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论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-08-22编辑:yangcheng点击率:2475
论文字数:1042论文编号:org201308221002072322语种:英语 English地区:中国价格:免费论文
摘要:投资银行以其强大的盈利能力而为世人所瞩目。以公司并购业务为例。19世纪80年代以来,美国至少经历了四次公司并购浪潮。在最近的一次浪潮中,公司并购的标底额动辄数以十亿、百亿计,有的甚至超过千亿美元。这就为投资银行提供了相当可观的收入来源。
投资银行强大的盈利能力首先来源于其独特的商业模式。与商业银行相比,首先,投资银行以批发业务为主。除了经纪业务,投资银行业务基本上都属于批发业务。在美国五大投资银行中,只有美林还维持着一只庞大的经纪业务部门。其次,投资银行则以知识密集型业务为主。
Investment Banking strong profitability stems above all from its unique business model. Compared with commercial banks, first of all, investment banks wholesale business. In addition to brokerage, investment banking basically belong to the wholesale business. The top five investment banks in the United States, only Merrill Lynch also maintains a large brokerage business department. Second, the investment banking business based knowledge-intensive places. In essence, the investment bank is a financial consulting industry. Financial advice is not only an independent investment banking, investment banking and other intellectual foundation. For example, in order to assist issuers in securities issued, you first need to assist them in designing securities, which requires a comprehensive, in-depth research and analysis. In fact, research, analytical ability, rather than financial, marketing strength, is the investment bank's core competitiveness lies. Of course, funding, marketing strength can not be ignored. For example, in order to assist companies in mergers and acquisitions, but also help them to make the necessary market operations. This requires adequate funding, marketing strength. However, both the securities underwriting, securities trading, or mergers and acquisitions, investment bankers are inseparable strategizing. For investment bankers who beats, financing, marketing and other market operations is not a problem.
Fundamentally, the investment bank's profitability stems from its powerful unique business culture. In the capital markets, is proportional to the rewards and risks. In general, commercial banks more cautious, more attention to the safety of funds and liquidity. Of course, investment banks focus on risk management and internal control, but when compared with commercial banks, investment banks more "greedy", in order to achieve higher yields at higher risk assumed. Adventure and innovation go hand in hand; typical as in the margin and financial derivatives innovations. A common characteristic of these innovations is to leverage business; popular to say that "leverage." They exponentially magnified gains, and exponentially amplify the risks. As the saying goes, "as also Xiao, also lost." During the subprime mortgage crisis, the five investment banks got into trouble, of course, there are a variety of reasons, for its part, "bet" of too is its direct cause.