Unit 6 Investment Banking

Unit6 Investment Banking
The practice of Investment Banking投资银行实务
Venture Capital and Acquisition
1．Investment banks are involved with venture capital investments. This includes venture capital fund management, taking portfolio companies public, or selling out to other businesses. Most investment banks have venture capital operations. Venture capital typically provides capital and strategic guidance to companies that may be recently formed and rapidly growing, but not yet large enough to access the public equity markets. Venture investing includes startups, growth stage, buyouts, and consolidation and company turnaround. Venture Capital Markets describes venture capital operations, investment agreements, and exit strategies. Mergers and Acquisitions (M&As) are an integral part of investment banking business. Mergers and Acquisitions covers strategic planning,valuation, financing, closing, and legal considerations. Top advisors in the United States include Merrill Lynch, Goldman Sachs, Morgan Stanley Dean WiRerlomon Smith Barney, Lehman Brothers, Credit Suisse First Boston. JP Morgan, Bear Steams, and DLJ.
投资银行实务
风险投资与收购
Investment banks are involved with venture capital investments.投资银行会参与风险投资业务
This includes venture capital fund management, taking portfolio companies public, or taking the selling out to other businesses.
fund management：基金管理
Pottfolio companies: 可译为组合公司。

在风险投资业，一个基金把所有筹集到的资金投资到多个证券公司，以此来追求一种组合式的投资策略；而接受此资金的证券公司被称为组合公司。

（英文就是portfolio company）
Take …public: 上市，
Go public: 公开上市。

Public Company：上市公司
taking the selling out: 卖给
参考译文：其中包括风险投资基金的管理，使所投资的公司上市或将其卖给其他企业。

Most investment banks have venture capital operations.大多数投资银行都有风险投资业务。

Venture capital typically provides capital and strategic guidance to companies that may be recently formed and rapidly growing, but not yet large enough to access the public equity markets.
Equity: 在会计学上指净资产(net assets). 也就是“总资产（total assets）减去“总负债”（total liability）的余额，通常，在股份制企业呢，把净资产成为股东权益，(shareholders’ equity), 在
非股份制企业，成为所有者权益(owner s’equity). 公司公开上市后，股票发行所获得的款项叫做“权益资本”英文是：(equity capital). 公开发行股票来募集资金的市场叫做，公募股票市场，英文为(public equity markets)，这句话中的access，意思是进入，那么access the public equity markets 我们理解为从从公募股票市场上融资。

（好，我们来看一下这句话。

）Venture capital typically provides capital and strategic guidance to companies风险投资主要（通常）是为企业提供资本和战略指导，that 后面的从句告诉我们为什么样的企业或公司提供资本和战略指导。

这些公司是一些may be recently formed新近成立的，rapidly growing, 成长快速的，but not yet large enough，但还没有足够的能力to access the public equity markets.从公募股票市场上融资的公司。

（参考译文）风险投资主要（通常）是为那些处于初创阶段，具有快速成长潜力、但还没有足够的能力从公募股票市场上融资的企业提供资本和战略指导。

Venture investing includes startups, growth stage, buyouts, and consolidation and company turnaround.风险投资包括初创(或启动)期、成长阶段、收购、合并以及公司经营的转向。

buyouts：The purchase of a company or a controlling interest of a corporation's share s. A leveraged buyout is accomplished with borrowed money or by issuing more stock. 买一家公司或一家公司的控股股权。

负债收购（杠杆收购）指通过借贷或发行更多股票来获得另一家公司的产权完成收购interest：在这里是股权的意思。

A controlling interest：控股股权
consolidation：意思是“新设合并”指要合并的公司全部解散、法律地位均归于消失，然后重新设立一家新公司。

