Auditing test bank chapter 10
Auditing and Assurance Services, 15e (Arens)
Chapter 10 Internal Control, Control Risk, and Section 404 Audits
Learning Objective 10-1
1) Which of the following is not one of the three primary objectives of effective internal control?
A) Reliability of financial reporting
B) Efficiency and effectiveness of operations
C) Compliance with laws and regulations
D) Assurance of elimination of business risk
Answer: D
Terms: Internal control objectives
Diff: Easy
Objective: LO 10-1
AACSB: Analytic skills
2) Which of management's assertions with respect to implementing internal controls is the auditor primarily concerned?
A) Efficiency of operations
B) Reliability of financial reporting
C) Effectiveness of operations
D) Compliance with applicable laws and regulations
Answer: B
Terms: Management's assertions
Diff: Easy
Objective: LO 10-1
AACSB: Reflective thinking skills
3) Internal controls:
A) are implemented by and are the responsibility of the auditors.
B) consist of policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals.
C) guarantee that the company complies with all laws and regulations.
D) only apply to SEC companies.
Answer: B
Terms: Internal control
Diff: Moderate
Objective: LO 10-1
AACSB: Analytic skills
4) Internal controls are not designed to provide reasonable assurance that:
A) all frauds will be detected.
B) transactions are executed in accordance with management's authorization.
C) the company's resources are used efficiently and effectively.
D) company personnel comply with applicable rules and regulations.
Answer: A
Terms: Internal controls; reasonable assurance
Diff: Moderate
Objective: LO 10-1
AACSB: Analytic skills
5) Describe each of the three broad objectives management typically has for internal control. With which of these objectives is the auditor primarily concerned?
Answer: The three objectives are:
?Reliability of financial reporting. Management has both a legal and professional responsibility to be sure that the information is fairly presented in according with reporting requirements such as U.S. GAAP and IFRS.
?Efficiency and effectiveness of operations. Controls within an organization are meant to encourage efficient and effective use of its resources to optimize the company's goals. ?Compliance with laws and regulations. Public, non-public, and not-for-profit organizations are required to follow many laws and regulations. Some relate to accounting only indirectly, such as environmental protection and civil rights laws. Others are closely related to accounting, such as income tax regulations and anti-fraud legal provisions.
The auditor's focus in both the audit of financial statements and the audit of internal controls is on the controls over the reliability of financial reporting plus those controls over operations and compliance with laws and regulations that could materially affect financial reporting.
Terms: Three broad objectives management has for internal control
Diff: Easy
Objective: LO 10-1
AACSB: Reflective thinking skills
6) Section 404 of the Sarbanes-Oxley Act requires that public companies issue an internal control report.
A) True
B) False
Answer: A
Terms: Sarbanes-Oxley Act
Diff: Easy
Objective: LO 10-1
AACSB: Reflective thinking skills
Topic: SOX
7) Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with reporting requirements of applicable accounting frameworks.
A) True
B) False
Answer: A
Terms: Internal control
Diff: Moderate
Objective: LO 10-1
AACSB: Reflective thinking skills
Learning Objective 10-2
1) Which of the following is responsible for establishing a private company's internal control?
A) Senior Management
B) Internal Auditors
C) FASB
D) Audit committee
Answer: A
Terms: Internal control
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
2) Two key concepts that underlie management's design and implementation of internal control are:
A) costs and materiality.
B) absolute assurance and costs.
C) inherent limitations and reasonable assurance.
D) collusion and materiality.
Answer: C
Terms: Internal control design and implementation
Diff: Easy
Objective: LO 10-2
AACSB: Analytic skills
3) The PCAOB places responsibility for the reliability of internal controls over the financial reporting process on:
A) the company's board of directors.
B) the audit committee of the board of directors.
C) management.
D) the CFO and the independent auditors.
Answer: C
Terms: PCAOB; internal control responsibility
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: Public
4) Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies?
Answer: A
Terms: Internal control effectiveness
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
5) An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as:
A) collusion.
B) a material weakness.
C) a control deficiency.
D) a significant deficiency.
Answer: A
Terms: Employees steal assets
Diff: Easy
Objective: LO 10-2
AACSB: Ethical understanding and reasoning abilities
6) Sarbanes-Oxley requires management to issue an internal control report that includes two specific items. Which of the following is one of these two requirements?
A) A statement that management is responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting
B) A statement that management and the board of directors are jointly responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting
C) A statement that management, the board of directors, and the external auditors are jointly responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting
D) A statement that the external auditors are solely responsible
Answer: A
Terms: Sarbanes-Oxley; Internal control report
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: SOX
7) When management is evaluating the design of internal control, management evaluates whether the control can do which of the following?
Answer: C
Terms: Internal control design
Diff: Easy
Objective: LO 10-2
AACSB: Analytic skills
Topic: SOX
8) When one material weakness is present at the end of the year, management of a public company must conclude that internal control over financial reporting is:
A) insufficient.
B) inadequate.
C) ineffective.
D) inefficient.
Answer: C
Terms: Internal control weakness; Public company
Diff: Easy
Objective: LO 10-2
AACSB: Analytic skills
Topic: Public
9) The auditors primary purpose in auditing the client's system of internal control over financial reporting is:
A) to prevent fraudulent financial statements from being issued to the public.
B) to evaluate the effectiveness of the company's internal controls over all relevant assertions in the financial statements.
C) to report to management that the internal controls are effective in preventing misstatements from appearing on the financial statements.
D) to efficiently conduct the Audit of Financial Statements.
Answer: B
Terms: Primary purpose to audit system of internal control
Diff: Moderate
Objective: LO 10-2
AACSB: Analytic skills
Topic: Public
10) Management must disclose material weaknesses in internal control in its audit report:
A) whenever the weakness is deemed significant to a single class of transactions.
