企業(yè)成長(zhǎng)與可使用的金融工具

1、2024/3/25,1,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@aliyun.com,2024/3/25,2,,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 （ Merrill Lynch 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

2、質(zhì)總結(jié),2024/3/25,3,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),2024/3/25,4,一、投資銀行概念界定,,2024/3/25,5,（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(yíng)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

3、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,2024/3/25,6,,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(gòu)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)。,2024/3/25,7,（二）投資銀行的稱(chēng)謂,商人銀行：投資銀行在大多數(shù)歐洲國(guó)家被稱(chēng)為商人銀行（Merchant bank）；證券公司：

4、日本、韓國(guó)等國(guó)及我國(guó)稱(chēng)為證券公司(Securities company)；華爾街金融公司：在美國(guó)稱(chēng)為華爾街金融公司（Wall street firm）,2024/3/25,8,我國(guó)法律對(duì)投資銀行的界定,我國(guó)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(chēng)證券公司是指依照《中華人民共和國(guó)公司法》和本法規(guī)定設(shè)立的經(jīng)營(yíng)證券業(yè)務(wù)的有限責(zé)任公司或者股份有限公司?！钡谝话俣鍡l 經(jīng)國(guó)務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)，證券公

5、司可以經(jīng)營(yíng)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(xún)；(三)與證券交易、證券投資活動(dòng)有關(guān)的財(cái)務(wù)顧問(wèn)；(四)證券承銷(xiāo)與保薦； (五)證券自營(yíng)； (六)證券資產(chǎn)管理； (七)其他證券業(yè)務(wù)。,2024/3/25,9,（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“Investment banking”，但“Investment banking”至少有四層

6、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(yíng)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。,2024/3/25,10,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

7、要指從事證券發(fā)行承銷(xiāo)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(yíng)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(xiāo)、證券交易、企業(yè)兼并與收購(gòu)及企業(yè)融資相關(guān)的其他業(yè)務(wù)。,2024/3/25,11,3、較廣義的投資銀行：指經(jīng)營(yíng)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(xiāo)、證券交易、兼并與收購(gòu)、企業(yè)融資、基金與資產(chǎn)管理、研究與咨詢(xún)顧問(wèn)、風(fēng)險(xiǎn)資本運(yùn)作管理以及金融衍生產(chǎn)品開(kāi)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(yíng)華爾

8、街金融業(yè)務(wù)機(jī)構(gòu)都可稱(chēng)為投資銀行，其業(yè)務(wù)指在混業(yè)經(jīng)營(yíng)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,2024/3/25,12,二、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),,2024/3/25,13,New Merrill Lynch in 2009,2008 Merrill Lynch

9、announces a plan to reduce its risk exposures by $11.1 billion, including a substantial sale of U.S. collateral debt obligations comprised of asset-backed securities.   Bank of America Corporation agrees to a

10、cquire Merrill Lynch in an all-stock transaction that creates a company unrivaled in its breadth of financial services and global reach.   2009 Merrill Lynch officially becomes a wholly owned subsidiary of Ban

11、k of America.(美林網(wǎng)站2009年上半年）,2024/3/25,14,,Following the combination with Merrill Lynch, Bank of America has become:The largest brokerage in the world, with more than 20,000 advisors and $2.5 trillion in client assets

12、A leading provider of global corporate and investment banking services, including commercial lending, global high-yield debt, global equity and global M&A A global leader in wealth management, private banking and re

13、tail brokerage A global leader in investment management, with approximately 50 percent ownership in BlackRock, which has $1.4 trillion in assets under management, in addition to the $589 billion in assets under manageme

14、nt with Bank of America as of June 30, 2008,2024/3/25,15,Merrill Lynch & Co., Inc.,Merrill Lynch is one of the world‘s leading wealth management, capital markets and advisory companies, with offices in 40 countries a

15、nd territories and total client assets of approximately $2 trillion.(2008年）Merrill Lynch is one of the world’s premier providers of wealth management, securities trading and sales, corporate finance and investment banki

16、ng services(2009),Corporate Snapshot Founded: 1914 (Charles E. Merrill & Co)Employees: 64,200 2007 Net Revenue:  $11.billionTotal Client Assets: Approx. $1.8 trillionTotal Stockholders' E

17、quity $32 bnFortune 500: Ranked No.22Stock Symbol: MERGlobal Markets: 40countries  As of quarter-end, Q4 2007.（2008年）,2024/3/25,16,,Our operations are currently organized into two business segments:

18、Global Markets and Investment Banking (GMI), and Global Wealth Management (GWM). GMI provides full service global markets origination products and services to corporate, institutional and government clients around the wo

