現(xiàn)代國際資本市場與投資銀行概述

現(xiàn)代國際資本市場與投資銀行金巖石第一頁，共四十五頁。TotalInvestableCapitalMarket全球資本市場總額December31,1998(Preliminary)U.S.Equity21.7%CashEquivalents4.8%U.S.RealEstate4.3%EmergingMarkets2.8%Non-U.S.Bonds26.1%DollarBonds*19.6%VentureCapital0.1%Non-U.S.Equity19.6%$58.2Trillion*IncludesHigh-YieldBondsSource:BrinsonPartners,Inc.第二頁，共四十五頁。LargestRecentOne-YearRealStockPriceIndexIncreases各國股市最大一年漲幅..9.103.24.25.CountryPercentageincreaseOne-yearperiodPriceChangeoversubsequentone-yearperiod(percent)PhilippinesTaiwanVenezuelaPeruColombiaJamaicaChileItalyJamaicaThailandIndiaItalyAustriaFinlandDenmarkSpainLuxembourgSwedenPortugalLuxembourgHongKongHongKongKoreaHongKongSweden683.4400.1384.6360.9271.3224.5199.8166.4163.4161.9155.5147.3145.4128.3122.9119.8113.4111.5103.8103.6101.099.198.898.696.6Dec.1985-Dec.1986Oct.1986-Oct.1987Jan.1990-Jan.1991Aug.1992-Aug.1993Jan.1991-Jan.1992Apr.1992-Apr.1993Jan.1979-Jan.1980May1985-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-Feb.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第三頁，共四十五頁。LargestRecentOne-YearRealStockPriceIndexDecreases各國股市最大一年跌幅Country..9.103.24.25PercentagedecreaseOne-yearperiodPriceChangeoversubsequentone-yearperiod(percent)TaiwanJamaicaSwedenUnitedKingdomThailandSouthAfricaPhilippinesKoreaPakistanIndiaDenmarkHongKongHongKongNorwaySpainNorwayAustraliaFranceIndonesiaCanadaFinlandColombiaItalyNorwayDenmark-74.9-73.8-63.6-63.3-62.8-62.1-61.9-61.9-59.5-58.4-56.0-55.5-55.1-54.2-54.1-53.6-53.0-49.0-48.1-47.9-47.5-47.1-46.1-46.1-45.8Oct.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.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.197485.169.696.672.771.948.9-14.1167.09.0-18.8-15.390.07.739.9-15.6-2.133.625.3-74.2-31.368.614.7第四頁，共四十五頁。LargestRecentFive-YearRealStockPriceIndexIncreases各國股市最大五年漲幅CountryPercentageincreaseFive-yearperiodPriceChangeoversubsequentfive-yearperiod(percent)..9.103.24.25PhilippinesPeruChileJamaicaKoreaMexicoTaiwanThailandColombiaSpainIndiaFinlandAustriaPortugalFinlandJamaicaJapanFranceFinlandHongKongNetherlandsNorwayNorwaySwedenHongKong1,253.2743.1689.7573.9518.3501.7468.1430.7390.7381.9346.1336.3331.3329.1291.0280.2275.6262.6262.5261.6256.6253.1248.4247.1230.9Nov.1984-Nov.1989Sept.1991-Sept.1996Mar.1985-Mar.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.1987July1984-July1987Aug.1982-Aug.1987Mar.1982-Mar.1987Feb.1968-Feb.1973Jan.1975-Jan.1980July1993-July1998Sept.1982-Sept.1987Oct.1992-Oct.1997Aug.1982-Aug.1987Oct.1982-Oct.198743.5Notavailable104.238.7-36.6-50.9-12.717.0-52.0-33.758.4Notavailable-39.7Notavailable-55.510.9-48.510.2-68.2-17.2Notavailable-18.9Notavailable-36.9-14.6第五頁，共四十五頁。LargestRecentFive-YearRealStockPriceIndexDecreases各國股市最大五年跌幅..9.103.24.25CountryPercentagedecreaseFive-yearperiodPriceChangeoversubsequentfive-yearperiod(percent)SpainJamaicaVenezuelaThailandPhilippinesItalyPakistanNorwayJamaicaPhilippinesIndiaUnitedKingdomSouthAfricaColombiaColombiaChilePhilippinesFinlandKoreaPortugalJamaicaKoreaItalyFranceItaly-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.1985June1973-June1978Feb.1994-Feb.1999July1973-July1978Jan.1993-Jan.1998Sept.1969-Sept.1974Aug.1962-Aug.1967Dec.1969-Dec.1974Apr.1981-Apr.1986July1971-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.1960-Sept.19650.1185.2138.9Notavailable1,000.072.6Notavailable74.1Notavailable-40.70.781.516.6-24.836.9587.924.499.0Notavailable222.6-68.9375.0-46.15.7-0.5第六頁，共四十五頁。TheTop100EconomiesandMNEs,1998(2-1)全球前100名經(jīng)濟實體與跨國公司

