现代国际资本市场与投资银行(1)ppt课件

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 Par

2、tners,Inc.Largest Recent One-Year Real Stock Price Index Increases各国股市最大一年涨幅..9.103.24.25.CountryPercentageincreaseOne-yearperiodPrice Changeover subsequentone-year period (percent)PhilippinesTaiwanVenezuelaPeruColombiaJamaicaChileItalyJamaicaThaila

3、ndIndiaItalyAustriaFinlandDenmarkSpainLuxembourgSwedenPortugalLuxembourgHong 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.1993J

4、an.1991-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-Fe

5、b.1976Feb.1975-Feb.1976Nov.1979-Nov.1980Aug.1977-Aug.197828.465.733.115.8-19.9-59.238.9-15.78.7-2.6-50.3-32.1-19.846.3-12.44.2-10.8-9.6-34.12.6-38.5-3.431.9-22.4-50.8.Largest Recent One-Year Real Stock Price Index Decreases各国股市最大一年跌幅Country..9.103.2

6、4.25PercentagedecreaseOne-yearperiodPrice Changeover subsequentone-year period (percent)TaiwanJamaicaSwedenUnitedKingdomThailandSouth AfricaPhilippinesKoreaPakistanIndiaDenmarkHong KongHong KongNorwaySpainNorwayAustraliaFranceIndonesiaCanadaFinlandColombiaItalyNorwayDenmark-74.9-73.8-63.6-63.3-62.8-

7、62.1-61.9-61.9-59.5-58.4-56.0-55.5-55.1-54.2-54.1-53.6-53.0-49.0-48.1-47.9-47.5-47.1-46.1-46.1-45.8Oct.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.

8、1998Dec.1981-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

9、.3-74.2-31.368.614.7.Largest 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)..9.103.24.25PhilippinesPeruChileJamaicaKoreaMexicoTaiwan

10、ThailandColombiaSpainIndiaFinlandAustriaPortugalFinlandJamaicaJapanFranceFinlandHong 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-M

11、ar.1990Dec.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.1980Jul

12、y1993-July1998Sept.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-36.9-14.6.Largest Recent Five-Year Real Stock Price Index Decrease

13、s各国股市最大五年跌幅..9.103.24.25CountryPercentagedecreaseFive-yearperiodPrice Changeover subsequentfive-year period (percent)SpainJamaicaVenezuelaThailandPhilippinesItalyPakistanNorwayJamaicaPhilippinesIndiaUnited KingdomSouth AfricaColombiaColombiaChilePhi

14、lippinesFinlandKoreaPortugalJamaicaKoreaItalyFrance 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.1999

15、July1973-July1978Jan.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.196

16、0-Sept.19650.1185.2.9Not available1,000.072.6Not available74.1Not available-40.70.781.516.6-24.836.9587.924.499.0Not available222.6-68.9375.0-46.15.7-0.5.The 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 ..9.1

17、03.24.25.United StatesJapanGermanyFranceUnited KingdomItalyChinaBrazilCanadaSpainIndiaNetherlandsMexicoAustraliaKorea, Republic ofRussiaArgentinaSwitzerlandBelgiumSwedenAustriaTurkeyDenmark General MotorsHong Kong7,921.34,089.92,122.71,466.21,263.81,166.2928.9758

18、.0612.2553.7421.3388.7380.9380.6369.9337.9324.1284.8259.0226.9217.2200.5176.4161.3158.30.Daimler-ChryslerNorwayPolandFord MotorWal-Mart StoresIndonesiaThailandFinlandGreeceSouth AfricaIranMitsuiItochuMitsubishiPortugalColombiaE

19、xxonGeneral ElectricToyota MotorIsraelSingaporeRoyal Dutch/Shell GroupMarubeniSumitomoInt.Business Machines154.6152.1150.8134.4124.3122.9119.0109.6109.4108.7107.2106.4106.1100.7100.599.795.295.193.793.689.081.7.The 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 U

20、S$ billions Rank country/Company US$ billions5.VenexuelaMalaysiaEgyptPhilippinesAXACitigroupVolkswagenNippon Telegraph & TelephoneNippon Life InsuranceChileBP AmocoNissho IwaiIrelandSiemensAllianzPakistanHitachiPeruU.S. Postal

21、ServiceMatsushita Electric IndustrialNestleCredit SuissePhilip MorrisING GroupBoeing81.379.879.278.978.776.476.368.367.767.566.064.863.262.459.559.157.856.556.200.New ZealandAT&TSonyMetroCzech RepublicNi

22、ssan MotorBank of America Corp.FiatHonda MotorAssicurazioni GeneraliMobilHewlett PackardAlgeriaHungaryDeutsche BankUnileverState Farm InsuranceDai-Ichi Mutual Life InsuranceBangladeshVeba GroupHSBC HoldingsUkraineToshibaRenaultSears Roebuck55.853.651.551.551.048.748.447.747.146.545.645.2