19、rld. GWM creates and distributes investment products and services for individuals, small- and mid-size businesses, and employee benefit plans. We also provide a variety of research services on a global basis through Glob

20、al Research. Our research analysts provide objective and decisive research designed to help clients make informed investment decisions.（2009年網(wǎng)頁(yè)）,2024/3/25,17,Goldman Sachs,The Goldman Sachs Group, Inc. is a leading glob

21、al financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high

22、-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. (2009),2024/3/25,18,,We seek

23、 to be the advisor of choice for our clients and a leading participant in global financial markets. Our strategy is to grow our three core businesses ：Investment Banking, Trading and Principal Investments and Asset Manag

24、ement and Securities Services in markets throughout the world.,2024/3/25,19,,Investment Banking We provide a broad range of investment banking services to a diverse group of corporations, financial institutions, governm

25、ents and individuals.Trading and Principal Investments We facilitate client transactions with a diverse group of corporations, financial institutions, governments and individuals and take proprietary positions through

26、market making, trading and investing in fixed income and equity products, currencies, commodities and derivatives. Additionally, we engage in specialist and market making activities on equities and options exchanges, and

27、 we clear client transactions on major stock, options and futures exchanges worldwide. In connection with our merchant banking and other investing activities, we make principal investments directly and through funds that

28、 we raise and manage. Asset Management and Securities Services We provide investment advisory and financial planning services and offer investment products across all major asset classes to a diverse group of instituti

29、ons and individuals worldwide. We also provide prime brokerage services, financing services and securities lending services to mutual funds, pension funds, hedge funds, foundations and high-net-worth individuals worldwid

30、e.,2024/3/25,20,作業(yè)：閱讀Goldman Sachs網(wǎng)站里Who we are /What we do/Careers欄目,Careers的主要內(nèi)容Careers Home Why Goldman Sachs Our Divisions Our People Our Culture Diversity Training and Orientation Compensation and Benefits

31、Awards Students And Graduates Experienced Professionals Search Jobs Blog Explore Goldman Sachs: Careers Quiz,2024/3/25,21,Morgan Stanley,Business Segments.Morgan Stanley is a global financial services firm that mai

32、ntains significant market positions in each of its business segments—Institutional Securities, Global Wealth Management Group and Asset Management. A summary of the activities of each of the business segments follows：In

33、stitutional Securities includes capital raising; financial advisory services, including advice on mergers and acquisitions, restructurings, real estate and project finance; corporate lending; sales, trading, financing an

34、d market-making activities in equity and fixed income securities and related products, including foreign exchange and commodities; benchmark indices and risk management analytics; and investment activities.,2024/3/25,22,

35、,Global Wealth Management Group provides brokerage and investment advisory services covering various investment alternatives; financial and wealth planning services; annuity and other insurance products; credit and other

36、 lending products; cash management services; retirement services; and trust and fiduciary services.Asset Management provides global asset management products and services in equity, fixed income, alternative investments

37、, which includes hedge funds and funds of funds, and merchant banking, which includes real estate,private equity and infrastructure, to institutional and retail clients through proprietary and third-party distribution ch

38、annels. Asset Management also engages in investment activities.,2024/3/25,23,比較：citibank的陳述,Found in more than 100 countries world-wide, Citibank delivers a wide array of banking, lending and investment services to indiv

39、idual consumers, as well as to small businesses with up to $10 million in annual sales. We also offer a full range of financial services products to serve the needs of small and large corporations, governments, and insti

40、tutional and individual investors.,2024/3/25,24,美林集團(tuán)提供的業(yè)務(wù)(2010年報(bào)),Securities brokerage, trading and underwriting;Investment banking, advisory services (including mergers and acquisitions) and other corporate finance act

41、ivities;Wealth management products and services, including financial, retirement and generational planning;Investment management and advisory and related record-keeping services; Origination, brokerage, dealer, and re

42、lated activities in swaps, options, forwards, exchange-traded futures, other derivatives, commodities and foreign exchange products;Securities clearance, settlement financing services and prime brokerage;Private equity

43、 and other principal investing activities; Research services on a global basis,Services provided to clients by Merrill Lynch and other activities include（2011年報(bào)）,Securities brokerage, trading and underwriting;Investmen

44、t banking, advisory services (including mergers and acquisitions) and other corporate finance activities;Wealth management products and services, including financial, retirement and generational planning;Investment man

45、agement and advisory and related record-keeping services;Origination, brokerage, dealer, and related activities in swaps, options, forwards, exchange-traded futures, other derivatives, commodities and foreign excha