Rankcountry/CompanyUS$billionsRankcountry/CompanyUS$billions

..9.103.24.25.UnitedStatesJapanGermanyFranceUnitedKingdomItalyChinaBrazilCanadaSpainIndiaNetherlandsMexicoAustraliaKorea,RepublicofRussiaArgentinaSwitzerlandBelgiumSwedenAustriaTurkeyDenmarkGeneralMotorsHongKong7,921.34,089.92,122.71,466.21,263.81,166.2928.9758.0612.2553.7421.3388.7380.9380.6369.9337.9324.1284.8259.0226.9217.2200.5176.4161.3158.30.Daimler-ChryslerNorwayPolandFordMotorWal-MartStoresIndonesiaThailandFinlandGreeceSouthAfricaIranMitsuiItochuMitsubishiPortugalColombiaExxonGeneralElectricToyotaMotorIsraelSingaporeRoyalDutch/ShellGroupMarubeniSumitomoInt.BusinessMachines154.6152.1150.8144.4139.2138.5134.4124.3122.9119.0109.6109.4108.7107.2106.4106.1100.7100.599.795.295.193.793.689.081.7第七頁，共四十五頁。TheTop100EconomiesandMNEs,1998(2-2)全球前100名經(jīng)濟實體與跨國公司Rankcountry/CompanyUS$billionsRankcountry/CompanyUS$billions5.VenexuelaMalaysiaEgyptPhilippinesAXACitigroupVolkswagenNipponTelegraph&TelephoneNipponLifeInsuranceChileBPAmocoNisshoIwaiIrelandSiemensAllianzPakistanHitachiPeruU.S.PostalServiceMatsushitaElectricIndustrialNestleCreditSuissePhilipMorrisINGGroupBoeing81.379.879.278.978.776.476.368.367.767.566.064.863.262.459.559.157.856.556.200.NewZealandAT&TSonyMetroCzechRepublicNissanMotorBankofAmericaCorp.FiatHondaMotorAssicurazioniGeneraliMobilHewlettPackardAlgeriaHungaryDeutscheBankUnileverStateFarmInsuranceDai-IchiMutualLifeInsuranceBangladeshVebaGroupHSBCHoldingsUkraineToshibaRenaultSearsRoebuck55.853.651.551.551.048.748.447.747.146.545.645.244.944.644.544.043.543.342.741.541.441.3第八頁，共四十五頁。1972 Foreigncurrencyfutures1973 Equityoptions1975 Treasurybondfutures1981 Currencyswaps1982 Interestrateswaps Eurodollarfutures Equityindexfutures Exchange-listedcurrencyoptions1983 Optiononequityindex OptionsonT-notefutures Optionsoncurrencyfutures Interestratecapsandfloors1985 Eurodollaroptions S1987 Compoundoptions1989 Futuresoninterestrateswaps Quantooptions1990 Equityindexswaps1991 Differentialswaps1992 Catastropheriskinsuranceoptions1993 Captions1994 Creditdefaultoptions1996 Electricityfutures1997 WeatherderivativesTheevolutionofDerivativesMarkets衍生證券市場的演進第九頁，共四十五頁。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)紀業(yè)務(wù)交易業(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生產(chǎn)品邊緣業(yè)務(wù)咨詢服務(wù)投資管理風險投資商業(yè)銀行結(jié)算業(yè)務(wù)研究開發(fā)內(nèi)部融資信息服務(wù)第十頁，共四十五頁。美國證券市場的結(jié)構(gòu)和管理注冊券商通過結(jié)算機構(gòu)基金公司投資顧問紐約證券交易所芝加哥交易所美國交易所NASDAQⅠⅡⅢⅣ證監(jiān)會證券投資者保護公司美聯(lián)儲全國證券交易商協(xié)會法規(guī)稽核質(zhì)押貸款投資保險第十一頁，共四十五頁。