第六組投資銀行ppt課件

1、 Investment bank.PositionMain contents:Investment banking businesses Compare with commercial bankOrganization structureThe definition of investment bank. Investment banking is an organic process, often in the change, development, evolution, any books can precisely and elaborate. Robert Kuhn .What is

2、 investment bank? The participants in the marketplace that work with issuers to distribute newly issued securities are called investment bank. 協(xié)助發(fā)行人將新發(fā)行的證券進(jìn)展出賣的市場參與者稱為投資銀行.The business areas within Morgan Stanley:Institutional securities(機(jī)構(gòu)證券)Wealth management財富管理Investment management投資管理Technology技

3、術(shù)Operations業(yè)務(wù)操作Company management 公司管理. 證券發(fā)行與承銷、證券買賣經(jīng)紀(jì)、證券私募發(fā)行、企業(yè)并購、工程融資、風(fēng)險投資、公司理財、投資咨詢、資產(chǎn)及基金管理、資產(chǎn)證券化、金融創(chuàng)新等都是投資銀行的中心業(yè)務(wù)組成。 Investment banking is performed by two groups :commercial banks and securities houses(券商).Financing marketPrimary market 一級市場Secondary markets 二級市場證券發(fā)行人：為籌措資金而發(fā)行債券、股票等證券的發(fā)行主體投資者：經(jīng)

4、過買入證券而進(jìn)展投資的各類機(jī)構(gòu)法人和自然人中介機(jī)構(gòu)：為證券的發(fā)行、買賣提供效力的各類機(jī)構(gòu)證券承銷 參與者Private placement 私募Public placement 公募發(fā)行方式.Securities underwriting The function of buying the securities from the issuer is called underwriting(承銷). underwritingfirm commitment 包銷best efforts 代銷 全額包銷余額包銷.證券發(fā)行工程：股票投資銀行非公開發(fā)行股票增發(fā)配股可轉(zhuǎn)債Primary market：I

5、POInitial Public Offerings is a common stock Offering issued by companies that had not previously issued commonstock to the public. 初次公開發(fā)行股票IPO上市公司增資 發(fā)行.Secondary Markets:Investment bankIssuersInvestors salebuySecurities trading 證 券 交 易Underwriter discount/gross spread: 承銷商折扣或 總價差. 財務(wù)顧問和投資咨詢securiti

6、es issuancemergers and Acquisitions (M&A) 并 購issuersinvestor收買方被收買方發(fā)行價錢,時間，融資期限，利率程度；利潤報答，投資建議等。搜索目的，買賣價錢，收買戰(zhàn)略，估價意見；反收買等. Mergers and Acquisitions (M&A) 并 購Merger： 兼 并Acquisition： 收 購Consolidation： 合 并兩個或兩個以上的企業(yè)合并成為一個新的企業(yè)，合并完成后，多個法人變成一個法人兩個貨兩個以上的獨(dú)立企業(yè)合并組成一家企業(yè)，被吸收的企業(yè)解散一家企業(yè)用現(xiàn)金或者有價證券購買另一家企業(yè)的股票或資產(chǎn)，獲得對該企業(yè)

7、控制權(quán).Organizational structure ：股東大會董事會執(zhí)行管理委員會內(nèi)部管理業(yè)務(wù)管理國內(nèi)外分支機(jī)構(gòu)董事會辦公室審計委員會人力資源部財務(wù)部法律部稽核部風(fēng)險管理部信息技術(shù)部企業(yè)融資部公共融資部工程融資部私募資金部兼并收買部證券買賣部私人客戶部資產(chǎn)管理部風(fēng)險資本部開展研討部內(nèi)部. Organizational structure:內(nèi)部股東大會董事會管理委員會董事會辦公室審計委員會內(nèi)部管理分支機(jī)構(gòu)業(yè)務(wù)管理財務(wù)部法律部稽核部風(fēng)險管理部信息技術(shù)部人力資源部證券類資產(chǎn)管理類信譽(yù)效力類投資銀行部機(jī)構(gòu)銷售與買賣部全球研討部私人客戶部網(wǎng)上業(yè)務(wù)部機(jī)構(gòu)投資管理部私人投資管理部信譽(yù)效力部.外部構(gòu)造分

