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Pursuit of high profits, investment banks also wantonly use of financial leverage. Leverage ratio is total assets and net assets ratio, the higher this ratio, the greater the risk. Highly leveraged investment banks influence is bidirectional, it not only magnify the profitability of the investment bank, investment bank can amplify losses; a slight impairment of its assets or business, there may be a slight loss of weak capital severe impact, will its impasse.
过高的杠杆比率使得投行的经营风险不断上升，一旦投资出现问题会使其亏损程度远远超出资本金。雷曼兄弟宣布进入破产保护时，其负债高达6130亿美元，负债权益比是6130∶260。

Excessive leverage ratio makes the investment bank's operational risks rise, once the investment loss problems will make it far beyond the capital. Lehman Brothers declared bankruptcy, its debt had reached $ 613 billion, debt to equity ratio is 6130:260. In addition, commercial banks, investment banks as stable as the lack of funding sources makes these highly leveraged investment banks had over-reliance on short-term funding markets. Investment banks typically through currency trading market financing to fill funding gaps, and once their financial situation deteriorate, the rating company will reduce its rating to financing costs, which may cause investment banks can not maintain liquidity through financing, Bear Stearns is therefore being run and fall. Bear Stearns short-term borrowings at the end of fiscal 2007 was $ 11.6 billion, sold out but not as high as the value of securities repurchased $ 102.4 billion, while the value of the interest at Bear Stearns but also $ 11.8 billion. Compared with the long-term debt financing, short-term debt financing at a lower cost, and as long as you can guarantee the stability of operating continuously scrolling, but in fact the risk of short-term debt financing is not low, once the deterioration of operating conditions, the huge short-term debt may be forced on the bankrupt investment bank ruin, Bear Stearns and Lehman is the obvious example.
U.S. investment bank salary structure generally consists of base salary, annual bonus, long-term incentive compensation and various welfare benefits of the four components. Among them, the basic salary is paid regularly, usually on a monthly basis (there are weekly pay), only involves the employment risk, the risk is very low. Annual bonuses are usually paid once a year (some quarterly or half-yearly lump sum payment), and is usually paid in cash, annual bonuses and performance-related companies and individuals, reflecting the staff's efforts and achievements. Long-term incentive compensation, including stock options, stock appreciation rights, restricted stock, phantom stock, performance shares (cash), etc., long-term incentive compensation plan of the time span from 3 years to 10 years.
Investment bank staff bonuses are generally several times their basic salary. Most investment banks generally based on employees' bonuses paid in cash, the smaller part of the prize money is distributed in the form of stock and options. Maximum amount of the cash part of the general unrestricted taken measures to employees to create higher net profit, to get higher bonuses; while the bottom line is limited to zero bonuses, and even some investment banks but also with employees signed a "minimum prize "agreement, even if the employee本论文由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。