投资银行的资产负债表.ppt
第二讲第二讲投资银行的资产负债表投资银行的资产负债表及其业务及其业务任课教师：对外经济贸易大学金融学院郭敏教授TEL：一、一、MerrillLynch的公司架构二、二、MerrillLynch的资产负债表的资产负债表三、三、MerrillLynch的损益表的损益表四、投资银行的主要业务四、投资银行的主要业务五、投资银行的性质及经营管理特点五、投资银行的性质及经营管理特点NewMerrillLynchin2009o2008MerrillLynchannouncesaplantoreduceitsriskexposuresby$11.1billion,includingasubstantialsaleofU.S.collateraldebtobligationscomprisedofasset-backedsecurities.oBankofAmericaCorporationagreestoacquireMerrillLynchinanall-stocktransactionthatcreatesacompanyunrivaledinitsbreadthoffinancialservicesandglobalreach.o2009MerrillLynchofficiallybecomesawhollyownedsubsidiaryofBankofAmerica.oFollowing the combination with Merrill Lynch,Bank of America has become:oThe largest brokerage in the world,with more than 20,000 advisors and$2.5 trillion in client assets oA leading provider of global corporate and investment banking services,including commercial lending,global high-yield debt,global equity and global M&A oA global leader in wealth management,private banking and retail brokerage oA global leader in investment management,with approximately 50 percent ownership in BlackRock,which has$1.4 trillion in assets under management,in addition to the$589 billion in assets under management with Bank of America as of June 30,2008 一、美林集团公司架构o美林公司是一家拥有多个附属和联营公司的控美林公司是一家拥有多个附属和联营公司的控股公司股公司,统称为美林集团统称为美林集团.有几十家左右经营各有几十家左右经营各种投资银行业务的子公司，除美国本土外，业种投资银行业务的子公司，除美国本土外，业务遍布全球：亚洲与太平洋、欧洲中东及非洲务遍布全球：亚洲与太平洋、欧洲中东及非洲区、拉美区，加拿大区。两大业务事业部区、拉美区，加拿大区。两大业务事业部,GMI和和GWM.美林集团部分设于美国本土及国外的美林集团部分设于美国本土及国外的重要附属公司分别隶属于以上事业部重要附属公司分别隶属于以上事业部.。美林主要的控股子公司oMerrillLynch&Co.,Inc.(ML&Co.)andsubsidiaries(MerrillLynch)providesinvestment,financing,insurance,andrelatedservicestoindividualsandinstitutionsonaglobalbasisthroughitsbroker,dealer,banking,insurance,andotherfinancialservicessubsidiaries.Itsprincipalsubsidiariesinclude:oMerrillLynch,Pierce,Fenner&SmithIncorporated(MLPF&S),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;oMerrillLynchInternational(MLI),aU.K.-basedbroker-dealerinsecuritiesanddealerinequityandcreditderivatives;oMerrillLynchGovernmentSecuritiesInc.(MLGSI),aU.S.-baseddealerinU.S.Governmentsecurities;oMerrillLynchCapitalServices,Inc.,(MLCS),aU.S.-baseddealerininterestrate,currency,andderivatives;oMerrillLynchderivativesProductsAG(MLDP)oMerrillLynchInvestmentManagers,LP,aU.S.-basedassetmanagementcompany;oMerrillLynchInvestmentManagersLimited,aU.K.-basedassetmanagementcompany;oMerrillLynchBankUSA(MLBUSA),aU.S.-basedFDIC-insureddepository;oMerrillLynchBank&TrustCo.(MLB&T),aU.S.-basedFDIC-insureddepository;oMerrillLynchInternationalBankLimited(MLIB),aIreland-basedbank;oMerrillLynchMortgageCapitalInc.(MLMCI)oMerrillLynchJapanSecuritiesCo.,Ltd.,aJapan-basedbroker-dealer;(MLJS)oMerrillLynchInsuranceGroup,Inc.,aU.S.-basedprovideroflifeinsuranceandannuityproducts.oMLIBKPosition,Inc.