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金融危机的诞生与演变:Dominated by U.S. investment bank model's faults and crisis

论文作者:www.51lunwen.org论文属性:硕士毕业论文 thesis登出时间:2013-08-22编辑:yangcheng点击率:3625

论文字数:895论文编号:org201308221005205915语种:英语 English地区:美国价格:免费论文

关键词:次贷危机金融危机美国经济危机

摘要:投资银行始于19世纪的欧洲,20世纪初开始在美国出现。短短一个世纪的时间,投资银行就成了金融领域最耀眼的明星。尤其是在20世纪80年代随着金融管制的放松,投资银行在竞争中不断进行创新,其业务构成和资本结构也都在创新的过程中发生了很大的变化,其薪酬激励模式也饱受争议。这些因素给投资银行带来了过去几年的高速增长,但也成为这场金融危机的导火索。

partnership to influence changes in shareholding


在美国,早期的投资银行绝大多数采用合伙制的企业组织形式。合伙制因其所有权与管理权合二为一,能充分调动管理者的积极性,同时保证投资银行经营的稳定性和连续性,因而一度被认为是投资银行最理想的组织形式。

In the U.S., the vast majority of the early use of investment banking partnership form of business organization. Partnership because of its ownership and management into one, can fully mobilize the enthusiasm of managers, investment banks while ensuring stability and continuity of operations, which was once considered the best investment banking organization. U.S. investment bank maintained a partnership 100 years of glorious history, until the 1999 Goldman Sachs was listed partnership exit the stage of history in today's U.S. securities, investment banking partnership has been almost completely replaced by joint-stock companies.
From a practical point of view, the U.S. investment bank and by the partnership to stock market, does bring a lot of benefits: to raise large amounts of capital and enrich the capital; solid financial strength, stole a lot of talent, human capital highlights the advantages; stock market and renewed the enterprise value of stock options to be implemented and had a realization of the channel, incentives to innovate and obvious; information disclosure increases the transparency of investment banks, multi-market external constraint mechanism and so on. When an investment bank to give up a partnership, a separate listing, there may be a competitive advantage for themselves. Once the entire industry to follow suit to imitate, structural similarity, the comparative advantage will be lost and will have considerable side effects: (a) is a cultural change or loss. Converted into joint-stock companies, the shares of the pluralism and diversity of staff makes the original unique corporate culture lost; (b) is the company's core differences fade and blur. When the investment banking market, these companies are instinctively to the integrated development of the Group. This further weakened the difference between the investment banks, highlighting compete with each other; (c) is the company's incentive and restraint mechanisms of variation. Investment bank listed, make money first, profit distribution system implemented by the commission. With the company culture is slowly fading, the partnership between employees era of responsibility within the existing constraints are also invisible gone. Is called strong material incentives, weak moral constraints. This large investment bank in 2002, mired in Enron's credit crisis on the horizon.


intermediate income mainly to the impact of changes in investment income mainly


近年来,投资银行纷纷开始由传统上以服务为主、考赚取佣金的业务模式转向以资金交易为主的经营模式,大量涉足衍生品的交易、对冲基金这些风险较高的领域,很多投资银行已经变相成为一个对冲基金,而在这一过程中风险控制又没有及时跟上,导致其在这次金融风暴中纷纷陷入困境。同时,此次危机暴露出投资银行资本金严重不足。

In recent years, investment banks have started from the traditional service-oriented business model test earn commissions shift to financial transactions based business model, a large number involved in derivatives trading, hedge fund these high-risk areas, many investors bank has somehow become a hedge fund, and in the process has not kept pace with risk control, resulting in the current financial turmoil have trouble. Meanwhile, the crisis has exposed serious shortage of investment banking capital.
Investment banking mainly the following: the traditional investment banking business, which is one of the traditional business of in论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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