企业成长与可使用的金融工具

2023/2/31第二章投资银行业务与机构性质任课教师：对外经济贸易大学金融学院郭敏

minguo992002@2023/2/32第一节投资银行主要业务与概念界定第二节投资银行的资产负债表与损益表（MerrillLynch

为例）第三节投资银行与商业银行的比较及投资银行性质总结2023/2/33

第一节

投资银行主要业务与概念界定一、投资银行概念界定二、美林证券等投行对自身机构性质的界定和主要业务三、投资银行主要业务2023/2/34一、投资银行概念界定2023/2/35（一）金融市场与投资银行金融市场的参与者之一:金融经营性中介机构与其它服务中介机构(1)直接金融机构:投资银行间接金融机构:商业银行、储蓄金融机构、保险公司(2)其它服务中介机构:会计师、律师、资产评估、评级机构等2023/2/36投资银行在金融市场中的活动在金融市场的各个领域都有投资银行的活动和业务，如货币市场、债券市场、股票市场、衍生金融市场、抵押市场、并购市场、基金市场等等但是，从投资银行的定义中，投资银行是资本市场中直接金融的中介机构。2023/2/37

（二）投资银行的称谓商人银行：投资银行在大多数欧洲国家被称为商人银行（Merchantbank）；证券公司：日本、韩国等国及我国称为证券公司(Securitiescompany)；华尔街金融公司：在美国称为华尔街金融公司（Wallstreetfirm）2023/2/38我国法律对投资银行的界定我国新《证券法》第六章“证券公司”第一百一十八条规定：“第一百二十三条本法所称证券公司是指依照《中华人民共和国公司法》和本法规定设立的经营证券业务的有限责任公司或者股份有限公司。”第一百二十五条经国务院证券监督管理机构批准，证券公司可以经营下列部分或者全部业务：(一)证券经纪；(二)证券投资咨询；(三)与证券交易、证券投资活动有关的财务顾问；(四)证券承销与保荐；(五)证券自营；(六)证券资产管理；(七)其他证券业务。

2023/2/39（三）投资银行概念界定

——投资银行是“银行”吗？投资银行一词英文为“Investmentbanking”，但“Investmentbanking”至少有四层含义：其一，机构层次，是指作为金融市场中介机构的金融企业；其二，行业层次，指投资银行的整个行业；其三，业务层次，指投资银行所经营的业务；其四，学科层次，是关于投资银行的理论和实务的学科。2023/2/310从机构层次对投资银行的定义投资银行是指资本市场上从事投资银行业务的直接金融机构。即如果我们定义了投资银行业务，也就定义了投资银行。依投资银行业务由广到窄可以有四个定义：1、狭义的投资银行：一般仅指传统意义上的投资银行，主要指从事证券发行承销和证券交易业务的金融机构。2、较狭义的投资银行：指经营部分资本市场业务的金融机构，主要业务包括证券发行承销、证券交易、企业兼并与收购及企业融资相关的其他业务。2023/2/3113、较广义的投资银行：指经营所有资本市场业务的金融机构，主要业务包括证券发行承销、证券交易、兼并与收购、企业融资、基金与资产管理、研究与咨询顾问、风险资本运作管理以及金融衍生产品开发与创新等业务。4、广义的投资银行：指任何经营华尔街金融业务机构都可称为投资银行，其业务指在混业经营背景下的几乎所有的金融市场业务，涵盖证券业务以及与银行、保险业相关联的业务，同时也包含部分不动产投资、个人金融零售及投资业务等综合性的金融服务。一般采用第三层次定义2023/2/312二、美林证券等投行对自身机构

性质的界定及主要业务2023/2/313NewMerrillLynchin20092008MerrillLynchannouncesaplantoreduceitsriskexposuresby$11.1billion,includingasubstantialsaleofU.S.collateraldebtobligationscomprisedofasset-backedsecurities.

BankofAmericaCorporationagreestoacquireMerrillLynchinanall-stocktransactionthatcreatesacompanyunrivaledinitsbreadthoffinancialservicesandglobalreach.