二、投资银行的资产负债表（以美林为例）附件:美林2007年资产负债表资产负债所有内容由三大部分构成：1、Trading-RelatedAssetsandLiabilities2、Non-Trading-RelatedAssets3、Non-Trading-RelatedLiabilities1、与证券交易直接相关的资产与负债项（Trading-RelatedAssetsandLiabilitiesin2007)资产负债o重售协议(217%)回购协议(23.1%)o借入证券(131%)借出证券(55%)o交易资产(23.o%)交易负债(12.1%)o应收项(12.4%)应付项(13.0%)o合计：7025372、Non-Trading-RelatedAssets(2007)（其它资产）：o现金及现金等同63o其它证券投资81o贷款、票据与抵押93o固定资产与商誉083、Non-Trading-RelatedLiabilities(其它负债与资本）：o商业票据与短期借贷24o存款10.2o长期借贷26.1o资本金31与证券交易直接相关的资产与负债项（Trading-RelatedAssetsandLiabilitiesin2008)资产负债o重售协议(13.97%)回购协议(13.88%)o借入证券(5.25%)借出证券(3.66%)o交易资产(26.31%)交易负债(13.40%)o应收项(13.46%)应付项(13.54%)o合计：58.9944.52与证券交易直接相关的资产与负债：与证券交易直接相关的资产与负债：Securities Financing Transactions（包括重售与回购以及借入证券与借出证券）oMerrillLynchentersintosecuredborrowingandlendingtransactionsinordertofinancetradinginventorypositions,obtainsecuritiesforsettlement,meetcustomersneedsandearnresidualinterestratespreads.MerrillLynchalsoengagesinsecuritiesfinancingforcustomersmarginlending.TradingAssetsandLiabilitieso Trading Assets and Liabilities consist of cash instruments(such as securities)and derivative instruments used for trading purposes or for managing risk exposures in other Trading inventory.o Trading inventory principally represents securities purchased(long positions),securities sold but not yet purchased(short positions),and will therefore be obligated to purchase on the future date.oThese positions are primarily the result of market-making,hedging,and proprietary activities.Other Receivables and PayablesoCustomer Receivables and PayablesCustomersecuritiesandcommoditiestransactionsarerecordedonasettlementdatebasis.Receivablesfromandpayablestocustomersincludeamountsdueoncashandmargintransactions.oBrokers and Dealers Receivables and PayablesReceivablesfrombrokersanddealersincludeamountsreceivableforsecuritiesnotdeliveredbyMerrillLynchtoapurchaserbythesettlementdate(failstodeliver),depositsforsecuritiesborrowed,margindeposits,commissions,andnetreceivablesarisingfromunsettledtrades.PayablestobrokersanddealersincludeamountspayableforsecuritiesnotreceivedbyMerrillLynchfromasellerbythesettlementdate(failstoreceive),depositsreceivedforsecuritiesloaned,andnetpayablesarisingfromunsettledtrades.oInterest and Other Receivables and PayablesInterestandotherreceivablesincludeinterestreceivableoncorporateandgovernmentalobligations,customerorotherreceivables,stockborrowedtransactions,receivablesfromcommissionsandfees,andincometaxes.Interestandotherpayablesincludeinterestpayableforstock-loanedtransactions,long-termborrowings,andamountspayableforemployeecompensationandbenefits,restructuringreserves,andincometaxes.Cash and Cash EquivalentsoMerrillLynchdefinescashequivalentsasshort-term,highlyliquidsecuritiesandinterest-earningdepositswithoriginalmaturitiesof90daysorless,otherthanthoseusedfortradingpurposes.Cash and Securities Segregated for Regulatory Purposes or Deposited with Clearing OrganizationsoItincludescashandsecuritiessegregatedincompliancewithfederalandotherregulationsandrepresentfundsdepositedbycustomersandfundsaccruingtocustomersasaresultoftradesorcontracts.AlsoincludedarefundssegregatedinaspecialreserveaccountforthebenefitofcustomersunderRule15c3-3oftheSecuritiesandExchangeCommission,aswellasfundssegregatedandheldinseparateaccountsinaccordancewithSection4d(2)andRegulation30.7oftheCommodityExchangeAct.Investment