对我国投资银行业发展的研究

【作者】 张炜；

【导师】 蒋屏；

【作者基本信息】 对外经济贸易大学 ， 企业管理， 2000， 硕士

【摘要】 现代投资银行是从事证券承销与交易、企业兼并与重组、基金管理、风险投资、财务顾问等多种业务的金融机构。目前我国已成长起一批投资银行机构，但其业务多限于证券的发行与交易，且规模较小，业务拓展能力有限，没有上升到资本配置与战略顾问的高度，与现代意义上的投资银行相差甚远。因此，有必要大力发展投资银行业，培育一批资金雄厚、有竞争力的、能充分参与我国资本市场的发展和国有企业改革的投资银行。由此，借鉴国外发达市场经济的经验，为我国的市场经济建设服务，进行投资银行业发展的研究，就成为了理论界和实务界义不容辞的责任。作为资本市场中最重要的媒介，投资银行在一国经济金融发展中发挥着沟通资金供求、优化资源配置、推动证券市场发展、推动产业结构升级四大基本功能，在世界经济中发挥着不容忽视的积极作用。自从70年代以来，随着国际经济一体化的发展和新技术革命的推动，国际上投资银行业得到了蓬勃的发展。近年来，投资银行表现出以下几大发展趋势：一是投资银行与商业银行的重新融合渐成趋势，全能型银行成为主流；二是投资银行业务日趋多样化、全球化，衍生金融工具的创新和应用日益广泛；三是投资银行业务技术化发展趋势明显；四是投资银行的风险管理体系日趋完善。我国的投资银行作为一种新兴的金融服务业，从80年代初发行和承销债券开始，发展到股票的发行、承销及证券经纪业务。随着沪、深证券市场的发展和经济、金融体制进一步改革的需要，投资银行业务从较初级的阶段逐步发展到现在的项目融资、公司理财、财务顾问和投资咨询、资产管理、资产证券化和已尝试的金融体制革新等。投资银行机构也逐步形成以证券公司为主，包括信托投资公司、投资咨询、财务顾问公司等多种非银行金融机构以及律师事务所、会计师事务所等并存经营、分工协作的格局，国内商业银行对这一业务领域也有所涉及。经过十余年的发展，投资银行业已然为我国证券市场的发展、金融体制改革和融资制度创新作出了突出的贡献。展望未来，经济发展、制度变迁及产业跃升这三大因素交织在一起，共同构建了中国投资银行业广阔的发展空间。经济发展产生直接融资需求的膨胀，我国经济在新世纪的发展，预示着国民经济金融化、特别是直接金融化的<WP=3>程度将有大幅度提高，作为直接融资中介的投资银行面临着广泛的需求。制度变迁需要资本市场的发展，而作为资本市场灵魂的投资银行将扮演重要角色。产业升级也向投资银行提出战略策划、财务咨询、融资安排等资本市场经营方面的全方位服务需求。而当前投资银行业的发展也有着紧迫性，这主要是我国经济结构调整的迫切要求。在其间，投资银行所起的作用是：推动资本市场的发展；解决经济结构调整中利益独立化的难题；避免经济结构调整中的债务危机和金融风险；投资银行可推进企业治理结构的改善，建立与完善现代企业制度；投资银行可提高存量资产的可交易性等。聚焦到国企改革，投资银行的角色是：为国有企业战略性改组筹集增量资金；为国有企业的并购提供中介服务；为国企债务重组提供新的解决思路。但是，与经济发展的客观需要相比，与国际上成熟的投资银行相比，我国的投资银行还存在着相当的差距，主要表现在：机构众多但规模小；功能不全，业务单一；竞争低效无序；专业服务水平低等。笔者从经营模式、发展基础、发展方向及业务重点上对中国投资银行业的发展作了分析。在经营模式上，投资银行与商业银行合业还是分业经营一直存在着争论。但近年来，合业论在无论是理论上还是实践上都占据了上风，合业经营是国际金融业的主流。但中国目前证券市场发展很不完善，商业银行风险控制机制尚在建立之中，监管制度还不到位，因此目前中国目前适宜采用分业经营的体制，但应在循序渐进的基础上过渡到合业制。在发展基础上，中国投资银行的主体应由证券公司或信托投资公司通过优化重组和改制而成，同时允许实力雄厚的大商业银行设立子公司经营投资银行业务。为促进投资银行的发展，还必须扩展投资银行的融资渠道。除了允许券商进行增资扩股、进入银行同业拆借市场及用股票质押融资外，应允许投资银行机构通过发行并购基金、金融债券及透支、信用贷款等方式融资。在发展方向上，当前证券公司向投资银行过渡的过程中，首先应解决的就是扩大规模，而通过现有机构之间的兼并重组来形成具有较大规模和实力的投资银行则不失为我国当前快速、低成本扩大投资银行规模的最佳选择，同时大型投资银行还可上市实现扩张。在管理上，投资银行应该实现客户服务、机构设置、人员配备上的一体化。在业务上，大型综合类的投资银行要在以往功能的基础上加强、补充和完善公司兼并<WP=4>收购财务顾问、风险管理工具创设及交易、资本管理及投资信托、理财顾问等业务功能，进一步拓展新的业务空间。但对大型机构来说，多元化经营并不排斥特色化经营；小型机构更应在特色化经营和市场细分上下功夫，以形成相互交融渗透而又相对清晰有序的竞争格局。创新是投资银行发展的生命线，投资银行从业机构应该加强研究，积极进行产品和业务创新，以不断满足客户的需要。另外更多还原

