現(xiàn)代國際資本市場與投資銀行(1)ppt課件

1、現(xiàn)代國際資本市場與投資銀行金巖石.Total Investable Capital Market 全球資本市場總額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各國股市最大一年漲幅..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各國股市最大一年跌幅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各國股市最大五年漲幅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各國股市最大五年跌幅..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名經(jīng)濟實體與跨國公司 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名經(jīng)濟實體與跨國公司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衍生證券市場的演進.西方現(xiàn)代投資銀行業(yè)務(wù)操作贏利性操作支持性操作一級市場股權(quán)融資債券融資二級市場做市商業(yè)務(wù)經(jīng)紀(jì)業(yè)務(wù)買賣業(yè)務(wù)投 機對 沖公司重組并 購轉(zhuǎn) 讓股權(quán)控制金融工程零息債券抵押證券衍消費品邊緣業(yè)務(wù)咨詢效力投資管理風(fēng)險投資商業(yè)銀行結(jié)算業(yè)務(wù)研討開發(fā)內(nèi)部融資信息效力.美國證券市場的構(gòu)造和管理注冊券商經(jīng)過結(jié)算機構(gòu)基金公司投資顧問紐約證券買賣所芝加哥買賣所美國買賣所NASDAQ證監(jiān)會證券投資者維護公司美聯(lián)儲全國證券買賣商協(xié)會法規(guī)稽核質(zhì)押貸款投資保險.NATIONAL SECURITIESCLEARING CORPORATION(NSCC)

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

27、DMARKETHOW ORDERS 美國證券買賣流程及中介BECOME TRADES.股票買賣流程及其會計處置交易流程券商會計處理ACa-ECN-CbA,B券商各自計為經(jīng)紀(jì)傭金B(yǎng)Ca CaA券商收雙邊傭金CCa-ECN-bA券商收單邊傭金，B券商收莊家交易傭金DC-a b-CA,B券商對分莊家交易傭金或買賣差價.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名做市商及其市場份額.26% *22% *15%*21%*4%*12%* 2000 1996Merrill Lynch Net Revenues by Category美林證券凈收入構(gòu)造* Net interest profit 凈利息收入*C

33、ommissions 買賣傭金*Principal transactions 做市商傭金*Investment banking 投資銀行業(yè)務(wù)* Asset management and portfolio service fees 資產(chǎn)管理和投資顧問費* Other 其他4%*15%*27% *29% *17%*8%*.摩根. 斯坦利收入構(gòu)造.195258294227198142199819981999199920002000(in millions)(in millions)$2,773$3,213$4,592$337$485$492Goldman Sachs 高盛資產(chǎn)管理和證券業(yè)務(wù) ASS

34、ET MANAGEMENT AND SECURITIES SERVICESNet RevenuesAssets Under SupervisionAssets under managementother client assets.Goldman Sachs GLOBAL CAPITAL MARKETS高盛全球資本市場$3,368$4,359$5,371199819992000(in millions)(in millions)199819992000$2,379$5,773$6,627Investment Banking 投資銀行Net Revenues 凈收入Trading and Pri

35、ncipal Investments買賣和做市商業(yè)務(wù)Net Revenues 凈收入.金融業(yè)務(wù)收入種類及相關(guān)業(yè)務(wù)規(guī)范業(yè)務(wù)品種英語名稱業(yè)務(wù)形態(tài)有關(guān)規(guī)范和慣例交易業(yè)務(wù) A經(jīng)紀(jì)費 Flat Commission網(wǎng)上經(jīng)紀(jì)固定費率含作市商回扣 B結(jié)算費Clearing Charge結(jié)算銀行和約固定費率經(jīng)紀(jì)業(yè)務(wù) ACommission全服務(wù)經(jīng)紀(jì)交易額的5%以下 BDiscount Commission折扣經(jīng)紀(jì)單筆交易在$50-$300作市商業(yè)務(wù) AMarket Making for Spread莊家傭金具備作市商資格及保證金 BPrincipal Trading莊家交易作市商資格及公司存貨調(diào)整投資銀行業(yè)務(wù)

36、 AConcession新股發(fā)行承銷額的8%以上 BConsulting fee for M&A企業(yè)并購?fù)ǔ槠髽I(yè)并購額的1%.業(yè)務(wù)品種英語名稱業(yè)務(wù)形態(tài)有關(guān)規(guī)范和慣例資產(chǎn)管理業(yè)務(wù) A Management/Supervisory Fee基金管理/代客理財通常為管理資金總額的1-3% B12-1B Fee/Load基金銷售12-1B規(guī)定和銷售傭金咨詢規(guī)劃業(yè)務(wù) AFinancial Planning財務(wù)規(guī)劃通常按小時收費，費率因人而異 BConsulting企業(yè)診斷等衍生市場業(yè)務(wù) AHedging避險操作傭金、管理費加利潤提成 BArbitrage對沖業(yè)務(wù)投資業(yè)務(wù) AVenture Capital

