中国投行的盈利模式及其发展.docVIP

. . 中国投资银行业务及其盈利模式 的历史变迁及其启示 . . 内 容 摘 要 本文对中国投资银行的业务及其盈利模式的发展历程进行了梳理，并与美国投资银行进行了比较。本文将中国投资银行的发展分为5个阶段：（1）1987年-1989年萌芽阶段；（2）1990-1995年快速发展阶段；（3）1996-2002年整合重组阶段；（4）2003年~2010年摸索中发展阶段；（5）2011年至今，快速发展阶段，并对各个阶段的中国投资银行发展情况及其特点进行了介绍。本文在梳理的中国投资银行发展过程的基础上，着重分析了现阶段中国投资银行的特点，并与美国投资银行进行了比较，发现中国投资银行的盈利模式呈现出主要以经纪业务为主，投行业务规模较小，资产管理业务同质化的特点。总体而言，与美国相比，中国投资银行的盈利模式存在着较严重的同质化竞争，以及“靠天吃饭”的问题。最后，本文从中国投资银行的发展历程以及问题中总结出一些对于当前我国投资银行业发展的启示：业务模式进行市场化的转型升级，拓展创新和特色服务能力，建设具有国际化视野和跨国业务能力的投资银行。 关键词：投资银行 收入结构 盈利模式 业务模式 ABSTRACT This paper reviews the development of Chinas investment banking business and its profit model, and compares it with US investment banks. In this paper, the development of Chinese investment banks is divided into five stages: (1) the embryonic stage from 1987 to 1989; (2) the rapid development stage from 1990 to 1995; (3) the reorganization stage from 1996 to 2002; (5) From 2011 to the present, the rapid development stage, and intoduced the various stages of the development of Chinas investment banking and its characteristics. Based on the analysis of the development process of Chinese investment banks, this article focuses on the characteristics of Chinese investment banks at present and compares them with American investment banks. The results show that Chinese investment banks profit model is mainly based on Brokerage business, Small-scale business, asset management business of the characteristics of homogeneity. Overall, compared with the United States, Chinas investment banking profit model faces a serious competition of homogenization. Finally, this paper summarizes the development of Chinas investment banking industry and the problems in the development of Chinas investment banking for the current enlightenment. China’s investment . . banks should transform their business model to market-oriented mode, expand innovation and characteristics of service capabilities, build an international perspective and cross-border operational capacity of investment banking bus