现代国际资本市场与投资银行概述hrsh.pptx

现代国际资本市场与投资银行现代国际资本市场与投资银行金岩石Total Investable Capital Market 全球资本市场总额全球资本市场总额December 31,1998(Preliminary)U.S.Equity21.7%Cash Equivalents 4.8%U.S.Real Estate 4.3%Emerging Markets 2.8%Non-U.S.Bonds26.1%Dollar Bonds*19.6%Venture Capital0.1%Non-U.S.Equity19.6%$58.2 Trillion*Includes High-Yield BondsSource:Brinson Partners,Inc.Largest Recent One-Year Real Stock Price Index Increases各国股市最大一年涨幅各国股市最大一年涨幅1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25.CountryPercentageincreaseOne-yearperiodPrice Changeover subsequentone-year period(percent)PhilippinesTaiwanVenezuelaPeruColombiaJamaicaChileItalyJamaicaThailandIndiaItalyAustriaFinlandDenmarkSpainLuxembourgSwedenPortugalLuxembourgHong KongHong KongKoreaHong KongSweden683.4400.1384.6360.9271.3224.5199.8166.4163.4161.9155.5147.3145.4128.3122.9119.8113.4111.5103.8103.6101.099.198.898.696.6Dec.1985-Dec.1986Oct.1986-Oct.1987Jan.1990-Jan.1991Aug.1992-Aug.1993Jan.1991-Jan.1992Apr.1992-Apr.1993Jan.1979-Jan.1980May 1985-May1986Aug.1985-Aug.1986Oct.1986-Oct.1987Apr.1991-Apr.1992Apr.1980-Apr.1981Feb.1989-Feb.1990Sept.1992-Sept.1993Apr.1971-Apr.1972Dec.1985-Dec.1986Dec.1992-Dec.1993Aug.1982-Aug.1983Apr.1997-Apr.1998Jan.1985-Jan.1986Jan.1993-Jan.1994Feb.1975-Feb.1976Feb.1975-Feb.1976Nov.1979-Nov.1980Aug.1977-Aug.197828.465.733.115.8-19.9-59.238.9-15.78.7-2.6-50.3-32.1-19.846.3-12.44.2-10.8-9.6-34.12.6-38.5-3.431.9-22.4-50.8Largest Recent One-Year Real Stock Price Index Decreases各国股市最大一年跌幅各国股市最大一年跌幅Country1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25PercentagedecreaseOne-yearperiodPrice Changeover subsequentone-year period(percent)TaiwanJamaicaSwedenUnitedKingdomThailandSouth AfricaPhilippinesKoreaPakistanIndiaDenmarkHong KongHong KongNorwaySpainNorwayAustraliaFranceIndonesiaCanadaFinlandColombiaItalyNorwayDenmark-74.9-73.8-63.6-63.3-62.8-62.1-61.9-61.9-59.5-58.4-56.0-55.5-55.1-54.2-54.1-53.6-53.0-49.0-48.1-47.9-47.5-47.1-46.1-46.1-45.8Oct.1989-Oct.1990Jan.1993-Jan.1994Aug.1976-Aug.1977Nov.1973-Nov.1974Aug.1997-Aug.1998July1985-Jul.y1986Oct.1973-Oct.1974June1997-June1998Oct.1990-Oct.1991Nov.1963-Nov.1964July1969-July1970Aug.1997-Aug.1998Dec.1981-Dec.1982May1967-May1968Oct.1976-Oct.1977Jan.1974-Jan.1975Oct.1973-Oct.1974Sept.1973-Sept.1974Mar.1997-Mar.1998June1981-June1982Feb.1990-Feb.1991Jan.1980-Jan.1981Apr.1974-Apr.1975Dec.1989-Dec.1990Sept.1973-Sept.197485.169.696.672.771.948.9-14.1167.09.0-18.8-15.390.07.739.9-15.6-2.133.625.3-45.169.46.374.2-31.368.614.7Largest Recent Five-Year Real Stock Price Index Increases各国股市最大五年涨幅各国股市最大五年涨幅CountryPercentageincreaseFive-yearperiodPrice Changeover subsequentfive-year period(percent)1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25PhilippinesPeruChileJamaicaKoreaMexicoTaiwanThailandColombiaSpainIndiaFinlandAustriaPortugalFinlandJamaicaJapanFranceFinlandHong KongNetherlandsNorwayNorwaySwedenHong