现代国际资本市场与投资金融银行概述

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1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25.CountryPercentageincreaseOne-yearperiodPriceChangeoversubsequentone-yearperiod(percent)PhilippinesTaiwanVenezuelaPeruColombiaJamaicaChileItalyJamaicaThailandIndiaItalyAustriaFinlandDenmarkSpainLuxembourgSwedenPortugalLuxembourgHongKongHongKongKoreaHongKongSweden683.4400.1384.6360.9271.3224.5199.8166.4163.4161.9155.5147.3145.4128.3122.9119.8113.4111.5103.8103.6101.099.198.898.696.6Dec.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.197828.465.733.115.8-19.9-59.238.9-15.78.7-2.6-50.3-32.1-19.846.3-12.44.2-10.8-9.6-34.12.6-38.5-3.431.9-22.4-50.8LargestRecentOne-YearRealStockPriceIndexDecreases各国股市最大一年跌幅Country1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25PercentagedecreaseOne-yearperiodPriceChangeoversubsequentone-yearperiod(percent)TaiwanJamaicaSwedenUnitedKingdomThailandSouthAfricaPhilippinesKoreaPakistanIndiaDenmarkHongKongHongKongNorwaySpainNorwayAustraliaFranceIndonesiaCanadaFinlandColombiaItalyNorwayDenmark-74.9-73.8-63.6-63.3-62.8-62.1-61.9-61.9-59.5-58.4-56.0-55.5-55.1-54.2-54.1-53.6-53.0-49.0-48.1-47.9-47.5-47.1-46.1-46.1-45.8Oct.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.197485.169.696.672.771.948.9-14.1167.09.0-18.8-15.390.07.739.9-15.6-2.133.625.3-45.169.46.374.2-31.368.614.7LargestRecentFive-YearRealStockPriceIndexIncreases各国股市最大五年涨幅CountryPercentageincreaseFive-yearperiodPriceChangeoversubsequentfive-yearperiod(percent)1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25PhilippinesPeruChileJamaicaKoreaMexicoTaiwanThailandColombiaSpainIndiaFinlandAustriaPortugalFinlandJamaicaJapanFranceFinlandHongKongNetherlandsNorwayNorwaySwedenHongKong1,253.2743.1689.7573.9518.3501.7468.1430.7390.7381.9346.1336.3331.3329.1291.0280.2275.6262.6262.5261.6256.6253.1248.4247.1230.9Nov.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.198743.5Notavailable104.238.7-36.6-50.9-12.717.0-52.0-33.758.4Notavailable-39.7Notavailable-55.510.9-48.510.2-68.2-17.2Notavailable-18.9Notavailable-36.9-14.6LargestRecentFive-YearRealStockPriceIndexDecreases各国股市最大五年跌幅1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25CountryPercentagedecreaseFive-yearperiodPriceChangeoversubsequentfive-yearperiod(percent)SpainJamaicaVenezuelaThailandPhilippinesItalyPakistanNorwayJamaicaPhilippinesIndiaUnitedKingdomSouthAfricaColombiaColombiaChilePhilippinesFinlandKoreaPortugalJamaicaKoreaItalyFranceItaly-86.6-85.5-84.9-84.0-83.1-80.7-78.3-77.1-76.9-76.6-74.6-73.5-73.4-73.3-72.7-72.6-72.7-71.3-68.3-67.9-64.2-63.6-62.6-62.5-62.3Dec.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.19650.1185.2138.9Notavailable1,000.072.6Notavailable74.1Notavailable-40.70.781.516.6-24.836.9587.924.499.0Notavailable222.6-68.9375.0-46.15.7-0.5TheTop100EconomiesandMNEs,1998(2-1)全球前100名经济实体与跨国公司

