比較研究中美投資銀行的資本結(jié)構(gòu)【外文翻譯】

1、外文題目：Comparative Research on Capital Structure of Sino-US Investment Banks 出 處： Bank of Qingdao，P．R．China 作 者：

2、 LIU Ruibo， ZHAI Yinjia 原文：Comparative Research on Capital Structure of Sino-US Investment BanksAfter more than 20 years of development, China’s investment banks have demonstrated scale

3、economy characteristics tentatively, and the concentration ratio of capital market improves progressively．Comparing the capital structure of China’s investment banks with that of the USA's，we can see that the sh

4、areholders’equity-liabilities ratio of our investment banks is much higher than the American investment banks of the same period，which indicates that the capital structure of China’s investment banks is sti

5、ll unreasonable，and their financing ability is still not strong enough．The future reform is oriented to increase the financing channels of investment banks in capital and securities market。and to promote their a

6、bility in assets management and risk controlling．1 Capital Accumulation：China’s Investment Banks Have Preliminarily AppearedAfter about 20 years development，the quantity of China’s securities firms have increas

7、ed，and the scale of China’s investment banks have been increasingly extended。 ．Since 1990，the quantity of China’ssecurities firms and their business departments have ascended，while the total capital，net

8、 capital and retained profits of investment banks have taken on convex trend.According to the overall situation of China’s investment banks．the which have already been verified by the practice and theories

9、of western developed countries represented by the US during the last one hundred years.Capital intensiveness is a main characteristic of investment banks．Abundant capital can help to resist risks，and at the same time the

10、 cost decrease caused by scale—effect will bring investment banks togreater competitive advantage．We Call say that the scale of capital has directly determined the competitiveness of investment banks．Tab．2 and Tab．3 desc

11、ribe the comprehensive capital strength of China’S top ten investment banks and the four major investment banks of the US at the end of 2006 respectively．Comparing Sino—US investment banks’capital scale in lateral．we can

12、 see that, compared with investment banks on the matured markets of foreign countries，the capital and assets of China’s investment banks are obvious small and weak in scale．Taking Merrill Lynch securities for example，its

13、 total capital had reached 34，659 million US dollars in 2006，while China galaxy securities，whose total capital ranked first，had only 43，202 million yuan at the same period．On the other hand，there areenormous

14、disparities between them in business income．The total business income of Merrill Lynch Securities reached 34，659 million US dollars in 2006，while China Galaxy Securities’business income was only 3,429 million yuan

15、．Meanwhile，the level rate of American investment banks is relatively high，and their net profit, employees，and the amount of investment bank were almost 1 8，6，and 3 times of China’S respectively in 2006. Viewed from an av

16、erage point．the average scales of American investment banks have far exceeded our securities companies．The main reason restricting the overall scale of China’S investment banks is the narrow financing channel．St