Kong1,253.2743.1689.7573.9518.3501.7468.1430.7390.7381.9346.1336.3331.3329.1291.0280.2275.6262.6262.5261.6256.6253.1248.4247.1230.9Nov.1984-Nov.1989Sept.1991-Sept.1996Mar.1985-Mar.1990Dec.1980-Dec.1985Mar.1984-Mar.1989Jan.1989-Jan.1994May1986-May1991May1986-May1991Apr.1989-Apr.1994Oct.1982-Oct.1987Apr.1987-Apr.1992Sept.1992-Sept.1997Jan.1985-Jan.1990Apr.1993-Apr.1998Sept.1982-Sept.1987July 1984-July1987Aug.1982-Aug.1987Mar.1982-Mar.1987Feb.1968-Feb.1973Jan.1975-Jan.1980July1993-July1998Sept.1982-Sept.1987Oct.1992-Oct.1997Aug.1982-Aug.1987Oct.1982-Oct.198743.5Not available104.238.7-36.6-50.9-12.717.0-52.0-33.758.4Not available-39.7Not available-55.510.9-48.510.2-68.2-17.2Not available-18.9Not available-36.9-14.6Largest Recent Five-Year Real Stock Price Index Decreases各国股市最大五年跌幅各国股市最大五年跌幅1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25CountryPercentagedecreaseFive-yearperiodPrice Changeover subsequentfive-year period(percent)SpainJamaicaVenezuelaThailandPhilippinesItalyPakistanNorwayJamaicaPhilippinesIndiaUnited KingdomSouth AfricaColombiaColombiaChilePhilippinesFinlandKoreaPortugalJamaicaKoreaItalyFrance Italy-86.6-85.5-84.9-84.0-83.1-80.7-78.3-77.1-76.9-76.6-74.6-73.5-73.4-73.3-72.7-72.6-72.7-71.3-68.3-67.9-64.2-63.6-62.6-62.5-62.3Dec.1974-Dec.1979July1973-July1978May1977-May1982Jan.1994-Jan.1999Feb.1980-Feb.1985June 1973-June1978Feb.1994-Feb.1999July1973-July1978Jan.1993-Jan.1998Sept.1969-Sept.1974Aug.1962-Aug.1967Dec.1969-Dec.1974Apr.1981-Apr.1986July 1971-July1976July1979-July1984June1980-June1985Apr.1976-Apr.1981Oct.1973-Oct.1978June1993-June1998Jan.1988-Jan.1993Nov.1969-Nov.1974Aug.1978-Aug.1983Jan.1970-Jan.1975Jan.1973-Jan.1978Sept.1960-Sept.19650.1185.2138.9Not available1,000.072.6Not available74.1Not available-40.70.781.516.6-24.836.9587.924.499.0Not available222.6-68.9375.0-46.15.7-0.5The Top 100 Economies and MNEs,1998 (2-1)全球前100名经济实体与跨国公司 Rank country/Company US$billions Rank country/Company US$billions 1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25.United StatesJapanGermanyFranceUnited KingdomItalyChinaBrazilCanadaSpainIndiaNetherlandsMexicoAustraliaKorea,Republic ofRussiaArgentinaSwitzerlandBelgiumSwedenAustriaTurkeyDenmark General MotorsHong Kong7,921.34,089.92,122.71,466.21,263.81,166.2928.9758.0612.2553.7421.3388.7380.9380.6369.9337.9324.1284.8259.0226.9217.2200.5176.4161.3158.326.27.28.29.30.31.32.33.34.35.36.37.38.39.40.41.42.43.44.45.46.47.48.49.50.Daimler-ChryslerNorwayPolandFord MotorWal-Mart StoresIndonesiaThailandFinlandGreeceSouth AfricaIranMitsuiItochuMitsubishiPortugalColombiaExxonGeneral ElectricToyota MotorIsraelSingaporeRoyal Dutch/Shell GroupMarubeniSumitomoInt.Business Machines154.6152.1150.8144.4139.2138.5134.4124.3122.9119.0109.6109.4108.7107.2106.4106.1100.7100.599.795.295.193.793.689.081.7The Top 100 Economies and MNEs,1998 (2-2)全球前100名经济实体与跨国公司Rank country/Company US$billions Rank country/Company US$billions51.52.53.54.55.56.57.58.59.60.61.62.63.64.65.66.67.68.69.70.71.72.73.74.75.VenexuelaMalaysiaEgyptPhilippinesAXACitigroupVolkswagenNippon Telegraph&TelephoneNippon Life InsuranceChileBP AmocoNissho