企業(yè)成長與可使用的金融工具

2023/2/31第二章投資銀行業(yè)務(wù)與機(jī)構(gòu)性質(zhì)任課教師：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)金融學(xué)院郭敏

minguo992002@2023/2/32第一節(jié)投資銀行主要業(yè)務(wù)與概念界定第二節(jié)投資銀行的資產(chǎn)負(fù)債表與損益表（MerrillLynch

為例）第三節(jié)投資銀行與商業(yè)銀行的比較及投資銀行性質(zhì)總結(jié)2023/2/33

第一節(jié)

投資銀行主要業(yè)務(wù)與概念界定一、投資銀行概念界定二、美林證券等投行對(duì)自身機(jī)構(gòu)性質(zhì)的界定和主要業(yè)務(wù)三、投資銀行主要業(yè)務(wù)2023/2/34一、投資銀行概念界定2023/2/35（一）金融市場(chǎng)與投資銀行金融市場(chǎng)的參與者之一:金融經(jīng)營性中介機(jī)構(gòu)與其它服務(wù)中介機(jī)構(gòu)(1)直接金融機(jī)構(gòu):投資銀行間接金融機(jī)構(gòu):商業(yè)銀行、儲(chǔ)蓄金融機(jī)構(gòu)、保險(xiǎn)公司(2)其它服務(wù)中介機(jī)構(gòu):會(huì)計(jì)師、律師、資產(chǎn)評(píng)估、評(píng)級(jí)機(jī)構(gòu)等2023/2/36投資銀行在金融市場(chǎng)中的活動(dòng)在金融市場(chǎng)的各個(gè)領(lǐng)域都有投資銀行的活動(dòng)和業(yè)務(wù)，如貨幣市場(chǎng)、債券市場(chǎng)、股票市場(chǎng)、衍生金融市場(chǎng)、抵押市場(chǎng)、并購市場(chǎng)、基金市場(chǎng)等等但是，從投資銀行的定義中，投資銀行是資本市場(chǎng)中直接金融的中介機(jī)構(gòu)。2023/2/37

（二）投資銀行的稱謂商人銀行：投資銀行在大多數(shù)歐洲國家被稱為商人銀行（Merchantbank）；證券公司：日本、韓國等國及我國稱為證券公司(Securitiescompany)；華爾街金融公司：在美國稱為華爾街金融公司（Wallstreetfirm）2023/2/38我國法律對(duì)投資銀行的界定我國新《證券法》第六章“證券公司”第一百一十八條規(guī)定：“第一百二十三條本法所稱證券公司是指依照《中華人民共和國公司法》和本法規(guī)定設(shè)立的經(jīng)營證券業(yè)務(wù)的有限責(zé)任公司或者股份有限公司。”第一百二十五條經(jīng)國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)，證券公司可以經(jīng)營下列部分或者全部業(yè)務(wù)：(一)證券經(jīng)紀(jì)；(二)證券投資咨詢；(三)與證券交易、證券投資活動(dòng)有關(guān)的財(cái)務(wù)顧問；(四)證券承銷與保薦；(五)證券自營；(六)證券資產(chǎn)管理；(七)其他證券業(yè)務(wù)。

2023/2/39（三）投資銀行概念界定

——投資銀行是“銀行”嗎？投資銀行一詞英文為“Investmentbanking”，但“Investmentbanking”至少有四層含義：其一，機(jī)構(gòu)層次，是指作為金融市場(chǎng)中介機(jī)構(gòu)的金融企業(yè)；其二，行業(yè)層次，指投資銀行的整個(gè)行業(yè)；其三，業(yè)務(wù)層次，指投資銀行所經(jīng)營的業(yè)務(wù)；其四，學(xué)科層次，是關(guān)于投資銀行的理論和實(shí)務(wù)的學(xué)科。2023/2/310從機(jī)構(gòu)層次對(duì)投資銀行的定義投資銀行是指資本市場(chǎng)上從事投資銀行業(yè)務(wù)的直接金融機(jī)構(gòu)。即如果我們定義了投資銀行業(yè)務(wù)，也就定義了投資銀行。依投資銀行業(yè)務(wù)由廣到窄可以有四個(gè)定義：1、狹義的投資銀行：一般僅指?jìng)鹘y(tǒng)意義上的投資銀行，主要指從事證券發(fā)行承銷和證券交易業(yè)務(wù)的金融機(jī)構(gòu)。2、較狹義的投資銀行：指經(jīng)營部分資本市場(chǎng)業(yè)務(wù)的金融機(jī)構(gòu)，主要業(yè)務(wù)包括證券發(fā)行承銷、證券交易、企業(yè)兼并與收購及企業(yè)融資相關(guān)的其他業(yè)務(wù)。2023/2/3113、較廣義的投資銀行：指經(jīng)營所有資本市場(chǎng)業(yè)務(wù)的金融機(jī)構(gòu)，主要業(yè)務(wù)包括證券發(fā)行承銷、證券交易、兼并與收購、企業(yè)融資、基金與資產(chǎn)管理、研究與咨詢顧問、風(fēng)險(xiǎn)資本運(yùn)作管理以及金融衍生產(chǎn)品開發(fā)與創(chuàng)新等業(yè)務(wù)。4、廣義的投資銀行：指任何經(jīng)營華爾街金融業(yè)務(wù)機(jī)構(gòu)都可稱為投資銀行，其業(yè)務(wù)指在混業(yè)經(jīng)營背景下的幾乎所有的金融市場(chǎng)業(yè)務(wù)，涵蓋證券業(yè)務(wù)以及與銀行、保險(xiǎn)業(yè)相關(guān)聯(lián)的業(yè)務(wù)，同時(shí)也包含部分不動(dòng)產(chǎn)投資、個(gè)人金融零售及投資業(yè)務(wù)等綜合性的金融服務(wù)。一般采用第三層次定義2023/2/312二、美林證券等投行對(duì)自身機(jī)構(gòu)

性質(zhì)的界定及主要業(yè)務(wù)2023/2/313NewMerrillLynchin20092008MerrillLynchannouncesaplantoreduceitsriskexposuresby$11.1billion,includingasubstantialsaleofU.S.collateraldebtobligationscomprisedofasset-backedsecurities.