23、44.944.644.544.043.543.342.741.541.441.3.1972Foreign currency futures1973Equity options1975Treasury bond futures1981Currency swaps1982Interest rate swapsEurodollar futuresEquity index futuresExchange-listed currency options1983Option on equity indexOptions on T-note futuresOptions on currency future

24、sInterest rate caps and floors1985Eurodollar optionsSwaptions1987Compound options1989Futures on interest rate swapsQuanto options1990Equity index swaps1991Differential swaps1992Catastrophe risk insurance options1993Captions1994 Credit default options1996Electricity futures1997Weather derivativesThe

25、evolutionof DerivativesMarkets衍生证券市场的演进.西方现代投资银行业务操作赢利性操作支持性操作一级市场股权融资债券融资二级市场做市商业务经纪业务买卖业务投 机对 冲公司重组并 购转 让股权控制金融工程零息债券抵押证券衍消费品边缘业务咨询效力投资管理风险投资商业银行结算业务研讨开发内部融资信息效力.美国证券市场的构造和管理注册券商经过结算机构基金公司投资顾问纽约证券买卖所芝加哥买卖所美国买卖所NASDAQ证监会证券投资者维护公司美联储全国证券买卖商协会法规稽核质押贷款投资保险.NATIONAL SECURITIESCLEARING CORPORATION(NSCC)

26、EXECUTIONDESTINATIONCLEARINGLISTED SECURITIESORDER DELIVERY/MATRIX SYSTEMSOTC SECURITIESORDER DROUTINGSYSTEMSBROKERTHE INDIVIDUALINVESTOREXECUTIONREPORTACTREPORTINGBROKER/DEALERCLEARINGBROKER/DEALERINTERNALIZATIONECNMARKETMAKERUTPEXCHANGESPECIALISTDOTFLOOR BROKERON PRIMARYEXCHANGEUTP EXCHANGEECNTHIR

27、DMARKETHOW ORDERS 美国证券买卖流程及中介BECOME TRADES.股票买卖流程及其会计处置交易流程券商会计处理ACa-ECN-CbA,B券商各自计为经纪佣金BCa CaA券商收双边佣金CCa-ECN-bA券商收单边佣金，B券商收庄家交易佣金DC-a b-CA,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 oneMarket maker completes the transaction and

28、 pockets the “spreadbetween 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 thatprofits outweigh losses.To execute the orders,

29、 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-Markers做市商和再做市商Buyers and sellers placeorders with brokerBrokers route electronic orders to mar

30、ket maker.The old way.A ranking of market makers share of trading volume:NASDAQ & BULLETIN BOARD MARKET SHARE 2Q 2000-Volume(millions) Market share1. KNIGHT TRADING15,012 13.4%2. SCHWAB CAPITAL MARKETS11,919 10.6%3. HERZOG HEINE GEDULD*8,716 7.8%4. SPEAR, LEEDS&KELLOGG*6,121 5.5%5. SALOMON SMITH BAR

31、NEY5,468 4.9%6. MERRILL LYNCH4,722 4.2%7. MORGAN STANLEY4,459 4.0%8. GOLDMAN SACHS3,681 3.3%9. SHERWOOD SECURITIES3,602 3.2%10. CREDIT SUISSE FIRST BOSTON3,142 2.8%*Recently acquired by Merrill Lynch.*In talks to be acquired by Goldman Sachs.Source:AutEx/BlockData and Chase H&Q ResearchKnight/Trimar

32、k (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 Category美林证券净收入构造* Net interest profit 净利息收入*C

33、ommissions 买卖佣金*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%*.摩根. 斯坦利收入构造.195258294227198142199819981999199920002000(in millions)(in millions)$2,773$3,213$4,592$337$485$492Goldman Sachs 高盛资产管理和证券业务 ASS

34、ET MANAGEMENT AND SECURITIES SERVICESNet RevenuesAssets Under SupervisionAssets under managementother client assets.Goldman Sachs GLOBAL CAPITAL MARKETS高盛全球资本市场$3,368$4,359$5,371199819992000(in millions)(in millions)199819992000$2,379$5,773$6,627Investment Banking 投资银行Net Revenues 净收入Trading and Pri

35、ncipal Investments买卖和做市商业务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 BDiscount 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

36、 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

37、/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.Total Assets $162.0Adjusted Assets(1) 123.5Net Adjusted Assets(2) 63.0Leverage R

38、atio(3) 29.8Adjusted Leverage (4) 22.7Net Adjusted Leverage (5) 11.6In billions, except ratiosNovember 30,2000$171.2 .1 73.3 27.8 21.9 11.9November 26,1999(1) Adjusted Assets represent Total Assets less securities purchased under agreements to resell and the receivable for securities provided as col

39、lateral.(2) Net Adjusted Assets represent Adjusted Assets less securities borrowed.(3) Leverage Ratio equals Total Assets divided by stockholders equity and preferred stock issued by subsidiaries.(4) Adjusted Leverage ratio equals Adjusted Assets divided by stockholders equity and preferred stock is

40、sued by subsidiaries.(5) Net Adjusted Leverage equals Net Adjusted Assets divided by stockholders equity and preferred stock issued by subsidiaries.熊士坦公司表外业务的风险构造(1)The Bear Stearns Table off -balance-sheet risk positions (1).熊士坦公司表外业务的风险构造(2)The Bear Stearns Table off -balance-sheet risk positions

41、(2)In billionsLess than 1 to 3 3 to 5 Greater than 1 Year Years Years 5 Years TotalSwap agreements, including options, swaptions, caps, collars and floorsFutures contractsForward contractsOptions heldOptions writtenTotalPercent of total$ 99.4 48.5 41.1 20.2 7.3$216.536.2%$119.3 19.7 3.9 4.4$147.324.