37、/Private Equity風(fēng)險投資公開披露（Disclosure） BProprietary Trading特許交易.業(yè)務(wù)品種英語名稱業(yè)務(wù)形態(tài)有關(guān)規(guī)范和慣例銀行業(yè)務(wù) ACommercial Banking商業(yè)銀行橋梁貸款和保證金拆借等 BClearing Banking結(jié)算銀行股票質(zhì)押貸款/回購協(xié)議安排保險業(yè)務(wù) A Veriable Life可變性壽險限于可變性/投資性保險及衍生產(chǎn)品保險 BInsurance Option保險期貨.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.熊士坦公司表外業(yè)務(wù)的風(fēng)險構(gòu)造(1)The Bear Stearns Table off -balance-sheet risk positions (1).熊士坦公司表外業(yè)務(wù)的風(fēng)險構(gòu)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被動型Defensive防備型Active自動型Evolution of VAR applications 在險價值方法的運用.Top ManagementCEO/CFO總臺AuditInternal&ExternalReviews all areas全程監(jiān)控Operations“Back OfficeTrade Processing后臺Risk Management“Middle OfficeMarket and creditrisk analysis中臺Treasury&Trading“Front officePositioning前臺O

44、rganizational structure for risk management風(fēng)險管理的組織框架.Traditional A & LM Vs Modern VaR傳統(tǒng)的資產(chǎn)負(fù)債管理和現(xiàn)代在險價值方法的比較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.美國注冊券商的分公司管理體制1比較項目獨立分公司直屬分公司法人結(jié)構(gòu)個人、合伙或獨立法人直屬總公司經(jīng)理任命合約制任命制經(jīng)理資格24號執(zhí)照8號或24號執(zhí)照起始投資分公司支付總公司支付運營成本分公司支付總公司支付公司名稱分公司自選

46、和總公司一致會計方式獨立會計統(tǒng)一報表注冊費用分公司支付總公司支付收入來源傭金分成總公司預(yù)算開支.美國注冊券商的分公司管理體制2比較項目獨立分公司直屬分公司收入分配總公司對注冊經(jīng)理總公司統(tǒng)一安排法律糾紛及開支分公司負(fù)擔(dān)總公司負(fù)擔(dān)監(jiān)管程序總公司確定總公司確定業(yè)務(wù)范圍分公司在總公司業(yè)務(wù)中自選總公司決定傭金及收費標(biāo)準(zhǔn)分公司決定總公司決定.中國投行業(yè)務(wù)當(dāng)前實踐操作流程工程聯(lián)絡(luò)內(nèi)核小組改制重組上市輔導(dǎo)承銷立項立項調(diào)研上報證監(jiān)會財務(wù)顧問淘 汰融資部復(fù)核淘 汰反 饋變卦主承銷路演上市.現(xiàn)代西方投資銀行業(yè)務(wù)框架公司客戶結(jié) 盟研 發(fā)投 資并 購交 易承銷結(jié)盟機構(gòu)客戶融資中介戰(zhàn)略投資者投 機對 沖追 蹤咨 詢兼并與

47、收買戰(zhàn)略協(xié)作同伴.美國注冊券商組織構(gòu)造和資金運營特許交易員注冊經(jīng)紀(jì)人公司投資（有借貸成本）客戶投資交易利潤導(dǎo)向投資目標(biāo)導(dǎo)向投資利潤分成工資或經(jīng)紀(jì)傭金分成公司統(tǒng)一會計報表獨立帳戶會計交易利潤衡量業(yè)績傭金收入衡量利潤短線交易占主導(dǎo)客戶因人而異大量使用衍生工具較少使用衍生工具7號和相關(guān)業(yè)務(wù)執(zhí)照7號執(zhí)照.Key Steps in IPO Processing股票承銷業(yè)務(wù)主要的操作步驟.IPO Example: Dr. Koop. Com ( IPO on June 8, 1999)“庫普醫(yī)生網(wǎng)公司的上市費用分析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 ) .投資銀行業(yè)務(wù)的內(nèi)部分工和操作總臺后臺后臺中臺中臺前臺前臺外圍外圍外圍外圍中臺中臺前臺前臺前臺前臺前臺前臺.Global Debt and Equity IssuanceJan.1 to May 16,

49、2001全球債券股票發(fā)行的市場份額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美國風(fēng)險投資總額Amount Invested.CSFB/DLJ Private Equity vs. Total Venture Capital瑞銀華寶-帝杰私人股權(quán)基金CSFB/DLJ 帝杰私人股權(quán)基金-Worlds largest VC fund Ye