SecuritiesoInvestmentsecuritiesontheConsolidatedBalanceSheetsincludeshighlyliquiddebtsecuritiesincludingthoseheldforliquiditymanagementpurposes,equitysecurities,theinvestmentportfolioforMerrillLynchsU.S.banks,andinvestmentsofinsurancesubsidiaries.Loans,Notes,and MortgagesoMerrillLynchslendingandrelatedactivitiesincludeloanoriginations,syndications,andsecuritizations.Loanoriginationsincludecommercialandresidentialmortgages,loanstosmall-andmiddle-marketsbusinesses,andcreditextendedtoindividuals.Separate Accounts Assets and LiabilitiesoMerrillLynchmaintainsseparateaccountsrepresentingsegregatedfundsheldforpurposesoffundingvariablelifeandannuitycontracts.TheseparateaccountassetsarenotsubjecttogeneralclaimsofMerrillLynch.TheseaccountsandtherelatedliabilitiesarerecordedasseparateaccountsassetsandseparateaccountsliabilitiesontheConsolidatedBalanceSheets.Equipment and FacilitiesoEquipmentandfacilitiesprimarilyconsistoftechnologyhardwareandsoftware,leaseholdimprovements,andownedfacilities.Commercial Paper and Short-and Long-Term BorrowingsoMerrillLynchsunsecuredgeneral-purposefundingisprincipallyobtainedfrommedium-termandlong-termborrowings.DepositsoSavingsdepositsareinterest-bearingaccountsthathavenomaturityorexpirationdate,wherebythedepositorisnotrequiredbythedepositcontract,butmayatanytimeberequiredbythedepositoryinstitution,togivewrittennoticeofanintendedwithdrawalnotlessthansevendaysbeforewithdrawalismade.Timedepositsareaccountsthathaveastipulatedmaturityandinterestrate.Depositorsholdingtimedepositsmayrecovertheirfundspriortothestatedmaturitybutmaypayapenaltytodoso.三、投资银行的损益表o见附件美林2007和2008年损益表o除利息收入外，投行收入主要有以下几项PrincipaltransactionsoPrincipaltransactionsrevenuesincludebothrealizedandunrealizedgainsandlossesontradingassetsandtradingliabilitiesandinvestmentsecuritiesclassifiedastradinginvestments.InvestmentbankingInvestmentbankingrevenuesincludeoUnderwritingrevenuesrepresentfeesearnedfromtheunderwritingofdebtandequityandequity-linkedsecuritiesaswellasloanosyndicationandcommitmentfeesoStrategicadvisoryservicesrevenues,whichincludemergerandacquisitionandotheradvisoryfees,CommissionoCommissionrevenuesincludescommission,mutualfundsdistributionfeesandcontingentdeferredsalechargerevenue,whichareallaccruedasearned.AssetmanagementandportfolioserviceAssetmanagementandportfolioservicefeesinclude:oManagementfeees:whichrepresentapercentageofclientassetsundermanagement.oAccountfees:whichgenerallyreprsentafixedannualcharge.oPerformancefees:whichareearnedifinvestmentperformanceexceedspredeterminedlevels.2007花旗集团资产负债结构花旗集团资产负债结构资产负债现金4.9存款378贷款356其它借款30证券融资交易证券融资交易125 证券融资交易证券融资交易139交易资产交易资产246交易负债交易负债83应收项26应付39投资98资本金522007年花旗集团收入构成四、投资银行的主要业务1.1.证券发行与承销业务证券发行与承销业务 2.2.证券经纪与交易业务证券经纪与交易业务3.3.收购兼并业务收购兼并业务4.4.基金管理业务基金管理业务5.5.风险与创业投资业务风险与创业投资业务6.6.财务顾问与咨询业务财务顾问与咨询业务7.7.