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投资是一个涵盖在各种各样活动中个人和企业客户都希望参与的一般术语。投资对于企业客户而言,扮演着重要角色,因为它涉及到以一种特定的行动来决定提交公司的财务和其他资源。投资银行是不断发展的,改革的一个主要进程就是投资银行的产品。投资银行不断开发通常伴随着高利润率而买家也不确定该如何评价他们的新产品。然而,由于这些不能申请专利或版权,因此他们经常迅速地被其他投资银行所复制,并且因为竞争加剧而被迫降低利润率。
在投资银行历史上,许多人认为,所有投资银行的产品和服务都被商品化,在华尔街大投资银行实力集团中权力的集中将被消除。然而这并没有发生,因为许多产品被商品化,新的商品有不断地被发明。投资银行家们通过三个主要手段为他们的客户创造价值:他们拥有一个广泛的工业和金融联系人网络,他们为公司的证券创造了一个竞争性的环境,他们拥有关于当前市场交易结构,法律程序和可比市场活动的知识。尽管以下服务已被确认为是最重要的,但其列表并不详尽。
投资和其他银行服务-Investment And The Other Banking Services
Investment is a general term covering a wide variety of activities in which both personal and business customers wish to engage. Investment plays an important role as far as the corporate customers are concerned because it involves the decision to commit the company’s financial and other resources to a particular course of action. Investment banking is constantly evolving and one main course of evolution is with investment banking products. Investment banks constantly invent new products, which are usually accompanied by high profit margins since buyers are not sure how to value them. However, since these cannot be patented or copyrighted, they are very often copied quickly by other Investment Banks, and margins are forced downward due to increased competition.
Throughout Investment Banking history, many have theorized that all investment banking products and services would be commoditized, and the concentration of power in the bulge bracket would be eliminated. This has failed to happen, because while many products became commoditized, new ones were constantly being invented. Investment bankers create value for their clients through three primary means: They possess an extensive network of industry and financial contacts, they create a competitive environment for the company’s securities and they possess current market knowledge about transaction structuring, legal processes and comparable market events. Even though the following services have been identified as the most important ones this list is not exhaustive.
1.1.1存单(CD)-1.1.1 Certificates of Deposit (CD’s)
The certificate of deposit is the cleverest way of getting over the difficulty that banks like deposits for fixed periods and customers like to be able to get their money back if it is required. The banks due to this reason provide certificate of deposits on which very encouraging interest rates are offered. The certificate accepts receipt of deposit and states the rate of interest that is to be paid on it and maturity date. Certificate of deposits can be held till maturity and customer receives principal plus interest on it or it can be traded in the open market before maturity. The customer can get his money back whilst the amount he receives will depend upon the interest rate and time period certificate held for.
1.1.2货币市场存款-1.1.2 Money Market Deposits:
Money market deposits are on notice but more usually are for a fixed period(say 28 day, one month or two months), to earn interest. The interest rate paid is the ones existing on the money market at the period and they may change with regard to the duration of the deposit.
(Whiting 1994, p125)
1.1.3承保-1.1.3 Underwriting:
Investment banks, also known as merchant banks in some countries, help large corporations to subscribe their shares to open market to generate funds for their company. Equity underwriting is the concept of securing the price and sale of a new issue of stocks. If a bank has taken the risk and responsibility to sell a specific amount of securities, and it can’t sell them as planned, they may have to buy them themselves. Typically, there are two types of underwriting offers, firm commitment and best efforts. With a firm commitment offering, the underwriter is obligated to purchase security if they cannot find anyone else to buy it. With a best efforts offer, they are not.
Banks generally employ securities firms to help them achieve certain levels in financial future transactions as they administer risk. When banks issue their personal stocks or bonds they employ the services of security firms, in the same way securities firms employ the services of banks to arrange payment for securities and yet apply bank credit facility to fund their accounts in securities as brokers.
1.1.4证交所交易-1.1.4 Stock Exchange Transaction:
The investment department of all the major banks have excellent links with the stock exchange market and provide full range of stock exchange services for the purchase and sale of shares to their valued customers. Some major banks have their own dealing subsidiaries such as Barclays de Zoete Wedd. Barclays offer a range of excellent, innovative services to corporate clients, their employees and shareholders. Products include share dealing services, share plan administration and corporate investment saving accounts.
1.1.5私人配售-1.1.5 Private Placement:
A private placement is a direct offering of securities to a limited number of sophisticated institutional investors. Investors in privately placed securities include insurance companies, pension funds, equity funds and trusts. Securities issued as private placements, including debt, equity or hybrid securities, are exempt from public registration under the Securities Act of 1933.
1.1.6首次公开发行(IPO)-1.1.6 Initial Public Offering (IPO):
In financial markets, an initial public offering (IPO) is the first sale of a company’s common shares to public investors. The company will usually issue only primary shares, but may also sell secondary shares. Typically, a company will hire an investment banker to underwrite the offering and a corporate lawyer to assist the drafting of the prospectus. If the general public does not buy shares, the bank in charge of underwriting will start to buy them and will charge a fee ranging from 1.5% to 2%.
1.1.7风险资本-1.1.7 Venture Capital:
Venture capital is a term to describe the financing of startup and early stage businesses as well as businesses in "turn around" situations. Venture capital investments generally are higher risk investments but offer the potential for above-average returns. Obtaining venture capital is a clear indication that the control of the company has been given to other hands. However, according to Scott (1991), those banks who may be willing to enter into such a risky venture may want to have about 70% control of the company.
1.2其他服务-1.2 OTHER SERVICES
The primary objective of all the banks and financial institutions is to make a profit and as much profit as possible with long term stability and continuity. In order to do so they must provide arrange of services to meet the current requirements of the customers. Apart from lending and investment, banks allover the world now offer variety of innovative services due to changing needs for banking and financial services, new communications and information technology, inflation and high interest rates, volatility in the financial markets and regulation of the banking sector. Banking products and practices that are not connected to the conventional type of portfolio lending and investment that help generate revenues will be discussed under the head of other services, which are as follows:
1.2.1风险管理服务的准备-1.2.1 Risk Management Services:
Risk management services are essential today to most major companies because they have all sorts of open ended operations taking place, which may be vulnerable to interest rate changes, foreign exchange rate fluctuations or various types of forces around the world. The banks have foreign exchange and money market services available for corporate customers around the clock for dealing which keep track of changes and minimize risks. Some of the activities are as follows:
远期合约-Forward Contracts
Forward contracts are a hedging product offered by financial institutions usually banks to help their corporate customers in managing interest or exchange rate risks. Forward contract involves an obligatory agreement between two parties (often called counterparties) to pre-sell/buy at interest rate or exchange rate specified now for delivery at a specified time in the future.
外汇期权-Currency Options |
