第二講投資銀行的資產(chǎn)負(fù)債表

及其業(yè)務(wù)任課教師：對外經(jīng)濟(jì)貿(mào)易大學(xué)金融學(xué)院郭敏教授

minguo992002@TEL/p>

一、MerrillLynch的公司架構(gòu)二、MerrillLynch的資產(chǎn)負(fù)債表三、MerrillLynch的損益表四、投資銀行的主要業(yè)務(wù)五、投資銀行的性質(zhì)及經(jīng)營管理特點(diǎn)NewMerrillLynchin20092008MerrillLynchannouncesaplantoreduceitsriskexposuresby$11.1billion,includingasubstantialsaleofU.S.collateraldebtobligationscomprisedofasset-backedsecurities.

BankofAmericaCorporationagreestoacquireMerrillLynchinanall-stocktransactionthatcreatesacompanyunrivaledinitsbreadthoffinancialservicesandglobalreach.

2009MerrillLynchofficiallybecomesawhollyownedsubsidiaryofBankofAmerica.

FollowingthecombinationwithMerrillLynch,BankofAmericahasbecome:Thelargestbrokerageintheworld,withmorethan20,000advisorsand$2.5trillioninclientassetsAleadingproviderofglobalcorporateandinvestmentbankingservices,includingcommerciallending,globalhigh-yielddebt,globalequityandglobalM&AAgloballeaderinwealthmanagement,privatebankingandretailbrokerageAgloballeaderininvestmentmanagement,withapproximately50percentownershipinBlackRock,whichhas$1.4trillioninassetsundermanagement,inadditiontothe$589billioninassetsundermanagementwithBankofAmericaasofJune30,2008一、美林集團(tuán)公司架構(gòu)美林公司是一家擁有多個附屬和聯(lián)營公司的控股公司,統(tǒng)稱為美林集團(tuán).有幾十家左右經(jīng)營各種投資銀行業(yè)務(wù)的子公司，除美國本土外，業(yè)務(wù)遍布全球：亞洲與太平洋、歐洲中東及非洲區(qū)、拉美區(qū)，加拿大區(qū)。兩大業(yè)務(wù)事業(yè)部,GMI和GWM.美林集團(tuán)部分設(shè)于美國本土及國外的重要附屬公司分別隸屬于以上事業(yè)部.。美林主要的控股子公司MerrillLynch&Co.,Inc.("ML&Co.")andsubsidiaries("MerrillLynch")providesinvestment,financing,insurance,andrelatedservicestoindividualsandinstitutionsonaglobalbasisthroughitsbroker,dealer,banking,insurance,andotherfinancialservicessubsidiaries.Itsprincipalsubsidiariesinclude:

MerrillLynch,Pierce,Fenner&SmithIncorporated("MLPF&S"),aU.S.-basedbroker-dealerinsecuritiesandfuturescommissionmerchant;MerrillLynchInternational("MLI"),aU.K.-basedbroker-dealerinsecuritiesanddealerinequityandcreditderivatives;MerrillLynchGovernmentSecuritiesInc.("MLGSI"),aU.S.-baseddealerinU.S.Governmentsecurities;MerrillLynchCapitalServices,Inc.,(MLCS),aU.S.-baseddealerininterestrate,currency,andderivatives;MerrillLynch

derivativesProductsAG(MLDP)MerrillLynchInvestmentManagers,LP,aU.S.-basedassetmanagementcompany;MerrillLynchInvestmentManagersLimited,aU.K.-basedassetmanagementcompany;MerrillLynchBankUSA("MLBUSA"),aU.S.-basedFDIC-insureddepository;MerrillLynchBank&TrustCo.("MLB&T"),aU.S.-basedFDIC-insureddepository;MerrillLynchInternationalBankLimited("MLIB"),aIreland-basedbank;MerrillLynchMortgageCapitalInc.(MLMCI)MerrillLynchJapanSecuritiesCo.,Ltd.,aJapan-basedbroker-dealer;(MLJS)MerrillLynchInsuranceGroup,Inc.,aU.S.-basedprovideroflifeinsuranceandannuityproducts.MLIBKPosition,Inc.二、投資銀行的資產(chǎn)負(fù)債表