英语中另外一个单词merger和它的意思是一样的。

（我们来看一句话：The watershed deal set off a wave of consolidation in the automotive industry and signaled that German companies were prepared to play aggressively on the world stage. (Business week)
这笔交易具有转折意义，在汽车产业掀起一股整和（或合并）浪潮，它同时向外界发出一个信号：德国公司就要在世界舞台上扮演猛烈的角色。

Venture Capital Markets describes venture capital operations, investment agreements, and exit strategies. 风险投资市场讲述了风险投资的运作、投资协议以及退出策略。

（风险资本的使命和特征在于，通过注入资金和管理，协助创业者创业，加速企业走向成熟；一般在新创业成熟之前，创业资本就会自动退出，寻求下一个有发展潜力的新创业公司。

）（创业资本退出的方式主要有4种：1首次公开发行（IPO initial public offering）。

通过公司的go public 公开上市，风险投资者将自己持有的股份售给公众投资者，在股市上实现套现(cash out). 2. 被另一家企业收购(acquire/ take over). 3. 新创企业回购（buy back）风险投资家手中的股份。

4. 将风险投资家的股份转让给第三方，从而第三方成为公司的新股东。

Mergers and Acquisitions (M&As) are an integral part of investment banking business.兼并与收购(M&As)是投资银行的一个业务核心。

Mergers and Acquisitions covers strategic planning,valuation, financing, closing, and legal considerations.兼并与收购讲述的内容包括战略计划、评估、融资、结盘以及有关的法律问题。

Top advisors in the United States include Merrill Lynch, Goldman Sachs, Morgan Stanley Dean WiRerlomon Smith Barney, Lehman Brothers, Credit Suisse First Boston. JP Morgan, Bear Steams, and DLJ.
在美国，顶级金融顾问包括美林公司、高盛公司、摩根斯坦利－丁韦特公司、曼兄弟公司、瑞士信贷第一波士顿、J．P．摩根、
高盛Goldman Sachs
世界上最早的专业投资银行，由Goldman Sachs先生创办于1861年。

高盛以其浓厚的企业文化著称，在100多年的历史上一直坚持投行主体战略，很少涉足商业银行、零售经纪等领域（但并非完全不涉足），是华尔街投行之首。

值得注意的是，最近几年高盛的老大地位被摩根士丹利严重动摇，去年丢掉了全球销售额第一的宝座，在中国又屡次被大摩超过。

在商业银行和投资银行日益整合的今天，没有商业银行传统的高盛能否再续辉煌，是投行界一直关注的话题。

摩根士丹利Morgan Stanley
绰号“大摩”，原摩根财团下属的投行，但现在摩根财团早已瓦解，大摩与JP摩根并无特殊关系。

1933年美国规定投资银行和商业银行必须分开，大摩才成为纯粹投资银行，历史上一直紧追高盛，去年已经夺去第一把交椅。

摩根士丹利是对中国市场动手最早的投行之一，是中金的大股东。

摩根士丹利几年前收购了美国最大的证券经纪公司——添惠（Dean Witter），但证券经纪业务并没有与其原有业务融合，而且不久前刚刚经历高层震荡，未来几年的前景很难预料。

JP摩根JPMorgan
原摩根财团下属的商业银行，早在1989年就被美国政府特许从事投资银行业务.2001年由于经营不善,遭遇危机,与大通银行合并。

随着美国放松投资银行业务管制，JP摩根逐渐发展为类似于德意志银行、瑞士银行的“全能银行”，下属的Bank One也是著名银行品牌。

JP 摩根还是美国最大的资产管理公司，许多著名的基金经理都出自JP摩根旗下。

美林证券Merrill and Lynch
全世界最大的散户证券经纪商，依靠散户投资的浪潮起家，其证券分析和咨询部门是全世界最强的。

严格的说，投资银行并不是美林的主要业务，但随着其“第一证券经纪人”地位的巩固，其投资银行业务也越做越大，仅次于高盛、大摩等传统投行。

但是，美林的投资银行和证券经纪两个主要部门的利益冲突也日益积累，大客户与散户的利益很难兼顾，在投资银行与证券经纪及咨询业务日益分离的今天，美林也面临着难以预料的挑战。

