投资银行风险管理现状和对策研究.pdfVIP

ABSTRACT The industry of Investment Bank has entered into its initial phase wi th the development of securi ti es and adjustment of economical structure，for enterprises． Investment Bank is an industry of high risk，due to the short history，1acking of comDrehensive Iaw system to regulate thiS industry in our country， i t has been both a theoretica]and practical problem to research how to enhance risk management of Investment Bank while poor ri sk awareness is cast to the“surf top”industry． ThiS paper introduce the main transactions and features as we]1 as the risk types of the industry while at the same time elaborat．e]Y analysiS the organizations involve with Investment Bank at home～一一the specific forms of risk for security investors． With elaboratelY analysiS of major problems existing in risk management for Investment Bank and further elaboration of some typical cases indicating the fatlure due to ignorance of risk management in the world，some basiC protective principles and specifiC measures which considered to be workable and significant to instruction of ri sk management in our country have been rendered in thiS paper，P1US analystS of bankruptcy Yamaichi Securities in Japan，Peregine Investments Holdings Limi ted in Hong Kong and Barings Brothers Ltd in England with a view of the current situation at home． Keywords：investment bank risk management financial risk 1投资银行及其风险概述 1．1 投资银行的业务与特点 1．1．1投资银行的含义 作为金融市场中最具活力和创新性的行业，投资银行被誉为金融体系 中的轻骑兵，市场经济中的工程师。它以灵活多变的种种形式参与资本市 场的资源配置，成为资金提供者和资金需求者之间重要的联系纽带。由于 历史发展的原因，投资银行的称谓在各国不尽相同。美国称之为投资银行， 日本称之为证券公司，英国称之为商人银行等等。尽管美国称之为投资银 行，但在实际中各投资银行类机构并不冠以银行两字。例如，美国的摩根 一斯坦利公司(Morgan Stanley)、所罗门兄弟公司(Saloman Brothers)。 我国也称之为证券公司。 称谓的不同在某种意义上也反映了投资银行在各国业务范围的不 同。要想给投资银行下一个精确的定义并不是件易事，特别是在投资银行 高度发达的美国，层出不穷的新业务使人们索性将投资银行业称之为投资 银行家从事的事业。但投资银行在作为推动资金运动的调配者并极大地促 成了多种投资活动的完成这一点上，人们已达成共识；并且在投资银行的 积极参与下，形成了越来越广阔的配置资本和调节价格的市场。 1．1．2投资银行的主要业务 投资银行的本源业务是证券承销，随着经济和金融的发展，其业务 范围更为广泛，这里就其主要业务作一简要介绍。 1．1．2．1证券承销 证券承销是投资银行的基本业务和本源业务。在直接的资本市场中， 投资银行的承销活动使筹资活