BankofAmericaCorporationagreestoacquireMerrillLynchinanall-stocktransactionthatcreatesacompanyunrivaledinitsbreadthoffinancialservicesandglobalreach.

2009MerrillLynchofficiallybecomesawhollyownedsubsidiaryofBankofAmerica.(美林網(wǎng)站2009年上半年）

2023/2/314FollowingthecombinationwithMerrillLynch,BankofAmericahasbecome:Thelargestbrokerageintheworld,withmorethan20,000advisorsand$2.5trillioninclientassetsAleadingproviderofglobalcorporateandinvestmentbankingservices,includingcommerciallending,globalhigh-yielddebt,globalequityandglobalM&AAgloballeaderinwealthmanagement,privatebankingandretailbrokerageAgloballeaderininvestmentmanagement,withapproximately50percentownershipinBlackRock,whichhas$1.4trillioninassetsundermanagement,inadditiontothe$589billioninassetsundermanagementwithBankofAmericaasofJune30,20082023/2/315MerrillLynch&Co.,Inc.MerrillLynchisoneoftheworld‘sleadingwealthmanagement,capitalmarketsandadvisorycompanies,withofficesin40countriesandterritoriesandtotalclientassetsofapproximately$2trillion.(2008年）MerrillLynchisoneoftheworld’spremierprovidersofwealthmanagement,securitiestradingandsales,corporatefinanceandinvestmentbankingservices(2009)CorporateSnapshot

Founded:1914(CharlesE.Merrill&Co)Employees:

64,200

2007NetRevenue:

$11.billionTotalClientAssets:Approx.$1.8trillionTotalStockholders'Equity$32bnFortune500:RankedNo.22StockSymbol:MERGlobalMarkets:

40countries

Asofquarter-end,Q42007.（2008年）2023/2/316Ouroperationsarecurrentlyorganizedintotwobusinesssegments:GlobalMarketsandInvestmentBanking(GMI),andGlobalWealthManagement(GWM).GMIprovidesfullserviceglobalmarketsoriginationproductsandservicestocorporate,institutionalandgovernmentclientsaroundtheworld.GWMcreatesanddistributesinvestmentproductsandservicesforindividuals,small-andmid-sizebusinesses,andemployeebenefitplans.WealsoprovideavarietyofresearchservicesonaglobalbasisthroughGlobalResearch.Ourresearchanalystsprovideobjectiveanddecisiveresearchdesignedtohelpclientsmakeinformedinvestmentdecisions.（2009年網(wǎng)頁）2023/2/317GoldmanSachsTheGoldmanSachsGroup,Inc.isaleadingglobalfinancialservicesfirmprovidinginvestmentbanking,securitiesandinvestmentmanagementservicestoasubstantialanddiversifiedclientbasethatincludescorporations,financialinstitutions,governmentsandhigh-net-worthindividuals.Foundedin1869,thefirmisheadquarteredinNewYorkandmaintainsofficesinLondon,Frankfurt,Tokyo,HongKongandothermajorfinancialcentersaroundtheworld.(2009)

2023/2/318Weseektobetheadvisorofchoiceforourclientsandaleadingparticipantinglobalfinancialmarkets.Ourstrategyistogrowourthreecorebusinesses：InvestmentBanking,TradingandPrincipalInvestmentsandAssetManagementandSecuritiesServicesinmarketsthroughouttheworld.

2023/2/319InvestmentBanking

Weprovideabroadrangeofinvestmentbankingservicestoadiversegroupofcorporations,financialinstitutions,governmentsandindividuals.TradingandPrincipalInvestments

Wefacilitateclienttransactionswithadiversegroupofcorporations,financialinstitutions,governmentsandindividualsandtakeproprietarypositionsthroughmarketmaking,tradingandinvestinginfixedincomeandequityproducts,currencies,commoditiesandderivatives.Additionally,weengageinspecialistandmarketmakingactivitiesonequitiesandoptionsexchanges,andweclearclienttransactionsonmajorstock,optionsandfuturesexchangesworldwide.Inconnectionwithourmerchantbankingandotherinvestingactivities,wemakeprincipalinvestmentsdirectlyandthroughfundsthatweraiseandmanage.AssetManagementandSecuritiesServices

Weprovideinvestmentadvisoryandfinancialplanningservicesandofferinvestmentproductsacrossallmajorassetclassestoadiversegroupofinstitutionsandindividualsworldwide.Wealsoprovideprimebrokerageservices,financingservicesandsecuritieslendingservicestomutualfunds,pensionfunds,hedgefunds,foundationsandhigh-net-worthindividualsworldwide.2023/2/320作業(yè)：閱讀GoldmanSachs網(wǎng)站里Whoweare/Whatwedo/Careers欄目Careers的主要內(nèi)容CareersHome

WhyGoldmanSachs

OurDivisions

OurPeople

OurCulture

Diversity

TrainingandOrientation

CompensationandBenefits

Awards

StudentsAndGraduates

ExperiencedProfessionals

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ExploreGoldmanSachs:CareersQuiz

