現(xiàn)代國(guó)際資本市場(chǎng)與投資銀行ppt課件

1、現(xiàn)代國(guó)際資本市場(chǎng)與投資銀行金巖石.Total Investable Capital Market 全球資本市場(chǎng)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(guó)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(guó)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(guó)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(guó)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(jì)實(shí)體與跨國(guó)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(jì)實(shí)體與跨國(guó)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(chǎng)的演進(jìn).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(jí)市場(chǎng)股權(quán)融資債券融資二級(jí)市場(chǎng)做市商業(yè)務(wù)經(jīng)紀(jì)業(yè)務(wù)買賣業(yè)務(wù)投 機(jī)對(duì) 沖公司重組并 購(gòu)轉(zhuǎn) 讓股權(quán)控制金融工程零息債券抵押證券衍消費(fèi)品邊緣業(yè)務(wù)咨詢效力投資管理風(fēng)險(xiǎn)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(guó)證券市場(chǎng)的構(gòu)造和管理注冊(cè)券商經(jīng)過(guò)結(jié)算機(jī)構(gòu)基金公司投資顧問(wèn)紐約證券買賣所芝加哥買賣所美國(guó)買賣所NASDAQ證監(jiān)會(huì)證券投資者維護(hù)公司美聯(lián)儲(chǔ)全國(guó)證券買賣商協(xié)會(huì)法規(guī)稽核質(zhì)押貸款投資保險(xiǎn).NATIONAL SECURITIESCLEARING CORPORATION(NSCC)

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

27、DMARKETHOW ORDERS 美國(guó)證券買賣流程及中介BECOME TRADES.股票買賣流程及其會(huì)計(jì)處置交易流程券商會(huì)計(jì)處理ACa-ECN-CbA,B券商各自計(jì)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(duì)分莊家交易傭金或買賣差價(jià).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(chǎng)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(wèn)費(fèi)* 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(chǎng)$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(yǔ)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(fèi) Flat Commission網(wǎng)上經(jīng)紀(jì)固定費(fèi)率含作市商回扣 B結(jié)算費(fèi)Clearing Charge結(jié)算銀行和約固定費(fèi)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(gòu)?fù)ǔ槠髽I(yè)并購(gòu)額的1%.業(yè)務(wù)品種英語(yǔ)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(cái)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(cái)務(wù)規(guī)劃通常按小時(shí)收費(fèi)，費(fèi)率因人而異 BConsulting企業(yè)診斷等衍生市場(chǎng)業(yè)務(wù) AHedging避險(xiǎn)操作傭金、管理費(fèi)加利潤(rùn)提成 BArbitrage對(duì)沖業(yè)務(wù)投資業(yè)務(wù) AVenture Capital

37、/Private Equity風(fēng)險(xiǎn)投資公開披露（Disclosure） BProprietary Trading特許交易.業(yè)務(wù)品種英語(yǔ)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(gòu)協(xié)議安排保險(xiǎn)業(yè)務(wù) A Veriable Life可變性壽險(xiǎn)限于可變性/投資性保險(xiǎn)及衍生產(chǎn)品保險(xiǎn) BInsurance Option保險(xiǎn)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(xiǎn)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(xiǎn)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(dòng)型Defensive防備型Active自動(dòng)型Evolution of VAR applications 在險(xiǎn)價(jià)值方法的運(yùn)用.Top ManagementCEO/CFO總臺(tái)AuditInternal&ExternalReviews all areas全程監(jiān)控Operations“Back OfficeTrade Processing后臺(tái)Risk Management“Middle OfficeMarket and creditrisk analysis中臺(tái)Treasury&Trading“Front officePositioning前臺(tái)O

44、rganizational structure for risk management風(fēng)險(xiǎn)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(xiǎn)價(jià)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(guó)注冊(cè)券商的分公司管理體制1比較項(xiàng)目獨(dú)立分公司直屬分公司法人結(jié)構(gòu)個(gè)人、合伙或獨(dú)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(hào)執(zhí)照8號(hào)或24號(hào)執(zhí)照起始投資分公司支付總公司支付運(yùn)營(yíng)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(huì)計(jì)方式獨(dú)立會(huì)計(jì)統(tǒng)一報(bào)表注冊(cè)費(fèi)用分公司支付總公司支付收入來(lái)源傭金分成總公司預(yù)算開支.美國(guó)注冊(cè)券商的分公司管理體制2比較項(xiàng)目獨(dú)立分公司直屬分公司收入分配總公司對(duì)注冊(cè)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(fèi)標(biāo)準(zhǔn)分公司決定總公司決定.中國(guó)投行業(yè)務(wù)當(dāng)前實(shí)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(xiàng)立項(xiàng)調(diào)研上報(bào)證監(jiān)會(huì)財(cái)務(wù)顧問(wèn)淘 汰融資部復(fù)核淘 汰反 饋?zhàn)冐灾鞒袖N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(gòu)交 易承銷結(jié)盟機(jī)構(gòu)客戶融資中介戰(zhàn)略投資者投 機(jī)對(duì) 沖追 蹤咨 詢兼并與

47、收買戰(zhàn)略協(xié)作同伴.美國(guó)注冊(cè)券商組織構(gòu)造和資金運(yùn)營(yíng)特許交易員注冊(cè)經(jīng)紀(jì)人公司投資（有借貸成本）客戶投資交易利潤(rùn)導(dǎo)向投資目標(biāo)導(dǎo)向投資利潤(rùn)分成工資或經(jīng)紀(jì)傭金分成公司統(tǒng)一會(huì)計(jì)報(bào)表獨(dú)立帳戶會(huì)計(jì)交易利潤(rùn)衡量業(yè)績(jī)傭金收入衡量利潤(rùn)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(hào)和相關(guān)業(yè)務(wù)執(zhí)照7號(hào)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(kù)普醫(yī)生網(wǎng)公司的上市費(fèi)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(tái)后臺(tái)后臺(tái)中臺(tái)中臺(tái)前臺(tái)前臺(tái)外圍外圍外圍外圍中臺(tái)中臺(tái)前臺(tái)前臺(tái)前臺(tái)前臺(tái)前臺(tái)前臺(tái).Global Debt and Equity IssuanceJan.1 to May 16,

49、2001全球債券股票發(fā)行的市場(chǎng)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(guó)風(fēng)險(xiǎn)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