B) whenever the weakness is significant to overall financial reporting objectives.
C) if the weakness exists at the end of the year.
D) only if the auditor identifies the weakness as significant.
Answer: C
Terms: Material weaknesses in internal control
Diff: Moderate
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: Public
11) In performing the audit of internal control over financial reporting the auditor emphasizes internal control over class of transactions because:
A) the accuracy of accounting system outputs depends heavily on the accuracy of inputs and processing.
B) the class of transaction is where most fraud schemes occur.
C) account balances are less important to the auditor then the changes in the account balances.
D) classes of transactions tests are the most efficient manner to compensate for inherent risk. Answer: A
Terms: Internal control over class of transactions
Diff: Moderate
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: Public
12) Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the:
A) adequacy of the computer system.
B) proper implementation by management.
C) ability of the internal audit staff to maintain it.
D) competency and dependability of the people using it.
Answer: D
Terms: Internal control effectiveness
Diff: Moderate
Objective: LO 10-2
AACSB: Ethical understanding and reasoning abilities
13) When considering internal controls, an important point to consider is that:
A) auditors can ignore controls affecting internal management information.
B) auditors are concerned with the client's internal controls over the safeguarding of assets if they affect the financial statements.
C) management is responsible for understanding and testing internal control over financial reporting.
D) companies must use the COSO framework to establish internal controls.
Answer: B
Terms: Effectively designed internal controls; testing of controls
Diff: Moderate
Objective: LO 10-2
AACSB: Analytic skills
14) Of the following statements about internal controls, which one is least likely to be correct?
A) No one person should be responsible for the custodial responsibility and the recording responsibility for an asset.
B) Transactions must be properly authorized before such transactions are processed.
C) Because of the cost-benefit relationship, a client may apply controls on a test basis.
D) Control procedures reasonably ensure that collusion among employees cannot occur. Answer: D
Terms: Internal controls
Diff: Moderate
Objective: LO 10-2
AACSB: Reflective thinking skills
15) The Sarbanes-Oxley Act requires:
A) all public companies to issue reports on internal controls.
B) all public companies to define adequate internal controls.
C) the auditor of public companies to design effective internal controls.
D) the auditor of public companies to withdraw from an engagement if internal controls are weak.
Answer: A
Terms: Sarbanes-Oxley Act
Diff: Challenging
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: SOX
16) The financial statements may not correctly reflect accounting frameworks such as GAAP or IFRS if the:
A) controls affecting the reliability of financial reporting are inadequate.
B) company's controls do not promote efficiency.
C) company's controls do not promote effectiveness.
D) company's controls do not promote compliance with applicable rules and regulations. Answer: A
Terms: Financial statements reflect accounting frameworks
Diff: Challenging
Objective: LO 10-2
AACSB: Reflective thinking skills
17) The primary emphasis by auditors is on controls over:
A) classes of transactions.
B) account balances.
C) both A and B, because they are equally important.
D) both A and B, because they vary from client to client.
Answer: A
Terms: Primary emphasis by auditors on controls
Diff: Challenging
Objective: LO 10-2
AACSB: Reflective thinking skills
18) An auditor should consider two key issues when obtaining an understanding of a client's internal controls. These issues are:
A) the effectiveness and efficiency of the controls.
B) the frequency and effectiveness of the controls.
C) the design and operating effectiveness of the controls.
D) the implementation and operating effectiveness of the controls.
Answer: C
Terms: Key issues understanding client's internal controls
Diff: Challenging
Objective: LO 10-2
AACSB: Reflective thinking skills
19) When a company designs and implements internal controls, cost of the controls is not a valid consideration.
A) True
B) False
Answer: B
Terms: Design and implement internal control; cost
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
20) Reasonable assurance allows for:
A) low likelihood that material misstatements will not be prevented or detected by internal controls.
B) no likelihood that material misstatements will not be prevented or detected by internal control.
C) moderate likelihood that material misstatements will not be prevented or detected by internal control.
D) high likelihood that material misstatements will not be prevented or detected by internal control.
Answer: A
Terms: Reasonable assurance
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: Public
21) Which of the following is most correct regarding the requirements under Section 404 of the Sarbanes Oxley Act?
A) The audits of internal control and the financial statements provide reasonable assurance as to misstatements.
B) The audit of internal control provides absolute assurance of misstatement.
C) The audit of financial statements provides absolute assurance of misstatement.
D) The audits of internal control and the financial statements provide absolute assurance as to misstatements.
Answer: A
Terms: Sarbanes Oxley Act Section 404
Diff: Easy
Objective: LO 10-2
AACSB: Reflective thinking skills
22) To issue a report on internal control over financial reporting for a public company, an auditor must:
A) evaluate management's assessment process.
B) independently assess the design and operating effectiveness of internal control.
C) evaluate management's assessment process and independently assess the design and operating effectiveness of internal control.
D) test controls over significant account balances.
Answer: C
Terms: Internal control over financial reporting for public company
Diff: Moderate
Objective: LO 10-2
AACSB: Reflective thinking skills
Topic: Public
Learning Objective 10-3
1) Which of the following activities would be least likely to strengthen a company's internal control?
A) Separating accounting from other financial operations
B) Maintaining insurance for fire and theft
C) Fixing responsibility for the performance of employee duties
D) Carefully selecting and training employees
Answer: B
Terms: Not strengthen internal control
Diff: Easy
Objective: LO 10-3
AACSB: Analytic skills
2) Which of the following components of the control environment define the existing lines of responsibility and authority?
A) Organizational structure
B) Management philosophy and operating style
C) Human resource policies and practices
D) Management integrity and ethical values
Answer: A
Terms: Control environment components; Responsibility and authority
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
3) Which of the following factors may increase risks to an organization?
