现代国际资本市场与投资银行

现代国际资本市场与投资银行,金岩石,TotalInvestableCapitalMarket全球资本市场总额December31,1998(Preliminary),U.S.Equity21.7%,CashEquivalents4.8%,U.S.RealEstate4.3%,EmergingMarkets2.8%,Non-U.S.Bonds26.1%,DollarBonds*19.6%,VentureCapital0.1%,Non-U.S.Equity19.6%,$58.2Trillion,*IncludesHigh-YieldBondsSource:BrinsonPartners,Inc.,LargestRecentOne-YearRealStockPriceIndexIncreases各国股市最大一年涨幅,..9.103.24.25.,Country,Percentageincrease,One-yearperiod,PriceChangeoversubsequentone-yearperiod(percent),PhilippinesTaiwanVenezuelaPeruColombiaJamaicaChileItalyJamaicaThailandIndiaItalyAustriaFinlandDenmarkSpainLuxembourgSwedenPortugalLuxembourgHongKongHongKongKoreaHongKongSweden,683.4400.1384.6360.9271.3224.5199.8166.4163.4161.9155.5147.3145.4128.3122.9119.8113.4111.5103.8103.6101.099.198.898.696.6,Dec.1985-Dec.1986Oct.1986-Oct.1987Jan.1990-Jan.1991Aug.1992-Aug.1993Jan.1991-Jan.1992Apr.1992-Apr.1993Jan.1979-Jan.1980May1985-May1986Aug.1985-Aug.1986Oct.1986-Oct.1987Apr.1991-Apr.1992Apr.1980-Apr.1981Feb.1989-Feb.1990Sept.1992-Sept.1993Apr.1971-Apr.1972Dec.1985-Dec.1986Dec.1992-Dec.1993Aug.1982-Aug.1983Apr.1997-Apr.1998Jan.1985-Jan.1986Jan.1993-Jan.1994Feb.1975-Feb.1976Feb.1975-Feb.1976Nov.1979-Nov.1980Aug.1977-Aug.1978,28.465.733.115.8-19.9-59.238.9-15.78.7-2.6-50.3-32.1-19.846.3-12.44.2-10.8-9.6-34.12.6-38.5-3.431.9-22.4-50.8,LargestRecentOne-YearRealStockPriceIndexDecreases各国股市最大一年跌幅,Country,..9.103.24.25,Percentagedecrease,One-yearperiod,PriceChangeoversubsequentone-yearperiod(percent),TaiwanJamaicaSwedenUnitedKingdomThailandSouthAfricaPhilippinesKoreaPakistanIndiaDenmarkHongKongHongKongNorwaySpainNorwayAustraliaFranceIndonesiaCanadaFinlandColombiaItalyNorwayDenmark,-74.9-73.8-63.6-63.3-62.8-62.1-61.9-61.9-59.5-58.4-56.0-55.5-55.1-54.2-54.1-53.6-53.0-49.0-48.1-47.9-47.5-47.1-46.1-46.1-45.8,Oct.1989-Oct.1990Jan.1993-Jan.1994Aug.1976-Aug.1977Nov.1973-Nov.1974Aug.1997-Aug.1998July1985-Jul.y1986Oct.1973-Oct.1974June1997-June1998Oct.1990-Oct.1991Nov.1963-Nov.1964July1969-July1970Aug.1997-Aug.1998Dec.1981-Dec.1982May1967-May1968Oct.1976-Oct.1977Jan.1974-Jan.1975Oct.1973-Oct.1974Sept.1973-Sept.1974Mar.1997-Mar.1998June1981-June1982Feb.1990-Feb.1991Jan.1980-Jan.1981Apr.1974-Apr.1975Dec.1989-Dec.1990Sept.1973-Sept.1974,85.169.696.672.771.948.9-14.1167.09.0-18.8-15.390.07.739.9-15.6-2.133.625.3-74.2-31.368.614.7,LargestRecentFive-YearRealStockPriceIndexIncreases各国股市最大五年涨幅,Country,Percentageincrease,Five-yearperiod,PriceChangeoversubsequentfive-yearperiod(percent),..9.103.24.25,PhilippinesPeruChileJamaicaKoreaMexicoTaiwanThailandColombiaSpainIndiaFinlandAustriaPortugalFinlandJamaicaJapanFranceFinlandHongKongNetherlandsNorwayNorwaySwedenHongKong,1,253.2743.1689.7573.9518.3501.7468.1430.7390.7381.9346.1336.3331.3329.1291.0280.2275.6262.6262.5261.6256.6253.1248.4247.1230.9,Nov.1984-Nov.1989Sept.1991-Sept.1996Mar.1985-Mar.1990Dec.1980-Dec.1985Mar.1984-Mar.1989Jan.1989-Jan.1994May1986-May1991May1986-May1991Apr.1989-Apr.1994Oct.1982-Oct.1987Apr.1987-Apr.1992Sept.1992-Sept.1997Jan.1985-Jan.1990Apr.1993-Apr.1998Sept.1982-Sept.1987July1984-July1987Aug.1982-Aug.1987Mar.1982-Mar.1987Feb.1968-Feb.1973Jan.1975-Jan.1980July1993-July1998Sept.1982-Sept.1987Oct.1992-Oct.1997Aug.1982-Aug.1987Oct.1982-Oct.1987,43.5Notavailable104.238.7-36.6-50.9-12.717.0-52.0-33.758.4Notavailable-39.7Notavailable-55.510.9-48.510.2-68.2-17.2Notavailable-18.9Notavailable-36.9-14.6,LargestRecentFive-YearRealStockPriceIndexDecreases各国股市最大五年跌幅,..9.103.24.25,Country,Percentagedecrease,Five-yearperiod,PriceChangeoversubsequentfive-yearperiod(percent),SpainJamaicaVenezuelaThailandPhilippinesItalyPakistanNorwayJamaicaPhilippinesIndiaUnitedKingdomSouthAfricaColombiaColombiaChilePhilippinesFinlandKoreaPortugalJamaicaKoreaItalyFranceItaly,-86.6-85.5-84.9-84.0-83.1-80.7-78.3-77.1-76.9-76.6-74.6-73.5-73.4-73.3-72.7-72.6-72.7-71.3-68.3-67.9-64.2-63.6-62.6-62.5-62.3,Dec.1974-Dec.1979July1973-July1978May1977-May1982Jan.1994-Jan.1999Feb.1980-Feb.1985June1973-June1978Feb.1994-Feb.1999July1973-July1978Jan.1993-Jan.1998Sept.1969-Sept.1974Aug.1962-Aug.1967Dec.1969-Dec.1974Apr.1981-Apr.1986July1971-July1976July1979-July1984June1980-June1985Apr.1976-Apr.1981Oct.1973-Oct.1978June1993-June1998Jan.1988-Jan.1993Nov.1969-Nov.1974Aug.1978-Aug.1983Jan.1970-Jan.1975Jan.1973-Jan.1978Sept.1960-Sept.1965,0.1185.2138.9Notavailable1,000.072.6Notavailable74.1Notavailable-40.70.781.516.6-24.836.9587.924.499.0Notavailable222.6-68.9375.0-46.15.7-0.5,TheTop100EconomiesandMNEs,1998(2-1)全球前100名经济实体与跨国公司,Rankcountry/CompanyUS$billionsRankcountry/CompanyUS$billions,..9.103.24.25.,UnitedStatesJapanGermanyFranceUnitedKingdomItalyChinaBrazilCanadaSpainIndiaNetherlandsMexicoAustraliaKorea,RepublicofRussiaArgentinaSwitzerlandBelgiumSwedenAustriaTurkeyDenmarkGeneralMotorsHongKong,7,921.34,089.92,122.71,466.21,263.81,166.2928.9758.0612.2553.7421.3388.7380.9380.6369.9337.9324.1284.8259.0226.9217.2200.5176.4161.3158.3,0.,Daimler-ChryslerNorwayPolandFordMotorWal-MartStoresIndonesiaThailandFinlandGreeceSouthAfricaIranMitsuiItochuMitsubishiPortugalColombiaExxonGeneralElectricToyotaMotorIsraelSingaporeRoyalDutch/ShellGroupMarubeniSumitomoInt.BusinessMachines,154.6152.1150.8144.4139.2138.5134.4124.3122.9119.0109.6109.4108.7107.2106.4106.1100.7100.599.795.295.193.793.689.081.7,TheTop100EconomiesandMNEs,1998(2-2)全球前100名经济实体与跨国公司,Rankcountry/CompanyUS$billionsRankcountry/CompanyUS$billions,5.,VenexuelaMalaysiaEgyptPhilippinesAXACitigroupVolkswagenNipponTelegraph&TelephoneNipponLifeInsuranceChileBPAmocoNisshoIwaiIrelandSiemensAllianzPakistanHitachiPeruU.S.PostalServiceMatsushitaElectricIndustrialNestleCreditSuissePhilipMorrisINGGroupBoeing,81.379.879.278.978.776.476.368.367.767.566.064.863.262.459.559.157.856.556.2,00.,NewZealandAT&TSonyMetroCzechRepublicNissanMotorBankofAmericaCorp.FiatHondaMotorAssicurazioniGeneraliMobilHewlettPackardAlgeriaHungaryDeutscheBankUnileverStateFarmInsuranceDai-IchiMutualLifeInsuranceBangladeshVebaGroupHSBCHoldingsUkraineToshibaRenaultSearsRoebuck,55.853.651.551.551.048.748.447.747.146.545.645.244.944.644.544.043.543.342.741.541.441.3,1972Foreigncurrencyfutures1973Equityoptions1975Treasurybondfutures1981Currencyswaps1982InterestrateswapsEurodollarfuturesEquityindexfuturesExchange-listedcurrencyoptions1983OptiononequityindexOptionsonT-notefuturesOptionsoncurrencyfuturesInterestratecapsandfloors1985EurodollaroptionsSwaptions1987Compoundoptions1989FuturesoninterestrateswapsQuantooptions1990Equityindexswaps1991Differentialswaps1992Catastropheriskinsuranceoptions1993Captions1994Creditdefaultoptions1996Electricityfutures1997Weatherderivatives,TheevolutionofDerivativesMarkets衍生证券市场的演进,西方现代投资银行业务操作,赢利性操作,支持性操作,一级市场,股权融资,债券融资,二级市场,做市商业务,经纪业务,交易业务,投机,对冲,公司重组,并购,转让,股权控制,金融工程,零息债券,抵押证券,衍生产品,边缘业务,咨询服务,投资管理,风险投资,商业银行,结算业务,研究开发,内部融资,信息服务,美国证券市场的结构和管理,注册券商,通过,结算机构,基金公司,投资顾问,纽约证券交易所,芝加哥交易所,美国交易所,NASDAQ,证监会,证券投资者保护公司,美联储,全国证券交易商协会,法规,稽核,质押贷款,投资保险,NATIONALSECURITIESCLEARINGCORPORATION(NSCC),EXECUTIONDESTINATIONCLEARING,LISTEDSECURITIESORDERDELIVERY/MATRIXSYSTEMS,OTCSECURITIESORDERDROUTINGSYSTEMS,BROKER,THEINDIVIDUALINVESTOR,EXECUTIONREPORT,ACTREPORTING,BROKER/DEALERCLEARING,BROKER/DEALERINTERNALIZATION,ECN,MARKETMAKER,UTPEXCHANGE,SPECIALIST,DOT,FLOORBROKERONPRIMARYEXCHANGE,UTPEXCHANGE,ECN,THIRDMARKET,HOWORDERS美国证券交易流程及中介BECOMETRADES,股票交易流程及其会计处理,Brokersrouteorderstomarketmaker.,Individualtraderssortthroughordersandmakermatchesonebyone,Marketmakercompletesthetransactionandpocketsthe“spread”betweenbuyandsellprices.,Computerizedmatchingandexecutionleavesthemarketmakersfeetoanalyzetradingpatternsandmanageinventory.,Tradersareconstantlycompletingtransactions,managingpositionsthroughoutthedaysothatprofitsoutweighlosses.,Toexecutetheorders,anelectronicmarketmakerhasaconstantlychanginginventoryofstock.,Acomputersortstheincomingordersandmatchesthemalmostinstantly.,Buyersandsellersplaceorderswithbroker,Thenewway,MarketRe-Markers做市商和再做市商,Buyersandsellersplaceorderswithbroker,Brokersrouteelectronicorderstomarketmaker.,Theoldway,Arankingofmarketmakersshareoftradingvolume:NASDAQ&BULLETINBOARDMARKETSHARE2Q2000-Volume(millions)Marketshare1.KNIGHTTRADING15,01213.4%2.SCHWABCAPITALMARKETS11,91910.6%3.HERZOGHEINEGEDULD*8,7167.8%4.SPEAR,LEEDS&KELLOGG*6,1215.5%5.SALOMONSMITHBARNEY5,4684.9%6.MERRILLLYNCH4,7224.2%7.MORGANSTANLEY4,4594.0%8.GOLDMANSACHS3,6813.3%9.SHERWOODSECURITIES3,6023.2%10.CREDITSUISSEFIRSTBOSTON3,1422.8%*RecentlyacquiredbyMerrillLynch.*IntalkstobeacquiredbyGoldmanSachs.Source:AutEx/BlockDataandChaseH&QResearchKnight/Trimark(nowKnightTrading)wentpublicinJuly1998.TheunderwriterswereRobertsonStephens,MerrillLynch,ABNAmro,PaineWebber,andSouthwestSecurities.,Top10MarketMakers前10名做市商及其市场份额,26%*,22%*,15%*,21%*,4%*,12%*,20001996,MerrillLynchNetRevenuesbyCategory美林证券净收入结构,*Netinterestprofit净利息收入*Commissions交易佣金*Principaltransactions做市商佣金*Investmentbanking投资银行业务*Assetmanagementandportfolioservicefees资产管理和投资顾问费*Other其他,4%*,15%*,27%*,29%*,17%*,8%*,摩根.斯坦利收入结构,195,258,294,227,198,142,1998,1998,1999,1999,2000,2000,(inmillions),(inmillions),$2,773,$3,213,$4,592,$337,$485,$492,GoldmanSachs高盛资产管理和证券业务ASSETMANAGEMENTANDSECURITIESSERVICES,NetRevenues,AssetsUnderSupervision,Assetsundermanagementotherclientassets,GoldmanSachsGLOBALCAPITALMARKETS高盛全球资本市场,$3,368,$4,359,$5,371,1998,1999,2000,(inmillions),(inmillions),1998,1999,2000,$2,379,$5,773,$6,627,InvestmentBanking投资银行NetRevenues净收入,TradingandPrincipalInvestments交易和做市商业务NetRevenues净收入,金融业务收入种类及相关业务规范,TotalAssets$162.0AdjustedAssets(1)123.5NetAdjustedAssets(2)63.0LeverageRatio(3)29.8AdjustedLeverage(4)22.7NetAdjustedLeverage(5)11.6,Inbillions,exceptratios,November30,2000,$171.2135.173.327.821.911.9,November26,1999,(1)AdjustedAssetsrepresentTotalAssetslesssecuritiespurchasedunderagreementstoresellandthereceivableforsecuritiesprovidedascollateral.(2)NetAdjustedAssetsrepresentAdjustedAssetslesssecuritiesborrowed.(3)LeverageRatioequalsTotalAssetsdividedbystockholdersequityandpreferredstockissuedbysubsidiaries.(4)AdjustedLeverageratioequalsAdjustedAssetsdividedbystockholdersequityandpreferredstockissuedbysubsidiaries.