46、nge products;Securities clearance, settlement financing services and prime brokerage; andResearch services on a global basis.,Services provided to clients by Merrill Lynch and other activities include 2012年報(bào),Securities

47、 brokerage, trading and underwriting;Investment banking, advisory services (including mergers and acquisitions) and other corporate finance activities;Wealth management products and services, including financial, retir

48、ement and generational planning;Investment management and advisory and related record-keeping services;Origination, brokerage, dealer, and related activities in swaps, options, forwards, exchange-traded futures, other

49、derivatives, commodities and foreign exchange products;Securities clearance, settlement financing services and prime brokerage; and Research services on a global basis.,2024/3/25,27,The services provided by Goldman Sac

50、hs（2008）,Advising Asset Allocation Mergers and AcquisitionsFinancing Debt Financing Equity Capital Markets LendingInvesting Asset Management Mutual Funds Private Equity Private Wealth Management Securitised D

51、erivatives,Securities Clearing Services Execution Services Fund Administration Pensions, Endowments and Foundations Prime Brokerage Products Securities Lending Programs Transition ServicesResearch Global Invest

52、ment Research,2024/3/25,28,The services provided by Goldman Sachs（2009）,Advising Asset Allocation Environmental Markets Mergers and AcquisitionsFinancing Bank Loans Debt Financing Equity Capital Markets LendingI

53、nvesting Asset Management Bank Deposits Closed Ended Investments Mutual Funds Private Equity Private Wealth Management Securitised Derivatives,Securities Clearing Services Execution Services Fund Administration

54、 Pensions, Endowments and Foundations Prime Brokerage Products Securities Lending Programs Transition ServicesResearch Global Investment Research,2024/3/25,29,三、投資銀行的主要業(yè)務(wù),經(jīng)過(guò)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(xiāo)、證券交易經(jīng)紀(jì)、證券私募發(fā)

55、行等傳統(tǒng)業(yè)務(wù)框架企業(yè)并購(gòu)、項(xiàng)目融資、風(fēng)險(xiǎn)投資、公司理財(cái)、投資咨詢(xún)、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。,2024/3/25,30,投資銀行的主要業(yè)務(wù),證券發(fā)行與承銷(xiāo)業(yè)務(wù) 證券經(jīng)紀(jì)與交易業(yè)務(wù)收購(gòu)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(wèn)與咨詢(xún)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(kāi)發(fā)與投資咨詢(xún)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(lèi),第一是證券經(jīng)濟(jì)活動(dòng)中

56、介類(lèi)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(xiāo)、證券經(jīng)紀(jì)、并購(gòu)、投資研究咨詢(xún)和財(cái)務(wù)顧問(wèn)等；第二是用自己的資本金或以自身為主體借來(lái)資金后進(jìn)行的證券相關(guān)投資活動(dòng)，如自營(yíng)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(zhuān)業(yè)機(jī)構(gòu)優(yōu)勢(shì)接受各戶(hù)委托幫助客戶(hù)進(jìn)行證券相關(guān)投資，如資產(chǎn)管理等。后兩類(lèi)是20世紀(jì)70年代以來(lái)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(xiāo)、證券經(jīng)紀(jì)、企業(yè)并購(gòu)、自營(yíng)證券投資和其他投資、資產(chǎn)管理等

57、投資銀行主要業(yè)務(wù)。,2024/3/25,32,證券發(fā)行與承銷(xiāo)業(yè)務(wù),證券發(fā)行與承銷(xiāo)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(chēng)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(mén)或公司融資部實(shí)施，國(guó)際投資銀行一般由市場(chǎng)開(kāi)發(fā)部門(mén)、公司融資部、市場(chǎng)銷(xiāo)售部等部門(mén)合作完成。證券發(fā)行與承銷(xiāo)的范圍：范圍很廣，包括本國(guó)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

58、金證券等，外國(guó)政府和公司在本國(guó)和世界發(fā)行的證券、國(guó)際金融機(jī)構(gòu)發(fā)行的證券等。,2024/3/25,33,,證券發(fā)行與承銷(xiāo)的種類(lèi)公募發(fā)行與承銷(xiāo)（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(kāi)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(jiàn)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

59、金等證券品種。,2024/3/25,34,,私募發(fā)行（Private Placement）： 主要是通過(guò)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(lèi)共同基金、保險(xiǎn)公司、各類(lèi)養(yǎng)老金、社?；?、投資公司等。 私募發(fā)行不受公開(kāi)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(kāi)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(lái)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(kāi)上市擴(kuò)大

