中美投资银行的国际化水平、企业绩效与境外营收比较研究

Internationalization,Performance and Overseas Revenue of Investment Banks

中美投资银行的国际化水平、企业绩效以及营业收入受国际市场影响的关系呈现出不同特征。美国投行的国际化运作对其绩效有正向影响,中国投行的企业绩效则随着国际化水平的提升呈U型变化。美国投行营业收入同时受国内外市场因素的影响,并受到汇率变动的调节作用,而中国投行营收仅与境内市场行情有关。研究结果显示出我国投行的国际业务仍需进一步发展方能达到盈利边际。

Affected by the condition of international markets,the relationship between internationalization,corporate performance and revenue of investment banks in China and in the United States shows different characteristics.The internationalization of American investment banks has a positive impact on their performance,while the performance of Chinese investment banks has a U-shaped change with the improvement of internationalization level.The revenue of American investment banks is influenced by both domestic and foreign market performance,and is moderated by exchange rate fluctuations,while that of Chinese investment banks is only related to domestic market performance.The results show that profit margin of overseas business will not be reached until further developed.