42、7%$92.9 4.0 0.2 0.2 $97.316.3%$134.7 0.4 0.7 $.8 22.8%$446.3 72.6 41.1 25.0 11.9 $596.9100.0%.Reporting riskDisclosure to shareholdersManagement reportsRegulatory requirementsControlling riskSetting risk limits(desk level and firm-wide)Allocating riskPerformance evaluationCapital allocationStrategic

43、 business decisionsPassive被动型Defensive防备型Active自动型Evolution of VAR applications 在险价值方法的运用.Top ManagementCEO/CFO总台AuditInternal&ExternalReviews all areas全程监控Operations“Back OfficeTrade Processing后台Risk Management“Middle OfficeMarket and creditrisk analysis中台Treasury&Trading“Front officePositioning前台O

44、rganizational structure for risk management风险管理的组织框架.Traditional A & LM Vs Modern VaR传统的资产负债管理和现代在险价值方法的比较1 Asset/Liability Oriented Valuation/Risk Oriented2 Balance Sheet Analysis Off-Sheet Positions Included3 No Financial Derivatives Derivatives as key items4 Interest Rate Focus Overall Market Ris

45、k Focus5 Passive Risk Control Risk/Return Management6 No Hedging tools Hedging Position Adjustments7 For Commercial Banking For Global Capital Market8 Fixed Time Frame Flexible Time Frame.美国注册券商的分公司管理体制1比较项目独立分公司直属分公司法人结构个人、合伙或独立法人直属总公司经理任命合约制任命制经理资格24号执照8号或24号执照起始投资分公司支付总公司支付运营成本分公司支付总公司支付公司名称分公司自选

46、和总公司一致会计方式独立会计统一报表注册费用分公司支付总公司支付收入来源佣金分成总公司预算开支.美国注册券商的分公司管理体制2比较项目独立分公司直属分公司收入分配总公司对注册经理总公司统一安排法律纠纷及开支分公司负担总公司负担监管程序总公司确定总公司确定业务范围分公司在总公司业务中自选总公司决定佣金及收费标准分公司决定总公司决定.中国投行业务当前实践操作流程工程联络内核小组改制重组上市辅导承销立项立项调研上报证监会财务顾问淘 汰融资部复核淘 汰反 馈变卦主承销路演上市.现代西方投资银行业务框架公司客户结 盟研 发投 资并 购交 易承销结盟机构客户融资中介战略投资者投 机对 冲追 踪咨 询兼并与

47、收买战略协作同伴.美国注册券商组织构造和资金运营特许交易员注册经纪人公司投资（有借贷成本）客户投资交易利润导向投资目标导向投资利润分成工资或经纪佣金分成公司统一会计报表独立帐户会计交易利润衡量业绩佣金收入衡量利润短线交易占主导客户因人而异大量使用衍生工具较少使用衍生工具7号和相关业务执照7号执照.Key Steps in IPO Processing股票承销业务主要的操作步骤.IPO Example: Dr. Koop. Com ( IPO on June 8, 1999)“库普医生网公司的上市费用分析SEC Reg. FeeNASD Filing FEENASDAQ ListingLegal

48、AcctingPrintingBlue SkyTransfer AgentMis.$26,975$10,204$94,000$600K$195K$350K$10K$7.5K$61,321 $1,355.000 + 8.6% of IPO AmountDr.Koop Received Total:$59,062,500 ( including 15% overallotment option ) .投资银行业务的内部分工和操作总台后台后台中台中台前台前台外围外围外围外围中台中台前台前台前台前台前台前台.Global Debt and Equity IssuanceJan.1 to May 16,

49、2001全球债券股票发行的市场份额MANAGERMARKET SHAREMERRILL LYNCH12.7%SALOMON SMITH BARNEY11.7CREDIT SUISSE FIRST BONSTON 8.6MORGAN STANLEY 7.9J.P.MORGAN 7.9GOLDMAN SACHS 6.5LEHMAN BROTHERS 6.1 Total 61.4Data: Thomson Financial Securities.Venture Capital Spending美国风险投资总额Amount Invested.CSFB/DLJ Private Equity vs. Total Venture Capital瑞银华宝-帝杰私人股权基金CSFB/DLJ 帝杰私人股权基金-Worlds largest VC fund Ye