NATIONALSECURITIESCLEARINGCORPORATION(NSCC)EXECUTIONDESTINATIONCLEARINGLISTEDSECURITIESORDERDELIVERY/MATRIXSYSTEMSOTCSECURITIESORDERDROUTINGSYSTEMSBROKERTHEINDIVIDUALINVESTOREXECUTIONREPORTACTREPORTINGBROKER/DEALERCLEARINGBROKER/DEALERINTERNALIZATIONECNMARKETMAKERUTPEXCHANGESPECIALISTDOTFLOORBROKERONPRIMARYEXCHANGEUTPEXCHANGEECNTHIRDMARKETHOWORDERS美國證券交易流程及中介BECOMETRADES第十二頁，共四十五頁。股票交易流程及其會計處理交易流程券商會計處理ACa-ECN-CbA,B券商各自計為經(jīng)紀傭金B(yǎng)CaCaA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-ab-CA,B券商對分莊家交易傭金或買賣差價第十三頁，共四十五頁。Brokersrouteorderstomarketmaker.Individualtraderssortthroughorders……andmakermatchesonebyoneMarketmakercompletesthetransactionandpocketsthe“spread”betweenbuyandsellprices.Computerizedmatchingandexecutionleavesthemarketmakersfeetoanalyzetradingpatternsandmanageinventory.Tradersareconstantlycompletingtransactions,managingpositionsthroughoutthedaysothatprofitsoutweighlosses.Toexecutetheorders,anelectronicmarketmakerhasaconstantlychanginginventoryofstock.Acomputersortstheincomingordersandmatchesthemalmostinstantly.BuyersandsellersplaceorderswithbrokerThenewwayMarketRe-Markers做市商和再做市商BuyersandsellersplaceorderswithbrokerBrokersrouteelectronicorderstomarketmaker.Theoldway第十四頁，共四十五頁。Arankingofmarketmakers’shareoftradingvolume:NASDAQ&BULLETINBOARDMARKETSHARE2Q2000------------------------------------------------------------------------------------------------------ Volume(millions)Marketshare1.KNIGHTTRADING 15,012 13.4%2.SCHWABCAPITALMARKETS 11,919 10.6%3.HERZOGHEINEGEDULD* 8,716 7.8%4.SPEAR,LEEDS&KELLOGG** 6,121 5.5%5.SALOMONSMITHBARNEY 5,468 4.9%6.MERRILLLYNCH 4,722 4.2%7.MORGANSTANLEY 4,459 4.0%8.GOLDMANSACHS 3,681 3.3%9.SHERWOODSECURITIES 3,602 3.2%10.CREDITSUISSEFIRSTBOSTON 3,142 2.8%*RecentlyacquiredbyMerrillLynch.**IntalkstobeacquiredbyGoldmanSachs.Source:AutEx/BlockDataandChaseH&QResearchKnight/Trimark(nowKnightTrading)wentpublicinJuly1998.TheunderwriterswereRobertsonStephens,MerrillLynch,ABNAmro,PaineWebber,andSouthwestSecurities.Top10MarketMakers前10名做市商及其市場份額第十五頁，共四十五頁。26%**22%***15%****21%*****4%******12%*20001996MerrillLynchNetRevenuesbyCategory美林證券凈收入結(jié)構(gòu)*Netinterestprofit凈利息收入**Commissions交易傭金***Principaltransactions做市商傭金****Investmentbanking投資銀行業(yè)務(wù)*****Assetmanagementandportfolioservicefees資產(chǎn)管理和投資顧問費******Other其他4%******15%****27%***29%**17%*****8%*第十六頁，共四十五頁。摩根.斯坦利收入結(jié)構(gòu)第十七頁，共四十五頁。195258294227198142199819981999199920002000(inmillions)(inmillions)$2,773$3,213$4,592$337$485$492GoldmanSachs高盛資產(chǎn)管理和證券業(yè)務(wù)