2009MerrillLynchofficiallybecomesawhollyownedsubsidiaryofBankofAmerica.(美林网站2009年上半年）

2023/2/314FollowingthecombinationwithMerrillLynch,BankofAmericahasbecome:Thelargestbrokerageintheworld,withmorethan20,000advisorsand$2.5trillioninclientassetsAleadingproviderofglobalcorporateandinvestmentbankingservices,includingcommerciallending,globalhigh-yielddebt,globalequityandglobalM&AAgloballeaderinwealthmanagement,privatebankingandretailbrokerageAgloballeaderininvestmentmanagement,withapproximately50percentownershipinBlackRock,whichhas$1.4trillioninassetsundermanagement,inadditiontothe$589billioninassetsundermanagementwithBankofAmericaasofJune30,20082023/2/315MerrillLynch&Co.,Inc.MerrillLynchisoneoftheworld‘sleadingwealthmanagement,capitalmarketsandadvisorycompanies,withofficesin40countriesandterritoriesandtotalclientassetsofapproximately$2trillion.(2008年）MerrillLynchisoneoftheworld’spremierprovidersofwealthmanagement,securitiestradingandsales,corporatefinanceandinvestmentbankingservices(2009)CorporateSnapshot

Founded:1914(CharlesE.Merrill&Co)Employees:

64,200

2007NetRevenue:

$11.billionTotalClientAssets:Approx.$1.8trillionTotalStockholders'Equity$32bnFortune500:RankedNo.22StockSymbol:MERGlobalMarkets:

40countries

Asofquarter-end,Q42007.（2008年）2023/2/316Ouroperationsarecurrentlyorganizedintotwobusinesssegments:GlobalMarketsandInvestmentBanking(GMI),andGlobalWealthManagement(GWM).GMIprovidesfullserviceglobalmarketsoriginationproductsandservicestocorporate,institutionalandgovernmentclientsaroundtheworld.GWMcreatesanddistributesinvestmentproductsandservicesforindividuals,small-andmid-sizebusinesses,andemployeebenefitplans.WealsoprovideavarietyofresearchservicesonaglobalbasisthroughGlobalResearch.Ourresearchanalystsprovideobjectiveanddecisiveresearchdesignedtohelpclientsmakeinformedinvestmentdecisions.（2009年网页）2023/2/317GoldmanSachsTheGoldmanSachsGroup,Inc.isaleadingglobalfinancialservicesfirmprovidinginvestmentbanking,securitiesandinvestmentmanagementservicestoasubstantialanddiversifiedclientbasethatincludescorporations,financialinstitutions,governmentsandhigh-net-worthindividuals.Foundedin1869,thefirmisheadquarteredinNewYorkandmaintainsofficesinLondon,Frankfurt,Tokyo,HongKongandothermajorfinancialcentersaroundtheworld.(2009)

2023/2/318Weseektobetheadvisorofchoiceforourclientsandaleadingparticipantinglobalfinancialmarkets.Ourstrategyistogrowourthreecorebusinesses：InvestmentBanking,TradingandPrincipalInvestmentsandAssetManagementandSecuritiesServicesinmarketsthroughouttheworld.

2023/2/319InvestmentBanking

Weprovideabroadrangeofinvestmentbankingservicestoadiversegroupofcorporations,financialinstitutions,governmentsandindividuals.TradingandPrincipalInvestments

Wefacilitateclienttransactionswithadiversegroupofcorporations,financialinstitutions,governmentsandindividualsandtakeproprietarypositionsthroughmarketmaking,tradingandinvestinginfixedincomeandequityproducts,currencies,commoditiesandderivatives.Additionally,weengageinspecialistandmarketmakingactivitiesonequitiesandoptionsexchanges,andweclearclienttransactionsonmajorstock,optionsandfuturesexchangesworldwide.Inconnectionwithourmerchantbankingandotherinvestingactivities,wemakeprincipalinvestmentsdirectlyandthroughfundsthatweraiseandmanage.AssetManagementandSecuritiesServices

Weprovideinvestmentadvisoryandfinancialplanningservicesandofferinvestmentproductsacrossallmajorassetclassestoadiversegroupofinstitutionsandindividualsworldwide.Wealsoprovideprimebrokerageservices,financingservicesandsecuritieslendingservicestomutualfunds,pensionfunds,hedgefunds,foundationsandhigh-net-worthindividualsworldwide.2023/2/320作业：阅读GoldmanSachs网站里Whoweare/Whatwedo/Careers栏目Careers的主要内容CareersHome

WhyGoldmanSachs

OurDivisions

OurPeople

OurCulture

Diversity

TrainingandOrientation

CompensationandBenefits

Awards

StudentsAndGraduates

ExperiencedProfessionals

SearchJobs

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ExploreGoldmanSachs:CareersQuiz