2023/2/321MorganStanleyBusinessSegments.MorganStanleyisaglobalfinancialservicesfirmthatmaintainssignificantmarketpositionsineachofits

businesssegments—InstitutionalSecurities,GlobalWealthManagementGroupandAssetManagement.A

summaryoftheactivitiesofeachofthebusinesssegmentsfollows：InstitutionalSecuritiesincludescapitalraising;financialadvisoryservices,includingadviceonmergersand

acquisitions,restructurings,realestateandprojectfinance;corporatelending;sales,trading,financingand

market-makingactivitiesinequityandfixedincomesecuritiesandrelatedproducts,includingforeignexchange

andcommodities;benchmarkindicesandriskmanagementanalytics;andinvestmentactivities.2023/2/322GlobalWealthManagementGroupprovidesbrokerageandinvestmentadvisoryservicescoveringvarious

investmentalternatives;financialandwealthplanningservices;annuityandotherinsuranceproducts;creditand

otherlendingproducts;cashmanagementservices;retirementservices;andtrustandfiduciaryservices.AssetManagementprovidesglobalassetmanagementproductsandservicesinequity,fixedincome,alternative

investments,whichincludeshedgefundsandfundsoffunds,andmerchantbanking,whichincludesrealestate,privateequityandinfrastructure,toinstitutionalandretailclientsthroughproprietaryandthird-partydistribution

channels.AssetManagementalsoengagesininvestmentactivities.2023/2/323比較：citibank的陳述Foundinmorethan100countriesworld-wide,Citibankdeliversawidearrayofbanking,lendingandinvestmentservicestoindividualconsumers,aswellastosmallbusinesseswithupto$10millioninannualsales.Wealsoofferafullrangeoffinancialservicesproductstoservetheneedsofsmallandlargecorporations,governments,andinstitutionalandindividualinvestors.

2023/2/324美林集團(tuán)提供的業(yè)務(wù)(2010年報(bào))Securitiesbrokerage,tradingandunderwriting;Investmentbanking,advisoryservices(includingmergersandacquisitions)andothercorporatefinanceactivities;Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning;Investmentmanagementandadvisoryandrelatedrecord-keepingservices;Origination,brokerage,dealer,andrelatedactivitiesinswaps,options,forwards,exchange-tradedfutures,otherderivatives,commoditiesandforeignexchangeproducts;Securitiesclearance,settlementfinancingservicesandprimebrokerage;Privateequityandotherprincipalinvestingactivities;ResearchservicesonaglobalbasisServicesprovidedtoclientsbyMerrillLynchandotheractivitiesinclude（2011年報(bào)）Securitiesbrokerage,tradingandunderwriting;Investmentbanking,advisoryservices(includingmergersandacquisitions)andothercorporatefinanceactivities;Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning;Investmentmanagementandadvisoryandrelatedrecord-keepingservices;Origination,brokerage,dealer,andrelatedactivitiesinswaps,options,forwards,exchange-tradedfutures,otherderivatives,commoditiesandforeignexchangeproducts;Securitiesclearance,settlementfinancingservicesandprimebrokerage;andResearchservicesonaglobalbasis.ServicesprovidedtoclientsbyMerrillLynchandotheractivitiesinclude2012年報(bào)Securitiesbrokerage,tradingandunderwriting;Investmentbanking,advisoryservices(includingmergersandacquisitions)andothercorporatefinanceactivities;Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning;Investmentmanagementandadvisoryandrelatedrecord-keepingservices;Origination,brokerage,dealer,andrelatedactivitiesinswaps,options,forwards,exchange-tradedfutures,otherderivatives,commoditiesandforeignexchangeproducts;Securitiesclearance,settlementfinancingservicesandprimebrokerage;andResearchservicesonaglobalbasis.2023/2/327TheservicesprovidedbyGoldmanSachs（2008）Advising

AssetAllocation

MergersandAcquisitionsFinancing

DebtFinancing

EquityCapitalMarkets

LendingInvesting

AssetManagement

MutualFunds

PrivateEquity

PrivateWealthManagement

SecuritisedDerivativesSecurities

ClearingServices

ExecutionServices

FundAdministration

Pensions,EndowmentsandFoundations

PrimeBrokerage

Products

SecuritiesLendingPrograms

TransitionServicesResearch

GlobalInvestmentResearch2023/2/328TheservicesprovidedbyGoldmanSachs（2009）Advising

AssetAllocation

EnvironmentalMarkets

MergersandAcquisitionsFinancing

BankLoans

DebtFinancing

EquityCapitalMarkets

LendingInvesting

AssetManagement

BankDeposits

ClosedEndedInvestments

MutualFunds

PrivateEquity

PrivateWealthManagement

SecuritisedDerivativesSecurities

ClearingServices

ExecutionServices

FundAdministration

Pensions,EndowmentsandFoundations

PrimeBrokerage

Products

SecuritiesLendingPrograms

TransitionServicesResearch

GlobalInvestmentResearch2023/2/329三、投資銀行的主要業(yè)務(wù)經(jīng)過最近一百年的發(fā)展，現(xiàn)代投資銀行已經(jīng)突破了證券發(fā)行與承銷、證券交易經(jīng)紀(jì)、證券私募發(fā)行等傳統(tǒng)業(yè)務(wù)框架企業(yè)并購、項(xiàng)目融資、風(fēng)險(xiǎn)投資、公司理財(cái)、投資咨詢、資產(chǎn)及基金管理、資產(chǎn)證券化、金融創(chuàng)新與金融工程等都已成為投資銀行的核心業(yè)務(wù)組成。

2023/2/330投資銀行的主要業(yè)務(wù)證券發(fā)行與承銷業(yè)務(wù)