Rankcountry/CompanyUS$billionsRankcountry/CompanyUS$billions

1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25.UnitedStatesJapanGermanyFranceUnitedKingdomItalyChinaBrazilCanadaSpainIndiaNetherlandsMexicoAustraliaKorea,RepublicofRussiaArgentinaSwitzerlandBelgiumSwedenAustriaTurkeyDenmarkGeneralMotorsHongKong7,921.34,089.92,122.71,466.21,263.81,166.2928.9758.0612.2553.7421.3388.7380.9380.6369.9337.9324.1284.8259.0226.9217.2200.5176.4161.3158.326.27.28.29.30.31.32.33.34.35.36.37.38.39.40.41.42.43.44.45.46.47.48.49.50.Daimler-ChryslerNorwayPolandFordMotorWal-MartStoresIndonesiaThailandFinlandGreeceSouthAfricaIranMitsuiItochuMitsubishiPortugalColombiaExxonGeneralElectricToyotaMotorIsraelSingaporeRoyalDutch/ShellGroupMarubeniSumitomoInt.BusinessMachines154.6152.1150.8144.4139.2138.5134.4124.3122.9119.0109.6109.4108.7107.2106.4106.1100.7100.599.795.295.193.793.689.081.7TheTop100EconomiesandMNEs,1998(2-2)全球前100名经济实体与跨国公司Rankcountry/CompanyUS$billionsRankcountry/CompanyUS$billions51.52.53.54.55.56.57.58.59.60.61.62.63.64.65.66.67.68.69.70.71.72.73.74.75.VenexuelaMalaysiaEgyptPhilippinesAXACitigroupVolkswagenNipponTelegraph&TelephoneNipponLifeInsuranceChileBPAmocoNisshoIwaiIrelandSiemensAllianzPakistanHitachiPeruU.S.PostalServiceMatsushitaElectricIndustrialNestleCreditSuissePhilipMorrisINGGroupBoeing81.379.879.278.978.776.476.376.176.171.368.367.767.566.064.863.262.461.160.159.859.559.157.856.556.276.77.78.79.80.81.82.83.84.85.86.87.88.89.90.91.92.93.94.95.96.97.98.99.100.NewZealandAT&TSonyMetroCzechRepublicNissanMotorBankofAmericaCorp.FiatHondaMotorAssicurazioniGeneraliMobilHewlettPackardAlgeriaHungaryDeutscheBankUnileverStateFarmInsuranceDai-IchiMutualLifeInsuranceBangladeshVebaGroupHSBCHoldingsUkraineToshibaRenaultSearsRoebuck55.853.653.252.151.851.551.551.048.748.447.747.146.545.645.244.944.644.544.043.543.342.741.541.441.31972 Foreigncurrencyfutures1973 Equityoptions1975 Treasurybondfutures1981 Currencyswaps1982 Interestrateswaps Eurodollarfutures Equityindexfutures Exchange-listedcurrencyoptions1983 Optiononequityindex OptionsonT-notefutures Optionsoncurrencyfutures Interestratecapsandfloors1985 Eurodollaroptions Swaptions1987 Compoundoptions1989 Futuresoninterestrateswaps Quantooptions1990 Equityindexswaps1991 Differentialswaps1992 Catastropheriskinsuranceoptions1993 Captions1994 Creditdefaultoptions1996 Electricityfutures1997 WeatherderivativesTheevolutionofDerivativesMarkets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NASDAQⅠⅡⅢⅣ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)EXECUTIONDESTINATIONCLEARINGLISTEDSECURITIESORDERDELIVERY/MATRIXSYSTEMSOTCSECURITIESORDERDROUTINGSYSTEMSBROKERTHEINDIVIDUALINVESTOREXECUTIONREPORTACTREPORTINGBROKER/DEALERCLEARINGBROKER/DEALERINTERNALIZATIONECNMARKETMAKERUTPEXCHANGESPECIALISTDOTFLOORBROKERONPRIMARYEXCHANGEUTPEXCHANGEECNTHIRDMARKETHOWORDERS美国证券交易流程及中介BECOMETRADES股票交易流程及其会计处理交易流程券商会计处理ACa-ECN-CbA,B券商各自计为经纪佣金BCaCaA券商收双边佣金CCa-ECN-bA券商收单边佣金，B券商收庄家交易佣金DC-ab-CA,B券商对分庄家交易佣金或买卖差价Brokersrouteorderstomarketmaker.Individualtraderssortthroughorders……andmakermatchesonebyoneMarketmakercompletesthetransactionandpocketsthe“spread”betweenbuyandsellprices.Computerizedmatchingandexecutionleavesthemarketmakersfeetoanalyzetradingpatternsandmanageinventory.Tradersareconstantlycompletingtransactions,managingpositionsthroughoutthedaysothatprofitsoutweighlosses.Toexecutetheorders,anelectronicmarketmakerhasaconstantlychanginginventoryofstock.Acomputersortstheincomingordersandmatchesthemalmostinstantly.BuyersandsellersplaceorderswithbrokerThenewwayMarketRe-Markers做市商和再做市商BuyersandsellersplaceorderswithbrokerBrokersrouteelectronicorderstomarketmaker.TheoldwayArankingofmarketmakers’shareoftradingvolume:NASDAQ&BULLETINBOARDMARKETSHARE2Q2000------------------------------------------------------------------------------------------------------ Volume(millions)Marketshare1.KNIGHTTRADING 15,012 13.4%2.SCHWABCAPITALMARKETS 11,919 10.6%3.HERZOGHEINEGEDULD* 8,716 7.8%4.SPEAR,LEEDS&KELLOGG** 6,121 5.5%5.SALOMONSMITHBARNEY 5,468 4.9%6.MERRILLLYNCH 4,722 4.2%7.MORGANSTANLEY 4,459 4.0%8.GOLDMANSACHS 3,681 3.3%9.SHERWOODSECURITIES 3,602 3.2%10.CREDITSUISSEFIRSTBOSTON 3,142 2.8%*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%*20001996MerrillLynchNetRevenuesbyCategory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195258294227198142199819981999199920002000(inmillions)(inmillions)$2,773$3,213$4,592$337$485$492GoldmanSachs高盛资产管理和证券业务