2023/2/321MorganStanleyBusinessSegments.MorganStanleyisaglobalfinancialservicesfirmthatmaintainssignificantmarketpositionsineachofits

businesssegments—InstitutionalSecurities,GlobalWealthManagementGroupandAssetManagement.A

summaryoftheactivitiesofeachofthebusinesssegmentsfollows：InstitutionalSecuritiesincludescapitalraising;financialadvisoryservices,includingadviceonmergersand

acquisitions,restructurings,realestateandprojectfinance;corporatelending;sales,trading,financingand

market-makingactivitiesinequityandfixedincomesecuritiesandrelatedproducts,includingforeignexchange

andcommodities;benchmarkindicesandriskmanagementanalytics;andinvestmentactivities.2023/2/322GlobalWealthManagementGroupprovidesbrokerageandinvestmentadvisoryservicescoveringvarious

investmentalternatives;financialandwealthplanningservices;annuityandotherinsuranceproducts;creditand

otherlendingproducts;cashmanagementservices;retirementservices;andtrustandfiduciaryservices.AssetManagementprovidesglobalassetmanagementproductsandservicesinequity,fixedincome,alternative

investments,whichincludeshedgefundsandfundsoffunds,andmerchantbanking,whichincludesrealestate,privateequityandinfrastructure,toinstitutionalandretailclientsthroughproprietaryandthird-partydistribution

channels.AssetManagementalsoengagesininvestmentactivities.2023/2/323比较：citibank的陈述Foundinmorethan100countriesworld-wide,Citibankdeliversawidearrayofbanking,lendingandinvestmentservicestoindividualconsumers,aswellastosmallbusinesseswithupto$10millioninannualsales.Wealsoofferafullrangeoffinancialservicesproductstoservetheneedsofsmallandlargecorporations,governments,andinstitutionalandindividualinvestors.

2023/2/324美林集团提供的业务(2010年报)Securitiesbrokerage,tradingandunderwriting;Investmentbanking,advisoryservices(includingmergersandacquisitions)andothercorporatefinanceactivities;Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning;Investmentmanagementandadvisoryandrelatedrecord-keepingservices;Origination,brokerage,dealer,andrelatedactivitiesinswaps,options,forwards,exchange-tradedfutures,otherderivatives,commoditiesandforeignexchangeproducts;Securitiesclearance,settlementfinancingservicesandprimebrokerage;Privateequityandotherprincipalinvestingactivities;ResearchservicesonaglobalbasisServicesprovidedtoclientsbyMerrillLynchandotheractivitiesinclude（2011年报）Securitiesbrokerage,tradingandunderwriting;Investmentbanking,advisoryservices(includingmergersandacquisitions)andothercorporatefinanceactivities;Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning;Investmentmanagementandadvisoryandrelatedrecord-keepingservices;Origination,brokerage,dealer,andrelatedactivitiesinswaps,options,forwards,exchange-tradedfutures,otherderivatives,commoditiesandforeignexchangeproducts;Securitiesclearance,settlementfinancingservicesandprimebrokerage;andResearchservicesonaglobalbasis.ServicesprovidedtoclientsbyMerrillLynchandotheractivitiesinclude2012年报Securitiesbrokerage,tradingandunderwriting;Investmentbanking,advisoryservices(includingmergersandacquisitions)andothercorporatefinanceactivities;Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning;Investmentmanagementandadvisoryandrelatedrecord-keepingservices;Origination,brokerage,dealer,andrelatedactivitiesinswaps,options,forwards,exchange-tradedfutures,otherderivatives,commoditiesandforeignexchangeproducts;Securitiesclearance,settlementfinancingservicesandprimebrokerage;andResearchservicesonaglobalbasis.2023/2/327TheservicesprovidedbyGoldmanSachs（2008）Advising

AssetAllocation

MergersandAcquisitionsFinancing

DebtFinancing

EquityCapitalMarkets

LendingInvesting

AssetManagement

MutualFunds

PrivateEquity

PrivateWealthManagement

SecuritisedDerivativesSecurities

ClearingServices

ExecutionServices

FundAdministration

Pensions,EndowmentsandFoundations

PrimeBrokerage

Products

SecuritiesLendingPrograms

TransitionServicesResearch

GlobalInvestmentResearch2023/2/328TheservicesprovidedbyGoldmanSachs（2009）Advising

