银行投资

Any bank or insurance company; any savings and loan association, building and loan association, cooperative bank, homestead association, or similar institution, or any receiver, conservator, liquidator, liquidating agent, or similar official or person thereof or therefor; or any common trust fund or similar fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian

ICA第3(3)豁免了任何银行或保险公司，任何储蓄和贷款协会，建筑和贷款协会，合作银行，宅基协会或类似机构，或任何接收人、监护人、清算人、清算代理、或类似的此类高级职员或个人；任何由银行管理、仅用作集体投资和再投资的共同信托基金或类似的基金，其中基金是由银行在其能力范围内作为受托人、执行人、管理人或监护人提供的。

With the incessant derivatively development of financial tools and modern times communication ,the opertation over seas by the application of computers ,the operations of investment banks are also expand .The merger gradully become the core operation of investment banks.

投资银行不再专门从事证券市场业务而涉足存贷款业务，随着金融工具的不断衍生发展以及现代通讯，计算机应用带来的业务全球化，投资银行的业务也不断向纵深发展，在投资银行的新增业务中，并购业务逐渐成为核心。

In recent years, domestic orgnaization participates in the pace of PE market to be accelerated stage by stage, the letter in be opposite, medium after gold casts pilot certificate business twice to evaluate continuously, card inspect can announce to will enlarge pilot limits moderately again, what the stockjobber that allows to accord with a condition can apply for to begin direct investment professional work to Chinese card inspect is pilot; And how does the commercial bank also participate in PE domain in active exploration, be versed in Jiang Jianqing shows a president, the commercial bank should run business to accelerate development capital, the bank must extend its equity to invest the investment space of the domain such as fund further.

近年来，国内机构参与PE市场的步伐逐步加快，在对中信、中金两家直投试点券商评估后，证监会又公布将适度扩大试点范围，答应符合条件的证券公司向中国证监会申请开展直接投资业务的试点；而商业银行也在积极探索如何参与到PE领域，工行董事长姜建清表示，商业银行要为加快发展资产治理业务，银行必须进一步拓展其股权投资基金等领域的投资空间。

This Master Document has been prepared through the joint efforts of the Multilateral Development Banks and International Financial Institutions, namely: the Asian Development Bank, African Development Bank; Black Sea Trade and Development Bank, Caribbean Development Bank, Commission of the European Communities, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, International Bank for Reconstruction and Development, Nordic Development Fund, North American Development Bank, and the United Nations Development Programme.

本主导文件通过多边开发银行和国际金融机构的共同努力已经制定，他们是：亚洲开发银行，非洲开发银行黑海贸易与开发银行，加勒比海开发银行，欧洲共同体委员，欧洲复兴开发银行，欧洲投资银行，泛美开发银行，国际复兴开发银行，北欧开发基金，北美开发银行，以及联合国开发计划署。

Beside the introduction, concerning the background and meaning of selected title, several studying prerequisites and assumptions, the contents and structure, the train of thought and method, domestic and international research overview and document reviewing, etc. this text divides three chapters altogether, its main content is as follows: the inevitability of developing commercial nonproprietary mutual funds, the superiority analysis of this fund, and what is and how to manage the latent difficulties operating this fund, etc.

除前言对选题背景与意义、研究的若干前提与假设、研究的思路与方法、国内外研究概况与文献回顾以及论文的基本结构等内容进行阐述外，本文共分三章，其主要研究涉及：商业银行发展自营投资基金的必然性，商业银行自营投资基金的优势及面临的问题的分析、对商业银行发展自营投资基金业务的建议，等等。

Which are used as an important basis of investment decision and risk controlling and management in later phases. But former studies made by many research institutions mainly focused on investment estimates of industrial projects and cost controlling of individual projects. It is looked as a weak aspect for the whole real estate industry that the accuracy of project investment estimates is too lower to meet the permissible error regulated by the government in feasibility research phrase. Overestimate is a very common phenomenon, which will undoubtedly be a barrier for smoothly increasing of real estate industry.

但是，长期以来，具体进行投资估算的主体是房地产开发企业和咨询公司，而银行等金融机构、风险投资机构和投资人、政府相关管理部门、行业协会在房地产市场逐渐规范，竞争越来越激烈的背景下，银行等金融机构、政府相关管理部门等也都需要在商业地产项目的前期阶段，特别是初步可行性研究阶段对项目的总投资估算有较为客观、真实的了解，以作为下一步投资决策、风险控制和管理的重要依据。

The conclusion established some ways to improve the credit risk management such as optimize the national-owned enterprises and commercial banks operation structure; establish new relationship between banks and corporations; optimize bank's internal control system; balancing corporate financing ways, eliminate corporate over-dependency on bank's credit assets, and remove information asymmetric contributed by credit sales.

本文在分析和评述国内外银行信贷资产安全性相关理论的基础上，对银行信贷资产安全性与流动性、盈利性之间的关系、信贷资产安全性的概念、分类进行了界定和分析，在对影响商业银行信贷资产安全性共性因素和我国信贷资产安全性现状进行深入剖析的基础上，紧密结合中国银行业的实际，结合信息经济学、行为金融学的有关理论从产权制度、公司治理结构、融资行为、投资行为、内部控制等方面深入分析了借款企业行为、商业银行行为、政府行为及社会信用环境对信贷资产安全性的影响机理，特别是重点分析了信息不对称条件下商业银行信贷资产安全性生成机理，较系统、全面地论述了影响我国商业银行信贷资产安全性的特殊因素，并运用logistic等统计方法进行信贷资产安全性判别进行了实证研究，构建了我国商业银行信贷资产安全性判别模型，最后在此基础上提出了不断健全完善公司治理结构，树立市场化的新型银企关系；完善商业银行内部控制制度，强化内控执行机制；优化企业融资模式，降低企业对商业银行信贷资金的过度依赖；有效缓解商业银行信贷经营活动中面临的信息不对称程度等加强商业银行信贷资产安全性管理和控制的措施与建议。

In accordance with bond investment theory, by means of qualitative analysis and quantitative analysis, this paper makes research on the historical bond investment strategy of A City Commercial Bank and analyzes the bond investment strategy that resulted in the fall-down of bond's current price and causes inside and outside.

商业银行特别是中小商业银行有必要将科学的投资管理理念深入下去，作为投资管理程序中重要的投资策略选择问题是关系到商业银行债券资产运营成败的关键问题，应该引起足够重视。

The Bank had also kept good relationship with many international organizations, such as Asian Development Bank, African Development Bank, West African Development Bank, Multilateral Investment Guarantee Agency, International Financial Association, etc.

与花旗银行、摩根大通银行、巴克莱银行、德意志银行、法国巴黎银行、东京三菱银行、汇丰银行、瑞穗实业银行、瑞士银行集团、美林集团、高盛集团、大和SMBC株式会社、野村证券等众多著名国际金融机构以及亚洲开发银行、非洲开发银行、西非开发银行、多边投资担保机构、国际金融协会等国际组织保持着密切往来，高层互访不断，为进一步拓宽业务合作提供了良好的保证。

One is lay particular emphasis on the tiny view angle, invest the domestic stock certificate company conversion is previous for real investment bank, commercial bank how rushed ahead the angle of the development investment bank business, try to research the exhibition investment bank business to search the path for the commercial bank.

本文综合采用了实证分析和规范分析相结合、归纳与演绎相结合的研究方法，辅以国内外商业银行发展投资银行业务的对比研究，探索国外成熟的业务发展模式给予我国商业银行的启示，最终对商业银行发展投资银行业务提出了大胆的发展构想。

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。