投资银行-的分类-及部门-简介-Investment-Banks

FinancialMarketsandInstitutions:

InvestmentBanksandSecuritiesFirmsWhatisanInvestmentBank?AfinancialinstitutionthatprovidesthefollowingfinancialservicesInvestmentbankingSalesandtradingAssetmanagementInvestmentBankingInvestmentbanksHelpraisecapitalthroughtheissuanceofsecuritiesAdvisecompaniesinmerger&acquisitionandrestructuringtransactionsProvidestrategic,financialandvaluationadvisoryservices

SalesandTradingInvestmentbanksProvideinvesting,intermediating,andrisk-managementservicestoinstitutionalinvestorclientsPerformresearchParticipateinnonclient-relatedinvestingactivitiesAssetManagementAssetManagementDivisionisresponsibleformanagingmoneyforindividualandinstitutionalinvestingclients.Offersequity,fixedincome,alternativeinvestments,andmoneymarketinvestmentproductsandservicesto(wealthy)individualandinstitutionalclientsForalternativeinvestmentproducts,thefirmco-investswithclientsinhedgefund,privateequityandrealestatefundsInvestmentBanking(I)RaisecapitalthroughtheissuanceofsecuritiesActasintermediarybetweenissuersandinvestorsProvideaccesstoequityandfixedincomecapitalCreatespecializedsecuritiesandderivatives(e.g.,convertibles,trustpreferredsecurities,warrants)

Primaryvs.SecondaryMarketsFinancialmarketscanbecategorizedasthosedealingwithfinancialclaimsthatarenewlyissued,calledtheprimarymarket,andthoseforexchangingfinancialclaimspreviouslyissued,calledthesecondarymarketIntheprimarymarket,aninvestmentbankservesasanunderwritertohelpcorporationsandgovernmentissuenewsecuritiesInthesecondarymarket,aninvestmentbankcanserveasabrokerordealerSecurityOfferingsFirsttimedebtandequitypublicissuesoccurthroughinitialpublicofferings(IPOs)Newissuesfromafirmwhosedebtorequityisalreadytradedarecalledseasonedequityofferings(SEOs)Aprivateplacementisasecuritiesissuethatisplacedwithoneorafewlargeinstitutionalinvestors

AdvantagesofGoingPublicCurrentstockholderscandiversifyLiquidityisincreasedEasiertoraisecapitalinthefutureGoingpublicestablishesfirmvalueMakesitmorefeasibletousestockasemployeeincentivesIncreasecustomerrecognition

DisadvantageofGoingPublicMustfilenumerousreportsOperatingdatamustbedisclosedOfficersmustdiscloseholdingsSpecial“deals”toinsiderswillbemoredifficulttoundertakeAsmallnewissuemaynotbeactivelytraded,somarket-determinedpricemaynotreflecttruevalueManaginginvestorrelationsistime-consuming

UnderwritingInvestmentbankshelpcorporationsandgovernmentsraisecapitalthroughdebtandequitysecurityissuesintheprimarymarket.Theservicesprovidedduringthisprocessinclude:GivingAdviceFilingDocumentsSellingsecuritiespubliclyorprivatelyUnderwriting(I)GivingadviceExplainingcurrentmarketconditionstohelpdeterminewhattypeofsecurity(equity,debt,etc.)toofferAssistingindeterminingwhentoissue,howmany,atwhatprice(moreimportantwithIPOsthanSEOs)Underwriting(II)FilingDocumentsSECregistration(filing)isrequiredforissuesgreaterthan$1.5millionandwithamaturitygreaterthan270days.Aportionoftheregistrationstatementknownastheprospectusismadeavailabletothepublic.Debtissuesrequireseveraladditionalsteps,includingacquiringacreditrating,hireabondcounsel,etc.Forequityissues,theinvestmentbankermayalsoarrangeforthesecuritiestoappearononeof

