美国投资银行业务创新及其法律环境研究

Study on Business Innovation of the American Investment Bank and Its Legal Environment

在传统证券业务之外,并购重组、资产管理、风险投资、金融衍生工具等创新业务逐渐发展成为高盛、摩根.斯坦利等美国投资银行的核心竞争业务。投资银行及其业务创新之所以能够在美国迅猛发展,与良好的法制环境密不可分。如果说美国《格拉斯—斯蒂格尔法》是投资银行诞生的法律奠基者,则《金融服务现代化法案》是投资银行创新业务的法律推进器。美国完善的金融法律制度对投资银行业务创新具有深远影响。

The business innovation, including M＆A, asset management, venture capital and financial derivatives has become the core of competition of the investment banks, such as Goldman Sachs and Morgan Stanley. The U. S. legal environment promotes the development of the business innovation of the investment bank. The Glass- Steagall Act provides the legal base for investment bank, while the Gramm-Leach-Bliley Act is the promoter of the business innovation of the investment bank. The U.S. perfect legal system in the financial field has a great influence on the business innovation of the investment bank.