中西方投资银行比较分析与对策

对外经济贸易大学硕士学位论文中西方投资银行比较分析与对策姓名：徐海洲申请学位级别：硕士专业：工商管理指导教师：张建平20080401ISWOTIIAbstractThethesismakesdetailedanalysisofChineseinvestmentbankingandcomparesitwithWesterninvestmentbankingwhichhasseveral-centurieshistoryofdevelopment.Basedonanalysisandcomparison,theauthorputsforwardthecountermeasures.Ifthewesterninvestmentbankingatmiddleageorintheirprimeperiod,ChineseinvestmentbankingatbestisinthechildhoodPeriod(althoughtherapiddevelopment).Ifourinvestmentbankingwouldliketoexpediteitdevelopment,oneoftheshortcutsistostudytheexperienceofthewesterninvestmentbankingandlearnfromthelessonsofWesterninvestmentbankingtopromoteitsdevelopmentinthedirectionofmaturingandcontinuousdevelopment.ThisistherealrequirementforChineseinvestmentbanking.TheexistenceofChineseinvestmentbankingmakesitnecessarytomakecomparativestudyofwesterninvestmentbankingandchina’s.ThefactisthatdevelopmentofChineseinvestmentbankingcannotbeseparatedfromthiscomparativestudy.Thethesiswillcomparethewesterninvestmentbankingwithchina’s,revealthegapbetweenbothofthem,explorethedevelopmentrulesofChineseinvestmentbanking,predictthedevelopmentdirectionofChineseinvestmentbankingandmouseoutthedevelopmentStrategiesofChineseinvestmentbanks.Thisthesisiscomposedoffivechapters.InChapterOne,theauthorfirstlyintroducesthechoiceofsubjectthestandardonitandthevalueofthischoiceofsubject.Thentheauthorintroducesthetargetoftheresearch,thescopeoftheresearchandtheframeworkofthethesis.InChapterTwo,theauthorelaboratesonthebasicconceptsofinvestmentbankswhichincorporatethetitleofinvestmentbank,itsformation,thedefinitionofinvestmentbanksaswellasthemajorbusinessesofinvestmentbanks.InChapterThree,theauthormakescomparisonbetweenChineseinvestmentbankingindustryandwesterninvestmentbankingindustry.Thischapteristhemostimportantpartofthethesiswhichisdividedintosixsections.ThesesixsectionsrespectivelycomparethedevelopmentmodesofChineseandwesterninvestmentbanks,theirmanagementsystemofsecurityissuances,theirtraditionalbusinesses,theirM&Abusiness,theirriskIIImanagementandtheirexternalregulatorysystems.InChapterFour,theauthoranalyzesthestatusquoofChineseinvestmentbankingwithSWOTmodelandelaboratesonthestrengthandweaknessofChineseinvestmentbankingaswellastheopportunitiesandchallengestheinvestmentbankingisfacedwith.InChapterFive,theauthorputsforwardfourconcretecountermeasureswhichcouldmakeChineseinvestmentbanksspeedupitsdevelopment.Thesefourmeasurescomprisethemergersandreorganizationsofinvestmentbanks,thecapitalexpansionofChineseinvestmentbanks,andpushingforwardbusinessinnovationofChineseinvestmentbanking,traininghigh-qualityinvestmentbankingpersonnelandestablishinginsurancesystemforChineseinvestmentbanking.Becausethesubjectofthethesisisalittlebeyondtheauthor’scapabilityandrelevantdataishardtoget,especiallythatrelatedtowesterninvestmentbanks,therearestillmanydeficienciesinthisthesiswhichpermitsotherslargespacetomakefurtherstudy.Keywords:investmentbankscomparativestudycountermeasures11.1——“”“”1.215????21.31.3.11.3.21.3.3“”“”SWOT31.442.1“InvestmentBank”“securityFirm”“MerchantBank”“UniversalBank”“security”1·“”199931981“”“”·“”2.22.2.11826···1812185018601519482.2.2·19879“”“”“”2.3“”··6()()“”“”“”“”“”“”“”“”“”“”2.42.4.12.4.22.4.372.4.42.4.5()2.4.6“”“”2.4.72.4.8893.13.1.1“”“”“”“”“”1929“”1933—“”10—1977197819801987198919911999—“”“”“”“”3.1.21981198919901995(B)19951998“”19901991199312119597“”3.2982001320013“”12“”13PK3.33.3.13.3.1.1200131420013“”“”“”3.3.1.2“”“”“”2“”2152001312—15200133.3.23.3.2.1“”“”“”163.3.2.2(1)T+0T+1T+5T+0“T+3”T+l33.3.2.33t+1t+01719751‰200001.5‰5000-200001.5-2‰5000210‰200253.5‰200251(3‰)450%50%“”“”3.43.4.142‰18“”LBO5MBO6“”3.4.26NPV)5193.4.31898—1903265363100440%60%25%1925—1930528226159105192019631969198581951196810001/3“”70%19864381“”7199399·10%3164——7213.4.4“”“”“”“13”“13”“13”“13”1313“”“”“”“”3.53.5.1“”“”“”“”“”2290%“”“”3.5.223··10%—15%90%90%3.5.3“”2490%80%“”“”“”253.63.6.11998“”83.6.2—(SEC)SEC826“”3.6.319971998200120032005“”27“”“”“”“”“”“”284.120071228130%A4.449A20072A268.68%5010A2007362007106620073364121.2360669.2045753.5610225910291453.241354.06989.663325()2007164121.23260669.2345753.56444248.57(/541726.74641591.78735074.15833839.01930968.771030741.6520071-61392,1002313,5003297,5004290,7005241,5006210,4007173,4008157,1009118,70010102,8003011100706143,202,151,590.93237,530,817,817.53334,638,787,450.31431,594,924,194.63530,059,501,741.00623,446,028,596.72723,111,834,740.86820,017,937,535.75918,797,381,744.441014,932,730,473.04100706112,309,949,430.6924,093,626,636.9734,010,031,490.2443,650,281,093.7753,536,975,980.6263,518,814,569.4573,475,612,497.8283,401,982,641.1393,356,217,313.23103,071,327,004.98100706110,577,625,977.2023,533,852,829.2833,105,471,289.7042,909,867,850.1152,903,587,298.4362,818,769,351.8372,493,817,699.6382,337,508,979.6992,324,095,400.00102,286,685,202.99113110070613,919,740,027.0923,429,338,391.5733,107,708,407.5742,881,134,469.7252,747,244,992.4362,520,188,078.0872,378,759,131.7182,261,827,167.7791,980,704,306.28101,948,005,687.5210070612,744,991,975.1322,062,131,356.6831,723,930,756.