瑞士银行UBS
瑞士银行是欧洲最大的全能银行之一，其投资银行部门主要是瑞银华宝(Warsburg)，原为英国华宝集团的投资银行。

瑞士银行主要以其强大的商业银行部门著称，在美国市场不是主流投资银行，在中国证券领域也没有太大动作。

可以肯定的是，瑞士银行会不断发展利润丰厚的投行业务，向JP摩根、德意志银行靠拢
雷曼兄弟Lehman Brothers
2004年被评为“在欧洲最受欢迎的投资银行”，但其总部在美国，地位次于高盛、大摩，与美林、所罗门美邦（现在已经瓦解）处于差不多的等级。

雷曼兄弟主要从事固定收益和兼并重组业务,在投资银行传统的股票发行领域却建树不多.它在中国的业务开展比较迟缓，目前主要进攻的是日本和香港市场，虽然在北京也有分部，但并没有听说什么大的动作。

Securities Underwriting
Most Wall Street firms offer a full range of capital raising and corporate finance service, from initial public offerings (IPOs) and secondary equity offerings, to debt financing, to private placements. Stock Underwriting describes the process of bringing securities to the public.
证券承销
华尔街的大多数公司都提供全方位的资本筹集和公司财务服务，从首次公开发行(IPOs)和二次股票发行到债务融资、私募。

股票承销讲述了证券上市的过程。

Bring …to the public:上市。

Investment banks, through their primary dealerships, actively participate in the government securities market. The annual issuance volume is huge--$2 trillion to $2.5 trillion in recent years. The government securities market is the largest and most liquid of all markets. Other fixed-income securities, such as agency issues,amount to additional hundreds of billions of dollars.
Investment banks, through their primary dealerships, actively participate in the government securities market. 投资银行通过其交易商的身份在政府证券市场表现非常活跃。

The annual issuance volume is huge--$2 trillion to $2.5 trillion in recent years.年发行数额十分巨大，近年来总额已达2～2．5万亿美元。

The government securities market is the largest and most liquid of all markets.政府证券市场是所有市场中最大的，也是流动性最好的市场。

Other fixed-income securities, such as agency issues, amount to additional hundreds of billions of dollars.
其他固定收入型证券，例如美国政府代理机构发行的证券，总额也达到上千亿美元。

Asset Securitization ,
Asset securitization is the selling of securities backed by the cash flows from a pool of financial assets. It has revolutionized the way by which business are financed. It provides businesses with access to new sources of capital at lower costs, even after factoring in upfront analysis, structuring, and credit enhancement costs. The revolutionary process first began with mortgage pass-through and then moved to other asset types. One of the largest asset-booked markets is the mortgage securities market. The discussion covers prepayment risk, valuation, trading, and settlement. Other asset-backed issuances, such as collateralized bond obligations, which convert junk bonds to investment-grade investments, are recent additions to the asset-backed innovations.
资产证券化
Asset securitization is the selling of securities backed by the cash flows from a pool of financial assets.资产证券化是指由一批金融资产组合产生现金流作为支持的证券的出售过程。

It has revolutionized the way by which business are financed. 这一创新给企业融资方式带来了一场革命. It provides businesses with access to new sources of capital at lower costs, even after factoring in upfront analysis, structuring, and credit enhancement costs.它给企业提供了成本更低的资金来源，即使在考虑了前期分析、业务结构的构造以及信用增强成本之后其成本还是很低。

Factor v. factor in…..: （固定的搭配）：把…..考虑在内。

The revolutionary process first began with mortgage pass-through and then moved to other asset types.这一革命性业务首先从抵押转递证券开始，进而扩展到了以其他资产类型为支持的证券。