ASSETMANAGEMENTANDSECURITIESSERVICESNetRevenuesAssetsUnderSupervisionAssetsundermanagementotherclientassets第十八頁，共四十五頁。GoldmanSachsGLOBALCAPITALMARKETS高盛全球資本市場$3,368$4,359$5,371199819992000(inmillions)(inmillions)199819992000$2,379$5,773$6,627InvestmentBanking投資銀行NetRevenues凈收入TradingandPrincipalInvestments交易和做市商業(yè)務(wù)NetRevenues凈收入第十九頁，共四十五頁。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)紀費

FlatCommission網(wǎng)上經(jīng)紀固定費率含作市商回扣B結(jié)算費ClearingCharge結(jié)算銀行和約固定費率經(jīng)紀業(yè)務(wù)ACommission全服務(wù)經(jīng)紀交易額的5%以下BDiscountCommission折扣經(jīng)紀單筆交易在$50-$300作市商業(yè)務(wù)AMarketMakingforSpread莊家傭金具備作市商資格及保證金B(yǎng)PrincipalTrading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)AConcession新股發(fā)行承銷額的8%以上BConsultingfeeforM&A企業(yè)并購?fù)ǔ槠髽I(yè)并購額的1%第二十頁，共四十五頁。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/SupervisoryFee基金管理/代客理財通常為管理資金總額的1-3%B12-1BFee/Load基金銷售12-1B規(guī)定和銷售傭金咨詢規(guī)劃業(yè)務(wù)AFinancialPlanning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)AVentureCapital/PrivateEquity風險投資公開披露（Disclosure）BProprietaryTrading特許交易第二十一頁，共四十五頁。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)ACommercialBanking商業(yè)銀行橋梁貸款和保證金拆借等BClearingBanking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)AVeriableLife可變性壽險限于可變性/投資性保險及衍生產(chǎn)品保險BInsuranceOption保險期貨第二十二頁，共四十五頁。TotalAssets $162.0AdjustedAssets(1) 123.5NetAdjustedAssets(2) 63.0LeverageRatio(3) 29.8AdjustedLeverage(4) 22.7NetAdjustedLeverage(5) 11.6Inbillions,exceptratiosNovember30,2000$171.2135.173.327.821.911.9November26,1999(1)AdjustedAssetsrepresentTotalAssetslesssecuritiespurchasedunderagreementstoresellandthereceivableforsecuritiesprovidedascollateral.(2)NetAdjustedAssetsrepresentAdjustedAssetslesssecuritiesborrowed.(3)LeverageRatioequalsTotalAssetsdividedbystockholders’equityandpreferredstockissuedbysubsidiaries.(4)AdjustedLeverageratioequalsAdjustedAssetsdividedbystockholders’equityandpreferredstockissuedbysubsidiaries.(5)NetAdjustedLeverageequalsNetAdjustedAssetsdividedbystockholders’equityandpreferredstockissuedbysubsidiaries.熊士坦公司表外業(yè)務(wù)的風險結(jié)構(gòu)(1)TheBearStearnsTableoff-balance-sheetriskpositions(1)第二十三頁，共四十五頁。熊士坦公司表外業(yè)務(wù)的風險結(jié)構(gòu)(2)TheBearStearnsTableoff-balance-sheetriskpositions

(2)InbillionsLessthan1to33to5 Greaterthan1Year YearsYears5YearsTotalS,includingoptions,s,caps,collarsandfloorsFuturescontractsForwardcontractsOptionsheldOptionswrittenTotalPercentoftotal$99.448.5$216.536.2%$119.319.7