项目融资业务项目融资业务8.8.金融衍生产品与创新业务金融衍生产品与创新业务9.9.研究开发与投资咨询业务研究开发与投资咨询业务10.10.资产证券化业务资产证券化业务Merrill Lynch&Co.,Inc.oMerrill Lynch is one of the worlds leading wealth management,capital markets and advisory companies,with offices in 40 countries and territories and total client assets of approximately$2 trillion.(2008年）年）oMerrillLynchisoneoftheworldspremierprovidersofwealthmanagement,securitiestradingandsales,corporatefinanceandinvestmentbankingservices(2009)CorporateSnapshotFounded:1914(CharlesE.Merrill&Co)Employees:64,2002007NetRevenue:$11.billionTotalClientAssets:Approx.$1.8trillionTotalStockholdersEquity$32bnFortune500:RankedNo.22StockSymbol:MERGlobalMarkets:40countriesAsofquarter-end,Q42007.（2008年）oMerrill Lynch offers a broad range of services to private clients,small businesses,and institutions and corporations,organizing its activities into two interrelated business segments-Global Markets&Investment Banking Group(GMI)and Global Wealth Management（GWM)。The services provided by MerrilLynchSecurities brokerage and trading-Equities-Fixedincome-MutualfundsInvestment banking-Securitiesunderwriting-Strategicadvisoryservices,including:-Mergersandacquisitions-Strategicvaluation-OthercorporatefinanceandadvisoryactivitiesoOrigination,brokerage,dealer and related activities in:-Swaps-Foreignexchange-Options-Forwards-Futures-OtherderivativesoPrivate equity and other principal investing activitiesoSecurities clearance,settlement,financing and services,including prime brokerageoInvestment management and investment advisory servicesoWealth management products and services,including financial,retirement and generational planningoBanking,trust and lending services,including:-Mortgagelending-Trust-Commerciallending-Deposit-taking-Securities-basedlendingoInsurance and annuities sales and annuity underwriting servicesoGlobal investment research encompassing:-Equities-Foreignexchange-FixedIncome-Investmentstrategy-Economicresearch-CreditandEquity-linkedoInvestment advisory and related record keeping servicesoBlackRockMerrillLynchownsapproximatelyhalfofBlackRock,oneoftheworldslargestpubliclytradedinvestmentmanagementcompanieswithmorethan$1trillioninassetsundermanagement.Goldman SachsoGoldman Sachs is a leading global investment banking,securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations,financial institutions,governments and high net-worth individuals.oWeseektobetheadvisorofchoiceforourclientsandaleadingparticipantinglobalfinancialmarkets.Ourstrategyistogrowourthreecorebusinesses：InvestmentBanking,TradingandPrincipalInvestmentsandAssetManagementandSecuritiesServicesinmarketsthroughouttheworld.oInvestment Banking Weprovideabroadrangeofinvestmentbankingservicestoadiversegroupofcorporations,financialinstitutions,governmentsandindividuals.oTrading and Principal Investments