AssetAllocation

EnvironmentalMarkets

MergersandAcquisitionsFinancing

BankLoans

DebtFinancing

EquityCapitalMarkets

LendingInvesting

AssetManagement

BankDeposits

ClosedEndedInvestments

MutualFunds

PrivateEquity

PrivateWealthManagement

SecuritisedDerivativesSecurities

ClearingServices

ExecutionServices

FundAdministration

Pensions,EndowmentsandFoundations

PrimeBrokerage

Products

SecuritiesLendingPrograms

TransitionServicesResearch

GlobalInvestmentResearch2023/2/329三、投资银行的主要业务经过最近一百年的发展，现代投资银行已经突破了证券发行与承销、证券交易经纪、证券私募发行等传统业务框架企业并购、项目融资、风险投资、公司理财、投资咨询、资产及基金管理、资产证券化、金融创新与金融工程等都已成为投资银行的核心业务组成。

2023/2/330投资银行的主要业务证券发行与承销业务

证券经纪与交易业务收购兼并业务基金管理业务风险与创业投资业务财务顾问与咨询业务项目融资业务金融衍生产品与创新业务

研究开发与投资咨询业务

资产证券化业务

以上多种业务投行可以分为三大类第一是证券经济活动中介类业务，这是传统的通道服务性质的投资银行业务，如证券发行与承销、证券经纪、并购、投资研究咨询和财务顾问等；第二是用自己的资本金或以自身为主体借来资金后进行的证券相关投资活动，如自营证券投资、私募股权和风险投资等；第三是以自身的专业机构优势接受各户委托帮助客户进行证券相关投资，如资产管理等。后两类是20世纪70年代以来全球投资银行业务发展的重要方向。以下将逐一介绍证券发行与承销、证券经纪、企业并购、自营证券投资和其他投资、资产管理等投资银行主要业务。2023/2/332证券发行与承销业务

证券发行与承销业务是投资银行最本源、最基础的业务活动，是投资银行为公司或政府机构等融资的主要手段之一。证券发行业务也称为证券一级市场业务，该业务一般由投资银行设立的的投资银行部门或公司融资部实施，国际投资银行一般由市场开发部门、公司融资部、市场销售部等部门合作完成。证券发行与承销的范围：范围很广，包括本国政府机构发行的债券、企业发行的股票和债券、金融机构发行的债券、基金证券等，外国政府和公司在本国和世界发行的证券、国际金融机构发行的证券等。2023/2/333证券发行与承销的种类公募发行与承销（Underwriting）：主要指面向社会公众投资者，既非特定投资人发行证券的行为。其中股票的公募发行包括拟上市公司的首次股票公开发行（IPO）和上市公司再融资所进行的增资发行和面向老股东的配股发行。最常见的公募发行主要是股票、公司债券、政府债券、公司可转股债券、投资基金等证券品种。2023/2/334私募发行（PrivatePlacement）：主要是通过非公众渠道，直接向特定的机构投资人（机构）发行的行为，主要发行对象包括各类共同基金、保险公司、各类养老金、社保基金、投资公司等。私募发行不受公开发行的规章限制，除能节约发行时间和发行成本外，又能够比在公开市场上交易相同结构的证券给投资银行和投资者带来更高的收益率。但是，私募发行也有流动性差、发行面窄、难以公开上市扩大企业知名度等缺点。

2023/2/335

证券承销方式证券包销和余额包销：证券包销是指投资银行主承销商和它的辛迪加成员同意按照协议的价格全部购入发行的证券（包销）或者在承销期结束时将售后剩余证券全部自行购入的承销方式（余额包销），再把这些证券卖给他们的客户。发行人不承担风险，风险转嫁到了投资银行的身上。

2023/2/336

证券代销：当所发行证券的信用等级较低时，投资银行只接受发行者的委托，代理其发行证券，如在规定的期限内发行的证券没有全部售出，则将其剩余部分返回发行人，风险由发行人自己承担。

投标承购：投资银行通过参加投标承购证券，再将其销售给投资者，该种方式在债券（特别是国债发行）中较为常见。

2023/2/337证券经纪与交易业务证券交易同样是投资银行最本源、最基础的业务活动。投资银行在二级市场中扮演着三重角色，即：证券经纪商（Broker）证券交易商（Dealer）证券做市商（Marketmaker）。