Answer: A
Terms: Increase risks to an organization
Diff: Moderate
Objective: LO 10-3
AACSB: Analytic skills
4) Which of the following statements is most correct with respect to separation of duties?
A) A person who has temporary or permanent custody of an asset should account for that asset.
B) Employees who authorize transactions should not have custody of related assets.
C) Employees who open cash receipts should record the amounts in the subsidiary ledgers.
D) Employees who authorize transactions should have recording responsibility for these transactions.
Answer: B
Terms: Separation of IT duties
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
5) Authorizations can be either general or specific. Which of the following is not an example of
a general authorization?
A) Automatic reorder points for raw materials inventory
B) A sales manager's authorization for a sales return
C) Credit limits for various classes of customers
D) A sales price list for merchandise
Answer: B
Terms: General or specific authorizations
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
6) Which of the following is correct with respect to the design and use of business documents?
A) The documents should be in paper format.
B) Documents should be designed for a single purposes to avoid confusion in their use.
C) Documents should be designed to be understandable only by those who use them.
D) Documents should be prenumbered consecutively to facilitate control over missing documents.
Answer: D
Terms: Design and use of business documents
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
7) Which of the following best describes the purpose of control activities?
A) The actions, policies and procedures that reflect the overall attitudes of management
B) The identification and analysis of risks relevant to the preparation of financial statements
C) The policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity's objectives
D) Activities that deal with the ongoing assessment of the quality of internal control by management
Answer: C
Terms: Control activities
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
8) Which of the following deal with ongoing or periodic assessment of the quality of internal control by management?
A) Quality monitoring activities
B) Monitoring activities
C) Oversight activities
D) Management activities
Answer: B
Terms: Quality of internal control
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
9) Which of the following best describes an entity's accounting information and communication system?
Answer: D
Terms: Accounting information and communication system
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
10) An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is:
A) inspection.
B) observation.
C) reperformance.
D) reconciliation.
Answer: B
Terms: Tests of control procedures; segregation of functions
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
11) Internal controls normally include procedures designed to provide reasonable assurance that:
A) employees act with integrity when performing their assigned tasks.
B) transactions are executed in accordance with management's authorization.
C) decision processes leading to management's authorization of transactions are sound.
D) collusive activities would be detected by segregation of employee duties.
Answer: B
Terms: Internal controls; reasonable assurance
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
12) Which of the following is not one of the subcomponents of the control environment?
A) Management's philosophy and operating style
B) Organizational structure
C) Adequate separation of duties
D) Commitment to competence
Answer: C
Terms: Subcomponents of control environment
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
13) It is important for the CPA to consider the competence of the clients' personnel because their competence has a direct impact upon the:
A) cost/benefit relationship of the system of internal control.
B) achievement of the objectives of internal control.
C) comparison of recorded accountability with assets.
D) timing of the tests to be performed.
Answer: B
Terms: Competence of client personnel
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
14) Proper segregation of functional responsibilities calls for separation of:
A) authorization, execution, and payment.
B) authorization, recording, and custody.
C) custody, execution, and reporting.
D) authorization, payment, and recording.
Answer: B
Terms: Segregation of functional responsibilities
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
15) Without an effective ________, the other components of the COSO framework are unlikely to result in effective internal control, regardless of their quality.
A) risk assessment policy
B) monitoring policy
C) control environment
D) system of control activities
Answer: C
Terms: Internal control
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
16) Which of the following groups establishes and maintains the company's internal controls?
A) Internal auditors
B) Board of Directors
C) Management
D) Audit committee
Answer: C
Terms: Establishes and maintains company's internal control
Diff: Challenging
Objective: LO 10-3
AACSB: Reflective thinking skills
17) If a company has an effective internal audit department:
A) the internal auditors can express an opinion on the fairness of the financial statements.
B) their work cannot be used by the external auditors per PCAOB Standard 5.
C) it can reduce external audit costs by providing direct assistance to the external auditors.
D) the internal auditors must be CPAs in order for the external auditors to rely on their work. Answer: C
Terms: Understanding of internal audit functions
Diff: Challenging
Objective: LO 10-3
AACSB: Analytic skills
18) To promote operational efficiency, the internal audit department would ideally report to:
A) line management.
B) PCAOB.
C) Chief Accounting Officer.
D) audit committee.
Answer: D
Terms: Operational efficiency
Diff: Challenging
Objective: LO 10-3
AACSB: Reflective thinking skills
19) Hanlon Corp. maintains a large internal audit staff that reports directly to the accounting department. Audit reports prepared by the internal auditors indicate that the system is functioning as it should and that the accounting records are reliable. An independent auditor will probably:
A) eliminate tests of controls.
B) increase the depth of the study and evaluation of administrative controls.
C) avoid duplicating the work performed by the internal audit staff.
D) place limited reliance on the work performed by the internal audit staff.
Answer: D
Terms: Internal audit
Diff: Challenging
Objective: LO 10-3
AACSB: Analytic skills
20) External financial statement auditors must obtain evidence regarding what attributes of an internal audit (IA) department if the external auditors intend to rely on IA's work?
A) Integrity
B) Objectivity
C) Competence
D) All of the above
Answer: D
Terms: External auditor reliance on internal auditors' work
Diff: Challenging
Objective: LO 10-3
AACSB: Reflective thinking skills
21) To obtain an understanding of an entity's control environment, an auditor should concentrate on the substance of management's policies and procedures rather than their form because:
A) management may establish appropriate policies and procedures but not act on them.
B) the board of directors may not be aware of management's attitude toward the control environment.
C) the auditor may believe that the policies and procedures are inappropriate for that particular entity.