One of the largest asset-backed markets is the mortgage securities market.抵押资产为支持的证券市场是最大的资产支持证券市场之一，The discussion covers prepayment risk, valuation, trading, and settlement. 其内容涵盖提前偿付风险、定价、交易和结算。

Other asset-backed
issuances, such as collateralized bond obligations, which convert junk bonds to investment-grade investments, are recent additions to the asset-backed innovations. 其他类型的资产支持证券发行，近来已经成为资产支持证券的创新品种。

如：附担保的债券可以使垃圾债券成为投资级证券，。

collateralized bond obligations：附担保的债券：由垃圾债券作为支持的证券称为附担保的保证债券（
Trading
Many investment banks put up a substantial amount of capital for proprietary trading as part of the firm’s principal transactions. Such activities may involve a significant exposure to market, credit, and liquidity risks. Investment banks earn a significant proportion of revenue from trading and investment. Outstanding players in trading include many of the best-known investment banking houses and hedge funds. Scientific-approach-based trading and arbitrage plays are high-stakes games. Directional strategies anticipate changes in absolute rate and price levels, while relative-value strategies anticipate changes in relationships between markets and classes of instruments. Day trading requires the trader's feel of the market.To succeed, day traders must understand that they are competing with the sharpest minds and have to handle it as a serious intellectual pursuit.
交易
Many investment banks put up a substantial amount of capital for proprietary trading as part of the firm’
s principal transactions.许多投资银行将产权交易(proprietary trading)作为公司的主要业务，在该交易上投入大额资本.
put up a substantial amount of capital for：为某事而注入大量资本。

Such activities may involve a significant exposure to market, credit, and liquidity risks.此类交易意味着巨大的市场风险、信用风险和流动性风险。

exposure to market =exposure across market 市场风险。

Most investment banks earn a significant proportion of revenue from trading and investment. 大多数投资银行的很大一部分收入是从交易和投资活动中获得的. Outstanding players in trading include many of the best-known investment banking houses and hedge funds.交易活动中的参与者包括著名的投资银行和对冲基金。

A hedge fund ：A hedge fund is an investment group often organized as a limited partnership. Most hedge funds are limited to a maximum of 100 investors. For the most part, hedge funds are unregulated because it is assumed the people investing in these are very sophisticated and wealthy 是由有限的成员组成的投资组合。

大部分对冲基金包含的投资者数目限于最多100名。

对冲基金大多不受监管，因为投资对冲基金的投资者大多经验丰富，财力雄厚
Scientific-approach-based trading and arbitrage plays are high-stakes games.以科学技术为基础的交易和套利，其风险巨大。

arbitrage套利：The simultaneous purchase and selling of a security in order to profit from a differential in the price. This usually takes place on different exchanges or marketplaces.同时买入及卖出证券，意图从差价中获利，在一般于不同的交易所或市场进行买卖。

Directional strategies anticipate changes in absolute rate and price levels, while relative-value strategies anticipate changes in relationships between markets and classes of instruments.指导性的战略预测的是绝对利率和价格水平的变化，相对价值战略则预测市场和各种工具之间关系的变化。

Day trading requires the trader's feel of the market.当日交易(day trading)要求交易者对市场要有感觉.To succeed, day traders must understand that they are competing with the sharpest minds and have to handle it as a serious intellectual pursuit.取得成功，当日交易者必须明白他们是在与最敏锐的头脑打交道，应该把交易当作一项严肃的智力活动。

Pursuit: n. an activity which you spend a lot of time doing. 活动。

The Practice of Investment Banking ( II )
Repurchase Agreements
Repurchase agreements (repos) are extensively used in dealer financing, customer funding, and matched-book trading. In addition, understanding the market is essential to assessing value in the securities markets. The repo market has grown rapidly over the past several years, with the average daily amount outstanding toppings $2 trillion. The market is expected to continue to grow fueled by the aeries in demand for funding and innovations in the marketplace.The relaxation of regulation will further benefit the fixed-income repo market help foster the equity repots market. The relaxation of Regulation T will further benefit the development of the fixed-income repo market and will, together with the National Securities Markets Improvement Act of l996, help give birth to the equity repo market
投资银行实务
(二)回购协议
Repurchase agreements (repose) are extensively used in dealer financing, customer funding, and matched-book trading回购协议(repos)在经纪人融资、客户基金和平衡账目交易中广泛运用。

