摘要
本文从投资银行功能定位的理论基础出发,梳理投行功能职责和美国投资银行功能变迁。中国投资银行与国际一流投资银行功能差异主要体现在两个方面:第一,国际一流投资银行功能呈现综合化趋势,而中国投资银行功能还比较单一;第二,国际一流投资银行资源配置能力非常强,而中国投资银行资源配置能力相对不足。然后本文从国内外投行业务收入模块的比较看国内投行功能的定位及业务开展的深度和广度。本文将投行业务归纳成三类,即资本型业务、资本中介型业务和中介型业务,并提出我国投行应在三类业务的深度与广度上深入挖掘,以资本中介型业务为突破口,强化中国投资银行资源配置功能。最后本文从投行的功能定位角度提出未来需重点发展的业务,包括:⑴利用并购基金,发展并购业务,以夯实投资银行资源配置功能;⑵加强财富管理业务,以强化投资银行财富中介功能;⑶抢占先机,开展做市商业务,以实现投资银行市场组织和流动性提供功能。
This paper begins with the theoretical basis of the function of investment banks, and combs through the functions and responsibilities of investment banks and the evolution of the American investment banks' functions. The differences between China's investment banks and worldclass investment banks are mainly reflected in two aspects: first, the function of world-class investment banks is integrated, while the function of China's investment banks is relatively simple; second, the ability of asset allocation of world-class investment banks is very strong, while China's in-vestment banks lack such ability. Then by comparing the revenue module of domestic and international investment banks, the paper examines the function positioning of domestic investment banks and the breadth and depth of function interpretation. The paper classifies investment bank busi-ness into three categories: capital services, capital intermediate business and intermediate services. It argues that China's investment banks should dig deeply into the depth and breadth of these three types of business, and take capital intermediate business as a breakthrough to strengthen the a-bility of asset allocation. Finally, in view of function positioning of investment banks, the paper points out several businesses that need to focus on in future development, which include:(1) to make use of buyout funds to promote M&A business, in order to consolidate the ability of asset allocation of investment banks;(2) to strengthen the wealth management business, in order to strengthen the function of wealth intermediation of investment banks;(3) to seize the initiative to launch market maker business, in order to realize the function of market organization and liquidity provision.
出处
《上海金融》
CSSCI
北大核心
2014年第3期3-7,共5页
Shanghai Finance
关键词
投资银行
功能观
资本配置
业务结构
Investment Banks
Functional View
Asset Allocation
Business Structure
作者简介
李迅雷，海通证券股份有限公司副总裁兼首席经济学家；
李明亮，海通证券研究所高级分析师。