證券經(jīng)紀(jì)與交易業(yè)務(wù)收購兼并業(yè)務(wù)基金管理業(yè)務(wù)風(fēng)險(xiǎn)與創(chuàng)業(yè)投資業(yè)務(wù)財(cái)務(wù)顧問與咨詢業(yè)務(wù)項(xiàng)目融資業(yè)務(wù)金融衍生產(chǎn)品與創(chuàng)新業(yè)務(wù)

研究開發(fā)與投資咨詢業(yè)務(wù)

資產(chǎn)證券化業(yè)務(wù)

以上多種業(yè)務(wù)投行可以分為三大類第一是證券經(jīng)濟(jì)活動(dòng)中介類業(yè)務(wù)，這是傳統(tǒng)的通道服務(wù)性質(zhì)的投資銀行業(yè)務(wù)，如證券發(fā)行與承銷、證券經(jīng)紀(jì)、并購、投資研究咨詢和財(cái)務(wù)顧問等；第二是用自己的資本金或以自身為主體借來資金后進(jìn)行的證券相關(guān)投資活動(dòng)，如自營證券投資、私募股權(quán)和風(fēng)險(xiǎn)投資等；第三是以自身的專業(yè)機(jī)構(gòu)優(yōu)勢(shì)接受各戶委托幫助客戶進(jìn)行證券相關(guān)投資，如資產(chǎn)管理等。后兩類是20世紀(jì)70年代以來全球投資銀行業(yè)務(wù)發(fā)展的重要方向。以下將逐一介紹證券發(fā)行與承銷、證券經(jīng)紀(jì)、企業(yè)并購、自營證券投資和其他投資、資產(chǎn)管理等投資銀行主要業(yè)務(wù)。2023/2/332證券發(fā)行與承銷業(yè)務(wù)

證券發(fā)行與承銷業(yè)務(wù)是投資銀行最本源、最基礎(chǔ)的業(yè)務(wù)活動(dòng)，是投資銀行為公司或政府機(jī)構(gòu)等融資的主要手段之一。證券發(fā)行業(yè)務(wù)也稱為證券一級(jí)市場(chǎng)業(yè)務(wù)，該業(yè)務(wù)一般由投資銀行設(shè)立的的投資銀行部門或公司融資部實(shí)施，國際投資銀行一般由市場(chǎng)開發(fā)部門、公司融資部、市場(chǎng)銷售部等部門合作完成。證券發(fā)行與承銷的范圍：范圍很廣，包括本國政府機(jī)構(gòu)發(fā)行的債券、企業(yè)發(fā)行的股票和債券、金融機(jī)構(gòu)發(fā)行的債券、基金證券等，外國政府和公司在本國和世界發(fā)行的證券、國際金融機(jī)構(gòu)發(fā)行的證券等。2023/2/333證券發(fā)行與承銷的種類公募發(fā)行與承銷（Underwriting）：主要指面向社會(huì)公眾投資者，既非特定投資人發(fā)行證券的行為。其中股票的公募發(fā)行包括擬上市公司的首次股票公開發(fā)行（IPO）和上市公司再融資所進(jìn)行的增資發(fā)行和面向老股東的配股發(fā)行。最常見的公募發(fā)行主要是股票、公司債券、政府債券、公司可轉(zhuǎn)股債券、投資基金等證券品種。2023/2/334私募發(fā)行（PrivatePlacement）：主要是通過非公眾渠道，直接向特定的機(jī)構(gòu)投資人（機(jī)構(gòu)）發(fā)行的行為，主要發(fā)行對(duì)象包括各類共同基金、保險(xiǎn)公司、各類養(yǎng)老金、社?；稹⑼顿Y公司等。私募發(fā)行不受公開發(fā)行的規(guī)章限制，除能節(jié)約發(fā)行時(shí)間和發(fā)行成本外，又能夠比在公開市場(chǎng)上交易相同結(jié)構(gòu)的證券給投資銀行和投資者帶來更高的收益率。但是，私募發(fā)行也有流動(dòng)性差、發(fā)行面窄、難以公開上市擴(kuò)大企業(yè)知名度等缺點(diǎn)。

2023/2/335

證券承銷方式證券包銷和余額包銷：證券包銷是指投資銀行主承銷商和它的辛迪加成員同意按照協(xié)議的價(jià)格全部購入發(fā)行的證券（包銷）或者在承銷期結(jié)束時(shí)將售后剩余證券全部自行購入的承銷方式（余額包銷），再把這些證券賣給他們的客戶。發(fā)行人不承擔(dān)風(fēng)險(xiǎn)，風(fēng)險(xiǎn)轉(zhuǎn)嫁到了投資銀行的身上。

2023/2/336

證券代銷：當(dāng)所發(fā)行證券的信用等級(jí)較低時(shí)，投資銀行只接受發(fā)行者的委托，代理其發(fā)行證券，如在規(guī)定的期限內(nèi)發(fā)行的證券沒有全部售出，則將其剩余部分返回發(fā)行人，風(fēng)險(xiǎn)由發(fā)行人自己承擔(dān)。

投標(biāo)承購：投資銀行通過參加投標(biāo)承購證券，再將其銷售給投資者，該種方式在債券（特別是國債發(fā)行）中較為常見。

2023/2/337證券經(jīng)紀(jì)與交易業(yè)務(wù)證券交易同樣是投資銀行最本源、最基礎(chǔ)的業(yè)務(wù)活動(dòng)。投資銀行在二級(jí)市場(chǎng)中扮演著三重角色，即：證券經(jīng)紀(jì)商（Broker）證券交易商（Dealer）證券做市商（Marketmaker）。