IwaiIrelandSiemensAllianzPakistanHitachiPeruU.S.Postal ServiceMatsushita Electric IndustrialNestleCredit SuissePhilip MorrisING GroupBoeing81.379.879.278.978.776.476.376.176.171.368.367.767.566.064.863.262.461.160.159.859.559.157.856.556.276.77.78.79.80.81.82.83.84.85.86.87.88.89.90.91.92.93.94.95.96.97.98.99.100.New ZealandAT&TSonyMetroCzech RepublicNissan MotorBank of America Corp.FiatHonda MotorAssicurazioni GeneraliMobilHewlett PackardAlgeriaHungaryDeutsche BankUnileverState Farm InsuranceDai-Ichi Mutual Life InsuranceBangladeshVeba GroupHSBC HoldingsUkraineToshibaRenaultSears Roebuck55.853.653.252.151.851.551.551.048.748.447.747.146.545.645.244.944.644.544.043.543.342.741.541.441.31972Foreign currency futures1973Equity options1975Treasury bond futures1981Currency swaps1982Interest rate swapsEurodollar futuresEquity index futuresExchange-listed currency options1983Option on equity indexOptions on T-note futuresOptions on currency futuresInterest rate caps and floors1985Eurodollar optionsSwaptions1987Compound options1989Futures on interest rate swapsQuanto options1990Equity index swaps1991Differential swaps1992Catastrophe risk insurance options1993Captions1994 Credit default options1996Electricity futures1997Weather derivativesThe evolutionof DerivativesMarkets衍生证券市衍生证券市场的演进场的演进赢利性操作支持性操作一级市场股权融资债券融资二级市场做市商业务经纪业务交易业务投 机对 冲公司重组并 购转 让股权控制金融工程零息债券抵押证券衍生产品边缘业务咨询服务投资管理风险投资商业银行结算业务研究开发内部融资信息服务美国证券市场的结构和管理美国证券市场的结构和管理注册券商注册券商通过通过结算机构结算机构基金公司基金公司投资顾问投资顾问纽约证券交易所芝加哥交易所美国交易所NASDAQ法规稽核质押贷款投资保险NATIONAL SECURITIESCLEARING CORPORATION(NSCC)EXECUTIONDESTINATIONCLEARINGLISTED SECURITIESLISTED SECURITIESORDER DELIVERY/ORDER DELIVERY/MATRIX SYSTEMSMATRIX SYSTEMSOTC SECURITIESORDER DROUTINGSYSTEMSBROKERTHE INDIVIDUALINVESTOREXECUTIONREPORTACTREPORTINGBROKER/DEALERCLEARINGBROKER/DEALERINTERNALIZATIONECNMARKETMAKERUTPEXCHANGESPECIALISTSPECIALISTDOTDOTFLOOR BROKERFLOOR BROKERON PRIMARYON PRIMARYEXCHANGEEXCHANGEUTPUTP EXCHANGE EXCHANGEECNECNTHIRDTHIRDMARKETMARKETHOW ORDERS 美国证券交易流程及中介美国证券交易流程及中介BECOME TRADES股票交易流程及其会计处理股票交易流程及其会计处理交易流程交易流程券商会计处理券商会计处理A ACa-ECN-CbCa-ECN-CbA,BA,B券商各自计为经纪佣金券商各自计为经纪佣金B BCa CaCa CaA A券商收双边佣金券商收双边佣金C CCa-ECN-bCa-ECN-bA A券商收单边佣金，券商收单边佣金，B B券商收庄家交券商收庄家交易佣金易佣金D DC-a b-CC-a b-C A,BA,B券商对分庄家交易佣金或买卖券商对分庄家交易佣金或买卖差价差价Brokers route ordersto market maker.Individual traders sort through ordersand maker matchesone by oneMarket maker completes the transaction and pockets the“spread”between buy and sell prices.Computerized matching and executionleaves the market makers fee to analyzetrading patterns and manage inventory.Traders are constantly completing transactions,managing positions throughout the day so thatprofits outweigh losses.To execute the orders,an electronicmarket maker has a constantlychanging inventory of stock.A computer sorts the incomingorders and matches them almost instantly.Buyers and sellers placeorders with broker The new wayMarket Re-MarkersMarket Re-Markers做市商和再做市商做市商和再做市商做市商和再做市商做市商和再做市商Buyers and sellers placeorders with brokerBrokers route