2023/2/338作为证券经纪商，在证券承销结束之后，投资银行代表着买卖双方，按照客户提出的价格代理进行交易，这种证券经纪行为是最传统的证券交易业务；

作为证券交易商，投资银行有自营买卖证券的需要，这是因为投资银行接收客户的委托，管理着大量的资产，必须保证其保值增值；

作为证券做市商，投资银行有义务为该证券创造一个流动性较强的二级市场，并维持市场价格的稳定。此外，投资银行还在二级市场上进行无风险套利和风险套利等活动。

2023/2/339收购兼并业务公司收购兼并业务的主要类别与特征：合并（Consolidation）相当于我国《公司法》中的“新设合并”，它是指两个或两个以上企业合成一个新的企业，（如德国的戴姆勒奔驰公司与美国的克莱斯勒公司的合并），特点是伴有产权关系的转移，多个法人变成一个新的法人（新设公司），原合并各方法人地位都消失，用公式表示就是A+B=C。2023/2/340兼并（Merger）则相当于我国《公司法》中的“吸收合并”，即Ａ公司兼并Ｂ公司，Ａ公司保留存续（称为兼并公司），Ｂ公司解散（并入A公司，称为被兼并公司），丧失法人地位，用公式表示就是A+B=A。

（如清华同方收购鲁颍电子）收购（Acquisition）专门是指Ａ公司通过主动购买目标B公司的股权或资产，以获得对目标Ｂ公司的控制权，通常并不取消被收购方的法人地位，收购后两个企业仍为两个法人，只发生控制权转移，如证券市场中的买壳上市就属于此类情况之一。

2023/2/341投资银行介入收购兼并业务的途径和方法

为收购方设计购并方案并协助实施；为被收购方设计反收购方案和措施；通过价值评估和分析确定合理价格；根据并购方案和资金需求安排融资；在实施过程中自身的风险套利操作。2023/2/342基金管理业务

投资银行可以作为基金的发起人，发起和建立基金，或者以出资人身份发起设立专业的基金管理公司来管理基金；投资银行自身可作为基金管理者管理基金；投资银行还可以作为基金的承销人，帮助基金发行人向投资者发售受益凭证。2023/2/343财务顾问业务

投资银行财务顾问的服务对象通常既可以是公司、企业，也可以是政府机构，主要是为融资者提供服务。可包括：公司的财务顾问业务和政府机构的财务顾问业务。2023/2/344公司和企业的财务顾问业务：是指对公司的融资为主体的一系列资本运营的策划和咨询业务的总称。主要是投资银行在公司的股份制改造、上市、在二级市场再筹资（或投资管理）以及发生兼并收购、出售资产等重大交易活动时提供的专业性财务意见。政府机构的财务顾问业务：主要体现在为政府的经济改革政策提供咨询，特别是在经济发展战略和规划、对外开放政策、产业结构布局和调整、国企改革方针和政策以及公司民营化的实施等方面。2023/2/345风险投资业务

投资银行涉足风险投资有不同的层次：第一，在公司设立初期用私募的方式为其筹集资本；第二，对某些潜力巨大的公司有时也进行直接投资，拥有股权成为其股东；第三，设立“风险基金”或“创业基金”向这些公司提供资金来源。2023/2/346项目融资业务

投资银行在项目融资中的作用主要表现：项目的可行性与风险的全面评估；确定项目的资金来源、承担的风险、筹措成本；估计项目投产后的成本超支及项目完工后的投产风险和经营风险；通过贷款人或从第三方获得承诺，转移或减少项目风险；以项目融资专家的身份充当领头谈判人，在设计项目融资方案中起关键作用。2023/2/347金融衍生产品与创新业务

金融创新工具即衍生工具一般分为三类：期货类期权类掉期类。使用衍生工具的策略主要目的：套利保值投机套利通过金融创新工具的设立与交易，投资银行进一步拓展了业务空间和资本收益。2023/2/348研究开发与投资咨询业务

研究开发投资银行内部为其它各业务部门提供技术支持平台的、不能直接创造利润的业务。研究开发部门往往是投资银行的成本中心而非利润中心，其准确定位是服务性而非盈利性功能投资咨询则基本上是一种纯粹的中介服务，包括普通的证券投资咨询和面向特定客户的专项投资咨询，与主要面向融资者服务的财务顾问业务不同，投资咨询业务主要面向的对象是投资者。2023/2/349资产证券化业务

