On the commercial banks on investment banking business development strategies（在商业银行投资银行业务发展战略）

1、 On the commercial banks on investment banking business development strategies Abstract Chinas commercial banks, investment business started late, rapid development, but there are some problems. In this paper, Chinas commercial banks, investment banking status and existing problems, analyze the reas

2、ons for these problems, and proposed the development of commercial banks, investment banking solutions. Keywords: commercial banks, investment banks, development strategies Commercial Bank of China investment banking business start-up time is not long, compared with advanced foreign commercial banks

3、, there are many disadvantages, self-development, there are still problems and therefore need further development. First, Chinas commercial banks, investment banking development status. The late development of Chinas investment bank, the first securities company established in 1987 in the Shenzhen S

4、pecial Economic Zone of Shenzhen securities companies from Chinas practice, the investment banking business was initially assisted by the commercial banks to complete. In the late 1980s With Chinas open market securities in circulation, the original commercial banks securities business was gradually

5、 separated from the region have set up a large number of securities companies, securities firms formed a securities intermediary-based system in the next ten years , the securities company has become the subject of Chinas investment banking business, but, in addition to specialized securities compan

6、ies, there are a large number of relatively broad scope of business trust and investment companies, financial investment companies, property trading and brokerage, asset management companies, financial advisory companies engaged in investment banking and other businesses. Chinas investment banking c

7、an be divided into three types: first is national, the second is regional and the third is private in nature. A national investment bank is divided into two categories: one is banking system as the background of the securities companies, and the second is directly under the State Council, or the bac

8、kground 国务院各部委 trust and investment companies. regional investment banks are mainly provincial and municipal levels of professional securities companies and trust companies. These two types of investment Banks rely on national securities business in the franchise investment banking in China occupy t

9、he main position of private investment bank that is some of the major investment management companies, financial consultants and asset management companies, the vast majority of them are from the past to provide management consulting and investment advisory business developed, a certain amount of ca

10、pital strength in mergers and acquisitions, project finance and financial innovation has great flexibility, investment banking in China is becoming a backbone of the field. Second, Chinas commercial banks in investment banking problems (A business failure International investment banks main business

11、 in Chinas commercial banks are not carried out together, the lack of core commercial banking business, the impact strengths of the play, it can not be considered truly carry out investment banking. (Two varieties of simple operations Part of Chinas commercial banks engaged in investment banking, co

12、nsulting broadly divided into categories, restructuring and M class, asset transfer and asset securitization, direct financing class four categories. However, the extent to carry out investment banking is still deep, business is still wide, can engage in mergers and acquisitions advisory business, f

13、inancial engineering and research and development, only a handful of business class. (C is not enough to support the business going Domestic enterprises listed overseas, mostly to pay underwriting business and joint venture companies or foreign companies, Chinas investment bank also a general lack o

14、f reputation, especially the lack of international reputation, domestic commercial banks still can not go abroad for business, participate in international competition, overseas mergers and acquisitions the formation of strong support from Western countries see the development of modern investment b

15、anking business with its large number of mergers and acquisitions business signs, and the other in asset management and financial engineering also has excellent performance. In addition, Chinas commercial banks, product innovation, market competitiveness in the international financial market partici

16、pation, and not so major international investment banks. Third, the cause of Chinas commercial banks, investment banking, the reasons for problems Chinas commercial banks to carry out investment banking defects and problems caused by a variety of reasons, there are three main reasons. (A separate ma

17、nagement structure of the constraints This is the most important reason. As China <<Commercial Bank Law >>,<< securities law>>, Insurance Law>> has promulgated, the formation of a separate operation, separate supervision of the pattern, which in the early stages of econ

18、omic transformation Its reasonable and necessary introduction of a national .2001 <<Interim Regulations on Intermediary Business>> and other laws and regulations for commercial banks to provide the policy space to carry out investment banking, although commercial banks to conduct annual

19、financial adviser, syndicated loans, structured financing, reorganization and acquisition, short-term financing bills, asset securitization, and some securities firms unable to carry or not to develop leading edge of investment banking, but the securities underwriting, brokerage and trading licenses