2023/2/338作為證券經(jīng)紀(jì)商，在證券承銷結(jié)束之后，投資銀行代表著買賣雙方，按照客戶提出的價(jià)格代理進(jìn)行交易，這種證券經(jīng)紀(jì)行為是最傳統(tǒng)的證券交易業(yè)務(wù)；

作為證券交易商，投資銀行有自營買賣證券的需要，這是因?yàn)橥顿Y銀行接收客戶的委托，管理著大量的資產(chǎn)，必須保證其保值增值；

作為證券做市商，投資銀行有義務(wù)為該證券創(chuàng)造一個(gè)流動(dòng)性較強(qiáng)的二級(jí)市場(chǎng)，并維持市場(chǎng)價(jià)格的穩(wěn)定。此外，投資銀行還在二級(jí)市場(chǎng)上進(jìn)行無風(fēng)險(xiǎn)套利和風(fēng)險(xiǎn)套利等活動(dòng)。

2023/2/339收購兼并業(yè)務(wù)公司收購兼并業(yè)務(wù)的主要類別與特征：合并（Consolidation）相當(dāng)于我國《公司法》中的“新設(shè)合并”，它是指兩個(gè)或兩個(gè)以上企業(yè)合成一個(gè)新的企業(yè)，（如德國的戴姆勒奔馳公司與美國的克萊斯勒公司的合并），特點(diǎn)是伴有產(chǎn)權(quán)關(guān)系的轉(zhuǎn)移，多個(gè)法人變成一個(gè)新的法人（新設(shè)公司），原合并各方法人地位都消失，用公式表示就是A+B=C。2023/2/340兼并（Merger）則相當(dāng)于我國《公司法》中的“吸收合并”，即Ａ公司兼并Ｂ公司，Ａ公司保留存續(xù)（稱為兼并公司），Ｂ公司解散（并入A公司，稱為被兼并公司），喪失法人地位，用公式表示就是A+B=A。

（如清華同方收購魯潁電子）收購（Acquisition）專門是指Ａ公司通過主動(dòng)購買目標(biāo)B公司的股權(quán)或資產(chǎn)，以獲得對(duì)目標(biāo)Ｂ公司的控制權(quán)，通常并不取消被收購方的法人地位，收購后兩個(gè)企業(yè)仍為兩個(gè)法人，只發(fā)生控制權(quán)轉(zhuǎn)移，如證券市場(chǎng)中的買殼上市就屬于此類情況之一。

2023/2/341投資銀行介入收購兼并業(yè)務(wù)的途徑和方法

為收購方設(shè)計(jì)購并方案并協(xié)助實(shí)施；為被收購方設(shè)計(jì)反收購方案和措施；通過價(jià)值評(píng)估和分析確定合理價(jià)格；根據(jù)并購方案和資金需求安排融資；在實(shí)施過程中自身的風(fēng)險(xiǎn)套利操作。2023/2/342基金管理業(yè)務(wù)

投資銀行可以作為基金的發(fā)起人，發(fā)起和建立基金，或者以出資人身份發(fā)起設(shè)立專業(yè)的基金管理公司來管理基金；投資銀行自身可作為基金管理者管理基金；投資銀行還可以作為基金的承銷人，幫助基金發(fā)行人向投資者發(fā)售受益憑證。2023/2/343財(cái)務(wù)顧問業(yè)務(wù)

投資銀行財(cái)務(wù)顧問的服務(wù)對(duì)象通常既可以是公司、企業(yè)，也可以是政府機(jī)構(gòu)，主要是為融資者提供服務(wù)?？砂ǎ汗镜呢?cái)務(wù)顧問業(yè)務(wù)和政府機(jī)構(gòu)的財(cái)務(wù)顧問業(yè)務(wù)。2023/2/344公司和企業(yè)的財(cái)務(wù)顧問業(yè)務(wù)：是指對(duì)公司的融資為主體的一系列資本運(yùn)營的策劃和咨詢業(yè)務(wù)的總稱。主要是投資銀行在公司的股份制改造、上市、在二級(jí)市場(chǎng)再籌資（或投資管理）以及發(fā)生兼并收購、出售資產(chǎn)等重大交易活動(dòng)時(shí)提供的專業(yè)性財(cái)務(wù)意見。政府機(jī)構(gòu)的財(cái)務(wù)顧問業(yè)務(wù)：主要體現(xiàn)在為政府的經(jīng)濟(jì)改革政策提供咨詢，特別是在經(jīng)濟(jì)發(fā)展戰(zhàn)略和規(guī)劃、對(duì)外開放政策、產(chǎn)業(yè)結(jié)構(gòu)布局和調(diào)整、國企改革方針和政策以及公司民營化的實(shí)施等方面。2023/2/345風(fēng)險(xiǎn)投資業(yè)務(wù)

投資銀行涉足風(fēng)險(xiǎn)投資有不同的層次：第一，在公司設(shè)立初期用私募的方式為其籌集資本；第二，對(duì)某些潛力巨大的公司有時(shí)也進(jìn)行直接投資，擁有股權(quán)成為其股東；第三，設(shè)立“風(fēng)險(xiǎn)基金”或“創(chuàng)業(yè)基金”向這些公司提供資金來源。2023/2/346項(xiàng)目融資業(yè)務(wù)

投資銀行在項(xiàng)目融資中的作用主要表現(xiàn)：項(xiàng)目的可行性與風(fēng)險(xiǎn)的全面評(píng)估；確定項(xiàng)目的資金來源、承擔(dān)的風(fēng)險(xiǎn)、籌措成本；估計(jì)項(xiàng)目投產(chǎn)后的成本超支及項(xiàng)目完工后的投產(chǎn)風(fēng)險(xiǎn)和經(jīng)營風(fēng)險(xiǎn)；通過貸款人或從第三方獲得承諾，轉(zhuǎn)移或減少項(xiàng)目風(fēng)險(xiǎn)；以項(xiàng)目融資專家的身份充當(dāng)領(lǐng)頭談判人，在設(shè)計(jì)項(xiàng)目融資方案中起關(guān)鍵作用。2023/2/347金融衍生產(chǎn)品與創(chuàng)新業(yè)務(wù)

金融創(chuàng)新工具即衍生工具一般分為三類：期貨類期權(quán)類掉期類。使用衍生工具的策略主要目的：套利保值投機(jī)套利通過金融創(chuàng)新工具的設(shè)立與交易，投資銀行進(jìn)一步拓展了業(yè)務(wù)空間和資本收益。2023/2/348研究開發(fā)與投資咨詢業(yè)務(wù)

研究開發(fā)投資銀行內(nèi)部為其它各業(yè)務(wù)部門提供技術(shù)支持平臺(tái)的、不能直接創(chuàng)造利潤的業(yè)務(wù)。研究開發(fā)部門往往是投資銀行的成本中心而非利潤中心，其準(zhǔn)確定位是服務(wù)性而非盈利性功能投資咨詢則基本上是一種純粹的中介服務(wù)，包括普通的證券投資咨詢和面向特定客戶的專項(xiàng)投資咨詢，與主要面向融資者服務(wù)的財(cái)務(wù)顧問業(yè)務(wù)不同，投資咨詢業(yè)務(wù)主要面向的對(duì)象是投資者。2023/2/349資產(chǎn)證券化業(yè)務(wù)

資產(chǎn)證券化：資產(chǎn)證券化是將資產(chǎn)原始權(quán)益人或發(fā)起人（賣方）不流通的存量資產(chǎn)或可預(yù)見的未來現(xiàn)金流量，構(gòu)造和轉(zhuǎn)變成為資本市場(chǎng)可銷售和流通的金融產(chǎn)品的過程。資產(chǎn)證券化是一項(xiàng)以提高流動(dòng)性和融資為目的的金融創(chuàng)新，是對(duì)一組原本流動(dòng)性較差的金融資產(chǎn)進(jìn)行組合，使其產(chǎn)生在長期上較為穩(wěn)定的現(xiàn)金流收益，再配以相應(yīng)的信用擔(dān)保，把這種未來現(xiàn)金流的收益權(quán)轉(zhuǎn)變?yōu)榭稍诮鹑谑袌?chǎng)上流動(dòng)、信用等級(jí)較高的證券?？梢钥闯觯@種資產(chǎn)證券化的實(shí)質(zhì)就是將金融資產(chǎn)的未來現(xiàn)金流收益權(quán)進(jìn)行轉(zhuǎn)讓的交易。

2023/2/350第二節(jié)

投資銀行的資產(chǎn)負(fù)債表與損益表（MerrillLynch

為例）一、MerrillLynch的公司架構(gòu)說明二、MerrillLynch的資產(chǎn)負(fù)債表三、MerrillLynch的損益表四、投資銀行經(jīng)營管理的特點(diǎn)2023/2/351一、美林公司架構(gòu)美林公司是一家擁有多個(gè)附屬和聯(lián)營公司的控股公司,統(tǒng)稱為美林集團(tuán).有幾十家左右經(jīng)營各種投資銀行業(yè)務(wù)的子公司，除美國本土外，業(yè)務(wù)遍布全球：亞洲與太平洋、歐洲中東及非洲區(qū)、拉美區(qū)，加拿大區(qū)。兩大業(yè)務(wù)事業(yè)部,GMI和GWM.美林集團(tuán)設(shè)于美國本土及國外的重要附屬公司分別隸屬于以上事業(yè)部.。美林主要的控股子公司

Itsprincipalsubsidiariesinclude（2012年報(bào)）MerrillLynch,Pierce,Fenner&SmithIncorporated(“MLPF&S”),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational(“MLI”),aUnitedKingdom(“U.K.”)-basedregulatedinvestmentfirm;MerrillLynchCapitalServices,Inc.,aU.S.-baseddealerininterestrate,currency,commodityandcreditderivatives;MerrillLynchInternationalBankLimited(“MLIB”),anIreland-basedbank;MerrillLynchJapanSecuritiesCo.,Ltd.(“MLJS”),aJapan-basedbroker-dealer;andMerrillLynchDerivativeProducts,AG,aSwitzerland-basedderivativesdealer.Itsprincipalsubsidiariesinclude（2011年報(bào)）MerrillLynch,Pierce,Fenner&SmithIncorporated(“MLPF&S”),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational(“MLI”),aUnitedKingdom(“U.K.”)-basedregulatedinvestmentfirm;MerrillLynchCapitalServices,Inc.,aU.S.-baseddealerininterestrate,currency,commodityandcreditderivatives;MerrillLynchInternationalBankLimited(“MLIB”),anIreland-basedbank;MerrillLynchJapanSecuritiesCo.,Ltd.(“MLJS”),aJapan-basedbroker-dealer;MerrillLynchDerivativeProducts,AG,aSwitzerland-basedderivativesdealer.2023/2/354美林主要的控股子公司(2010年報(bào))DescriptionofBusinessMerrillLynch&Co.Inc.(“ML&Co.”)andtogetherwithitssubsidiaries(“MerrillLynch”),providesinvestment,financingandotherrelatedservicestoindividualsandinstitutionsonaglobalbasisthroughitsbroker,dealer,bankingandotherfinancialservicessubsidiaries.2023/2/355Itsprincipalsubsidiariesinclude:MerrillLynch,Pierce,Fenner&SmithIncorporated(“MLPF&S”),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational(“MLI”),aUnitedKingdom(“U.K.”)-basedbroker-dealerinsecuritiesanddealerinequityandcreditderivatives;MerrillLynchCapitalServices,Inc.,aU.S.-baseddealerininterestrate,currency,commodityandcreditderivatives;2023/2/356MerrillLynchInternationalBankLimited(“MLIB”),anIreland-basedbank;MerrillLynchJapanSecuritiesCo.,Ltd.(“MLJS”),aJapan-basedbroker-dealer;MerrillLynchDerivativeProducts,AG,aSwitzerland-basedderivativesdealer;andMLIBKPositionsInc.,aU.S.-basedentityinvolvedinprivateequityandprincipalinvesting.MerrillLynchBankUSA("MLBUSA"),aU.S.-basedFDIC-insureddepository;MerrillLynchBank&TrustCo.("MLB&T"),aU.S.-basedFDIC-insureddepository;Itsprincipalsubsidiariesinclude（2007年報(bào)）MerrillLynch,Pierce,Fenner&SmithIncorporated("MLPF&S"),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational("MLI"),aU.K.-basedbroker-dealerinsecuritiesanddealerinequityandcreditderivatives;MerrillLynchGovernmentSecuritiesInc.("MLGSI"),aU.S.-baseddealerinU.S.Governmentsecurities;MerrillLynchCapitalServices,Inc.,(MLCS),aU.S.-baseddealerininterestrate,currency,andderivatives;MerrillLynch

