企業(yè)成長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)與機構(gòu)性質(zhì),任課教師：對外經(jīng)濟貿(mào)易大學金融學院 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、美林證券等投行對自身機構(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）金融市場與投資銀行,金融市場的參與者之一:金融經(jīng)營性中介機構(gòu)與其它服務(wù)中介機構(gòu)(1)直接金融機構(gòu):投資銀行 間接金融機構(gòu):商業(yè)銀行、儲蓄金融機構(gòu)、保險公司(2)其它服務(wù)中介

3、機構(gòu):會計師、律師、資產(chǎn)評估、評級機構(gòu)等,2024/3/25,6,,投資銀行在金融市場中的活動 在金融市場的各個領(lǐng)域都有投資銀行的活動和業(yè)務(wù)，如貨幣市場、債券市場、股票市場、衍生金融市場、抵押市場、并購市場、基金市場等等但是，從投資銀行的定義中，投資銀行是資本市場中直接金融的中介機構(gòu)。,2024/3/25,7,（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（Merchant bank）；證券公司：

4、日本、韓國等國及我國稱為證券公司(Securities company)；華爾街金融公司：在美國稱為華爾街金融公司（Wall street firm）,2024/3/25,8,我國法律對投資銀行的界定,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)的有限責任公司或者股份有限公司?！钡谝话俣鍡l 經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準，證券公

5、司可以經(jīng)營下列部分或者全部業(yè)務(wù)： (一)證券經(jīng)紀； (二)證券投資咨詢；(三)與證券交易、證券投資活動有關(guān)的財務(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)。,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，機構(gòu)層次，是指作為金融市場中介機構(gòu)的金融企業(yè)；其二，行業(yè)層次，指投資銀行的整個行業(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，學科層次，是關(guān)于投資銀行的理論和實務(wù)的學科。,2024/3/25,10,從機構(gòu)層次對投資銀行的定義,投資銀行是指資本市場上從事投資銀行業(yè)務(wù)的直接金融機構(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定義：1、狹義的投資銀行：一般僅指傳統(tǒng)意義上的投資銀行，主

7、要指從事證券發(fā)行承銷和證券交易業(yè)務(wù)的金融機構(gòu)。2、較狹義的投資銀行：指經(jīng)營部分資本市場業(yè)務(wù)的金融機構(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)。,2024/3/25,11,3、較廣義的投資銀行：指經(jīng)營所有資本市場業(yè)務(wù)的金融機構(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、風險資本運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

8、街金融業(yè)務(wù)機構(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業(yè)務(wù)，涵蓋證券業(yè)務(wù)以及與銀行、保險業(yè)相關(guān)聯(lián)的業(yè)務(wù)，同時也包含部分不動產(chǎn)投資、個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、美林證券等投行對自身機構(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）,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,美林集團提供的業(yè)務(wù)(2010年報),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）,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,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、證券私募發(fā)

55、行等傳統(tǒng)業(yè)務(wù)框架企業(yè)并購、項目融資、風險投資、公司理財、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。,2024/3/25,30,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)紀與交易業(yè)務(wù)收購兼并業(yè)務(wù)基金管理業(yè)務(wù)風險與創(chuàng)業(yè)投資業(yè)務(wù)財務(wù)顧問與咨詢業(yè)務(wù)項目融資業(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)濟活動中

56、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、并購、投資研究咨詢和財務(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行的證券相關(guān)投資活動，如自營證券投資、私募股權(quán)和風險投資等；第三是以自身的專業(yè)機構(gòu)優(yōu)勢接受各戶委托幫助客戶進行證券相關(guān)投資，如資產(chǎn)管理等。后兩類是20世紀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、企業(yè)并購、自營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，是投資銀行為公司或政府機構(gòu)等融資的主要手段之一。證券發(fā)行業(yè)務(wù)也稱為證券一級市場業(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施，國際投資銀行一般由市場開發(fā)部門、公司融資部、市場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，包括本國政府機構(gòu)發(fā)行的債券、企業(yè)發(fā)行的股票和債券、金融機構(gòu)發(fā)行的債券、基

58、金證券等，外國政府和公司在本國和世界發(fā)行的證券、國際金融機構(gòu)發(fā)行的證券等。,2024/3/25,33,,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