（以美林為例）附件:美林2007年資產(chǎn)負(fù)債表資產(chǎn)負(fù)債所有內(nèi)容由三大部分構(gòu)成：1、Trading-RelatedAssetsandLiabilities2、Non-Trading-RelatedAssets3、Non-Trading-RelatedLiabilities

1、與證券交易直接相關(guān)的資產(chǎn)與負(fù)債項(xiàng)（Trading-RelatedAssetsandLiabilitiesin2007)

資產(chǎn)負(fù)債重售協(xié)議(21·7%)回購協(xié)議(23.1%)借入證券(13·1%)借出證券(5·5%)交易資產(chǎn)(23.o%)交易負(fù)債(12.1%)應(yīng)收項(xiàng)(12.4%)應(yīng)付項(xiàng)(13.0%)合計(jì)：70·2％53·7％2、Non-Trading-RelatedAssets(2007)（其它資產(chǎn)）：現(xiàn)金及現(xiàn)金等同6·3％其它證券投資8·1％貸款、票據(jù)與抵押9·3％固定資產(chǎn)與商譽(yù)0·8％3、Non-Trading-RelatedLiabilities(其它負(fù)債與資本）：商業(yè)票據(jù)與短期借貸2·4％存款10.2％長期借貸26.1％資本金3·1％與證券交易直接相關(guān)的資產(chǎn)與負(fù)債項(xiàng)（Trading-RelatedAssetsandLiabilitiesin2008)

資產(chǎn)負(fù)債重售協(xié)議(13.97%)回購協(xié)議(13.88%)借入證券(5.25%)借出證券(3.66%)交易資產(chǎn)(26.31%)交易負(fù)債(13.40%)應(yīng)收項(xiàng)(13.46%)應(yīng)付項(xiàng)(13.54%)合計(jì)：58.99％44.52％

與證券交易直接相關(guān)的資產(chǎn)與負(fù)債：

SecuritiesFinancingTransactions

（包括重售與回購以及借入證券與借出證券）MerrillLynchentersintosecuredborrowingandlendingtransactionsinordertofinancetradinginventorypositions,obtainsecuritiesforsettlement,meetcustomers'needsandearnresidualinterestratespreads.MerrillLynchalsoengagesinsecuritiesfinancingforcustomersmarginlending.

TradingAssetsandLiabilities

TradingAssetsandLiabilitiesconsistofcashinstruments(suchassecurities)andderivativeinstrumentsusedfortradingpurposesorformanagingriskexposuresinotherTradinginventory.Tradinginventoryprincipallyrepresentssecuritiespurchased("long"positions),securitiessoldbutnotyetpurchased("short"positions),andwillthereforebeobligatedtopurchaseonthefuturedate.Thesepositionsareprimarilytheresultofmarket-making,hedging,andproprietaryactivities.

OtherReceivablesandPayablesCustomerReceivablesandPayables

Customersecuritiesandcommoditiestransactionsarerecordedonasettlementdatebasis.Receivablesfromandpayablestocustomersincludeamountsdueoncashandmargintransactions.BrokersandDealersReceivablesandPayables

ReceivablesfrombrokersanddealersincludeamountsreceivableforsecuritiesnotdeliveredbyMerrillLynchtoapurchaserbythesettlementdate("failstodeliver"),depositsforsecuritiesborrowed,margindeposits,commissions,andnetreceivablesarisingfromunsettledtrades.PayablestobrokersanddealersincludeamountspayableforsecuritiesnotreceivedbyMerrillLynchfromasellerbythesettlementdate("failstoreceive"),depositsreceivedforsecuritiesloaned,andnetpayablesarisingfromunsettledtrades.