60、企業(yè)知名度等缺點(diǎn)。,2024/3/25,35,,證券承銷(xiāo)方式證券包銷(xiāo)和余額包銷(xiāo)：證券包銷(xiāo)是指投資銀行主承銷(xiāo)商和它的辛迪加成員同意按照協(xié)議的價(jià)格全部購(gòu)入發(fā)行的證券（包銷(xiāo)）或者在承銷(xiāo)期結(jié)束時(shí)將售后剩余證券全部自行購(gòu)入的承銷(xiāo)方式（余額包銷(xiāo)），再把這些證券賣(mài)給他們的客戶(hù)。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。,2024/3/25,36,,證券代銷(xiāo)：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

61、內(nèi)發(fā)行的證券沒(méi)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(gòu)：投資銀行通過(guò)參加投標(biāo)承購(gòu)證券，再將其銷(xiāo)售給投資者，該種方式在債券（特別是國(guó)債發(fā)行）中較為常見(jiàn)。,2024/3/25,37,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（Market maker）。,2024/3/25,

62、38,,作為證券經(jīng)紀(jì)商，在證券承銷(xiāo)結(jié)束之后，投資銀行代表著買(mǎi)賣(mài)雙方，按照客戶(hù)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(yíng)買(mǎi)賣(mài)證券的需要，這是因?yàn)橥顿Y銀行接收客戶(hù)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(wú)風(fēng)險(xiǎn)套利和風(fēng)險(xiǎn)套利等活動(dòng)。,2024/3/25,39

63、,收購(gòu)兼并業(yè)務(wù),公司收購(gòu)兼并業(yè)務(wù)的主要類(lèi)別與特征：合并（Consolidation ）相當(dāng)于我國(guó)《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(guó)的戴姆勒奔馳公司與美國(guó)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。,2024/3/25,40,,兼并（Merger）則相當(dāng)于我國(guó)《公司法》中的“吸收合并”

64、 ，即Ａ公司兼并Ｂ公司，Ａ公司保留存續(xù)（稱(chēng)為兼并公司），Ｂ公司解散（并入A公司，稱(chēng)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(gòu)魯潁電子）收購(gòu)（Acquisition ）專(zhuān)門(mén)是指Ａ公司通過(guò)主動(dòng)購(gòu)買(mǎi)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(gòu)方的法人地位，收購(gòu)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(mǎi)殼上市就屬于此類(lèi)情況之一。,2024/3/25,41,,

65、投資銀行介入收購(gòu)兼并業(yè)務(wù)的途徑和方法 為收購(gòu)方設(shè)計(jì)購(gòu)并方案并協(xié)助實(shí)施； 為被收購(gòu)方設(shè)計(jì)反收購(gòu)方案和措施； 通過(guò)價(jià)值評(píng)估和分析確定合理價(jià)格； 根據(jù)并購(gòu)方案和資金需求安排融資； 在實(shí)施過(guò)程中自身的風(fēng)險(xiǎn)套利操作。,2024/3/25,42,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(zhuān)業(yè)的基金管理公司來(lái)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(xiāo)人，幫助

66、基金發(fā)行人向投資者發(fā)售受益憑證。,2024/3/25,43,財(cái)務(wù)顧問(wèn)業(yè)務(wù),投資銀行財(cái)務(wù)顧問(wèn)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)。 可包括： 公司的財(cái)務(wù)顧問(wèn)業(yè)務(wù)和 政府機(jī)構(gòu)的財(cái)務(wù)顧問(wèn)業(yè)務(wù) 。,2024/3/25,44,,公司和企業(yè)的財(cái)務(wù)顧問(wèn)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(yíng)的策劃和咨詢(xún)業(yè)務(wù)的總稱(chēng)。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

67、并收購(gòu)、出售資產(chǎn)等重大交易活動(dòng)時(shí)提供的專(zhuān)業(yè)性財(cái)務(wù)意見(jiàn)。政府機(jī)構(gòu)的財(cái)務(wù)顧問(wèn)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(xún)，特別是在經(jīng)濟(jì)發(fā)展戰(zhàn)略和規(guī)劃、對(duì)外開(kāi)放政策、產(chǎn)業(yè)結(jié)構(gòu)布局和調(diào)整、國(guó)企改革方針和政策以及公司民營(yíng)化的實(shí)施等方面。,2024/3/25,45,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“

68、風(fēng)險(xiǎn)基金”或“創(chuàng)業(yè)基金”向這些公司提供資金來(lái)源。,2024/3/25,46,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(lái)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(yíng)風(fēng)險(xiǎn)；通過(guò)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(zhuān)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。,2024/3/25,47,金融衍生產(chǎn)品與創(chuàng)新業(yè)務(wù),金融