theexchanges.Underwriting(III)SellingsecuritiesFirmcommitment:underwriteragreestobuyallsharesandthenreselltoinvestorsBestefforts:Analternativetoafirmcommitment,theunderwriterdoesnotbuytheissue,butrathermakesits“besteffort”toselltheentireissue.Privateplacements:Theentireissueissoldtoasmall,selectedgroupofinvestors.Thisisrarelydonewithequityissues.RoadshowUnderwriting(III)Anunderwritermayformanunderwritingsyndicatetodiffusepartoftheunderwritingrisk.Placementofatombstonein,forinstance,theWallStreetJournal(exampleonnextslide).UnderwritingStocksandBondsIPOUnderpricingPuzzlePricetendstojumpupimmediatelyafteranIPO,apparentlyleavingmoneyonthetableEvidenceU.S.EuropeAsia-pacificandLatinAmericaExplanations?First-DayIPOReturnsinEurope,1990-2003First-DayIPOReturnsinAsian-PacificandLatinAmerica,1990-2001OtherOfferingMechanismsAuctionProcess(competitivebiddingunderwriting)varioussyndicatesbidontheissueDirectlyPublicOffering(DPO):Companyitselfsellsitssecuritiesdirectlytopublic,usuallyovertheweb.Smallfirms.Example:InternetVentures,awebserviceprovider,raised$3.8millionin1998byadvertisingthesecuritiestoitscustomersontheweb

Preemptiverightsoffering:existingshareholdershaverightstobuyissuebelowmarketvalueRightsOfferingIfapreemptiverightiscontainedinthefirm’sarticlesofincorporation,thefirmmustofferanynewissueofcommonstockfirsttoexistingshareholders(rightsoffering).Rights:anoptiontobuyaspecifiednumberofnewsharesfromthefirmataspecifiedpricewithinaspecifiedtime.Thisallowsshareholderstomaintaintheirpercentageownershipiftheysodesire.MechanicsofRightsOfferingsThemanagementofthefirmmustdecide:Theexerciseprice(thepriceexistingshareholdersmustpayfornewshares).Howmanyrightswillberequiredtopurchaseonenewshareofstock.Theserightshavevalue:Shareholderscaneitherexercisetheirrightsorselltheirrights(notthecaseinChina!).RightsOfferingExamplePopularDelusions,Inc.isproposingarightsoffering.Thereare200,000sharesoutstandingtradingat$25each.Therewillbe10,000newsharesissuedata$20subscriptionprice.Howmanyrightsarerequiredtobuyanewshare?Whatisthenewmarketvalueofthefirm?Whatistheex-rightsprice?Whatisthevalueofaright?Howmanyrightsarerequiredtobuyanewshare?Thereare200,000rightscontainedin200,000shares.10,000newshareswillbeissued.Whatisthenewmarketvalueofthefirm?Thereare200,000outstandingsharesat$25each.Therewillbe10,000newsharesissuedata$20subscriptionprice.WhatIstheEx-RightsPrice?Thereare110,000outstandingsharesofafirmwithamarketvalueof$5,200,000.Thusthevalueofanex-rightsshareis:=$24.7619$5,200,000210,000sharesWhatIstheEx-RightsPrice?Thus,thevalueofarightis:$0.2381=$25–$24.7619TheRightsPuzzleFewU.S.firmschoosearightsoffertoissueseasonedequity(lessthan10%)inspiteofitslowerissuingcostsrelativetothetraditionalfirmcommitmentmethod.Afewexplanations:Underwritersincreasethestockprice.Thereisnotmuchevidenceforthis,butitsoundsgood.Theunderwriterprovidesaformofinsurancetotheissuingfirminafirm-commitmentunderwriting.Theproceedsfromunderwritingmaybeavailablesoonerthantheproceedsfromarightsoffering.Nosingleexplanationisentirelyconvincing.ButChinesepubliccompaniesloverightsofferings.Why?TopUnderwritersInvestmentBanking(II)Advisecompaniesinmerger&acquisitionandrestructuringtransactionsSell-sideassignments(representclientinsaleofitscompanyorsomeofitsassets)Buy-sideassignments(representpotentialacquirersandnegotiatetransactions)Hostiletake-overdefense/advisory

InvestmentBanking(III)Providestrategic,financialandvaluationadvisoryservicesUseindustryknowledge,expertiseandcontactstoadviseseniorexecutivesandboardsofdirectorsIdentifyandassessstrategicopportunitiesInterpretmarketinformationandenhanceshareholdervalueProvidegeneralvaluationservices(e.g.,segmentanalysis,break-upvaluations,fairnessopinions)

