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1、摘要：在2008年金融危机浪潮的影响下，最受打击的应该就是金融业，股票、证券、期货等分支行业都受到了不小的打击，同时投资银行业同样遇到了空前的困难。本文将通过对投资银行的历史、现状、发展的研究，以及投资银行的主要业务、演变、理论的研究，分析其中的利与弊，剖析现如今投资银行所面临的问题，及其问题形成的主要原因，为投资银行所体现出的问题找到行而有效的解决办法。投资银行如果想要金融危机的影响降到最小化就必须从根本上，从内向外的进行改革和转变。这样，投资银行将迎来一个发展的新春天。关键词：投资银行金融危机金融业Content1. The introduction of investment banks
2、11.1 Meaning11.2 Main business21.3 Development process31.3.1 Open up new business31.3.2 Development process31.3.3 Development modes42. The financial crisis in 2008 and the development of investment banks52.1 The impact of the investment banks to the financial crisis52.1.1 Lever52.1.2 The CDS contrac
3、t52.1.3 The CDS market52.1.4 Sub-prime52.1.5 Sub-prime crisis62.2 The impact of the financial crisis to the investment banks62.2.1 General situation of the loss62.2.2 Measures of the government72.2.3 The capital market72.2.4 The credit situation83. The challenges and development directions in the fu
4、ture of investment banks93.1 The change of bank mode93.2 The structural decline of leverage ratio93.3 The shift of business structure and profit model103.4 The increase of administrative intervention degree103.5 The reduce of monopoly103.6 The implemention of reform114. The warning to Chinas investm
5、ent banks from the crisis in the United States12Conclusion:13References:14Acknowledgements:15IUSST BA Graduation Paper1. The introduction of investment banksAffected by the financial crisis in 2008, many industries are faced with many risks and problems that need to be solved. After 4 years, both th
6、e recessive and dominant crisis occurs. With the influence of the wave of financial crisis in 2008, the financial industry is impacted greatly. The stock, security and future goods industries are affected severely by the financial crisis. And the investment bank industry encountered the unprecedente
7、d difficulties. The title of the paper is discussion about the development and value of the investment banks. Through the study of the principal business, evolution and theory of the investment banks, and the analysis of the advantages and disadvantages of the investment banks, we find the problem o
8、f the investment banks. Then we put the theory and the practice together to find out the right way to develop the business of the investment bank.We should take this crisis as a warning to re-examine the existing credit rating system, adjust the governance structure of financial institutions, re-exa
9、mine the use of financial products, such as innovation and the use of financial leverage. And then we should minimum the effect of financial crisis, make the global economic system more perfect and the economic situation more optimistic and stable. 1.1 MeaningThe so-called investment bank is only th
10、eoretical appellation. The investment bank in real life is not called investment bank, but called XXX company or “XXX securities company”, such as Merrill Lynch, Goldman Sachs, Morgan Stanley company from the United States, Rothschild, Schroder company from the United Kingdom and Nomura Securities,
11、Nikko Securities company from Japan. The reasons why investment bank is called bank, in theory, mainly are as follows: Firstly, the investment bank is an important part of the financial system. Secondly, the business of the investment banks and commercial banks is merged together in the history. Ess
12、entially, the investment bank is a financial intermediation, which is the bridge of investors and persons who are raising funds in the capital markets. Its main function is to help the person who is raising funds to raise funds and help the investors to invest funds with the most effective way. The
13、investment bank was born in Western Europe, developed in North America, and has become the most important and active financial institutions in Western financial markets. It plays an active role which can not be ignored in the world economy.1.2 Main businessThe business of traditional investment bank
14、s is mainly concentrated in the following three fields: the public issuing and underwriting of debt security and equity security, security broker and proprietary trading.The underwriting of securities mainly includes the issuance and underwriting of the stock and bond. It is one of the main sources
15、of monetary income of the investment bank. The investment bank has an obligation to maintain the market price of the securities after finishing underwriting the securities in the primary market, in order to ensure the liquidity and stability of price of this kind of securities. Then one of the impor
16、tant businesses of the investment bank in the secondary marketthe security broke business engendered. Securities brokerage business means that the investment bank, as the broker of the buyer and seller, buy or sell securities in the stock exchange in accordance with the commissioned instructions of the investors. The greate
