment adviser The business has developed and has a certain capital strength in Enterprise merger and acquisition Project financing and Financial innovation In terms of flexibility is very strong, is gradually becoming Investment bank of China Another branch of the field Backbone force .

Modern China The business of investment banks has only been developed for less than 15 years, and there are still problems such as too small scale, narrow business scope, lack of high-quality professionals, Excessive competition And so on and so forth. But China's investment banking sector is facing its biggest ever Market demand with Reform of China's economic system The rapid development and continuous deepening of the social and economic life of the demand for investment and financing will be increasingly strong, state-owned large and medium-sized enterprises in the conversion Management mechanism And private enterprises seeking future development will increasingly rely on the role of the capital market, which will be Investment bank of China Lay a solid foundation for the long-term development of the industry.

For nearly 20 years, in the international Economic globalization and Market competition In an increasingly aggressive trend, Investment banking It completely breaks away from the narrow business framework of traditional securities underwriting and securities brokerage, and has formed a trend of diversification, internationalization, specialization, concentration and cooperation. Investment bank of China karmic Market potential This is a huge opportunity for the investment banking industry in the early stage of development, but also a huge challenge. In order to assume the responsibility entrusted by history, China's investment banking industry will develop towards large-scale, comprehensive, professional, international and mixed industry.

World investment bank in China

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EDITOR

low Societe Generale

● France Paris Baifuqin financing Limited company

● ABN Amro Capital Asia Limited

● Bozi Financial Advisors Limited

● Inco Financial Advisors Limited

● Asia Finance Limited

● Belle Securities (Hong Kong) Limited

● Bear Stearns Asia Limited

low Canada Yi Dong Finance Limited

● Bank of China International Asia Limited (" BOC ")

● Shi Fu Finance Limited

low CLSA Capital market Limited company

low Keihuashan Ichi Enterprise financing Limited company

● Qunyi Asia Limited

low Credit Suisse First Boston (Credit Suisse First Boston)

low Deloitte Touche Tohmatsu Enterprise finance Consulting company limited

● Ernst & Young Corporate Finance Advisory Limited

low Fortune Index (Beijing) International Investment Advisory Co., LTD

low CITIC Capital market Holding company limited

low Singapore Development Asia Finance Limited

● First Shanghai Financing Co., LTD

● Deutsche MorganGreenfel ( Deutsche Bank Investment banking division)

● Dresden Klevot Wasserstein ( Dresdner Bank Investment banking division)

low Guotai Junan Finance limited company

low Goldman Sachs (Asia) Limited liability company

low HSBC

low Hunda Finance limited company

low Abn Amro

● Industrial and Commercial East Asia Financing Co., LTD

● Sunrise Kaffu International Co., LTD

low Shanghai Investment Morgan

low China International Capital Corporation Limited (abbreviated as" China International Capital Corporation ")

● Kinglifeng FINANCE Consulting company limited

● Jin Ying Financing (Hong Kong) Limited

● United States Lehman Brothers Asia invest Limited company

● Huifu Finance Limited

● Merrill Lynch

● Yuan Fu Securities (Hong Kong) Limited

low Morgan Stanley Huaxin

● Rothschild & Sons (Hong Kong) Limited

● Biotron Securities Limited

low Bora Securities (Hong Kong) Limited

● Yutai Financing (Hong Kong) Limited

low Salomon Smith Barney Hong Kong Limited Company

● Soft Bank Jinhui Financing Co., LTD

low Shenyin and Wanguo Finance (Hong Kong) Limited

● New Victory Limited company

● New Hung kai International Limited company

● Jinding Securities (Hong Kong) Co., LTD

● Tai Fook Finance Limited

● Hesheng Financial Advisors Limited

● UBS Warburg

● Yuming Investment Management Co., LTD

● Singapore Dahua Asia (Hong Kong) Limited

●Altus Capital Limited

● Guanlian Securities Limited

● Dahua Securities (Hong Kong) Limited

difference

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EDITOR

Although both investment banks and traditional commercial banks have the word "bank" in their names, there are obvious differences between investment banks and traditional commercial banks in essence:

from Market positioning Looks like the bank is Money market The core, while investment banks are Capital market The core of;

From the perspective of service functions, commercial banks serve indirect financing, while investment banks serve Direct financing ;

From the perspective of business content, the business focus of commercial banks is Deposit taking And issue loans, while investment banks do not take all kinds of deposits, nor do they issue loans to enterprises, the focus of business is Securities underwriting , corporate mergers and acquisitions and asset restructuring;

From the perspective of income sources, the income of commercial banks mainly comes from Deposit and loan spread The income of investment banks mainly comes from securities underwriting, corporate mergers and acquisitions and asset reorganization Handling charge Or a commission.

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