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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,投资银行的利益冲突,北京大学光华管理学院金融系徐信忠,主题,投资银行业务概述和现状,华尔街分析师的利益冲突,首次公开发行(IPOs)中的定向配售,安然事件中的投资银行,投资银行业务概述,初创、私募(风险投资),证券上市发行,交易差价(证券交易,资产管理,经纪),并购重组,财务顾问,衍生金融产品的创造与交易,投资银行:概述,投资银行收入基本构成,证券发行,15-30%,交易投资收入15-35%,基金管理2030%,各类佣金,15-30%,华尔街股票承销收入(百万美元),全行业票承的收入(百万美元,:92193:91951991991919201901,0,0,Global Mergers and Acquisitions,Global mergers and acquisitions,Completed bids by quarter,Value of completed bids,strn,2,0,992019D2,ta to March 15th at a quarterly rat,Source: Ikesdner Kleinwort Wasserstein,Merrill Lynch Annual Earnings Statements,2019*2019,2000,2019*,2019*,Net Revenues,Commissions,5814,6.355,6,977,5266,4.657,Principal transactions,4,67,5,964,3.930,2,340,Investment banking,3,323,3,695,4,080,35392413,Asset management fees,42024753,5,688,5.351,Other,650,528,Net interest profit,2,093,3,090,3,533,Total Net Revenues,s17051661861860,Exp,Compensation and benefits,9308113713,73011,2699426,Total Non-Interest Expenses,156701810721,049205031485,Income tax expense,Dividends on preferred securities,124,94,Net ea,mm852x:.6s84s8g213,主要业务,TABLE 3-2 Top Underwriters of U.S. Debt and equity,Full Year 1917,Full Year 1yy6,Merrill Lynch,organ Stanley Dean Witter,a Goldman Sact,173,chman Broth,se Fat Boston,Beardsteams,Donaldson. lukin jennet,Top(0,S813,8365804,832,S1.2930,Source: Reprinted with permission of Securities Data Company,投资银行:概述,主要业务,TABLE 3-3 Whos Number 1 in Each Market,Full Year 2019,Full Year 2019,Merrill Lynch,rught deb,derrill Lyn,Convertible debI,Goldman Sach,Merrill Inch,Merrill lonely,Merrill Lynch,rtgage debt,Salomon S B,100,Lehman brothers,Collateralized securites,Merrill Lync,Merrill Lyn,Goldman. Sach,Goldman Sachs,Goldman sachs,Merrill Ly,108.1 Merrill lynch,95.1 Merrill Lynch,Municipal Re,Salomon s B,7 Goldman, sachs,slnelades Rule 144a issues: excludes split-rated issues.,Source: Reprinted with permission of Securities Data Company.,投资银行:概述,证券分析师的利益冲突,分析师概述,分析师利益冲突的原因,案例:美林,花旗集团(所罗门美邦),安然,揭开黑幕,
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