electronic orders to market maker.The old wayA ranking of market makers share of trading volume:NASDAQ&BULLETIN BOARD MARKET SHARE 2Q 2000-Volume(millions)Market share1.KNIGHT TRADING15,012 13.4%2.SCHWAB CAPITAL MARKETS11,919 10.6%3.HERZOG HEINE GEDULD*8,716 7.8%4.SPEAR,LEEDS&KELLOGG*6,121 5.5%5.SALOMON SMITH BARNEY5,468 4.9%6.MERRILL LYNCH4,722 4.2%7.MORGAN STANLEY4,459 4.0%8.GOLDMAN SACHS3,681 3.3%9.SHERWOOD SECURITIES3,602 3.2%10.CREDIT SUISSE FIRST BOSTON3,142 2.8%*Recently acquired by Merrill Lynch.*In talks to be acquired by Goldman Sachs.Source:AutEx/BlockData and Chase H&Q ResearchKnight/Trimark(now Knight Trading)went public in July 1998.The underwriters were Robertson Stephens,Merrill Lynch,ABN Amro,PaineWebber,and Southwest Securities.Top 10 Market Makers 前前10名做市商及其市场份额名做市商及其市场份额26%*22%*15%*21%*4%*12%*2000 1996Merrill Lynch Net Revenues by Category美林证券净收入结构美林证券净收入结构*Net interest profit 净利息收入*Commissions 交易佣金*Principal transactions 做市商佣金*Investment banking 投资银行业务*Asset management and portfolio service fees 资产管理和投资顾问费*Other 其他4%*15%*27%*29%*17%*8%*n摩根摩根.斯坦利收入结构斯坦利收入结构195258294227198142199819981999199920002000(in millions)(in millions)$2,773$3,213$4,592$337$485$492Goldman Sachs Goldman Sachs 高盛资产管理和证券业务高盛资产管理和证券业务高盛资产管理和证券业务高盛资产管理和证券业务 ASSET MANAGEMENT AND SECURITIES SERVICESNet RevenuesAssets Under SupervisionAssets under managementother client assetsGoldman Sachs GLOBAL CAPITAL MARKETSGoldman Sachs GLOBAL CAPITAL MARKETS高盛全球资本市场高盛全球资本市场高盛全球资本市场高盛全球资本市场$3,368$4,359$5,371199819992000(in millions)(in millions)199819992000$2,379$5,773$6,627Investment Banking 投资银行Net Revenues 净收入净收入Trading and Principal Investments交易和做市商业务Net Revenues 净收入净收入金融业务收入种类及相关业务规范金融业务收入种类及相关业务规范业务品种业务品种英语名称英语名称业务形态业务形态 有关规范和惯例有关规范和惯例交易业务交易业务 A A经纪费经纪费 Flat Commission网上经纪网上经纪固定费率含作市商回固定费率含作市商回扣扣 B B结算费结算费Clearing Charge结算银行结算银行和约固定费率和约固定费率经纪业务经纪业务 A ACommission全服务经纪全服务经纪交易额的交易额的5%5%以下以下 B BDiscount Commission折扣经纪折扣经纪单笔交易在单笔交易在$50-$300$50-$300作市商业务作市商业务 A AMarket Making for Spread庄家佣金庄家佣金具备作市商资格及保具备作市商资格及保证金证金 B BPrincipal Trading庄家交易庄家交易作市商资格及公司存作市商资格及公司存货调整货调整投资银行业务投资银行业务 A AConcession新股发行新股发行承销额的承销额的8%8%以上以上 B BConsulting fee for M&A企业并购企业并购通常为企业并购额的通常为企业并购额的1%1%业务品种业务品种英语名称英语名称业务形态业务形态有关规范和惯例有关规范和惯例资产管理业务资产管理业务 A A Management/Supervisory Fee基金管理基金管理/代代客理财客理财通常为管理资金总额通常为管理资金总额的的1-3%1-3%B B12-1B Fee/Load基金销售基金销售12-1B12-1B规定和销售佣金规定和销售佣金咨询规划业务咨询规划业务 A AFinancial Planning财务规划财务规划通常按小时收费，费通常按小时收费，费率因人而异率因人而异 B BConsulting企业诊断等企业诊断等衍生市场业务衍生市场业务 A AHedging避险操作避险操作佣金、管理费加利润佣金、管理费加利润提成提成 B BArbitrage对冲业务对冲业务投资业务投资业务 A AVenture Capital/Private Equity风险投资风险投资公开披露公开披露（DisclosureDisclosure）B BProprietary Trading特许交易特许交易业务品种业务品种英语名称英语名称业务形态业务形态有关规范和惯例有关规范和惯例银行业务银行业务 A ACommercial Banking商业银行商业银行桥梁贷款和保证金拆桥梁贷款和保证金拆借等借等 B BClearing Banking结算银行结算银行股票质押贷款股票质押贷款/回购协回购协议安排议安排保险业务保险业务 A A Veriable Life可变性寿险可变性寿险限于可变性限于可变性/投资性保投资性保险及衍生产品保险险及衍生产品保险 B BInsurance Option保险期货保险期货Total Assets$162.0Adjusted Assets(1)123.5Net Adjusted Assets(2)63.0Leverage Ratio(3)29.8Adjusted Leverage(4)22.7Net Adjusted Leverage(5)11.6In billions,except ratiosNovember 30,2000$171.2 135.1 73.3 27.8 21.9 11.9November 26,1999(1)Adjusted Assets represent Total Assets less securities purchased under agreements to resell and the receivable for securities provided as collateral.