InterestandOtherReceivablesandPayables

Interestandotherreceivablesincludeinterestreceivableoncorporateandgovernmentalobligations,customerorotherreceivables,stockborrowedtransactions,receivablesfromcommissionsandfees,andincometaxes.Interestandotherpayablesincludeinterestpayableforstock-loanedtransactions,long-termborrowings,andamountspayableforemployeecompensationandbenefits,restructuringreserves,andincometaxes.CashandCashEquivalentsMerrillLynchdefinescashequivalentsasshort-term,highlyliquidsecuritiesandinterest-earningdepositswithoriginalmaturitiesof90daysorless,otherthanthoseusedfortradingpurposes.CashandSecuritiesSegregatedforRegulatoryPurposesorDepositedwithClearingOrganizationsItincludescashandsecuritiessegregatedincompliancewithfederalandotherregulationsandrepresentfundsdepositedbycustomersandfundsaccruingtocustomersasaresultoftradesorcontracts.AlsoincludedarefundssegregatedinaspecialreserveaccountforthebenefitofcustomersunderRule15c3-3oftheSecuritiesandExchangeCommission,aswellasfundssegregatedandheldinseparateaccountsinaccordancewithSection4d(2)andRegulation30.7oftheCommodityExchangeAct.

InvestmentSecurities

InvestmentsecuritiesontheConsolidatedBalanceSheetsincludeshighlyliquiddebtsecuritiesincludingthoseheldforliquiditymanagementpurposes,equitysecurities,theinvestmentportfolioforMerrillLynch'sU.S.banks,andinvestmentsofinsurancesubsidiaries.Loans,Notes,andMortgagesMerrillLynch'slendingandrelatedactivitiesincludeloanoriginations,syndications,andsecuritizations.Loanoriginationsincludecommercialandresidentialmortgages,loanstosmall-andmiddle-marketsbusinesses,andcreditextendedtoindividuals.SeparateAccountsAssetsandLiabilities

MerrillLynchmaintainsseparateaccountsrepresentingsegregatedfundsheldforpurposesoffundingvariablelifeandannuitycontracts.TheseparateaccountassetsarenotsubjecttogeneralclaimsofMerrillLynch.TheseaccountsandtherelatedliabilitiesarerecordedasseparateaccountsassetsandseparateaccountsliabilitiesontheConsolidatedBalanceSheets.EquipmentandFacilities

Equipmentandfacilitiesprimarilyconsistoftechnologyhardwareandsoftware,leaseholdimprovements,andownedfacilities.CommercialPaperandShort-andLong-TermBorrowings

MerrillLynch'sunsecuredgeneral-purposefundingisprincipallyobtainedfrommedium-termandlong-termborrowings.Deposits

Savingsdepositsareinterest-bearingaccountsthathavenomaturityorexpirationdate,wherebythedepositorisnotrequiredbythedepositcontract,butmayatanytimeberequiredbythedepositoryinstitution,togivewrittennoticeofanintendedwithdrawalnotlessthansevendaysbeforewithdrawalismade.Timedepositsareaccountsthathaveastipulatedmaturityandinterestrate.Depositorsholdingtimedepositsmayrecovertheirfundspriortothestatedmaturitybutmaypayapenaltytodoso.三、投資銀行的損益表見附件美林2007和2008年損益表除利息收入外，投行收入主要有以下幾項(xiàng)PrincipaltransactionsPrincipaltransactionsrevenuesincludebothrealizedandunrealizedgainsandlossesontradingassetsandtradingliabilitiesandinvestmentsecuritiesclassifiedastradinginvestments.InvestmentbankingInvestmentbankingrevenuesincludeUnderwritingrevenuesrepresentfeesearnedfromtheunderwritingofdebtandequityandequity-linkedsecuritiesaswellasloansyndicationandcommitmentfeesStrategicadvisoryservicesrevenues,whichincludemergerandacquisitionandotheradvisoryfees,CommissionCommissionrevenuesincludescommission,mutualfundsdistributionfeesandcontingentdeferredsalechargerevenue,whichareallaccruedasearned.AssetmanagementandportfolioserviceAssetmanagementandportfolioservicefeesinclude:

Managementfeees:whichrepresentapercentageofclientassetsundermanagement.Accountfees:whichgenerallyreprsentafixedannualcharge.Performancefees:whichareearnedifinvestmentperformanceexceedspredeterminedlevels.2007花旗集團(tuán)資產(chǎn)負(fù)債結(jié)構(gòu)資產(chǎn)負(fù)債現(xiàn)金4.9％存款37·8％貸款35·6％其它借款30％證券融資交易12·5％證券融資交易13·9％交易資產(chǎn)24·6％交易負(fù)債8·3％應(yīng)收項(xiàng)2·6％應(yīng)付3·9％投資9·8％資本金5·2％2007年花旗集團(tuán)收入構(gòu)成四、投資銀行的主要業(yè)務(wù)證券發(fā)行與承銷業(yè)務(wù)

證券經(jīng)紀(jì)與交易業(yè)務(wù)收購兼并業(yè)務(wù)基金管理業(yè)務(wù)風(fēng)險與創(chuàng)業(yè)投資業(yè)務(wù)財(cái)務(wù)顧問與咨詢業(yè)務(wù)項(xiàng)目融資業(yè)務(wù)金融衍生產(chǎn)品與創(chuàng)新業(yè)務(wù)

研究開發(fā)與投資咨詢業(yè)務(wù)

資產(chǎn)證券化業(yè)務(wù)MerrillLynch&Co.,Inc.MerrillLynchisoneoftheworld‘sleadingwealthmanagement,capitalmarketsandadvisorycompanies,withofficesin40countriesandterritoriesandtotalclientassetsofapproximately$2trillion.(2008年）MerrillLynchisoneoftheworld’spremierprovidersofwealthmanagement,securitiestradingandsales,corporatefinanceandinvestmentbankingservices(2009)CorporateSnapshot

Founded:1914(CharlesE.Merrill&Co)Employees:

64,200

2007NetRevenue:

$11.billionTotalClientAssets:Approx.$1.8trillionTotalStockholders'Equity$32bnFortune500:RankedNo.22StockSymbol:MERGlobalMarkets:

40countries

Asofquarter-end,Q42007.（2008年）MerrillLynchoffersabroadrangeofservicestoprivateclients,smallbusinesses,andinstitutionsandcorporations,organizingitsactivitiesintotwointerrelatedbusinesssegments-GlobalMarkets&InvestmentBankingGroup(GMI)

and

GlobalWealthManagement（GWM)。TheservicesprovidedbyMerrilLynchSecuritiesbrokerageandtrading

-Equities

-

Fixedincome

-MutualfundsInvestmentbanking

-Securitiesunderwriting

-Strategicadvisoryservices,including:

-Mergersandacquisitions

-Strategicvaluation

-Othercorporatefinanceandadvisoryactivities

Origination,brokerage,dealerandrelatedactivitiesin:

-Swaps

-Foreignexchange

-Options

-Forwards

-Futures

-OtherderivativesPrivateequityandotherprincipalinvestingactivitiesSecuritiesclearance,settlement,financingandservices,includingprimebrokerageInvestmentmanagementandinvestmentadvisoryservices

Wealthmanagementproductsandservices,includingfinancial,retirementandgenerationalplanning

Banking,trustandlendingservices,including:

-Mortgagelending

-Trust

-Commerciallending

-Deposit-taking

-Securities-basedlendingInsuranceandannuitiessalesandannuityunderwritingservices

Globalinvestmentresearchencompassing:

-Equities

-Foreignexchange

-FixedIncome

-Investmentstrategy

-Economicresearch

-CreditandEquity-linkedInvestmentadvisoryandrelatedrecordkeepingservices

BlackRock

MerrillLynchownsapproximatelyhalfofBlackRock,oneoftheworld'slargestpubliclytradedinvestmentmanagementcompanieswithmorethan$1trillioninassetsundermanagement.GoldmanSachsGoldmanSachsisaleadingglobalinvestmentbanking,securitiesandinvestmentmanagementfirmthatprovidesawiderangeofservicesworldwidetoasubstantialanddiversifiedclientbasethatincludescorporations,financialinstitutions,governmentsandhighnet-worthindividuals.

Weseektobetheadvisorofchoiceforourclientsandaleadingparticipantinglobalfinancialmarkets.Ourstrategyistogrowourthreecorebusinesses：InvestmentBanking,TradingandPrincipalInvestmentsandAssetManagementandSecuritiesServicesinmarketsthroughouttheworld.