8、行附屬行代理行辦事處.摩根士丹利的組織構(gòu)造附屬機(jī)構(gòu)摩根士丹利國際銀行中國 辦事處香港 北京 上海 臺北.規(guī)律：市場環(huán)境變化 調(diào)整市場定位 整合資源 產(chǎn)生新的運(yùn)營方式 組織架構(gòu)變化 提高運(yùn)營效率 盈利才干提高 收入增長.摩根士丹利組織構(gòu)造的變化和開展1996-2001年摩根士丹利證券部投資管理信用服務(wù)投資銀行銷售買賣融資私人客戶集團(tuán)機(jī)構(gòu)和個人客戶的全球資產(chǎn)管理效力，私人股權(quán)投資Discover FinancialServices.摩根士丹利組織構(gòu)造的變化和開展2002-2006年摩根士丹利機(jī)構(gòu)證券私人客戶集團(tuán)投資管理信譽(yù)卡效力投資銀行銷售 買賣 融資全面財務(wù)規(guī)劃和投資效力全球資產(chǎn)管理產(chǎn)品和效力融

9、資公司信貸財務(wù)顧問股票買賣利率產(chǎn)品，信譽(yù)產(chǎn)品，貨幣產(chǎn)品.摩根士丹利組織構(gòu)造的變化和開展2007年-至今摩根士丹利機(jī)構(gòu)證券部全球財富管理集團(tuán)資產(chǎn)管理部.效果資產(chǎn)周轉(zhuǎn)率利潤率ROE杠桿比率80%70%60%50%40%30%20%10%0%40353025201510501996 1998 2000 2002 2004 2006 2021 2021.Investment bank Commercial bank depositloan difference between Investment banks and commercial banksSecurities underwritinginv

10、estorsSecurities tradingissuers buy.Investment BankCommercial bankOrigin of business Securities underwriting Deposit, loan Financing instrumentsDirect financing Indirect financing Finance service object Long-term capital market Short-term capital market Main source of profits Commission Savings and

11、loan spreads .Investment BankCommercial bankRisk characteristics Investors (high risk) investment bank (low risk)Depositor (low risk); Commercial Bank (high risk)Operating principles Under the premise of risk control is more important to develop Pursuit of profitability security mobility, adhere to

12、sound principles Regulatory Treasury securities regulators and stock exchanges multilevel central bank tube Central banks, the CBRC Insurance arrangements Investment banking insurance system Deposit Insurance System .Titles of investment banking Managing DirectorDirector Vice PresidentAssociate Anal

13、yst .Analyst Programs For Undergraduates institutional securities 機(jī)構(gòu)證券investment management 投資管理wealth management 財富管理company management 公司管理operations 業(yè)務(wù)操作technology 技術(shù).INVESTMENT MANAGEMENTThis department is responsible formanaging investments on behalf of both institutional and individual investo

14、rs. Morgan Stanley Investment Managements (MSIM s) institutional clients include pension funds養(yǎng)老基金, foundations and endowment companies. Our objective is to help our clients achieve outstanding long-term investment performance by offering them a wide array of equity, fixed income and alternative inv

15、estments, such as real estate房地產(chǎn), private equity and hedge funds對沖基金. .qualifications/skills/requirements You are a final year university with outstanding academic standing, graduating by June 2021.Financial/business-related studies preferred. You are fluent in English; fluency in Mandarin is advantageous. You are a team player with a strong work ethic who thrives with confidence on intellectual challenges. You have strong analytical skills and the ability to grasp complex data, manage multiple projects, provide complicated financial analysis and develop ap