(2)Net Adjusted Assets represent Adjusted Assets less securities borrowed.(3)Leverage Ratio equals Total Assets divided by stockholders equity and preferred stock issued by subsidiaries.(4)Adjusted Leverage ratio equals Adjusted Assets divided by stockholders equity and preferred stock issued by subsidiaries.(5)Net Adjusted Leverage equals Net Adjusted Assets divided by stockholders equity and preferred stock issued by subsidiaries.熊士坦公司表外业务的风险结构熊士坦公司表外业务的风险结构(1)(1)The Bear Stearns Table off-balance-sheet risk positionsThe Bear Stearns Table off-balance-sheet risk positions (1)1)熊士坦公司表外业务的风险结构熊士坦公司表外业务的风险结构(2)The Bear Stearns Table off-balance-sheet risk positions (2)In billionsLess than 1 to 3 3 to 5 Greater than 1 Year Years Years 5 Years TotalSwap agreements,including options,swaptions,caps,collars and floorsFutures contractsForward contractsOptions heldOptions writtenTotalPercent of total$99.4 48.5 41.1 20.2 7.3$216.536.2%$119.3 19.7 3.9 4.4$147.324.7%$92.9 4.0 0.2 0.2$97.316.3%$134.7 0.4 0.7$135.8 22.8%$446.3 72.6 41.1 25.0 11.9$596.9100.0%Reporting riskDisclosure to shareholdersManagement reportsRegulatory requirementsControlling riskSetting risk limits(desk level and firm-wide)Allocating riskPerformance evaluationCapital allocationStrategic business decisionsPassive被动型被动型Defensive防范型防范型Active主动型主动型Evolution of VAR applications 在险价值方法的应用在险价值方法的应用Top ManagementCEO/CFO总台总台AuditInternal&ExternalReviews all areas全程监控Operations“Back Office”Trade Processing后台Risk Management“Middle Office”Market and creditrisk analysis中台Treasury&Trading“Front office”Positioning前台Organizational structure for risk management风险管理的组织框架Traditional A&LM Vs Modern VaR传统的资产负债管理和现代在险价值方法的比较传统的资产负债管理和现代在险价值方法的比较1 Asset/Liability Oriented Valuation/Risk Oriented2 Balance Sheet Analysis Off-Sheet Positions Included3 No Financial Derivatives Derivatives as key items4 Interest Rate Focus Overall Market Risk Focus5 Passive Risk Control Risk/Return Management6 No Hedging tools Hedging Position Adjustments7 For Commercial Banking For Global Capital Market8 Fixed Time Frame Flexible Time Frame美国注册券商的分公司管理体制美国注册券商的分公司管理体制（1）比较项目比较项目独立分公司独立分公司直属分公司直属分公司法人结构法人结构个人、合伙或独立个人、合伙或独立法人法人直属总公司直属总公司经理任命经理任命合约制合约制任命制任命制经理资格经理资格2424号执照号执照8 8号或号或2424号执照号执照起始投资起始投资分公司支付分公司支付总公司支付总公司支付运营成本运营成本分公司支付分公司支付总公司支付总公司支付公司名称公司名称分公司自选分公司自选和总公司一致和总公司一致会计方式会计方式独立会计独立会计统一报表统一报表注册费用注册费用分公司支付分公司支付总公司支付总公司支付收入来源收入来源佣金分成佣金分成总公司预算开支总公司预算开支美国注册券商的分公司管理体制美国注册券商的分公司管理体制（2）比较项目比较项目独立分公司独立分公司直属分公司直属分公司收入分配收入分配总公司对注册经总公司对注册经理理总公司统一安排总公司统一安排法律纠纷及开支法律纠纷及开支分公司负担分公司负担总公司负担总公司负担监管程序监管程序总公司确定总公司确定总公司确定总公司确定业务范围业务范围分公司在总公司分公司在总公司业务中自选业务中自选总公司决定总公司决定佣金及收费标准佣金及收费标准分公司决定分公司决定总公司决定总公司决定中国投行业务当前实际操作流程中国投行业务当前实际操作流程现代西方投资银行业务框架现代西方投资银行业务框架承销结盟机构客户融资中介战略投资者投 机对 冲追 踪咨 询兼