D) the policies and procedures may be so weak that no reliance is contemplated by the auditor. Answer: A
Terms: Substance of management's policies and procedures
Diff: Challenging
Objective: LO 10-3
AACSB: Analytic skills
22) Control activities help assure that the necessary actions are taken to address risks to the achievement of the company's objectives. List the five types of control activities.
Answer:
1. Adequate separation of duties
2. Proper authorization of transactions and activities
3. Adequate documents and records
4. Physical control over assets and records
5. Independent checks on performance
Terms: Control activities
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
Topic: Public
23) Certain principles dictate the proper design and use of documents and records. Briefly describe several of these principles.
Answer:
?Documents should be prenumbered consecutively to facilitate control over missing documents and as an aid in locating documents when they are needed at a later date. ?Documents and records should be prepared at the time a transaction takes place, or as soon as possible thereafter, to minimize timing errors.
?Documents and records should be designed for multiple uses, when possible, to minimize the number of different forms. For example, a properly designed and used shipping document can be the basis for releasing goods from storage to the shipping department, informing billing of the quantity of goods to bill to the customer and the appropriate billing date, and updating the perpetual inventory records.
?Documents and records should be constructed in a manner that encourages correct preparation. This can be done by providing internal checks within the form or record. For example, computer screen prompts may force online data entry of critical information before the record is electronically routed for authorizations and approvals. Similarly, screen controls can validate the information entered, such as when an invalid general ledger account number is automatically rejected when the account number does not match the chart of accounts master file.
Terms: Principles for design and use of documents and records
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
24) Management's identification and analysis of risk is an ongoing process and is a critical component of effective internal control. An important first step is for management to identify factors that may increase risk. Identify at least five factors, observable by management, which may lead to increased risk in a typical business organization.
Answer: There are many factors that may lead to increased risk in an organization. Some examples include:
?failure to meet prior objectives,
?quality of personnel,
?geographic dispersion of company operations,
?significance and complexity of core business processes,
?introduction of new information technologies
?entrance of new competitors and,
?economic downturns
Terms: Factors which may lead to increased risk
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
25) Separation of duties is essential in preventing errors and intentional misstatements on the financial statements. List below the four general guidelines.
Answer:
1. Separation of custody of the assets from accounting
2. Separation of the authorization of transactions from custody of related assets
3. Separation of operational responsibility from record keeping responsibility
4. Separation of IT duties from user departments
Terms: General guidelines for separation of duties
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
26) In developing an understanding of the client's accounting information system the auditor follows a sequential process. Describe the process below:
Answer:
1. Major classes of transactions of the entity
2. How these transactions are initiated and recorded
3. What accounting records exist and their nature
4. How the system captures other events that are significant to the financial statements
5. The nature and details of the financial reporting process followed
Terms: Sequential process
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
27) The internal control framework developed by COSO includes five so-called "components" of internal control. Discuss each of these five components.
Answer: Five components of internal control are:
?The control environment. The control environment consists of the actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about internal control and its importance to the company.
?Risk assessment. This is management's identification and analysis of risks relevant to the preparation of financial statements in accordance with appropriate accounting frameworks such as GAAP or IFRS.
?Information and communication. These are the methods used to initiate, record, process, and report the entity's transactions and to maintain accountability for the related assets.
?Control activities. These are the policies and procedures that management has established to meet its objectives for financial reporting.
?Monitoring. This is management's ongoing and periodic assessment of the quality of internal control performance to determine whether controls are operating as intended and are modified when needed.
Terms: Internal control framework; COSO
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
28) Discuss what is meant by the term "control environment" and identify four control environment subcomponents that the auditor should consider.
Answer: The control environment consists of the actions, policies, and procedures that reflect the overall attitudes of top management, directors, and owners of an entity about control and its importance to the entity. Subcomponents include:
?integrity and ethical values
?commitment to competence
?board of director or audit committee participation
?management's philosophy and operating style
?organizational structure
?human resource policies and practices.
Terms: Control environment
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
29) List the three steps in management's assessment of risk and then list two of the categories of management assertions that must be satisfied during the risk assessment process.
Answer: The steps taken by management in the risk assessment process are:
?identify the factors affecting risk
?assess the significance of risks and likelihood of occurrence
?determine actions necessary to manage the risks.
The categories of management assertions that must be satisfied are:
?assertions about classes of transactions and other events
?assertions about account balances
?assertions about presentation and disclosure.
Terms: COSO components of internal control and risk assessment
Diff: Moderate
Objective: LO 10-3
AACSB: Reflective thinking skills
30) Control activities are a subcomponent of the information and communication component of internal control.