回购购协议是由借贷双方鉴定协议，规定借款方通过向贷款方暂时售出一笔特定的金融资产而换取相应的即时可用资金，并承诺在一定期限后按预定价格购回这笔金融资产的安排。

其中的回购价格为售价另加利息，这样就在事实上偿付融资本息。

回购协议实质上是一种短期抵押融资方式，那笔被借款方先售出后又购回的金融资产即是融资抵押品或担保品。

回购协议分为债券回购和股票回购两种。

两种形式都是融资的手段，而且一贯都被认为是比较安全且回报高而快的方式。

matched-book：(When the distribution of maturities of a bank's liabilities equal its assets)指到期日银行或交易商的负债与资产相当，. (A dealer's account in which borrowing costs equal the interest earned on loans.) 也指借款成本与货款利息收入相当。

In addition, understanding the market is essential to assessing value in the securities markets.另外，了解这一市场对在证券市场上进行价值评估至关重要。

The repo market has grown rapidly over the past several years, with the average daily amount toppings $2 trillion.回购市场在过去几年里发展迅速，日平均发行额高达2万亿美元。

Toppings：在英式英语中意思是：顶呱呱的。

The market is expected to continue to grow fueled by the increase in demand for funding and innovations in the marketplace.由于市场对融资和创新工具的需求上升，预计这一市场将继续发展。

In a typical repo transaction, a dealer puts up liquid securities as collateral against a cash loan while agreeing to repurchase the securities at a future date. The start-leg is usually settled the same day. The close-leg, repurchase, is a forward transaction. A repo is in format a securities transaction, but is in essence a collateralized loan to finance the purchase of the underlying security. The repo markets are therefore often called financing markets.
在一笔典型的回购交易中，交易商将流动性证券作为现金贷款的抵押品，同时承诺在未来的某个日子将证券购回。

第一笔交易通常在同一天进行结算。

而第二笔交易，即回购，是一种远期交易。

回购协议从表面上看是一笔证券交易，但实际上它是一笔为作为购买基础的证券进行融资的抵押贷款。

因此回购市场经常被称为融资市场。

Financial Engineering
Financial Engineering explains how competition among investment banking professionals to meet the needs of borrowers and in stores--such as hedging, funding, arbitrage, yield enhancement, and tax purposes-drives the explosive growth in the structured and derivatives markets (rapidly approaching the $30 trillion mark).The junk bond and asset-backed markets provide borrowers with additional funding sources at lower costs. Structured notes add another dimension in the funding and investment spectrum. Transactions in repurchase agreements provide borrowers with lower funding costs and give lenders legal title to the collateral. Through swap contracting, borrowers and investors obtain a high degree of flexibility in asset-liability management at better terms. Credit derivatives are the new trend with widespread applications, but new products emerge all the time.
金融工程
Financial Engineering explains how competition among investment banking professionals to meet the needs of borrowers and investors--such as hedging, funding, arbitrage, yield enhancement, and tax purposes-drives the explosive growth in the structured financial instruments and derivatives markets (rapidly approaching the $30 trillion mark). 金融工程解释了投资银行家之间为满足借款人和投资者的需要(比如套期保值、融资、套利、提高收益（yield=profit）和税收方面的考虑)所进行的竞争，是如何促进结构化金融工具和衍生工具市场的爆炸性发展的(这些市场的交易额已经迅速接近到了30万亿马克)。