Wefacilitateclienttransactionswithadiversegroupofcorporations,financialinstitutions,governmentsandindividualsandtakeproprietarypositionsthroughmarketmaking,tradingandinvestinginfixedincomeandequityproducts,currencies,commoditiesandderivatives.Additionally,weengageinspecialistandmarketmakingactivitiesonequitiesandoptionsexchanges,andweclearclienttransactionsonmajorstock,optionsandfuturesexchangesworldwide.Inconnectionwithourmerchantbankingandotherinvestingactivities,wemakeprincipalinvestmentsdirectlyandthroughfundsthatweraiseandmanage.oAsset Management and Securities Services Weprovideinvestmentadvisoryandfinancialplanningservicesandofferinvestmentproductsacrossallmajorassetclassestoadiversegroupofinstitutionsandindividualsworldwide.Wealsoprovideprimebrokerageservices,financingservicesandsecuritieslendingservicestomutualfunds,pensionfunds,hedgefunds,foundationsandhigh-net-worthindividualsworldwide.The services provided by Goldman Sachs（2008）AdvisingoAssetAllocationoMergersandAcquisitionsFinancingoDebtFinancingoEquityCapitalMarketsoLendingInvestingoAssetManagementoMutualFundsoPrivateEquityoPrivateWealthManagementoSecuritisedDerivativesSecuritiesoClearingServicesoExecutionServicesoFundAdministrationoPensions,EndowmentsandFoundationsoPrimeBrokerageoProductsoSecuritiesLendingProgramsoTransitionServicesResearchoGlobalInvestmentResearchThe services provided by Goldman Sachs（2009）oAdvisingoAssetAllocationoEnvironmentalMarketsoMergersandAcquisitionsoFinancingoBankLoansoDebtFinancingoEquityCapitalMarketsoLendingoInvestingoAssetManagementoBankDepositsoClosedEndedInvestmentsoMutualFundsoPrivateEquityoPrivateWealthManagementoSecuritisedDerivativesoSecuritiesoClearingServicesoExecutionServicesoFundAdministrationoPensions,EndowmentsandFoundationsoPrimeBrokerageoProductsoSecuritiesLendingProgramsoTransitionServicesoResearchoGlobalInvestmentResearch四、投资银行的性质及经营管理特点四、投资银行的性质及经营管理特点直接金融的投资银行直接金融的投资银行SUDU直接金融机构 投资银行直接金融工具直接金融工具资金资金一次合约关系间接金融中的商业银行间接金融中的商业银行SUDU间接金融机构 商业银行资金资金间接金融工具贷款合约两次合约关系o商商业业银银行行是是用用资资产产转转移移机机制制解解决决跨跨时时资资源源配配置的矛盾。置的矛盾。o投投资资银银行行是是用用交交易易机机制制和和价价格格信信号号机机制制解解决决跨时资源配置矛盾。跨时资源配置矛盾。直接融资与间接融资直接融资与间接融资n直直接接融融资资是是资资金金供供求求双双方方不不通通过过金金融融中中介介，在在资资本本市市场场上上直直接接实实现现资资金金融融通通的的活活动动，资资金金关关系系是是金金融融工工具具的的买买卖卖而而不不是是借借贷贷。常常见见的的方方式式有发行股票融资等。有发行股票融资等。n间间接接融融资资是是指指资资金金供供求求双双方方通通过过金金融融中中介介，在在货货币币市市场场上上间间接接实实现现资资金金融融通通的的活活动动，资资金金关关系系借借贷贷而而不不是是买买卖卖。常常见见的的方方式式有有商商业业银银行行贷贷款等。款等。直接金融（投资银行）与间接金融（商业直接金融（投资银行）与间接金融（商业银行）功能差异银行）功能差异o间接金融最重要功能之一是提供支付功能间接金融最重要功能之一是提供支付功能o在在融融资资上上，股股票票市市场场融融资资功功能能是是有有限限的的，股股市市的的规规模模对对资资本本积积累累、生生产产率率提提高高和和经经济济增增长长的的影影响响小小于于股股市市的的流流动动性性、效效率率和和低低交交易易成成本本的的影响。影响。o在在风风险险分分担担与与管管理理上上直直接接金金融融与与间间接接金金融融分分别别在横向风险分担和跨期风险分担上各有优势。在横向风险分担和跨期风险分担上各有优势。o在提供多样化投资品上，直接金融具有优势在提供多样化投资品上，直接金融具有优势o在在资资金金配配置置上上，股股市市对对高高风风险险资资金金配配置置，而而银银行行对对低风险资金配置低风险资金配置o在信息传递上存在公开信息与非公开信息的差异。在信息传递上存在公开信息与非公开信息的差异。o在在参参与与公公司司治治理理上上，银银行行具具有有强强监监管管作作用用，而而股股市市是是股股东东参参与与董董事事会会的的事事前前主主动动监监管管和和市市场场性性影影响响即即通通过过价价格格信信号号有有效效，投投资资者者对对价价格格信信号号做做出出反反映映，通过影响投资者的决策，进而影响公司治理决策。通过影响投资者的决策，进而影响公司治理决策。对投资银行性质的总结o投投资资银银行行是是直直接接金金融融机机构构,即即它它是是以以资资本本交交易易为为服服务务对对象象的的在在交交易易过过程程中中对对某某些些职职能能专专业业化化的的中中介介组组织织,因因此此它它的的产产品品是是面面向向特特定定顾顾客客的的非非格格式式化化的的咨咨询询建建议议方方案案等