A) True
B) False
Answer: B
Terms: Internal control components
Diff: Easy
Objective: LO 10-3
AACSB: Analytic skills
投资银行基本知识
一.名次解释 1.投资银行学：有四个层次，分别是机构层次指作为金融市场中介机构的金融企业——投 资银行、行业层次指投资银行的整个行业——投资银行业、业务层次指投资银行所经营的业务——投资银行业务、学科层次指关于投资银行的理论和实务的学科——投资银行学。 2.资产证券化：是指经过投资银行把某公司的一定资产作为担保而进行的证券行，是一种 与传统债券筹资十分不同的新型融资方式。 3.绿鞋期权：由美国绿鞋公司首次公开发行股票(IPO)时率先使用而得名，在证监会颁布的 《证券发行与承销管理办法》中规定，首次公开发行股票数量在４亿股以上的，发行人及其主承销商可以在发行方案中采用超额配售选择权，该机制可以稳定大盘股上市后的股价走势，防止股价大起大落。 4.股票：股份有限公司公开发行的证明，每股股票都代表股东对股份有限公司拥有一个基 本单位的所有权，是确定股东与公司之间权利、义务关系的一种凭证。 5.红筹股：在中国境外注册、在香港上市主要业务来自中国大陆的股票就是红筹股。 6.路演：是股票承销商帮助发行人安排的发行前的调研活动并对可能对投资者进行的巡回 推介活动。 7.毒丸条款：起源于股东认股权证计划，是目标公司为防止敌意收购而作的部署，一旦目 标公司被并购，并购方立即陷入大规模清偿债务的困境，犹如吞食了毒丸。 8.杠杆收购：是企业兼并的一种特殊形式，实质在于举债收购，收购方以目标公司资产作 抵押，运用财务杠杆加大负债比列，用低投入收购承购后，盈利完成，出售的一种方式。 9.风险投资：是指投资人将风险资本投向刚刚成立或快速成长的未上市的高新技术企业， 在承担很大风险的基础上，为融资人提供投资，使其快速成长，数年后通过上市等方法撤出投资，取得高额回报的一种投资方式。 10.IPO：是指股份公开上市。是风险投资者通过风险企业股份的公开上市，将拥有的私人 权益转换成为公共股权，在获得市场认可后，转手以实现资本增值。 二.单选 1.伦敦证券交易所是什么时候成立的？答：1773年。 2.纽约证券交易所是什么时候成立的？答：1792年。 3.在什么时候的什么公司成立标志着我国有了按国际惯例和规范组建的投资银行？ 答：1995年8月，中外合资组建的中国国际金融有限公司，建成中金公司。 4.美国在什么时候废除了什么法案，并颁布了《金融服务现代化法案》？ 答：1999年12月，美国废除了《格拉斯——斯蒂格尔法案》。 5.哪一年我国为了防范金融风险，正式确立了商业银行与投资银行的什么管理制度。 答：1995年，正式确立了“分业经营、分业管理”的管理制度。 6.证券按发行方式可分为哪两种？答：公开发行和私募发行。 7.我国证券市场上的非公开发行也叫私募发行，所面对的必须是多少人以下的特定对象？ 答：200人。 8.我国的重点企业债券是哪一年发行？答：1987年。 9.中国证监会收到申请文件后几个工作日内做出是否受理的决定？答：5个。 10.在发行申请文件核准后几个月内，安排该股票上市交易？答：6个。 11.西方经典MBO的理论基础是什么？答：委托——代理理论。 12.风险投资基金的存续期一般为几年？答：7~10年。 13.中国的风险投资从什么时候起步的？答：从20世纪80年代起步。 14.证券投资基金起源于英国。
投资银行与商业银行的主要区别
5、投资银行与商业银行的主要区别？投资银行的主要业务？投资银行的经济功能？ 答：（1）（一）业务主体不同 投资银行以证券承销业务为核心, 商业银行则以存贷款业务为核心。 投资银行的业务极为广泛,既包括证券一级市场、二级市场,还包括项目融资、公司理财、资产管理、企业并购、资产证券化、风险投资、咨询服务和金融工具创新等方面。 商业银行的业务基本上可以分为三类, 即负债业务、资产业务和中间业务。 （二）融资体系不同 投资银行是资本市场上的金融中介,而商业银行则是货币市场上或借贷市场上的金融中介。 投资银行并不介入投资者和筹资者之间的权利与义务之中,而只是收取佣金, 投资者与筹资者直接拥有相应的权利和承担相应的义务（直接融资）。商业银行则不同,商业银行在融资活动中同时具有资金需求者和资金供给者的双重身份（间接融资）。 （三）利润构成不同 投资银行主要是佣金收入, 商业银行主要是存贷款利差收入 投资银行的利润来源分为三个部分: ①佣金：一级市场、二级市场 ②资金营运收益：投资收益和其他收入。 ③利息收入：既包括证券抵押贷款的利息收入，又包括保证金存差的利息收入。商业银行的利润来源包括: ①存贷款利差 ②资金运营收入 ③中间业务和表外收入 从其利润来源的排序来看,商业银行的基础收入是存贷款利差, 虽然在利润来源中商业银行也有其他收入,但其所占的比重往往较低。 （三）利润构成不同 从利润来源的各项具体内容来看，投行和商行之间也存在差异。 佣金：投资银行佣金侧重点在证券承销和证券经纪业务方面, 而商业银行佣金重点来源于中间业务和表外业务。 资金运营：商业银行的主要来自贷款和投资两部分,而其中的投资通常是用于购买风险较小、收益较稳定的国债和各种基金,商业银行的资金运营具有长期性的特点。投资银行的资金运营通常是用于参与企业兼并、包装、上市等方面, 这种“投资”不是实质性的股权投资, 而是契约型的股权投资,其资金运营较少具有长期性质。 （三）利润构成不同 借贷利息差收入： 商业银行存款业务按期限可分为活期、定期、储蓄三种类型, 贷款也分为短期、中期、长期等多种形式,利差收入灵活多样; 投资银行利差来源的保证金存款不可能有多种类型,对保证金的运用也不能随心所欲,投资者也可以随时支取自己的保证金, 因而投资银行的利差来源及收入只能靠存款差,从而显得单一、量少。 （四）经营方针不同 投资银行强调稳健与开拓并重 商业银行强调稳健与安全为先 （五）其他区别 业务概貌