SalesandTradingBusinessClientTradingSellsandtradessecuritiesandotherfinancialassetsasintermediaryonbehalfofinvestingclientsOperatesintwobusinessunits:(1)Equityand(2)FixedIncome,Currency&CommoditiesResearchisprovidedtoinvestingclientsProprietaryTradingandPrincipalInvestingInvestmentactivityusingIB’sownaccountFocusesoninvestmentsinequity,bonds,convertiblesandderivativesinamannersimilartotheinvestmentactivitiesofhedgefundsandprivateequityfundsKillersofinvestmentbanks!SecondaryMarketInvestmentbanks’salesandtradingbusinessinvolvessecondarymarkets,wherepreviouslyissuedsecuritiesaretradedInvestmentbankscanserveasbrokersordealersinsecondarymarketsBrokersvs.DealersAbrokeractsonbehalfofaninvestorwhowishestoexecuteordersReceives,transmitsandexecutesordersBringstogetherbuyersandsellers,servesasauctioneerNegotiatespricesInreturn,thebrokerreceivesacommissionThedealerholdsininventorythefinancialassettradedReadytobuyatbidpriceandsellataskpriceallthetimeTakesaposition(longorshort)intheassetProvidesopportunitytotradeimmediatelyOfferspriceinformationDealerprofitisthebid-askspread

BrokersFullServiceBrokers:offerclientsresearchandinvestmentadvice,butusuallychargeahighercommissionontrades.DiscountBroker:providesfacilitiestobuy/sellsecuritiesbutoffersnoadvice.Manyon-linediscountbrokeragefirmsdohavesignificantresearchavailableAssets/LiabilitiesofIBsAssetsWeight(%)LiabilitiesWeight(%)Cash1.39Bankloanspayable1.70Receivablesfromotherbroker-dealers42.67Payablestootherbroker-dealers22.28Receivablesfromcustomers4.05Payabletocustomers9.01Receivablesfromnon-customers0.61Payablestonon-customers1.66Longpositionsinsec.andcom.24.10Shortpositionsinsec.andcom.10.90Sec.andinv.notreadilymarketable0.33Sec.soldunderrepurchaseagr.41.48Sec.purchasedunderagr.toresell21.61Othernon-subordinatedliabilities8.29Exchangemembership0.01Subordinatedliabilities1.71Otherassets5.23Totalliabilities97.03Equitycapital2.97Totalassets$6.22tril.TotalLiabilitiesandcapital$6.22tril.MajorFeaturesLargeamountofshortterminter-bankborrowingandlendingLongpositionsinsecuritiesandcommoditiesrepresent24.1%ofassetsSecuritiespurchasedunderagreementtoresellrepresent21.6%oftotalassetsSecuritiessoldunderagreementtorepurchaserepresent41.5%oftotalliabilitiesandequityHighlyleveragedEquitycapitalamountedto3.0%oftotalliabilitiesandequityComparesto10.1%forcommercialbanksSECrequiresminimumnetworthtoassetsof2%

UniversalBankUniversalbanksengageinbothcommercialbankingandinvestmentbankingbusinessesExamplesCitibankofU.S.BNPParibasofFranceDeutscheBankofGermanyandUBSandCreditSuisseofSwitzerlandGlass-SteagallActThemodernconceptof“InvestmentBank”wascreatedintheGlass-Steagallact(BankingActof1933).GlassSteagallseparatedcommercialbanks,investmentbanks,andinsurancecompaniesCarterGlass,SenatorfromVirginia,believedthatcommercialbankssecuritiesoperationshadcontributedtothecrashof1929,andthatcommercialbanksusedtheirknowledgeaslenderstodoinsidertradingofsecurities

ControversyoverGlassSteagallResearchshowedthatunregulatedbankshavelowerfailurerate.Othercountries(Germany,Switzerland)havealwaysalloweduniversalbankingCanweblameuniversalbankingfortheGreatDepressionin1930s?In1990s,regulatorsnibbledawayatGlassSteagallbyallowingcommercialbankstoengageincertainsecuritiesoperations

RepealofGlass-SteagallPresidentClintonNovember1999signsGraham-LeachBillwhichrescindedtheGlass-SteagallActof1933SincetherepealofGlassSteagallinlate1999,commercialbankshaveaggressivelypursuedhighlyprofitableinvestmentbankingoperations

FormationofUniversalBanksTravelers’Group(insurance)acquiredSalomonInc.(parentcompanyofSalomonBrothers,aninvestmentbank)in1997,andmergedwithCiticorp(commercialbank)in1998toproduceCitigroupChaseManhattanBank(commercialbank)acquiredJPMorgan(investmentbank)(2000)for$34.5billionUBSSwitzerlandboughtPaineWebber(brokerage)2000CreditSuisseboughtDonaldsonLufkinJenrette(investmentbank)2000

Post-CrisisMovementBearStearnswasacquiredbyJPMorganChaseLehmanBrotherswasacquiredbyBarclaysandNomuraHoldingsMerrillLynchwasacquiredbyBankofAmericaGoldmanSachsandMorganStanleyarerequestedtobuildtheircommercialbankingandstarttotakedepositsCitigroupremainsitsstructureofuniversalbanking