ASSETMANAGEMENTANDSECURITIESSERVICESNetRevenuesAssetsUnderSupervisionAssetsundermanagementotherclientassetsGoldmanSachsGLOBALCAPITALMARKETS高盛全球资本市场$3,368$4,359$5,371199819992000(inmillions)(inmillions)199819992000$2,379$5,773$6,627InvestmentBanking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业务品种英语名称业务形态有关规范和惯例交易业务A经纪费

FlatCommission网上经纪固定费率含作市商回扣B结算费ClearingCharge结算银行和约固定费率经纪业务ACommission全服务经纪交易额的5%以下BDiscountCommission折扣经纪单笔交易在$50-$300作市商业务AMarketMakingforSpread庄家佣金具备作市商资格及保证金BPrincipalTrading庄家交易作市商资格及公司存货调整投资银行业务AConcession新股发行承销额的8%以上BConsultingfeeforM&A企业并购通常为企业并购额的1%业务品种英语名称业务形态有关规范和惯例资产管理业务A

Management/SupervisoryFee基金管理/代客理财通常为管理资金总额的1-3%B12-1BFee/Load基金销售12-1B规定和销售佣金咨询规划业务AFinancialPlanning财务规划通常按小时收费，费率因人而异BConsulting企业诊断等衍生市场业务AHedging避险操作佣金、管理费加利润提成BArbitrage对冲业务投资业务AVentureCapital/PrivateEquity风险投资公开披露（Disclosure）BProprietaryTrading特许交易业务品种英语名称业务形态有关规范和惯例银行业务ACommercialBanking商业银行桥梁贷款和保证金拆借等BClearingBanking结算银行股票质押贷款/回购协议安排保险业务AVeriableLife可变性寿险限于可变性/投资性保险及衍生产品保险BInsuranceOption保险期货TotalAssets $162.0AdjustedAssets(1) 123.5NetAdjustedAssets(2) 63.0LeverageRatio(3) 29.8AdjustedLeverage(4) 22.7NetAdjustedLeverage(5) 11.6Inbillions,exceptratiosNovember30,2000$171.2135.173.327.821.911.9November26,1999(1)AdjustedAssetsrepresentTotalAssetslesssecuritiespurchasedunderagreementstoresellandthereceivableforsecuritiesprovidedascollateral.(2)NetAdjustedAssetsrepresentAdjustedAssetslesssecuritiesborrowed.(3)LeverageRatioequalsTotalAssetsdividedbystockholders’equityandpreferredstockissuedbysubsidiaries.(4)AdjustedLeverageratioequalsAdjustedAssetsdividedbystockholders’equityandpreferredstockissuedbysubsidiaries.(5)NetAdjustedLeverageequalsNetAdjustedAssetsdividedbystockholders’equityandpreferredstockissuedbysubsidiaries.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)InbillionsLessthan1to33to5 Greaterthan1Year YearsYears5YearsTotalSwapagreements,includingoptions,swaptions,caps,collarsandfloorsFuturescontractsForwardcontractsOptionsheldOptionswrittenTotalPercentoftotal$99.448.541.120.27.3$216.536.2%$119.319.7

3.94.4$147.324.7%$92.94.00.20.2$97.316.3%$134.70.40.7

$135.822.8%$446.372.641.125.011.9$596.9100.0%ReportingriskDisclosuretoshareholdersManagementreportsRegulatoryrequirementsControllingriskSettingrisklimits(desklevelandfirm-wide)AllocatingriskPerformanceevaluationCapitalallocationStrategicbusinessdecisionsPassive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/LiabilityOriented Valuation/RiskOriented2BalanceSheetAnalysis Off-SheetPositionsIncluded3NoFinancialDerivativesDerivativesaskeyitems4InterestRateFocus OverallMarketRiskFocus5PassiveRiskControl Risk/ReturnManagement6NoHedgingtools HedgingPositionAdjustments7ForCommercialBanking ForGlobalCapitalMarket8FixedTimeFrame FlexibleTimeFrame美国注册券商的分公司管理体制（1）比较项目独立分公司直属分公司法人结构个人、合伙或独立法人直属总公司经理任命合约制任命制经理资格24号执照8号或24号执照起始投资分公司支付总公司支付运营成本分公司支付总公司支付公司名称分公司自选和总公司一致会计方式独立会计统一报表注册费用分公司支付总公司支付收入来源佣金分成总公司预算开支美国注册券商的分公司管理体制（2）比较项目独立分公司直属分公司收入分配总公司对注册经理总公司统一安排法律纠纷及开支分公司负担总公司负担监管程序总公司确定总公司确定业务范围分公司在总公司业务中自选总公司决定佣金及收费标准分公司决定总公司决定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特许交易员注册经纪人公司投资（有借贷成本）客户投资交易利润导向投资目标导向投资利润分成工资或经纪佣金分成公司统一会计报表独立帐户会计交易利润衡量业绩佣金收入衡量利润短线交易占主导客户因人而异大量使用衍生工具较少使用衍生工具7号和相关业务执照7号执照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总台后台后台中台中台前台前台外围外围外围外围中台中台前台前台前台前台前台前台GlobalDebtandEquityIssuanceJan.1toMay16,2001全球债券股票发行的市场份额MANAGER MARKETSHAREMERRILLLYNCH 12.7%SALOMONSMITHBARNEY 11.7CREDITSUISSEFIRSTBONSTON 8.6MORGANSTANLEY 7.9J.P.MORGAN 7.9GOLDMANSACHS 6.5LEHMANBROTHERS 6.1Total61.4Data:ThomsonFinancialSecuritiesVentureCapitalSpending

美国风险投资总额AmountInvestedCSFB/DLJPrivateEquity

vs.TotalVentureCapital

瑞银华宝-帝杰私人股权基金CSFB/DLJ帝杰私人股权基金---World’slargestVCfundYear20002000年全球最大的风险投资基金Investedassetsover$2.0BManagedapproximately$22BVCinvestmentamount美国风险投资总额Year1995---$8.0BYear1999---$46.0BYear2000---Over$100B*