世界主要商业银行和投资银行
主要商业银行和投资银行 商业银行 1. 世界银行 世界银行（theWorldBank）是世界银行集团的俗称，“世界银行”这个名称一直是用于指国际复兴开发银行(IBRD)和国际开发协会(IDA)。 这些机构联合向发展中国家提供低息贷款、无息信贷和赠款。它是一个国际组织，其一开始的使命是帮助在第二次世界大战中被破坏的国家的重建。 今天它的任务是资助国家克服穷困，各机构在减轻贫困和提高生活水平的使命中发挥独特的作用。 2. 花旗银行Citibank美国 花旗银行（Citibank, N.A.）是花旗集团属下的一家零售银行，其主要前身是1812年6月16日成立的“纽约城市银行”（City Bank of New York），经过近两个世纪的发展、并购，已成为美国最大的银行，也是一间在全球近五十个国家及地区设有分支机构的国际大银行，总部位于纽约市公园大道399号。 3. 汇丰银行HongkongandShanghaiBankingCorp.香港 汇丰银行全称香港上海汇丰银行有限公司（The Hongkong and Shanghai Banking Corporation Limited，简称HSBC和汇丰）为汇丰控股有限公司的全资附属公司，属于汇丰集团的创始成员以及在亚太地区的旗舰，也是香港最大的注册银行，以及香港三大发钞银行之一（其他两个是中国银行（香港）和渣打银行），总部位于中环皇后大道中1号香港汇丰总行大厦，现时香港上海汇丰银行及各附属公司主要在亚太地区设立约700间分行及办事处。 4.其它 汉华实业银行ManufacturersHanoverCorp.美国 加拿大帝国商业银行CanadianImperialBankofCommerce加拿大 加拿大皇家银行RoyalBankofCanada加拿大 劳埃德银行LloydsBankPLC.英国 里昂信贷银行CreditLyonnais法国 伦巴省储蓄银行CassaDiRisparmioDelleProvincieLombarde意大利 梅隆国民银行MellonNationalCorp.美国
投资银行学课后练习题
注：后边有“（*）”的题目答案不一定正确，请自行斟酌 第一章投资银行概论 一、不定项选择题 1、以下不属于投资银行业务的是 C 。 A证券承销 B兼并与收购 C不动产经纪 D资产管理 2、 A 是投资银行最本源、最基础的业务活动，是投资银行的一项传统核心业务。 A证券承销 B兼并与收购 C不动产经纪 D资产管理 3、现代意义上的投资银行起源于 D 。 A北美 B亚洲 C南美 D欧洲 4、证券市场由 ABCD 主体构成。 A证券发行者 B证券投资者 C管理组织者 D投资银行 5、通常的承销方式有 ABCD 。(*) A包销 B投标承购 C代销 D赞助推销 6、以下属于投资银行的功能的是 ABCD 。 A媒介资金供需 B构造证券市场 C促进产业整合 D优化不确定 7、投资银行的早期发展主要得益于 ABCD 。 A贸易活动的日趋活跃 B证券业的兴起与发展 C基础设施建设的高潮 D股份公司制度的发展 二、判断题 1、做市商是委托代理商，他们通过实际的或电子证券交易互相报价，按照客户提出的价格为他们（证券的买者或卖者）的交易提供服务，只收取佣金而不承担价格或利率变动风险。（×）解析：经纪人是委托代理商，他们通过实际的或电子证券交易互相报价，按照客户提出的价格为他们（证券的买者或卖者）的交易提供服务，只收取佣金而不承担价格或
利率变动风险。 2、商业银行与投资银行业务的交叉是必然趋势。（√） 3、我国现行金融业分业管理的实质是：商业银行只能开展存贷款业务，而不能经营投资银行的证券业务、保险公司的保险业务和信托公司的信托业务，而证券公司只能经营投资、经纪和证券自营等业务，不能从事其他业务；保险公司和信托公司也只能严格限定在各自的领域里经营，不得跨行业经营。（×） 4、现代投资银行业组织形式的主流是公司制。（√）（*） 三、简答题 1、简述投资银行在金融市场中的地位。 ①提供金融中介服务 ②推动证券市场的发展 ③提高资源配置效率 ④推动产业集中 2、简述我国投资银行的产生和发展。 答：从1981年恢复发行国债，到1988年允许国债流通，再到1990年上海证券交易所成立，经过一系列试点，终于产生了中国的证券市场，投资银行也应运而生。这一阶段，投资银行主要经营各类债券，股票交易量极小。1992年后一大批证券公司相继组建，1995年8月，中外合资组建的中国国际金融有限公司标志着我国有了按国际惯例和规范组建的投资银行。1996年，万国、申银两大证券公司实现强强联合，组建为申银万国证券公司，成为当时全国最大的证券公司。1998年，国家开发银行成立“国家开发金融公司”。1999年成立了信达、华融、东方、长城四家资产管理公司，业务很多涉及投行业务。近年来，中小证券机构在激烈竞争下纷纷增资扩股，涌现了一批资本金上亿的证券公司。 四、论述题 论述投资银行的业务。 一．证券发行与承销。证券承销是投资银行最本源、最基础的业务活动 二．证券经纪交易。投资银行在二级市场中扮演着做市商、经纪商和交易商三重角色。 三.证券私募发行。证券的发行方式分作公募发行和私募发行两种，前面的证券承销实际上是公募发行。私募发行又称私下发行，就是发行者不把证券售给社会公众，而是仅售给数量有限的机构投资者，如保险公司、共同基金等。
商业银行投资银行业务