【Abstract】 Modern Investment Banks are those financial institutions that deal with underwriting and trading of stocks, mergers and acquisitions, venture capital and other financial consulting business. Despite their active participation into the market, the investment banking institutions of China still lag far more behind from so called modern ones. Most of the institutions in China are small-sized and with limited business coverage mainly on the underwriting and trading of stocks. It is of great need to, therefore, bring the investment bank of China a fast development and establish a group of competitive investment banks that are fully capitalized to play into the development of China capital market as well as the reform of the state-owned-enterprises (SOE). In view of this, the research concerning the development of the investment banking industry of China stands out as an imminent problem for China. As the most important intermediate of the capital market, the investment bank plays important roles such as channeling money, rationalizing resource allocation, promoting the development of the security market and pushing the upgrading of industry structure forward. Promoted by the economic globalization and the new technology revolution, the investment banking business has developed vigorously ever since the 1970s. The latest trends are: first, the re-convergence of investment banking and commercial banking takes the main stream and universal banking becomes popular. Second, the investment banks are more diversified and globalized, which gives financial derivatives more places. Third, new technologies are used in more scales and far more rapid paces than ever. The fourth is that the profound development of the risk management systems. The investment banking business of China saw its beginning at the early 1980s. It took the underwriting of bonds as its first step and made further move to the underwriting and broking of stocks. With the development of the security market in Shanghai and Shenzhen as well as the need for economic reform, the investment business has moved from its primary stage to advanced operations such as project financing, corporate financing, financial consulting, asset management etc. Taking the security firms as its main body, and trust companies, financial consulting agencies, lawyers and accountants as its part, the investment banking industry of China has formed its own structure. Commercial banks also play part in the business.<WP=6> During the past ten years, the investment banking business has contributed a lot to the development of the security market of China and to the economic reform. Looking to the future, economic development, system transition and upgrading of industry structure are the main three factors that contribute to the vast need for investment banking. Economic development stimulates direct financing. With the booming of Chinese economy in the next century, it can be expected that direct financing will be elevated to higher degree on the financing side. As the intermediate for direct financing, it is no doubt that the investment bank will subject to huge demand. System transition asks for the development of the capital market. As the soul of the capital market, the investment bank will play important roles during the process. And upgrading of industry structure also asks for the service of the investment bank, which is veteran of financing and capital operation. Huge demands ahead, the investment banking business is pressed to have an aggressive development. This is mainly driven by the pressure to adjust the structure of the economy of China. Investment banking will make its way to push the development of the capital market, solve the dilemma for the independence of interests during the reform and resolve the credit crisis and financial risks. Investment banking is also asked to improve the administrative structure of enterprises, rationalize the modern enterprise system and enhance the liquidity of the asset. As to its role in the reform of the SOE, the invest更多还原