SecuritiesFirmsinChinaReviewoftheIndustryAsof2011,thereare111securitiesfirmsComprehensivesecuritiesfirms:allinvestmentbankingservicesBrokeragefirms:brokerageserviceonlyMulti-layerstructureofChinesestockmarketMainboardMinorboard(small-mediumfirm)Growthenterprisemarket(GEM,ChiNext,secondaryboard)TheregulatorsChinaSecuritiesRegulatoryCommission(CSRC)TheSecuritiesAssociationofChina(SAC)

TheGrowthinStockMarketIndexandTradingVolumeFundRaisingTopSecuritiesFirms(2008)RankSecuritiesFirms

TotalAssets(RMB)1中信证券（CITIC）83,439,654,407.112海通证券（Haitong）73,323,449,782.033国泰君安（Guotaijunan）68,069,666,319.004银河证券（ChinaGalaxy）62,031,736,111.865广发证券（Guangfa）49,260,486,895.516申银万国（Shenyinwanguo）46,223,723,203.877国信证券（Guoxin）45,260,689,567.978招商证券（ChinaMerchants）44,041,753,135.519中信建投（CITICS）35,612,000,886.7710华泰证券（Huatai）33,376,431,552.28TopSecuritiesFirms(2008)RankSecuritiesFirmsRevenues1国泰君安（Guotaijunan）11,996,280,885.002中信证券（CITIC）6,983,330,921.183海通证券（Haitong）6,398,366,714.064广发证券（Guangfa）6,348,973,969.275银河证券（ChinaGalaxy）6,056,768,582.836国信证券（Guoxin）4,813,488,465.207华泰证券（Huatai）4,578,243,236.478申银万国（Shenyinwanguo）4,282,969,575.999中信建投（CITICS）4,101,673,304.1410招商证券（ChinaMerchants）3,919,298,392.07TopSecuritiesFirms(2008)RankSecuritiesFirmsTradingVolume(100millionRMB)1银河证券（ChinaGalaxy）30,066.372国泰君安（Guotaijunan）25,584.813国信证券（Guoxin）22,541.354海通证券（Haitong）20,866.985广发证券（Guangfa）20,297.046申银万国（Shenyinwanguo）19,094.607华泰证券（Huatai）18,773.158招商证券（ChinaMerchants）18,161.959光大证券（Everbright）16,149.3510中信建投（CITICS）15,898.73TopSecuritiesFirms(2008)RankSecuritiesFirmsUnderwriting(100millionRMB)LeadManagerStocksBonds1中信证券（CITIC）1,119.33368.21(13)593.21(28)2中金公司（CICC）655.9171.66(5)464.29(15)3国泰君安（Guotaijunan）515.52176.90(7)259.59(16)4银河证券（ChinaGalaxy）449.92161.00(3)244.95(11)5中银国际（BOCI）442.12112.10(2)144.90(9)6中信建投（CITICS）272.9523.95(3)157.48(8)7安信证券（Essence）211.15150.26(5)49.54(2)8招商证券（ChinaMerchants）210.89.07(4)89.36(5)9国信证券（Guoxin）206.40105.22(14)53.50(4)10平安证券（Pingan）179.32108.88(13)55.80(6)CSRCTheChinaSecuritiesRegulatoryCommissionisresponsibleforconductingsupervisionandregulationofthesecuritiesmarketsPolicy,lawsandregulationsforthesecuritiesandfuturesmarketsOverseeingissuing,trading,custodyandsettlementofequityshares,bonds,investmentfundsSupervisinglisting,tradingandsettlementoffuturescontracts;futuresexchanges;securitiesandfuturesfirmsCSRCStrengtheningthesupervisionoversecuritiesandfuturesbusinessStockandfuturesexchangemarkets,thelistedcompanies,fundmanagementcompaniesinvestinginthesecurities,securitiesandfuturesinvestmentconsultingfirms,andotherintermediariesinvolvedinthesecuritiesandfuturesbusiness.RaisingthestandardofinformationdisclosureEnhancingthecapabilitiestopreventandhandlefinancialcrisisSACThe

SecuritiesAssociationofChina,establishedonAugust28,1991,isaself-regulatingnon-profitorganizationforthesecuritiesindustryTheSecuritiesAssociationofChinaisundertheprofessionalguidance,supervisionandmanagementofChinaSecuritiesRegulatoryCommissionandtheMinistryofCivilAffairsMembe