59、金等證券品種。,2024/3/25,34,,私募發(fā)行（Private Placement）： 主要是通過非公眾渠道，直接向特定的機構(gòu)投資人（機構(gòu)）發(fā)行的行為，主要發(fā)行對象包括各類共同基金、保險公司、各類養(yǎng)老金、社?；?、投資公司等。 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)行時間和發(fā)行成本外，又能夠比在公開市場上交易相同結(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)行也有流動性差、發(fā)行面窄、難以公開上市擴大

60、企業(yè)知名度等缺點。,2024/3/25,35,,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)議的價格全部購入發(fā)行的證券（包銷）或者在承銷期結(jié)束時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)行人不承擔風險，風險轉(zhuǎn)嫁到了投資銀行的身上。,2024/3/25,36,,證券代銷：當所發(fā)行證券的信用等級較低時，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)行的證券沒有全部售出，則將其剩余部分返回發(fā)行人，風險由發(fā)行人自己承擔。 投標承購：投資銀行通過參加投標承購證券，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。,2024/3/25,37,證券經(jīng)紀與交易業(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。投資銀行在二級市場中扮演著三重角色，即：證券經(jīng)紀商（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，按照客戶提出的價格代理進行交易，這種證券經(jīng)紀行為是最傳統(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，這是因為投資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)造一個流動性較強的二級市場，并維持市場價格的穩(wěn)定。此外，投資銀行還在二級市場上進行無風險套利和風險套利等活動。,2024/3/25,39

63、,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 ）相當于我國《公司法》中的“新設(shè)合并”，它是指兩個或兩個以上企業(yè)合成一個新的企業(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），特點是伴有產(chǎn)權(quán)關(guān)系的轉(zhuǎn)移，多個法人變成一個新的法人（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）則相當于我國《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公司通過主動購買目標B公司的股權(quán)或資產(chǎn)，以獲得對目標Ｂ公司的控制權(quán)，通常并不取消被收購方的法人地位，收購后兩個企業(yè)仍為兩個法人，只發(fā)生控制權(quán)轉(zhuǎn)移，如證券市場中的買殼上市就屬于此類情況之一。,2024/3/25,41,,

65、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)計購并方案并協(xié)助實施； 為被收購方設(shè)計反收購方案和措施； 通過價值評估和分析確定合理價格； 根據(jù)并購方案和資金需求安排融資； 在實施過程中自身的風險套利操作。,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

66、基金發(fā)行人向投資者發(fā)售受益憑證。,2024/3/25,43,財務(wù)顧問業(yè)務(wù),投資銀行財務(wù)顧問的服務(wù)對象通常既可以是公司、企業(yè)，也可以是政府機構(gòu)，主要是為融資者提供服務(wù)。 可包括： 公司的財務(wù)顧問業(yè)務(wù)和 政府機構(gòu)的財務(wù)顧問業(yè)務(wù) 。,2024/3/25,44,,公司和企業(yè)的財務(wù)顧問業(yè)務(wù)：是指對公司的融資為主體的一系列資本運營的策劃和咨詢業(yè)務(wù)的總稱。主要是投資銀行在公司的股份制改造、上市、在二級市場再籌資（或投資管理）以及發(fā)生兼

67、并收購、出售資產(chǎn)等重大交易活動時提供的專業(yè)性財務(wù)意見。政府機構(gòu)的財務(wù)顧問業(yè)務(wù)：主要體現(xiàn)在為政府的經(jīng)濟改革政策提供咨詢，特別是在經(jīng)濟發(fā)展戰(zhàn)略和規(guī)劃、對外開放政策、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施等方面。,2024/3/25,45,風險投資業(yè)務(wù),投資銀行涉足風險投資有不同的層次：第一，在公司設(shè)立初期用私募的方式為其籌 集資本；第二，對某些潛力巨大的公司有時也進行直接投資，擁有股權(quán)成為其股東；第三，設(shè)立“

68、風險基金”或“創(chuàng)業(yè)基金”向這些公司提供資金來源。,2024/3/25,46,項目融資業(yè)務(wù),投資銀行在項目融資中的作用主要表現(xiàn)：項目的可行性與風險的全面評估；確定項目的資金來源、承擔的風險、籌措成本；估計項目投產(chǎn)后的成本超支及項目完工后的投產(chǎn)風險和經(jīng)營風險；通過貸款人或從第三方獲得承諾，轉(zhuǎn)移或減少項目風險；以項目融資專家的身份充當領(lǐng)頭談判人，在設(shè)計項目融資方案中起關(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