derivativesProductsAG(MLDP)MerrillLynchInvestmentManagers,LP,aU.S.-basedassetmanagementcompany;MerrillLynchInvestmentManagersLimited,aU.K.-basedassetmanagementcompany;MerrillLynchBankUSA("MLBUSA"),aU.S.-basedFDIC-insureddepository;MerrillLynchBank&TrustCo.("MLB&T"),aU.S.-basedFDIC-insureddepository;MerrillLynchInternationalBankLimited("MLIB"),aIreland-basedbank;MerrillLynchMortgageCapitalInc.(MLMCI)MerrillLynchJapanSecuritiesCo.,Ltd.,aJapan-basedbroker-dealer;(MLJS)MerrillLynchInsuranceGroup,Inc.,aU.S.-basedprovideroflifeinsuranceandannuityproducts.MLIBKPosition,Inc.2023/2/360二、投資銀行的資產(chǎn)負(fù)債表（以美林為例）資產(chǎn)負(fù)債所有內(nèi)容由三大部分構(gòu)成：1、Trading-RelatedAssetsandLiabilities2、Non-Trading-RelatedAssets3、Non-Trading-RelatedLiabilities

2023/2/3611、與證券交易直接相關(guān)的資產(chǎn)與負(fù)債項(xiàng)（Trading-RelatedAssetsandLiabilities2007)

資產(chǎn)負(fù)債重售協(xié)議(21·7%)回購協(xié)議(23.1%)借入證券(13·1%)借出證券(5·5%)交易資產(chǎn)(23.o%)交易負(fù)債(12.1%)應(yīng)收項(xiàng)(12.4%)應(yīng)付項(xiàng)(13.0%)合計(jì)：70·2％53·7％2023/2/3622、Non-Trading-RelatedAssets(2007)（其它資產(chǎn)）：現(xiàn)金及現(xiàn)金等同6·3％其它證券投資8·1％貸款、票據(jù)與抵押9·3％固定資產(chǎn)與商譽(yù)0·8％3、Non-Trading-RelatedLiabilities(其它負(fù)債與資本）：商業(yè)票據(jù)與短期借貸2·4％存款10.2％長期借貸26.1％資本金3·1％2023/2/363與證券交易直接相關(guān)的資產(chǎn)與負(fù)債項(xiàng)（Trading-RelatedAssetsandLiabilitiesin2008)

資產(chǎn)負(fù)債重售協(xié)議(13.97%)回購協(xié)議(13.88%)借入證券(5.25%)借出證券(3.66%)交易資產(chǎn)(26.31%)交易負(fù)債(13.40%)應(yīng)收項(xiàng)(13.46%)應(yīng)付項(xiàng)(13.54%)合計(jì)：58.99％44.52％2023/2/364與證券交易直接相關(guān)的資產(chǎn)與負(fù)債項(xiàng)（Trading-RelatedAssetsandLiabilitiesin2009)

資產(chǎn)負(fù)債重售協(xié)議(14.55%)回購協(xié)議(13.82%)借入證券(9.47%)借出證券(5.20%)交易資產(chǎn)(29.28%)交易負(fù)債(13.66%)應(yīng)收項(xiàng)(10.86%)應(yīng)付項(xiàng)(14.72%)合計(jì)：64.16％47.40％2023/2/365

與證券交易直接相關(guān)的資產(chǎn)與負(fù)債：

SecuritiesFinancingTransactions

（包括重售與回購以及借入證券與借出證券）MerrillLynchentersintosecuredborrowingandlendingtransactionsinordertofinancetradinginventorypositions,obtainsecuritiesforsettlement,meetcustomers'needsandearnresidualinterestratespreads.MerrillLynchalsoengagesinsecuritiesfinancingforcustomersmarginlending.