资产证券化：资产证券化是将资产原始权益人或发起人（卖方）不流通的存量资产或可预见的未来现金流量，构造和转变成为资本市场可销售和流通的金融产品的过程。资产证券化是一项以提高流动性和融资为目的的金融创新，是对一组原本流动性较差的金融资产进行组合，使其产生在长期上较为稳定的现金流收益，再配以相应的信用担保，把这种未来现金流的收益权转变为可在金融市场上流动、信用等级较高的证券。可以看出，这种资产证券化的实质就是将金融资产的未来现金流收益权进行转让的交易。

2023/2/350第二节

投资银行的资产负债表与损益表（MerrillLynch

为例）一、MerrillLynch的公司架构说明二、MerrillLynch的资产负债表三、MerrillLynch的损益表四、投资银行经营管理的特点2023/2/351一、美林公司架构美林公司是一家拥有多个附属和联营公司的控股公司,统称为美林集团.有几十家左右经营各种投资银行业务的子公司，除美国本土外，业务遍布全球：亚洲与太平洋、欧洲中东及非洲区、拉美区，加拿大区。两大业务事业部,GMI和GWM.美林集团设于美国本土及国外的重要附属公司分别隶属于以上事业部.。美林主要的控股子公司

Itsprincipalsubsidiariesinclude（2012年报）MerrillLynch,Pierce,Fenner&SmithIncorporated(“MLPF&S”),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational(“MLI”),aUnitedKingdom(“U.K.”)-basedregulatedinvestmentfirm;MerrillLynchCapitalServices,Inc.,aU.S.-baseddealerininterestrate,currency,commodityandcreditderivatives;MerrillLynchInternationalBankLimited(“MLIB”),anIreland-basedbank;MerrillLynchJapanSecuritiesCo.,Ltd.(“MLJS”),aJapan-basedbroker-dealer;andMerrillLynchDerivativeProducts,AG,aSwitzerland-basedderivativesdealer.Itsprincipalsubsidiariesinclude（2011年报）MerrillLynch,Pierce,Fenner&SmithIncorporated(“MLPF&S”),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational(“MLI”),aUnitedKingdom(“U.K.”)-basedregulatedinvestmentfirm;MerrillLynchCapitalServices,Inc.,aU.S.-baseddealerininterestrate,currency,commodityandcreditderivatives;MerrillLynchInternationalBankLimited(“MLIB”),anIreland-basedbank;MerrillLynchJapanSecuritiesCo.,Ltd.(“MLJS”),aJapan-basedbroker-dealer;MerrillLynchDerivativeProducts,AG,aSwitzerland-basedderivativesdealer.2023/2/354美林主要的控股子公司(2010年报)DescriptionofBusinessMerrillLynch&Co.Inc.(“ML&Co.”)andtogetherwithitssubsidiaries(“MerrillLynch”),providesinvestment,financingandotherrelatedservicestoindividualsandinstitutionsonaglobalbasisthroughitsbroker,dealer,bankingandotherfinancialservicessubsidiaries.2023/2/355Itsprincipalsubsidiariesinclude:MerrillLynch,Pierce,Fenner&SmithIncorporated(“MLPF&S”),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational(“MLI”),aUnitedKingdom(“U.K.”)-basedbroker-dealerinsecuritiesanddealerinequityandcreditderivatives;MerrillLynchCapitalServices,Inc.,aU.S.-baseddealerininterestrate,currency,commodityandcreditderivatives;2023/2/356MerrillLynchInternationalBankLimited(“MLIB”),anIreland-basedbank;MerrillLynchJapanSecuritiesCo.,Ltd.(“MLJS”),aJapan-basedbroker-dealer;MerrillLynchDerivativeProducts,AG,aSwitzerland-basedderivativesdealer;andMLIBKPositionsInc.,aU.S.-basedentityinvolvedinprivateequityandprincipalinvesting.MerrillLynchBankUSA("MLBUSA"),aU.S.-basedFDIC-insureddepository;MerrillLynchBank&TrustCo.("MLB&T"),aU.S.-basedFDIC-insureddepository;Itsprincipalsubsidiariesinclude（2007年报）MerrillLynch,Pierce,Fenner&SmithIncorporated("MLPF&S"),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational("MLI"),aU.K.-basedbroker-dealerinsecuritiesanddealerinequityandcreditderivatives;MerrillLynchGovernmentSecuritiesInc.("MLGSI"),aU.S.-baseddealerinU.S.Governmentsecurities;MerrillLynchCapitalServices,Inc.,(MLCS),aU.S.-baseddealerininterestrate,currency,andderivatives;MerrillLynch

