银行投资

Through analyzing the essence of investment bank, this paper is intended to contrast and compare the characteristics between investment and commercial bank.

本文通过对投资银行的本质问题进行分析，区别比较了投资银行与商业银行的特点，运用比较分析的方法对西方国家投资银行监管的有关法律加以研究，系统的论述了投资银行监管的一般理论及其具体内容。

These reasons include: the game between investors and investment bank is non-repeated, the trigger strategy is lack of feasibility and creditability, and the third-party enforcement mechanism is noneffective.

本文同时利用我国股票发行市场1996-2004年的IPO数据对投资银行声誉形成机制的有效性进行了实证检验，检验结果表明投资银行有损投资者利益的行为并未对投资银行的市场份额产生显著负面影响，而其他一些具有中国特色的因素却对投资银行市场份额有着显著影响。

So, this paper starts with the inevitability of commercial nonproprietary mutual funds ? and analyses the superiority of commercial nonproprietary mutual funds. After deeply researches the necessity and possibility with the economies of commercial nonproprietary mutual funds, the paper proposes the countermeasures of the problem.

因此，本文从我国商业银行发展自营投资基金的必然性入手，分析了商业银行发展自营投资基金业务的优势，在对银行自营投资基金理论分析与实证检验的基础上，系统、深入地探讨商业银行发展自营投资基金业务的存在的问题与相应的对策，并有的放矢地提出推动商业银行自营投资基金发展的政策建议。

Firstly, the paper analyses present position of our country's investment banking innovation, opportunity and challenge.

文章首先分析了目前我国投资银行业务创新的形势、面临的机会与挑战，接着总结投资银行产品创新的国际经验，分析了主要投资银行新产品的特点，并介绍了模仿法、组合法和创新法等三种产品创新方法，第三部分从产品创新、管理创新和组织创新等三个方面讨论了如何塑造投资银行核心竞争力的问题。

Firstly, the paper analyses present position of our countrys investment banking innovation, opportunity and challenge.

文章首先分析了目前我国投资银行业务创新的形势、面临的机会与挑战，接着总结投资银行产品创新的国际经验，分析了主要投资银行新产品的特点，并介绍了模仿法、组合法和创新法等三种产品创新方法，第三部分从产品创新、管理创新和组织创新等三个方面讨论了如何塑造投资银行核心竞争力的问题。

The overseas investment banks have inundatory superiority over their capital scale ,the earning of vendition,capability of operation and ability of financial creation ,the enterance of investment overseas will bring grimness challenge to our home investment banks .At the same time,our home investment banks face the pressure of mixed operation greatly .Recently commercial banks and insurance agents turn into the operation of investment banks one afer another ,our home investment banks feel the pressure of mixed work .

如果WTO后，我国承诺向国外金融机构逐步开放资本市场，而国外投资银行无论在资本规模、销售收入、业务能力以及金融创新能力方面都具有压倒性的优势，跨国投资银行的进入将给海内投资银行带来严峻挑战，同时，海内投资银行面临混业经营的压力越来越大，近几年商业银行或者保险公司纷纷进入投资银行业，海内投资银行感到了混业经营带来的压力。

On June 6,1933, the American president Luosifu signed GELARSI-Sideagel Law, which made separate the Anerican commercial banks with inveament bank strictly in 1934, definiting the sugervisory system separatedly for commercial banks and investment banks, then American separated business system was set up.

1933年6月16日美国总统罗斯福签署《格拉斯－斯蒂格尔法案》，使美国的商业银行与投资银行业务严格分离了。1934年美国证券交易委员会成立，确定了商业银行与投资银行分业监管体制，美国银行分业体制正式形成。

China needs participation of investment banks in recapitalizing hundreds of thousands of enterprises, reactivating trillions of SOEs debts and savings and reorganizing hundreds of millions of bank credit property.

中国有几十万家企业需要投资银行参与改制，上万亿的国企债务需投资银行参与盘活重组，几千亿的银行信贷资产需要投资银行参与保全和重组。

Voted in as a professional investment institutions, their goal is to find attractive investment opportunities overseas, would like to vote in line to vote for equity investment, but it is not only the issue of equity, as they Investment bank leverage ratio is very high, on the one hand, the need to invest in cash, on the other hand, commercial banks need a large deposit base in order to re-up operation.

投作为专业投资机构，他们的目标是要找到有吸引力的海外投资机会，想在网上投票，投票进行股权投资，但它不仅是公平问题，因为投资银行杠杆比率非常高，一方面，需要投资于现金，另一方面，商业银行需要大量的存款基础，以便重新跟进行动。

Involvement in doing technical and financial appraisal in government and related banking process of evaluation and approval of potential foreign capital invested project under the Ministry, such as: agro-processing, food processing and light industry related process industrial projects, with investment sources i.e from European country government mixed credit and loan, Word Bank Loan, and Asia Investment Bank loan, private commercial loan, joint venture investment, equity investment or with venture capital, etc.

参加外国资本投资项目的技术和财务评估分析程序，协助有关政府部门和银行程序的评估和审批，资金来源涉及欧盟国家政府贷款，世界银行贷款，亚洲投资银行贷款，合资，股权投资和风险投资等类型大项目

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。