第六组投资银行

LOGOLOGO——RobertKuhnWhatisinvestmentbank?Theparticipantsinthemarketplacethatworkwithissuerstodistributenewlyissuedsecuritiesarecalledinvestmentbank.帮助发行人将新发行的证券进行出售的市场参与者称为投资银行ThebusinessareaswithinMorganStanley:Institutionalsecurities(机构证券)Wealthmanagement（财富管理）Investmentmanagement（投资管理）Technology（技术）Operations（业务操作）Companymanagement（公司管理）证券发行与承销、证券交易经纪、证券私募发行、企业并购、项目融资、风险投资、公司理财、投资咨询、资产及基金管理、资产证券化、金融创新等都是投资银行的核心业务组成。Investmentbankingisperformedbytwogroups:commercialbanksandsecuritieshouses(券商).FinancingmarketPrimarymarket一级市场Secondarymarkets二级市场证券发行人：为筹措资金而发行债券、股票等证券的发行主体投资者：通过买入证券而进行投资的各类机构法人和自然人中介机构：为证券的发行、交易提供服务的各类机构证券承销参与者Privateplacement私募Publicplacement公募发行方式SecuritiesunderwritingThefunctionofbuyingthesecuritiesfromtheissueriscalledunderwriting(承销).underwritingfirmcommitment包销bestefforts代销全额包销余额包销证券发行项目：股票投资银行非公开发行股票增发配股可转债Primarymarket：IPO（InitialPublicOfferings）isacommonstockOfferingissuedbycompaniesthathadnotpreviouslyissuedcommonstocktothepublic.首次公开发行股票（IPO）上市公司增资发行SecondaryMarkets:InvestmentbankIssuersInvestorssalebuySecuritiestrading证券交易Underwriterdiscount/grossspread:承销商折扣或总价差财务顾问和投资咨询securitiesissuancemergersandAcquisitions(M&A)并购issuersinvestor收购方被收购方发行价格,时间，融资期限，利率水平；利润回报，投资建议等。搜寻目标，交易价格，收购策略，估价意见；反收购等MergersandAcquisitions(M&A)并购Merger：兼并Acquisition：收购Consolidation：合并两个或两个以上的企业合并成为一个新的企业，合并完成后，多个法人变成一个法人两个货两个以上的独立企业合并组成一家企业，被吸收的企业解散一家企业用现金或者有价证券购买另一家企业的股票或资产，获得对该企业控制权Organizationalstructure：股东大会董事会执行管理委员会内部管理业务管理国内外分支机构董事会办公室审计委员会人力资源部财务部法律部稽核部风险管理部信息技术部企业融资部公共融资部项目融资部私募资金部兼并收购部证券交易部私人客户部资产管理部风险资本部发展研究部内部Organizationalstructure:内部股东大会董事会管理委员会董事会办公室审计委员会内部管理分支机构业务管理财务部法律部稽核部风险管理部信息技术部人力资源部证券类资产管理类信用服务类投资银行部机构销售与交易部全球研究部私人客户部网上业务部机构投资管理部私人投资管理部信用服务部外部结构分行附属行代理行办事处摩根士丹利的组织结构附属机构摩根士丹利国际银行（中国）有限公司办事处香港北京上海台北规律：市场环境变化调整市场定位整合资源产生新的经营模式组织架构变化提高运营效率盈利能力提高收入增长摩根士丹利组织结构的变化和发展1996-2001年摩根士丹利证券部投资管理信用服务投资银行销售交易融资私人客户集团机构和个人客户的全球资产管理服务，私人股权投资DiscoverFinancialServices摩根士丹利组织结构的变化和发展2002-2006年摩根士丹利机构证券私人客户集团投资管理信用卡服务投资银行销售交易融资全面财务规划和投资服务全球资产管理产品和服务融资公司信贷财务顾问股票交易利率产品，信用产品，货币产品摩根士丹利组织结构的变化和发展2007年-至今摩根士丹利机构证券部全球财富管理集团资产管理部效果资产周转率利润率ROE杠杆比率80%70%60%50%40%30%20%10%0%403530252015105019961998200020022004200620082010InvestmentbankCommercialbankdepositloandifferencebetweenInvestmentbanksandcommercialbanksSecuritiesunderwritinginvestorsSecuritiestradingissuersbuyInvestmentBankCommercialbankOriginofbusinessSecuritiesunderwritingDeposit,loanFinancinginstrumentsDirectfinancingIndirectfinancingFinanceserviceobjectLong-termcapitalmarketShort-termcapitalmarketMainsourceofprofitsCommissionSavingsandloanspreadsInvestmentBankCommercialbankRiskcharacteristicsInvestors(highrisk)investmentbank(lowrisk)Depositor(lowrisk);CommercialBank(highrisk)OperatingprinciplesUnderthepremiseofriskcontrolismoreimportanttodevelopPursuitofprofitabilitysecuritymobility,adheretosoundprinciplesRegulatoryTreasurysecuritiesregulatorsandstockexchangesmultilevelcentralbanktubeCentralbanks,theCBRCInsurancearrangementsInvestmentbankinginsurancesystemDepositInsuranceSystemTitlesofinvestmentbankingManagingDirectorDirectorVicePresidentAssociateAnalystAnalystProgramsForUndergraduates•institutionalsecurities机构证券•investmentmanagement投资管理•wealthmanagement财富管理•companymanagement公司管理•operations业务操作•technology技术INVESTMENTMANAGEMENT•Thisdepartmentisresponsibleformanaginginvestmentsonbehalfofbothinstitutionalandindividualinvestors.MorganStanleyInvestmentManagement‘s(MSIM’s)institutionalclientsincludepensionfunds（养老基金）,foundationsandendowmentcompanies.Ourobjectiveistohelpourclientsachieveoutstandinglong-terminvestmentperformancebyofferingthemawidearrayofequity,fixedincomeandalternativeinvestments,suchasrealestate（房地产）,privateequityandhedgefunds（对冲基金）.qualifications/skills/requirements•Youareafinalyearuniversitywithoutstandingacademicstanding,graduatingbyJune2014.Financial/business-relatedstudiespreferred.•YouarefluentinEnglish;fluencyinMandarinisadvantageous.•Youareateamplayerwithastrongworkethicwhothriveswithconfidenceonintellectualchallenges.•Youhavestronganalyticalskillsandtheabilitytograspcomplexdata,managemultipleprojects,providecomplicatedfinancialanalysisanddevelopappropriatecorporatefinancesolutions.•Youhaveoutstandingcommunicationandinterpersonalskills,theabilitytoformeffectiveworkingrelationshipsthroughcollaboration,striveforexcellenceandexhibitthehighestethicalstandards.