InvestmentBanking

Weprovideabroadrangeofinvestmentbankingservicestoadiversegroupofcorporations,financialinstitutions,governmentsandindividuals.TradingandPrincipalInvestments

Wefacilitateclienttransactionswithadiversegroupofcorporations,financialinstitutions,governmentsandindividualsandtakeproprietarypositionsthroughmarketmaking,tradingandinvestinginfixedincomeandequityproducts,currencies,commoditiesandderivatives.Additionally,weengageinspecialistandmarketmakingactivitiesonequitiesandoptionsexchanges,andweclearclienttransactionsonmajorstock,optionsandfuturesexchangesworldwide.Inconnectionwithourmerchantbankingandotherinvestingactivities,wemakeprincipalinvestmentsdirectlyandthroughfundsthatweraiseandmanage.AssetManagementandSecuritiesServices

Weprovideinvestmentadvisoryandfinancialplanningservicesandofferinvestmentproductsacrossallmajorassetclassestoadiversegroupofinstitutionsandindividualsworldwide.Wealsoprovideprimebrokerageservices,financingservicesandsecuritieslendingservicestomutualfunds,pensionfunds,hedgefunds,foundationsandhigh-net-worthindividualsworldwide.TheservicesprovidedbyGoldmanSachs（2008）Advising

AssetAllocation

MergersandAcquisitionsFinancing

DebtFinancing

EquityCapitalMarkets

LendingInvesting

AssetManagement

MutualFunds

PrivateEquity

PrivateWealthManagement

SecuritisedDerivativesSecurities

ClearingServices

ExecutionServices

FundAdministration

Pensions,EndowmentsandFoundations

PrimeBrokerage

Products

SecuritiesLendingPrograms

TransitionServicesResearch

GlobalInvestmentResearchTheservicesprovidedbyGoldmanSachs（2009）Advising

AssetAllocation

EnvironmentalMarkets

MergersandAcquisitionsFinancing

BankLoans

DebtFinancing

EquityCapitalMarkets

LendingInvesting

AssetManagement

BankDeposits

ClosedEndedInvestments

MutualFunds

PrivateEquity

PrivateWealthManagement

SecuritisedDerivativesSecurities

ClearingServices

ExecutionServices

FundAdministration

Pensions,EndowmentsandFoundations

PrimeBrokerage

Products

SecuritiesLendingPrograms

TransitionServicesResearch

GlobalInvestmentResearch四、投資銀行的性質(zhì)及經(jīng)營管理特點(diǎn)直接金融的投資銀行SUDU直接金融機(jī)構(gòu)投資銀行直接金融工具直接金融工具資金資金一次合約關(guān)系間接金融中的商業(yè)銀行SUDU間接金融機(jī)構(gòu)商業(yè)銀行資金資金間接金融工具貸款合約兩次合約關(guān)系商業(yè)銀行是用資產(chǎn)轉(zhuǎn)移機(jī)制解決跨時資源配置的矛盾。投資銀行是用交易機(jī)制和價格信號機(jī)制解決跨時資源配置矛盾。直接融資與間接融資直接融資是資金供求雙方不通過金融中介，在資本市場上直接實(shí)現(xiàn)資金融通的活動，資金關(guān)系是金融工具的買賣而不是借貸。常見的方式有發(fā)行股票融資等。間接融資是指資金供求雙方通過金融中介，在貨幣市場上間接實(shí)現(xiàn)資金融通的活動，資金關(guān)系借貸而不是買賣。常見的方式有商業(yè)銀行貸款等。直接金融（投資銀行）與間接金融（商業(yè)銀行）功能差異

間接金融最重要功能之一是提供支付功能在融資上，股票市場融資功能是有限的，股市的規(guī)模對資本積累、生產(chǎn)率提高和經(jīng)濟(jì)增長的影響小于股市的流動性、效率和低交易成本的影響。在風(fēng)險分擔(dān)與管理上直接金融與間接金融分別在橫向風(fēng)險分擔(dān)和跨期風(fēng)險分擔(dān)上各有優(yōu)勢。在提供多樣化投資品上，直接金融具有優(yōu)勢

在