美国、日本投资银行业的比较分析

F830.33101839925006ComparativeAnalysistotheInvestmentBankingIndustriesofU.S.&JapanandProposalsfortheOrganizationofChineseInvestmentBankingSystem2001520025201021Alchian15FederalReserveBankofU.S.,BigBangDeregulationandJapaneseCorporate:ASurveyoftheIssuesInternationalfinancediscussingpaperFederalReserveBankofU.S.Sep.199816AlchianArmenandDemsetz,Harold,Production,InformationCosts,andEconomicsOrganization,AmericanEconomicReview197217DavidH.Pyle,BankRiskManagement:Theory,discussingpaper,ConferenceonRiskManagementandRegulationinBanking,199718—TheComingEconomicBattleAmongJapanEuropeandAmericaWarnerBooks199342GeorgeJ.Benston,TheSeparationofCommercialandInvestmentBanking:TheGlass-SteagallActReconsidered,OxfordPress,199043RobertG.EcclesandDwightCrane,DoingDeals:InvestmentBanksatWork,HarvardBusinessSchoolPress,198844FederalReserveBankofNewYork,InternationalCompetitivenessofU.S.FinancialFirms:TheDynamicsofFinancialIndustryChange,workingpaper,FRBofNewYork,199245J.PeterWilliamson,TheInvestmentBankingHandbook,JohnWiley&Sons,198846FederalReserveBankofNewYork,InternationalCompetitivenessofU.S.FinancialFirms:Products,MarketsandConventionalPerformanceMeasures,FRBofNewYork,1992AbstractModernInvestmentBanksareoriginatedfromGlass-SteagallAct,1933.TheActlimitedJ.P.MorganCorporationincommercialbankingservice,whileseparatedMorganStanleytofocusoninvestmentbankingservice,suchasunderwritingstocksandbonds.ItisgenerallybelievedthattheseparationofJ.P.Morganindicatedthegenerationofmoderninvestmentbanks.Duringthefollowingyears,theinvestmentbankingindustryofU.S.waswelldeveloped.Japanformeditsownindustryofinvestmentbankingin1950s’accordingtothemodelofU.S.anddevelopeditsowncharacters.Notuntilthelastdecadeofthe20thcentury,theinvestmentbankingindustryofChinabegantodevelop.UnderthebackgroundofChineseeconomysystemreform,thestatusofmodernenterpriseinstitutioncapitalmarketanddirectfinancedecidesthestatusofinvestmentbankingindustry,decidesitsgenerationdevelopmentandjumpinggrown-up.WiththeboostoffinancialglobalizationandChina’smembershipofWTO,theinvestmentbankingindustryofChinawillhavemorecapaciousinter-spaceandmustbecomeintothecompetitionfocusofinternationalinvestmentbankingindustry.HowwillChineseinvestmentbankingindustryfacethatkindofcompetitionfromforeignorganizationofthesametrade,especiallytheyhavehadvastcapitalandmaturetechnology.Thatisthestartingpointofthisthesis.Themeansinthisthesiscombineddynamicanalysiswithstaticanalysis,macroanalysiswithmicroanalysis,demonstrationwithnormativeanalysis.Atthebeginningofthethesis,thewriteranalyzedtheoriginofmoderninvestmentbankstransactioncostandmediationcostorganizationsystemwiththeoryofinstitutionandtheoryofindustrialorganization.Theninthecomparativeanalyzingpart,thegenreiscomparisonofU.S.andJapanfirstwithpracticalanalyzingtoChineseinvestmentbanksandsuggestionsatthelast.Concretelyspeaking,thethesisconcludesfoursectionsasfollows.Sectionone,TheoreticalAnalysisofModernInvestmentBank,dealswiththetheoreticalbasis,researchbackground,trainofthoughtandsignificance.Sectiononepointsouttheresourceofmoderninvestmentbanks,analyzesthetransactioncostandintermediatecostofinvestmentbanks,industrialorganizationanalysisaswell.Sectiontwo,PositiveAnalysisofInvestmentBankConstitutioninAmericaandJapan,looksintothemicrostructuresofinvestmentbanks.ThissectionfirstlyfocuswithpositiveanalysisofinvestmentbankconstitutionofU.S.,theninvestmentbankconstitutionofJapancomparedwiththatofU.S.,followedwithpositiveanalysisofChineseinvestmentbankconstitution.SectiontwopointsoutthegapbetweenChineseandAmericanandJapaneseinvestmentbankingindustries,andusefulmanagementexperienceofadvancedcolleagues.Sectionthree,ComparisontoRegulationandInternationalizationintheInvestmentBankingIndustry,focusonmacroenvironmentandbackgroundoffinancialinstitutionsanddevelopmentofinternationalization,especiallyanalyzedtheinfluenceofGramm-Leach-BlileyAct,November1999,U.S.and‘BigBang’financialreforminJapan.Abouttheinternationalization,thisthesissummarizedthedifferentinternationalizationprocessasachoiceofdifferentpathaccordingtotheothernessofdevelopmentofcountries.Section4,SuggestionsfortheReformofChineseInvestmentBankingIndustry,istheconclusionsection.Basedontheprinciplesillustratedinthestartpartofthisthesis,investmentbankscouldminimizethetransactioncost.Accordingtothetheoryaboutindustrialconcentration,thecoalitionoffinitemarketscaleandtheexpectationtoscalemustresultintheintegrationofinvestmentbankingserviceandthedecreasingnumberoforganizationsAlsoonthestrengthofpositiveanalysistotheconstitutionofU.S.andJapan,aneffectiveconstitutioncanpromotetheperformanceofinvestmentbanks.Forasmuch,Iputforththreeproposals.First,reunitedomesticinvestmentbanksthroughmergersandacquisitionsorthroughaggrandizingcapitaltocurrentinvestmentbanks.Second,broadenthebusinessrangeofcommercialbanksanddevelopChineseUniversalBankat