(5)NetAdjustedLeverageequalsNetAdjustedAssetsdividedbystockholdersequityandpreferredstockissuedbysubsidiaries.,熊士坦公司表外业务的风险结构(1)TheBearStearnsTableoff-balance-sheetriskpositions(1),熊士坦公司表外业务的风险结构(2)TheBearStearnsTableoff-balance-sheetriskpositions(2),Inbillions,Lessthan1to33to5Greaterthan1YearYearsYears5YearsTotal,Swapagreements,includingoptions,swaptions,caps,collarsandfloorsFuturescontractsForwardcontractsOptionsheldOptionswrittenTotalPercentoftotal,$99.448.5$216.536.2%,$119.3$147.324.7%,$92.94.00.20.2$97.316.3%,$$135.822.8%,$446.372.641.125.011.9$596.9100.0%,ReportingriskDisclosuretoshareholdersManagementreportsRegulatoryrequirements,ControllingriskSettingrisklimits(desklevelandfirm-wide),AllocatingriskPerformanceevaluationCapitalallocationStrategicbusinessdecisions,Passive被动型,Defensive防范型,Active主动型,EvolutionofVARapplications在险价值方法的应用,TopManagementCEO/CFO总台,AuditInternal&ExternalReviewsallareas全程监控,Operations“BackOffice”TradeProcessing后台,RiskManagement“MiddleOffice”Marketandcreditriskanalysis中台,Treasury&Trading“Frontoffice”Positioning前台,Organizationalstructureforriskmanagement风险管理的组织框架,TraditionalA&LMVsModernVaR传统的资产负债管理和现代在险价值方法的比较,1Asset/LiabilityOrientedValuation/RiskOriented2BalanceSheetAnalysisOff-SheetPositionsIncluded3NoFinancialDerivativesDerivativesaskeyitems4InterestRateFocusOverallMarketRiskFocus5PassiveRiskControlRisk/ReturnManagement6NoHedgingtoolsHedgingPositionAdjustments7ForCommercialBankingForGlobalCapitalMarket8FixedTimeFrameFlexibleTimeFrame,美国注册券商的分公司管理体制（1）,美国注册券商的分公司管理体制（2）,中国投行业务当前实际操作流程,项目联络,内核小组,改制重组,上市辅导,承销立项,立项调研,上报证监会,财务顾问,淘汰,融资部复核,淘汰,反馈,变更主承销,路演上市,现代西方投资银行业务框架,公司客户,结盟,研发,投资,并购,交易,承销结盟,机构客户,融资中介,战略投资者,投机,对冲,追踪,咨询,兼并与收购,战略合作伙伴,美国注册券商组织结构和资金运营,KeyStepsinIPOProcessing股票承销业务主要的操作步骤,IPOExample:Dr.Koop.Com(IPOonJune8,1999)“库普医生网”公司的上市费用分析,SECReg.FeeNASDFilingFEENASDAQListingLegalAcctingPrintingBlueSkyTransferAgentMis.,$26,975$10,204$94,000$600K$195K$350K$10K$7.5K$61,321,$1,355.000+8.6%ofIPOAmountDr.KReceivedTotal:$59,062,500(including15%overallotmentoption),投资银行业务的内部分工和操作,GlobalDebtandEquityIssuanceJan.1toMay16,2001全球债券股票发行的市场份额,MANAGERMARKETSHARE,MERRILLLYNCH12.7%SALOMONSMITHBARNEY11.7CREDITSUISSEFIRSTBONSTON8.6MORGANSTANLEY7.9J.P.MORGAN7.9GOLDMANSACHS6.5LEHMANBROTHERS6.1Total61.4,Data:ThomsonFinancialSecurities,VentureCapitalSpending美国风险投资总额,AmountInvested,CSFB/DLJPrivateEquityvs.TotalVentureCapital瑞银华宝-帝杰私人股权基金,CSFB/DLJ帝杰私人股权基金-WorldslargestVCfundYear20002000年全球最大的风险投资基金Investedassetsover$