The junk bond and asset-backed markets provide borrowers with additional funding sources at lower costs.垃圾债券和资产支持证券市场向借款人提供了新的、成本更低的融资渠道。

Structured notes add another dimension in the funding and investment spectrum结构化票据的发展则进一步扩大了融资和投资领域。

dimension ：方向，方面，领域。

Spectrum：范围，系列，领域。

（同义词）
Transactions in repurchase agreements provid e borrowers with lower funding costs and give lenders legal title to the collateral.
回购协议交易降低了借款人的融资成本并赋予了贷款人对担保品的法律所有权。

Through swap contracting, borrowers and investors obtain a high degree of flexibility in asset-liability management at better terms.通过互换交易，借款人和投资者在资产负债管理方面则以更有利的条款获得了较高程度的灵活性。

Credit derivatives are the new trend with widespread applications, but new products emerge all the time.
信用衍生工具成为新的趋势，被广泛应用，不过，新的金融产品仍将不断涌现。

Money Management
Money management is an important segment of the capital markets and is becoming an integral part of the investment banking business. Money Management explains why for investment banking houses, fund business is not a question of whether to enter, but whether to "buy" or to "build". Wall Street firms are buying into fund management operations for obvious reasons. First of all, it is one of the most attractive segments of the financial services industry it expands the scope of products and services that investment banks offer to clients. Furthermore, the income stream is less volatile than trading, underwriting, or mergers and acquisition. The affiliated funds also provide synergy to the bank's underwriting business.
资金管理
Money management is an important segment of the capital markets and is becoming an integral part of the investment banking business.资金管理是资本市场中的一项重要业务，并正在成为投资银行业务中必不可少的一部分。

Segment: a part of something. 部分。

Money Management explains why for investment banking houses, fund business is not a question of whether to enter, but whether to "buy" or to "build".对于投资银行来说，基金业务不是是否应该进入的问题，而是“购买”或“建立”的问题，资金管理解释了其中的原因。

Wall Street firms are buying into fund management operations for obvious reasons. 华尔街公司进入基金行业的目的很明显。

First of all, it is one of the most attractive segments of the financial services industry，it expands the scope of products and services that investment banks offer to clients.
首先,这是金融服务行业最吸引人的一部分，它扩展了投资银行向客户提供的产品和服务范围。

Furthermore, the income stream is less volatile than trading, underwriting, or mergers and acquisition.其次，其收入不像交易、承销、兼并和收购那样容易大幅波动，The affiliated funds also provide synergy to the bank's underwriting business.附属基金(或关联基金)也已成为银行承销业务的一部分。

Synergy：（两个人的精力和思想结合后产生的）协同作用，增效作用。

Clearing and Settlemen
Clearing and Settlement describes the process of clearing and settlement for various types of securities. Clearing is processing a trade and establishing what the parties to the trade owe each other. Settlement is the transfer of cash and securities between the parties, so the transaction can be completed. Clearing and settlement are usually referred to as the back-office operations. The first step in the clearing and settlement process is to convey the details of the trade from traders to the back office. The second step is to compare and match between the purchaser and the seller to
ensure that they agree on what is to be traded and on what terms. The final phase is to deliver what has been promised in the trade.
清算和结算
Clearing and Settlement describes the process of clearing and settlement for various types of securities. 清算和结算描述了各种各样证券的清算和结算过程。

Clearing is processing a trade . 清算是一个交易过程。

Settlement is the transfer of cash and securities between the parties. 结算在交易双方之间进行现金和证券的转移以便结束交易。

Clearing and settlement are usually referred to as the back-office operations.清算和结算通常被认为是后勤部门的活动。