derivativesProductsAG(MLDP)MerrillLynchInvestmentManagers,LP,aU.S.-basedassetmanagementcompany;MerrillLynchInvestmentManagersLimited,aU.K.-basedassetmanagementcompany;MerrillLynchBankUSA("MLBUSA"),aU.S.-basedFDIC-insureddepository;MerrillLynchBank&TrustCo.("MLB&T"),aU.S.-basedFDIC-insureddepository;MerrillLynchInternationalBankLimited("MLIB"),aIreland-basedbank;MerrillLynchMortgageCapitalInc.(MLMCI)MerrillLynchJapanSecuritiesCo.,Ltd.,aJapan-basedbroker-dealer;(MLJS)MerrillLynchInsuranceGroup,Inc.,aU.S.-basedprovideroflifeinsuranceandannuityproducts.MLIBKPosition,Inc.2023/2/360二、投资银行的资产负债表（以美林为例）资产负债所有内容由三大部分构成：1、Trading-RelatedAssetsandLiabilities2、Non-Trading-RelatedAssets3、Non-Trading-RelatedLiabilities

2023/2/3611、与证券交易直接相关的资产与负债项（Trading-RelatedAssetsandLiabilities2007)

资产负债重售协议(21·7%)回购协议(23.1%)借入证券(13·1%)借出证券(5·5%)交易资产(23.o%)交易负债(12.1%)应收项(12.4%)应付项(13.0%)合计：70·2％53·7％2023/2/3622、Non-Trading-RelatedAssets(2007)（其它资产）：现金及现金等同6·3％其它证券投资8·1％贷款、票据与抵押9·3％固定资产与商誉0·8％3、Non-Trading-RelatedLiabilities(其它负债与资本）：商业票据与短期借贷2·4％存款10.2％长期借贷26.1％资本金3·1％2023/2/363与证券交易直接相关的资产与负债项（Trading-RelatedAssetsandLiabilitiesin2008)

资产负债重售协议(13.97%)回购协议(13.88%)借入证券(5.25%)借出证券(3.66%)交易资产(26.31%)交易负债(13.40%)应收项(13.46%)应付项(13.54%)合计：58.99％44.52％2023/2/364与证券交易直接相关的资产与负债项（Trading-RelatedAssetsandLiabilitiesin2009)

资产负债重售协议(14.55%)回购协议(13.82%)借入证券(9.47%)借出证券(5.20%)交易资产(29.28%)交易负债(13.66%)应收项(10.86%)应付项(14.72%)合计：64.16％47.40％2023/2/365

与证券交易直接相关的资产与负债：

SecuritiesFinancingTransactions

（包括重售与回购以及借入证券与借出证券）MerrillLynchentersintosecuredborrowingandlendingtransactionsinordertofinancetradinginventorypositions,obtainsecuritiesforsettlement,meetcustomers'needsandearnresidualinterestratespreads.MerrillLynchalsoengagesinsecuritiesfinancingforcustomersmarginlending.

2023/2/366

与证券交易直接相关的资产与负债：

TradingAssetsandLiabilities

TradingAssetsandLiabilitiesconsistofcashinstruments(suchassecurities)andderivativeinstrumentsusedfortradingpurposesorformanagingriskexposuresinotherTradinginventory.Tradinginventoryprincipallyrepresentssecuritiespurchased("long"positions),securitiessoldbutnotyetpurchased("short"positions),andwillthereforebeobligatedtopurchaseonthefuturedate.Thesepositionsareprimarilytheresultofmarket-making,hedging,andproprietaryactivities.2023/2/367

与证券交易直接相关的资产与负债：

OtherReceivablesandPayablesCustomerReceivablesandPayables

Customersecuritiesandcommoditiestransactionsarerecordedonasettlementdatebasis.Receivablesfromandpayablestocustomersincludeamountsdueoncashandmargintransactions.2023/2/368BrokersandDealersReceivablesandPayables

ReceivablesfrombrokersanddealersincludeamountsreceivableforsecuritiesnotdeliveredbyMerrillLynchtoapurchaserbythesettlementdate("failstodeliver"),depositsforsecuritiesborrowed,margindeposits,commissions,andnetreceivablesarisingfromunsettledtrades.PayablestobrokersanddealersincludeamountspayableforsecuritiesnotreceivedbyMerrillLynchfromasellerbythesettlementdate("failstoreceive"),depositsreceivedforsecuritiesloaned,andnetpayablesarisingfromunsettledtrades.