20、 need not be able to carry out the business of business comprehensive banking services to form constraints, resulting in investment banking, commercial banks can not form a complete business value chain and a comprehensive business system, a lot of investment banking, investment banking but the over

21、all value chain a few links, to be carried out with a complete value chain investment banking, national policies and laws needed further adjustment. Links to free download (B lack of innovative mechanisms Overseas, the investment bank model, the regulatory environment, maturity,

22、trading environment better, the whole product range of investment banking, derivatives, application of more innovative products. Chinas economy is still government-led economy, private capital investment subject to more restrictions, such as Chinas venture capital business has not effectively carrie

23、d out, a single source of funding for venture capital, small, venture capital exit channels or exit mechanism not yet been resolved. long-term money market and capital market fragmentation, making Chinas commercial banks to take almost all of the financial risk, and operating income largely do not m

24、atch, and has accumulated a systemic risk that Chinas financial industry. Commercial banks also need to enter the capital markets and other financial markets, to achieve the benefits and risks of the match, a reasonable risk diversification. (C) lack of highly qualified professionals Requires a lot

25、of information to carry out investment banking, professional talent and advanced technology for the relevant personnel need to understand not only in terms of investment, finance, law, industry analysis, macro-economic analysis, extensive knowledge, but also have to capture business opportunities, t

26、he use of negotiation skills, grasp the right time, mining and financial arrangements for the object services of high intelligence skills can be said that talent, capital, investment banking brand constitutes an important asset, most important asset is people. scarcity of highly qualified profession

27、als is a problem in China One of the main problems of development of investment banking. Fourth, Chinas commercial banks, investment banking business development strategies Chinas rapid development in the field of direct financing to indirect financing of commercial banks in an impact, but also brin

28、g business transformation and implementation of a wide range of business opportunities, opening new commercial banks to enter the capital market channels. For our investment banking pattern and the reality of the lack of commercial banks to carry out investment banking, you can take the following ma

29、jor initiatives. (One to promote the integration of commercial banks and investment banking Need to develop investment banking in China today, take the Western countries that free competition, investment banks everywhere, to create a brand, merger integration, to the bigger and stronger, to go abroa

30、d, the accumulation process is lengthy, time and cost is clearly not allow commercial bank is the main channel of indirect financing in China, to universal banking model has a global trend, but also a shortcut to Chinas growing investment banking from commercial banks to further expand investment ba

31、nking, there are two ways to choose: one direct commercial banks to carry out investment banking, business license for an early release, the second is the establishment of financial holding company engaged in investment banking business, such as holding fund companies, securities companies, trust co

32、mpanies, etc., to accelerate the pace of business integration operations, and promote various types of financial institutions in cross-field integration of investment banking, mutual penetration. (B) the formation of professional brands and national brands Face of the rapid penetration of internatio

33、nal financial capital and competition, to maintain the state financial control, enhance the overall competitiveness of the financial sector, China has the necessary financial group formed to compete with foreign operations of large-scale integrated financial enterprises, local development and growth

34、 investment banking, commercial banking investment banking business advantage to boost the development of Chinas commercial banks will continue to be the major customers of major financial services and products provider to credit customers through investment banking investment banking clients to tra

35、nsform and therefore, commercial banks need to major expansion of investment banking, capital and encouraged a strong, competitive, able to participate fully in Chinas capital market development and the reform of state-owned investment banking business. (Three innovative products and market prosperi

36、ty, to meet different business needs With economic development, information technology, the deepening of financial theory, especially the rise of financial engineering, making the investment bank to use new financial tools for risk analysis and portfolio of innovations in business, the customer (the

37、 transfer p. 96 (Continued from page 92 provides a wide range of value-added services to customers, making the mortgage bonds, a package of financial management services, leveraged buyout (LBO, futures, options, swaps, asset securitization and other derivative financial instruments are emerging. com

38、mercial banks through the organization of professional service team to provide enterprises from the bridge financing (equity financing, short coupons, medium-term notes, bonds underwriting, stock issuance, bill financing, financial and investment package of integrated solutions. With the financial technology and market changes, asset securitization, various types of derivatives, venture capital, industrial investment funds, private equity funds and other ne