全球金融危机下投资银行发展模式研究

A Study of Development Model of Investment Bank in the Context of Global Financial Crisis

美国华尔街危机是包括银行、保险公司、对冲基金等机构在内的全面危机,是各类机构以高杠杆进行金融市场交易类业务并导致巨额亏损的后果。美国独立投行的消失也并不意味着投行实体的消失,以大型银行为主体的金融控股集团确实具有更强的抗风险能力。承销、并购、财务顾问等投行业务在中国仍然前景广阔,但金融市场交易领域的创新确需谨慎。在重塑国际金融新秩序的关键时期,应尽快打造中国世界级的金融企业,继续以"商投"模式为基础,构建以大型银行为主体的综合化金融集团;在允许参股基金、租赁、保险和信托公司的基础上,继续扩大银行业务范围。

The Wall Street crisis is not only investment bank＇s failure, but also an overall crisis of institutions including banks, insurance companies, hedge funds, etc. It is resulted from the high leverage trading, which causes huge losses, of institutions in financial markets. Because financial holding group, large banks as its main body, indeed has a stronger ability to resist risks, the disappearance of American independent investment banks does not mean the disappearance of investment bank entity. The prospect of underwriting, mergers and acquisitions, financial advisory and other investment banking in China is still bright, but it is really necessary, to treat innovations in the field of financial market transactions cautiously. In the crucial period of reshaping international financial order, China should build world-class financial enterprises as soon as possible. Specifically, the model of ＂commercial investment bank＂ can continue to be the basis to construct comprehensive financial group with large banks as its main body. On the basis of allowing to hold shares of funds, leasing, insurance and trust companies, the scope of bank＇s busi- ness should be expanded.