2023/2/369InterestandOtherReceivablesandPayables

Interestandotherreceivablesincludeinterestreceivableoncorporateandgovernmentalobligations,customerorotherreceivables,stockborrowedtransactions,receivablesfromcommissionsandfees,andincometaxes.Interestandotherpayablesincludeinterestpayableforstock-loanedtransactions,long-termborrowings,andamountspayableforemployeecompensationandbenefits,restructuringreserves,andincometaxes.2023/2/370与证券交易间接相关的资产：

1、CashandCashEquivalentsMerrillLynchdefinescashequivalentsasshort-term,highlyliquidsecuritiesandinterest-earningdepositswithoriginalmaturitiesof90daysorless,otherthanthoseusedfortradingpurposes.2023/2/3712、CashandSecuritiesSegregatedforRegulatoryPurposesorDepositedwithClearingOrganizations

Itincludescashandsecuritiessegregatedincompliancewithfederalandotherregulationsandrepresentfundsdepositedbycustomersandfundsaccruingtocustomersasaresultoftradesorcontracts.AlsoincludedarefundssegregatedinaspecialreserveaccountforthebenefitofcustomersunderRule15c3-3oftheSecuritiesandExchangeCommission,aswellasfundssegregatedandheldinseparateaccountsinaccordancewithSection4d(2)andRegulation30.7oftheCommodityExchangeAct.2023/2/3723、InvestmentSecurities

InvestmentsecuritiesontheConsolidatedBalanceSheetsincludeshighlyliquiddebtsecuritiesincludingthoseheldforliquiditymanagementpurposes,equitysecurities,theinvestmentportfolioforMerrillLynch'sU.S.banks,andinvestmentsofinsurancesubsidiaries.2023/2/3734、Loans,Notes,andMortgagesMerrillLynch'slendingandrelatedactivitiesincludeloanoriginations,syndications,andsecuritizations.Loanoriginationsincludecommercialandresidentialmortgages,loanstosmall-andmiddle-marketsbusinesses,andcreditextendedtoindividuals.2023/2/3745、SeparateAccountsAssetsandLiabilitiesMerrillLynchmaintainsseparateaccountsrepresentingsegregatedfundsheldforpurposesoffundingvariablelifeandannuitycontracts.TheseparateaccountassetsarenotsubjecttogeneralclaimsofMerrillLynch.TheseaccountsandtherelatedliabilitiesarerecordedasseparateaccountsassetsandseparateaccountsliabilitiesontheConsolidatedBalanceSheets.2023/2/3756、EquipmentandFacilitiesEquipmentandfacilitiesprimarilyconsistoftechnologyhardwareandsoftware,leaseholdimprovements,andownedfacilities.2023/2/376与证券交易间接相关的负债：

1、CommercialPaperandShort-andLong-TermBorrowingsMerrillLynch'sunsecuredgeneral-purposefundingisprincipallyobtainedfrommedium-termandlong-termborrowings.2023/2/3772、Deposits

Savingsdepositsareinterest-bearingaccountsthathavenomaturityorexpirationdate,wherebythedepositorisnotrequiredbythedepositcontract,butmayatanytimeberequiredbythedepositoryinstitution,togivewrittennoticeofanintendedwithdrawalnotlessthansevendaysbeforewithdrawalismade.Timedepositsareaccountsthathaveastipulatedmaturityandinterestrate.Depositorsholdingtimedepositsmayrecovertheirfundspriortothestatedmaturitybutmaypayapenaltytodoso.2023/2/378三、投资银行的损益表见附件美林2008年损益表除利息收入外，投行收入主要有以下几项2023/2/379PrincipaltransactionsPrincipaltransactionsrevenuesincluderealizedgainsandlossesfromthepurchaseandsaleofsecuritiesinwhichMerrillLynchactsasprincipal.2023/2/380CommissionCommissionrevenuesincludescommission,mutualfundsdistributionfeesandcontingentdeferredsalechargerevenue,whichareallaccruedasearned.2023/2/381Investmentbanking

Investmentbankingrevenuesincludeunderwritingrevenuesandfeesformergerandacquisitionadvisoryservices,whichareaccruedwhenservicesforthetransactionsaresubstantiallycompleted.Underwritingrevenuesarepresentednetoftransaction-relatedexpenses.Transaction-relatedexpenses,primarilyleg