商业银行新的利润增长点—投资银行业务 投资银行业务（简称投行业务）相对于传统的商业银行信贷业务而言，业务范围广并且在不断开拓新的领域。按照国际惯例，投行业务主要包含八类核心业务：证券承销、证券交易、资产管理、企业并购、理财顾问、风险投资、项目融资、资产证券化。投行业务发展离不开直接融资的发展，2010年以来，随着我国直接融资规模在社会融资总额中的占比逐渐超过50%，商业银行的投资银行业务也日渐发展起来。 商业银行的投行业务最初是以非金融企业债务融资工具的承销发行为核心内容。所谓债务融资工具，是指通过交易商协会注册发行的非金融企业债务融资工具，包括短融、超短融、中票、定向工具、资产支持票据和中小企业集合票据等信用债产品。自2007年9月人民银行下属的交易商协会成立以来，以市场化的注册制管理方式，推出了一系列创新产品。截至2013年年底，非金融企业债务存量规模超过5万亿元，在中国信用债券市场的占比接近70%，远远超过了发改委主管的企业债存量和证监会主管的公司债存量。在交易商协会批准的主承销商中，A类主承销商有32家，包括了20家全国性商业银行和12家券商，B类为11家城商行。商业银行不仅可以通过主承销商资格为企业发债获取中间业务收入，还可以为银行带来巨大的综合效益。 我国投资银行业务发展概况 我国投资银行业务发展现状。自2010年起货币政策调整所引致的信贷规模收缩，使得包括投行业务在内的中间业务，愈加成为国内商业银行寄予厚望的新兴利润增长点。2013年，多家上市银行的投行业务扩张。金融脱媒给商业银行带来挑战的同时，也带来了新的业务增长机会。随着债券市场的快速发展，上市银行在债务融资工具和债券承销与发行等投行业务方面发展迅速，而在产业结构调整中，企业并购重组的需求激增，也促进了商业银行的投行业务发展。 目前我国商业银行投行业务的主要内容。一是企业直接融资业务的发行承销商，如：短期融资券、中期票据、企业债发行等。业务侧重为发行方案的设计、顾问咨询、撰写报告、报送审批、簿记、发行等；二是企业的融资咨询顾问，业务侧重点是企业提供资金融通方案的建议和咨询，提供可行性方案等；三是银信合作模式下为企业提供融资业务，业务侧重通过信托贷款模式为企业融通资金；四是企业集团的资金管理业务，业务侧重对大型企业集团的资金管理和通过理财实现其资金有效增值而收取手续费和管理费；五是兼并、重组的投资顾问业务及并购贷款业务，侧重提供国企重组兼并和产业结构调整下的投资顾问方案，对产业链整合出具整合方案，理顺产权关系，进而按并购贷款的规则给与一定的并购贷款资金支持；六是托管类业务和风险管理业务，为企业投资提供信息和方案，业务侧重为通过资金类托管和对风险的专业化管理收取托管费和管理费、手续费；七是银团贷款融资牵头组团、离岸融资业务咨询，业务侧重为通过银团贷款的牵头组团收取一定的牵头管理费和承诺费，以及对企业的离岸业务需求代为联系离案金融机构并定制融资方案。 商业银行投资银行业务发展特点。首先，投资银行业务在银行收入结构中已占据一定比重。实现综合经营、满足客户多样性的融资需求、调整业务结构，是商业银行发展投资银行业务的重要动机。目前，国内主要商业银行的投资银行业务收入已占据一定的比重，在维护客户关系、拓展收入来源中做出了重要贡献。其次，产品创新与传统业务紧密结合。创新是投资银行用以分散风险、拓展业务的关键。国内主要商业银行高度重视以传统信贷业务为依托进行产品创新，并取得了良好的效果。例如工行依托信贷资产，大力开发间接银团产品，
商业银行与投资银行的区别
投资银行和商业银行是现代金融市场中两类最重要的中介机构，从本质上来讲，投资银行和商业银行都是资金盈余者与资金短缺者之间的中介，一方面使资金供给者能够充分利用多余资金以获取收益，另一方面又帮助资金需求者获得所需资金以求发展。从这个意义上来讲，二者的功能是相同的。 然而，在发挥金融中介作用过程中，投资银行的运作方式与商业银行有很大的不同，投资银行是直接融资的金融中介，而商业银行是间接融资的金融中介。投资银行作为直接融资的中介，仅充当中介人的角色，它为筹资者寻找合适的融资机会，为投资者寻找合适的投资机会。但在一般情况下，投资银行并不介入投资者和筹资者之间的权利和义务之中，只是收取佣金，投资者与筹资者直接拥有相应的权利和承担相应的义务。例如投资者通过认购企业股票投资于企业，这时投资者就直接与企业发生了财产权利与义务关系，但投资银行并不介入其中因此这种融资方式称作“直接融资方式”。 商业银行则不同，商业银行同时具有资金需求者和资金供给者的双重身份，对于存款人来说它是资金的需求方，存款人是资金的供给者；而对于贷款人而言银行是资金供给方，贷款人是资金的需求者。在这种情况下，资金存款人与贷款人之间并不直接发生权利与义务，而是通过商业银行间接发生关系，双方不存在直接的合同约束，因此这种融资方式称作“间接融资方式”。 除了功能上的差别外，投资银行和商业银行还有其他方面的区别。我们可以用从以下六个方面对投资银行和商业银行进行简要的比较： （1）从融资的方式来看：正如我们前面所讨论的，投资银行进行的是直接融资，并侧重长期融资；而商业银行 （2）从基础业务来看：投资银行的基础业务是证券承销，而商业银行的基础业务是存贷款。 （3）从业务活动的领域来看：投资银行主要是在资本市场开展业务；而商业银行主要是在货币市场开展业务。 （4）从利润的来源来看：投资银行是靠收取客户支付的佣金；而商业银行靠的是存贷款之间的利率差。 （5）从经营的理念上来看：投资银行的经营理念是在控制风险的前提下，稳健与开拓并重；而商业银行追求的是安全性、盈利性和流动性的结合，必须坚持稳健性的原则。 （6）从监管机构来看：投资银行的监管机构主要是证券监督委员会之类的机构；而商业银行主要是受中央银行的监督和管理。 区别: 项目 投资银行 商业银行 本源业务 证券承销 存贷款