*:$75BwasinvestedintoInternetrelatedbusinessLucent/AgereSpinoffIPO

朗讯/艾杰尔分拆作业流程LucentDebtReducedto$530mBackedByLucent$6.5BCreditLinesEst.$200mtaxsavingM.Stanley$2.3BDebtsDebt/EquitySwapTotalEst.Fee:$75mAgereIPO$3.6BIPO$2.3BDebtsCreditorunderwriterMorganStanley’sNewDeal摩根斯坦利的新作自下而上的体制一股独大的结构双股双轨的市场自下而上的股民非常规市场上市资源的稀缺性不充分竞争不完全流通短期化投资价值评估的虚假性股票价格的虚拟性投资行为的非理性中国股票市场的特点中国证券市场的供求机制自上而下的体制一股独大的结构双股双规的市场自下而上的股民新股上市上市公司增发非流通股入市散户基金机构自营供给需求自下而上的体制一股独大的结构双股双轨的市场自下而上的股民非常规市场上市资源的稀缺性不充分竞争不完全流通短期化投资价值评估的虚假性股票价格的虚拟性投资行为的非理性新股上市上市公司增发非流通股入市散户基金机构自营供给需求供求的非均衡性THECOMPETITIVEADVANTAGEMATRIXOFCORPORATESTRATEGY公司优势和国别优势1324StrongWeakStrongWeakFirm-specificAdvantagesCountry-specificAdvantagesTheoldwayBrokersrouteorderstomarketmaker.Individualtraderssortthroughorders……andmakermatchesonebyoneMarketmakercompletesthetransactionandpocketsthe“spread”betweenbuyandsellprices.Computerizedmatchingandexecutionleavesthemarketmakersfeetoanalyzetradingpatternsandmanageinventory.Tradersareconstantlycompletingtransactions,managingpositionsthroughoutthedaysothatprofitsoutweighlosses.Toexecutetheorders,anelectronicmarketmakerhasaconstantlychanginginventoryofstock.Acomputersortstheincomingordersandmatchesthemalmostinstantly.BuyersandsellersplaceorderswithbrokerThenewwayMarketRe-Markers做市商和再做市商BuyersandsellersplaceorderswithbrokerBrokersrouteelectronicorderstomarketmaker.年度工作总结汇报ANNUALWORKREPORTSUMMARY信托业务发展与创新研究上海国际信托投资有限公司王信举目录信托业务发展现状研究01信托业务创新研究——两项导致信托业务突破性发展的重大革新02信托业务创新案例分析03信托业务发展现状研究一般理解政策与法律环境发展现状一般特点发展桎梏信托的一般理解以信为本以诚治业诚即真诚、诚实，信即守承诺、讲信用，讲诚信就是要守诺、践约、无欺。如果有人要问英国人在法学领域取得的最伟大、最独特的成就是什么，那就是历经数百年发展起来的信托理念…这不是因为信托体现了基本的道德原则，而是因为它的灵活性，它是一种具有极大弹性和普遍性的制度。——英国法学家梅特兰信托的应用范围可与人类的想像力相媲美。——美国信托法权威斯科特信托的一般理解贯通货币市场、资本市场和产业投资的独特优势最好的非IPO投资银行业务平台信托制度框架下突出的财产管理功能和资金融通功能政策与法律环境法律框架逐步完善《信托法》（2001.10）——信托法律制度体系的基本法《信托投资公司管理办法》（2002.6）——信托投资公司的经营管理规范《信托投资公司资金信托业务管理暂行办法》（2002.7）——信托主体业务的规范分类监管办法即将出台，诸多单项条例即将出台——信托证券专用帐户、信托公司及业务信息披露、房地产信托、信托公司治理指引、内控指引和信托核算等政策与法律环境监管思路逐步明晰信托公司分类监管原则、属地监管原则协调规划，统一监管尚需加强发展现状目前重新登记后的信托公司共59家，截至6月底，信托从业人员4600人近三年来，集合资金信托计划1053个，大部分获得了成功，信托公司接受管理的信托财产总额已近2000亿元人民币。84%的信托财产为资金信托，财产信托业务开始呈现良好的发展态势。——银监会非银部主任高传捷，中国长沙信托论坛(2004.10）一般特点由单一信托到集合信托由资金信托向财产信托过渡运用范围由单一领域到多领域运用工具由单一向多种工具相结合发展桎梏信托登记信托税收信托会计信托业务创新研究两项导致信托业务突破性发展的重大革新信托内部信用增级信托制度框架下的所有权解析内部信用增级外部信用增级由第三方提供信用担保，提供者包括政府、专业保险公司、金融机构、大型企业的财务公司等，增级工具主要有：政府承诺函、保险、企业担保、现金抵押帐户和信用证等。信托内部信用增级利用基础资产产生的部分现金流来实现,可避免利用外部