现代国际资本市场与投资银行hrsg.pptx

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1、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,

2、Inc.Largest Recent One-Year Real Stock Price Index Increases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)PhilippinesTaiwanVenezuelaPeruColombiaJamaicaChileItalyJamaicaThailandIndia

3、ItalyAustriaFinlandDenmarkSpainLuxembourgSwedenPortugalLuxembourgHong 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

4、-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.1976F

5、eb.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Country1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25Perc

6、entagedecreaseOne-yearperiodPrice Changeover subsequentone-year period(percent)TaiwanJamaicaSwedenUnitedKingdomThailandSouth AfricaPhilippinesKoreaPakistanIndiaDenmarkHong KongHong KongNorwaySpainNorwayAustraliaFranceIndonesiaCanadaFinlandColombiaItalyNorwayDenmark-74.9-73.8-63.6-63.3-62.8-62.1-61.9

7、-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.1

8、981-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

9、.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)1.2.3.4.5.6.7.8.9.1011.12.13.14.15.16.17.18.19.20.21.22.23.24.25PhilippinesPeruChileJamaicaKoreaMexicoTaiwanThailandCol

10、ombiaSpainIndiaFinlandAustriaPortugalFinlandJamaicaJapanFranceFinlandHong 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.

11、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-July1

12、998Sept.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1

13、.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 AfricaColombiaColombiaChilePhilippinesFinla

14、ndKoreaPortugalJamaicaKoreaItalyFrance 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-July

15、1978Jan.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.

16、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

17、.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.

18、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 Elec

19、tricToyota 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 Ra

20、nk 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.VenexuelaMalaysiaEgyptPhilippinesAXACitigroupV olkswagenNippon Telegraph&TelephoneNippon Life InsuranceChileBP AmocoNissho IwaiIrelandSiemensAllianzPakistanHitachiPeruU.S.Postal ServiceMatsushita

21、 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

22、 America Corp.FiatHonda MotorAssicurazioni GeneraliMobilHewlett PackardAlgeriaHungaryDeutsche BankUnileverState Farm InsuranceDai-Ichi Mutual Life InsuranceBangladeshVeba GroupHSBC HoldingsUkraineToshibaRenaultSears Roebuck55.853.653.252.151.851.551.551.048.748.447.747.146.545.645.244.944.644.544.04

23、3.543.342.741.541.441.31972 Foreign currency futures1973 Equity options1975 Treasury bond futures1981 Currency swaps1982 Interest rate swapsEurodollar futuresEquity index futuresExchange-listed currency options1983 Option on equity indexOptions on T-note futuresOptions on currency futuresInterest ra

24、te caps and floors1985 Eurodollar optionsSwaptions1987 Compound options1989 Futures on interest rate swapsQuanto options1990 Equity index swaps1991 Differential swaps1992 Catastrophe risk insurance options1993 Captions1994 Credit default options1996 Electricity futures1997 Weather derivativesThe evo

25、lutionof DerivativesMarkets衍生证券市场的演进股权融资债券融资做市商业务经纪业务投 机对 冲并 购转 让股权控制零息债券抵押证券衍生产品咨询服务投资管理风险投资商业银行美国证券市场的结构和管理注册券商通过结算机构基金公司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 SECURITIES LISTED SECURITIESORDER DELIVERY/ORDER DELIVE

26、RY/MATRIX SYSTEMS MATRIX SYSTEMSOTC SECURITIESORDER DROUTINGSYSTEMSBROKERTHE INDIVIDUALINVESTOREXECUTIONREPORTACTREPORTINGBROKER/DEALERCLEARINGBROKER/DEALERINTERNALIZATIONECNMARKETMAKERUTPEXCHANGESPECIALIST SPECIALISTDOT DOTFLOOR BROKER FLOOR BROKERON PRIMARY ON PRIMARYEXCHANGE EXCHANGEUTP UTP EXCHA

27、NGE EXCHANGEECN ECNTHIRD THIRDMARKET MARKETHOW ORDERS 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交易流程 券商会计处理A Ca-ECN-Cb A,B券商各自计为经纪佣金B Ca Ca A券商收双边佣金C Ca-ECN-b A券商收单边佣金，B券商收庄家交易佣金D C-a b-C A,B券商对分庄家交易佣金或买卖差价Brokers route ordersto market maker.Individual traders sort through ordersand maker matchesone by on

28、eMarket 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 thatprofi

29、ts 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Buyers and sell

30、ers 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 TRADING 15,012 13.4%2.SCHWAB CAPITAL MARKETS 11,919 10.6%3.HERZOG HEINE GEDULD*8,71

31、6 7.8%4.SPEAR,LEEDS&KELLOGG*6,121 5.5%5.SALOMON SMITH BARNEY 5,468 4.9%6.MERRILL LYNCH 4,722 4.2%7.MORGAN STANLEY 4,459 4.0%8.GOLDMAN SACHS 3,681 3.3%9.SHERWOOD SECURITIES 3,602 3.2%10.CREDIT SUISSE FIRST BOSTON 3,142 2.8%*Recently acquired by Merrill Lynch.*In talks to be acquired by Goldman Sachs.

32、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10名做市商及其市场份额26%*22%*15%*21%*4%*12%*2000 1996Merrill Lynch Net Revenues by

33、 Category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.斯坦利收入结构19525829422719814219981998199919992000 2000(in millions)(in millions)$2,773$3,213$4,59

34、2$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 ASSET MANAGEMENT AND SECURITIES SERVICESNet Revenues Assets 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$3,368$4,359$5,3711998 1999 2

35、000(in millions)(in millions)199819992000$2,379$5,773$6,627Investment Banking 投资银行Net Revenues 净收入Trading and Principal Investments交易和做市商业务Net Revenues 净收入金融业务收入种类及相关业务规范业务品种 英语名称 业务形态 有关规范和惯例交易业务 A经纪费 Flat Commission网上经纪 固定费率含作市商回扣 B结算费Clearing Charge结算银行 和约固定费率经纪业务 ACommission全服务经纪 交易额的5%以下 BDisco

36、unt Commission折扣经纪 单笔交易在$50-$300作市商业务 AMarket Making for Spread庄家佣金 具备作市商资格及保证金 BPrincipal Trading庄家交易 作市商资格及公司存货调整投资银行业务 AConcession新股发行 承销额的8%以上 BConsulting fee for M&A企业并购 通常为企业并购额的1%业务品种 英语名称 业务形态 有关规范和惯例资产管理业务 A Management/Supervisory Fee基金管理/代客理财通常为管理资金总额的1-3%B12-1B Fee/Load基金销售 12-1B规定和销售佣金咨询

37、规划业务 AFinancial Planning财务规划 通常按小时收费，费率因人而异 BConsulting企业诊断等衍生市场业务 AHedging避险操作 佣金、管理费加利润提成 BArbitrage对冲业务投资业务 AVenture Capital/Private Equity风险投资 公开披露（Disclosure）BProprietary Trading特许交易业务品种 英语名称 业务形态 有关规范和惯例银行业务 ACommercial Banking商业银行 桥梁贷款和保证金拆借等 BClearing Banking结算银行 股票质押贷款/回购协议安排保险业务 A Veriable Life可变性寿险 限于可变性/投资性保险及衍生产品保险 BInsurance Option保险期货