3.94.4$147.324.7%$92.94.00.20.2$97.316.3%$

$135.822.8%$446.372.641.125.011.9$596.9100.0%第二十四頁，共四十五頁。ReportingriskDisclosuretoshareholdersManagementreportsRegulatoryrequirementsControllingriskSettingrisklimits(desklevelandfirm-wide)AllocatingriskPerformanceevaluationCapitalallocationStrategicbusinessdecisionsPassive被動型Defensive防范型Active主動型EvolutionofVARapplications在險價值方法的應(yīng)用第二十五頁，共四十五頁。TopManagementCEO/CFO總臺AuditInternal&ExternalReviewsallareas全程監(jiān)控Operations“BackOffice”TradeProcessing后臺RiskManagement“MiddleOffice”Marketandcreditriskanalysis中臺Treasury&Trading“Frontoffice”Positioning前臺Organizationalstructureforriskmanagement風險管理的組織框架第二十六頁，共四十五頁。TraditionalA&LMVsModernVaR傳統(tǒng)的資產(chǎn)負債管理和現(xiàn)代在險價值方法的比較1Asset/LiabilityOriented Valuation/RiskOriented2BalanceSheetAnalysis Off-SheetPositionsIncluded3NoFinancialDerivativesDerivativesaskeyitems4InterestRateFocus OverallMarketRiskFocus5PassiveRiskControl Risk/ReturnManagement6NoHedgingtools HedgingPositionAdjustments7ForCommercialBanking ForGlobalCapitalMarket8FixedTimeFrame FlexibleTimeFrame第二十七頁，共四十五頁。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)算開支第二十八頁，共四十五頁。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擔總公司負擔監(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準分公司決定總公司決定第二十九頁，共四十五頁。中國投行業(yè)務(wù)當前實際操作流程項目聯(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)核淘汰反饋變更主承銷路演上市第三十頁，共四十五頁?，F(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收購戰(zhàn)略合作伙伴第三十一頁，共四十五頁。美國注冊券商組織結(jié)構(gòu)和資金運營特許交易員注冊經(jīng)紀人公司投資（有借貸成本）客戶投資交易利潤導(dǎo)向投資目標導(dǎo)向投資利潤分成工資或經(jīng)紀傭金分成公司統(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)照第三十二頁，共四十五頁。KeyStepsinIPOProcessing

股票承銷業(yè)務(wù)主要的操作步驟第三十三頁，共四十五頁。IPOExample:Dr.Koop.Com(IPOonJune8,1999)“庫普醫(yī)生網(wǎng)”公司的上市費用分析SECReg.FeeNASDFilingFEENASDAQListingLegalAcctingPrintingBlueSkyTransferAgentMis.$26,975$10,204$94,000$600K$195K$350K$10K$7.5K$61,321

$1,355.000+8.6%ofIPOAmountDr.KReceivedTotal:$59,062,500(including15%overallotmentoption)第三十四頁，共四十五頁。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第三十五頁，共四十五頁。GlobalDebtandEquityIssuanceJan.1toMay16,2001全球債券股票發(fā)行的市場份額MANAGER MARKETSHAREMERRILLLYNCH 12.7%SALOMONSMITHBARNEY 11.7CREDITSUISSEFIRSTBONSTON 8.6MORGANSTANLEY 7.9J.P.MORGAN 7.9GOLDMANSACHS 6.5LEHMANBROTHERS 6.1Total61.4Data:ThomsonFinancialSecurities第三十六頁，共四十五頁。VentureCapitalSpending

美國風險投資總額AmountInvested第三十七頁，共四十五頁。CSFB/DLJPrivateEquity

vs.TotalVentureCapital

瑞銀華寶-帝杰私人股權(quán)基金CSFB/DLJ帝杰私人股權(quán)基金---World’slargestVCfundYear20002000年全球最大的風險投資基金Investedassetsover$2.0BManagedapproximately$22BVCinvestmentamount美國風險投資總額Year1995---$8.0BYear1999---$46.0BYear2000---Over$100B*

*:$75Bwasin