2023/2/366

與證券交易直接相關(guān)的資產(chǎn)與負(fù)債：

TradingAssetsandLiabilities

TradingAssetsandLiabilitiesconsistofcashinstruments(suchassecurities)andderivativeinstrumentsusedfortradingpurposesorformanagingriskexposuresinotherTradinginventory.Tradinginventoryprincipallyrepresentssecuritiespurchased("long"positions),securitiessoldbutnotyetpurchased("short"positions),andwillthereforebeobligatedtopurchaseonthefuturedate.Thesepositionsareprimarilytheresultofmarket-making,hedging,andproprietaryactivities.2023/2/367

與證券交易直接相關(guān)的資產(chǎn)與負(fù)債：

OtherReceivablesandPayablesCustomerReceivablesandPayables

Customersecuritiesandcommoditiestransactionsarerecordedonasettlementdatebasis.Receivablesfromandpayablestocustomersincludeamountsdueoncashandmargintransactions.2023/2/368BrokersandDealersReceivablesandPayables

ReceivablesfrombrokersanddealersincludeamountsreceivableforsecuritiesnotdeliveredbyMerrillLynchtoapurchaserbythesettlementdate("failstodeliver"),depositsforsecuritiesborrowed,margindeposits,commissions,andnetreceivablesarisingfromunsettledtrades.PayablestobrokersanddealersincludeamountspayableforsecuritiesnotreceivedbyMerrillLynchfromasellerbythesettlementdate("failstoreceive"),depositsreceivedforsecuritiesloaned,andnetpayablesarisingfromunsettledtrades.

2023/2/369InterestandOtherReceivablesandPayables

Interestandotherreceivablesincludeinterestreceivableoncorporateandgovernmentalobligations,customerorotherreceivables,stockborrowedtransactions,receivablesfromcommissionsandfees,andincometaxes.Interestandotherpayablesincludeinterestpayableforstock-loanedtransactions,long-termborrowings,andamountspayableforemployeecompensationandbenefits,restructuringreserves,andincometaxes.2023/2/370與證券交易間接相關(guān)的資產(chǎn)：

1、CashandCashEquivalentsMerrillLynchdefinescashequivalentsasshort-term,highlyliquidsecuritiesandinterest-earningdepositswithoriginalmaturitiesof90daysorless,otherthanthoseusedfortradingpurposes.2023/2/3712、CashandSecuritiesSegregatedforRegulatoryPurposesorDepositedwithClearingOrganizations

Itincludescashandsecuritiessegregatedincompliancewithfederalandotherregulationsandrepresentfundsdepositedbycustomersandfundsaccruingtocustomersasaresultoftradesorcontracts.AlsoincludedarefundssegregatedinaspecialreserveaccountforthebenefitofcustomersunderRule15c3-3oftheSecuritiesandExchangeCommission,aswellasfundssegregatedandheldinseparateaccountsinaccordancewithSection4d(2)andRegulation30.7oftheCommodityExchangeAct.2023/2/3723、InvestmentSecurities

InvestmentsecuritiesontheConsolidatedBalanceSheetsincludeshighlyliquiddebtsecuritiesincludingthoseheldforliquiditymanagementpurposes,equitysecurities,theinvestmentportfolioforMerrillLynch'sU.S.banks,andinvestmentsofinsurancesubsidiaries.2023/2/3734、Loans,Notes,andMortgagesMerrillLynch'slendingandrelatedactivitiesincludeloanoriginations,syndications,andsecuritizations.Loanoriginationsincludecommercialandresidentialmortgages,loanstosmall-andmiddle-marketsbusinesses,andcreditextendedtoindividuals.2023/2/3745、SeparateAccountsAssetsandLiabilitiesMerrillLynchmaintainsseparateaccountsrepresentingsegregatedfundsheldforpurposesoffundingvariablelifeandannuitycontracts.TheseparateaccountassetsarenotsubjecttogeneralclaimsofMerrillLynch.TheseaccountsandtherelatedliabilitiesarerecordedasseparateaccountsassetsandseparateaccountsliabilitiesontheConsolidatedBalanceSheets.2023/2/3756、EquipmentandFacilitiesEquipmentandfacilitiesprimarilyconsistoftechnologyhardwareandsoftware,leaseholdimprovements,andownedfacilities.2023/2/376與證券交易間接相關(guān)的負(fù)債：

1、CommercialPaperandShort-andLong-TermBorrowingsMerrillLynch'sunsecuredgeneral-purposefundingisprincipallyobtainedfrommedium-termandlong-termborrowings.2023/2/3772、Deposits

Savingsdepositsareinterest-bearingaccountsthathavenomaturityorexpirationdate,wherebythedepositorisnotrequiredbythedepositcontract,butmayatanytimeberequiredbythedepositoryinstitution,togivewrittennoticeofanintendedwithdrawalnotlessthansevendaysbeforewithdrawalismade.Timedepositsareaccountsthathaveastipulatedmaturityandinterestrate.Depositorsholdingtimedepositsmayrecovertheirfundspriortothestatedmaturitybutmaypayapenaltytodoso.2023/2/378三、投資銀行的損益表見附件美林2008年損益表除利息收入外，投行收入主要有以下幾項(xiàng)2023/2/379PrincipaltransactionsPrincipaltransactionsrevenuesincluderealizedgainsandlossesfromthepurchaseandsaleofsecuritiesinwhichMerrillLynchactsasprincipal.2023/2/380CommissionCommissionrevenuesincludescommission,mutualfundsdistributionfeesandcontingentdeferredsalechargerevenue,whichareallaccruedasearned.2023/2/381Investmentbanking

Investmentbankingrevenuesincludeunderwritingrevenuesandfeesformergerandacquisitionadvisoryservices,whichareaccruedwhenservicesforthetransactionsaresubstantiallycompleted.Underwritingrevenuesarepresentednetoftransaction-relatedexpenses.Transaction-relatedexpenses,primarilyleg