The first step in the clearing and settlement process is to convey the details of the trade from traders to the back office.清算和结算的第一步是将交易细节传回到后勤部门，The second step is to compare and match between the purchaser and the seller to ensure that they agree on what is to be traded and on what terms.第二步是在买方和卖方之间进行比较，以确定双方在交易标的和交易条件上的一致性，The final phase is to deliver what has been promised in the trade. 最后一步是发送交易的标的物。

a Piece of News of Investment Banks
东亚经济评论的一篇文章：21世纪的投资银行革命:从华尔街到全世界
文章说：近年来，“投资银行”可以说是中国金融界最热门的词汇。

在各种招聘会、展示会上，各大投资银行的柜台总是水泄不通；从年轻的大学毕业生到已经摸爬滚打多年的金融老手，几乎人人都盼望为投资银行工作。

然而，吸引人们的主要是投行的丰厚待遇和所谓的“广阔发展空间”，至于投资银行业究竟前景如何，在整个金融生态链中处于什么地位，人们往往并没有足够的理性认识。

其实：“投资银行”(Investment Banking)完全是一个美国词汇，在欧洲或日本，原来不存在这样一种东西。

严格的说，投资银行不是银行。

在传统的金融学教科书里，“银行”是经营间接融资业务的，通过储户存款与企业贷款之间的利息差距赚取利润；而投资银行却是经营直接融资业务的，一般来说，它既不接受存款也不发放贷款，而是为企业提供发行股票、债券或重组、清算业务，从中抽取佣金。

投资银行业务的利润是很高的。

以最常见的股票发行业务为例，投资银行一般要抽取7%的佣金，也就是说，如果客户发行价值100亿美圆的股票，投资银行就要吃掉7亿美圆。

如果客户的股票上市之后立即大涨，投资银行还能再赚取一笔差价。

债券发行业务的利润相对较少，但风险也较小。

除此之外，兼并重组与破产清算是投资银行最激动人心的业务，近年来欧美动辄发生价值几百亿甚至几千亿美圆的超级兼并案，如美国在线兼并时代华纳、惠普兼并康柏等等，背后都有投资银行的推波助澜。

因为兼并业务的技术含量很高，利润又很丰厚，一般被认为是投资银行的核心业务，从事这一业务的银行家是整个金融领域最炙手可热的人物。

在美国，投资银行往往有两个来源：一是由商业银行分解而来，典型的例子如摩根士丹利, 摩根银行分解为从事投资银行业务的摩根士丹利以及从事商业银行业务的JP摩根。

；二是由证券经纪人发展而来，典型的例子如美林证券。

美国投资银行与商业银行的分离发生在1929年的大股灾之后，但是在欧洲，各国政府一直没有颁布这样的限制，投资银行业务一般都是由商业银行来完成的，所以形成了许多所谓的“全能银行”，如德意志银行、荷兰银行、瑞士银行、瑞士信贷银行等等。

事实证明，商业银行和投资银行由同一金融机构完成，在欧洲不但没有引起金融危机，反而在一定程度上加强了融资效率，降低了金融系统的风险。

在日本和中国，具备投资银行职能的金融机构被称为“证券公司”，它们除了为企业承销股票和债券、负责企业兼并重组及破产清算事宜之外，还负担着证券分析和证券经纪人的角色。

日本最大的证券公司如东洋证券，中国最大的证券公司如申银万国，既为企业融资充当经纪人，又为大小投资者买卖股票充当经纪人。

因此，中国的大型证券公司实际上就是美国的投资银行，只是人们往往没有注意到这一点而已。

在中国，国有商业银行往往也兼有投资银行的职能，它们可以为企业承销债券，并接受委托理财，只是不能承销股票而已。

在美国，JP摩根银行、美洲银行等大型商业银行却在大举进军投资银行领域，商业银行与投资银行的整合在美国已经形成趋势，美国法律对此也开起了绿灯。

商业银行经营投资银行业务有先天优势，它可以利用与各大企业的存款、贷款关系网争取到许多客户，不用像传统的投资银行那样依靠证券分析和咨询吸引客户。

在投资者心目中，商业银行拥有更充足的资金和更良好的信誉，它们主要缺乏的是投。