第六组投资银行.pptVIP

LOGO LOGO Investment bank 第一页，共三十二页。 Position Main contents: Investment banking businesses Compare with commercial bank Organization structure The definition of investment bank 第二页，共三十二页。 Investment banking is an organic process, often in the change, development, evolution, any books can precisely and elaborate. ——Robert Kuhn 第三页，共三十二页。 What is investment bank? The participants in the marketplace that work with issuers to distribute newly issued securities are called investment bank. 帮助发行人将新发行的证券进行出售的市场参与者称为投资银行 第四页，共三十二页。 第五页，共三十二页。 The business areas within Morgan Stanley: Institutional securities(机构证券) Wealth management（财富管理） Investment management（投资管理） Technology（技术） Operations（业务操作） Company management （公司管理） 第六页，共三十二页。 证券发行与承销、证券交易经纪、证券私募发行、 企业并购、项目融资、风险投资、公司理财、投 资咨询、资产及基金管理、资产证券化、金融创新 等都是投资银行的核心业务组成。 Investment banking is performed by two groups :commercial banks and securities houses(券商). 第七页，共三十二页。 Financing market Primary market 一级市场 Secondary markets 二级市场 证券发行人：为筹措资金而发行债券、股票等证券的发行主体 投资者：通过买入证券而进行投资的各类机构法人和自然人 中介机构：为证券的发行、交易提供服务的各类机构 证券承销 参与者 Private placement 私募 Public placement 公募 发行方式 第八页，共三十二页。 Securities underwriting The function of buying the securities from the issuer is called underwriting(承销). underwriting firm commitment 包销 best efforts 代销 全额包销 余额包销 第九页，共三十二页。 证券发行项目：股票 投资银行 非公开 发行股票 增发 配股 可转债 Primary market： IPO（Initial Public Offerings） is a common stock Offering issued by companies that had not previously issued common stock to the public. 首次公开发行股票（IPO） 上市公司增资 发行 第十页，共三十二页。 Secondary Markets: Investment bank Issuers Investors sale buy Securities trading 证 券 交 易 Underwriter discount/gross spread: 承销商折扣或 总价差 第十一页，共三十二页。 财务顾问和投资咨询 securities issuance mergers and Acquisitions (MA) 并 购 is