我国商业银行的投资银行业务发展分析
我国商业银行的投资银行业务发展分析 【摘要】随着世界经济一体化的发展，在于2001年《商业银行中间业务暂行规定》出台后，商业银行经人民银行总行审批备案后可以办理金融衍生业务、代理证券、各类投资基金托管和信息咨询等投资银行业务。由此，我国商业银行有了发展中间业务的法律依据和巨大空间。因此积极发展投资银行业务是我国商业银行应对融资格局变化和优化盈利结构的现实需要。但在快速发展的过程中我们也发现了一系列的问题。 【关键词】投资银行业务；面临问题；优化改进 一、我国商业银行投资银行业务发展现状： 随着银行业竞争日益激烈市场环境和客户金融意识的逐步增强，更多的客户已经不仅仅满足于银行提供的存贷款等传统服务，而要求银行提供包括重组并购、企业理财等投行业务在内的一系列综合金融服务。因此大力发展投行业务是推进综合化经营和提高自身的核心竞争力。也是我国个大商业银行的普便共识。中间业务的大力发展带来的营业收入的快速上升，也越来越引起我国各个商业银行的重视。投行业务也在逐步的调整与发展中与其他传统业务，商业银行信贷业务相互补充、相互促进，从而提高市场竞争力，迎
接更好的发展。 二、我国商业银行开展投资银行业务存在的问题 在投行业务快速的发展过程的情况下，随着市场需求的改变与发展和一系列的潜在或者是一些偶然或者不可 控因素的出现，在积极发展投行业务的同时，也出现了许多的问题和一些发展的瓶颈以至于和预计效果产生较大的出入。因此在对于这种出现的不利的结果进行分析。即发现出现这种情况的主要原因有以下3种：1.市场经济体制不健全，2.经营理念不先进，3.产品创新力度较差因此分别对于这3种原因进行简洁的解释与阐述。 （一）市场经济体制不健全 首先我国经济市场起步较晚，国民综合对市场经济的了解不够深入，也对大部分的投行业务不太熟悉从而引起对某些投行业务的一部分抵触和误解，因此对部分投行业务的发行带来不利的潜在因素。其次对于在经济市场中信息的不对称和传递的丢失性所带来滞后性的操作和对市场及时 判断也是对投行业务的发展的一个重大的不利因素。我国社会主义市场经济发展要依赖统一、开放、竞争、有序的市场体系和完善市场价格机制。但我们市场上垄断现象、市场分割现象依然比较严重。此外，我国也在不断的为经济市场的稳定和有序性，提供法律保障但由于起步较晚或新问题的出现，也还需要不断的完善，当市场波动性较大时，民众多以
投资银行在我国发展的历程
投资银行在我国发展的历程 张月婷11402990215 金融一班 投资银行( investment banking,corporate finance）是主要从事证券发行、承销、交易、企业重组、兼并与收购、投资分析、风险投资、项目融资等业务的非银行金融机构，是资本市场上的主要金融中介。是最典型的投资性金融机构，一般认为，投资银行是在资本市场上为企业发行债券、股票，筹集长期资金提供中介服务的金融机构，主要从事证券承销、公司购并与资产重组、公司理财、基金管理等业务。其基本特征是综合经营资本市场业务。投资银行的组织形态主要有四种:一是独立型的专业性投资银行，这种类型的机构比较多，遍布世界各地，他们有各自擅长的业务方向，比如美国的高盛、摩根斯坦利;二是商业银行拥有的投资银行，主要是商业银行通过兼并收购其他投资银行，参股或建立附属公司从事投资银行业务，这种形式在英德等国非常典型，比如汇丰集团、瑞银集团;三是全能型银行直接经营投资银行业务，这种形式主要出现在欧洲，银行在从事投资银行业务的同时也从事商业银行业务，比如德意志银行;四是一些大型跨国公司兴办的财务公司。在中国，投资银行的主要代表有:中国国际金融有限公司、中信证券等。 我国投资银行是伴随着资本市场的发展而产生的。20世纪80年代末,随着我国资本市场的产生和证券流通市场的开放,产生了一批以证券公司为主要形式的投资银行,商业银行以及保险公司也可经营证券业务1997年以后,随着商业银行法的实施,我国金融业的分业经营及管理的体制逐步形成,银行、保险、信托业务与证券业务脱钩,因此诞生一批金融集团附属的证券公司,如中信证券、光大证券等。 尽管受到分业经营体制的约束,国内各商业银行并没有放弃参与投资银行业务的努力中国建设银行1994年与美国投资银行摩根士丹利等机构合资创办了中国境内首家中外合资投资银行机构—中国国际金融公司中国银行于1998年在香港成立了全资附属区域性投资银行—中银国际控股有限公司中国工商银行以及股份制商业银行中,如招商银行也在积极推进投资银行业务目前,金融监管当局也制定了一些相关政策,如2001年央行颁布了商业银行中间业务暂行规定,鼓励商业银行开展投资银行业务。 我国投资银行与国外投资银行的差异：（1）我国投资银行规模偏小，缺乏国际竞争力。我国的投资银行的主体是证券公司，当然，一部分商业银行也有参与。证券公司是我国资本市场中重要的金融中介和市场参与者。中国证券公司由于发展时间较短，所以各个证券公司规模还不大，整个行业规模也偏小。与美国相比，美国的投资银行仅就美林和摩根史坦利等几家大型的投资银行就已经达到了几百亿美元的规模。但是相较而言，我国的107家证券公司规模相差不是很大，并且我国还没有形成一个像摩根史坦利那样的大型投行。资产规模小必然限制我国证券公司的抗风险能力，开拓新业务的能力也受到严重的限制，走出国门去开拓国际市场更是力不从心。所以我国整体的证券行业还没有达到可以和国外投行竞争的实力。当然，导致这样的原因有很多：我国经济是改革开放之后才开始快速发展的，也仅30年的时间而已，资本市场发展时间有限，证券市场发育还不是很成熟等等。要想使我国证券公司在国际上的竞争力有所提高，就必须加强我国证券行业的集中度。各大投资银行应该通过并购、重组、上市等手段不断扩大规模，并进行有效整合，从而造就出资本总额较大的投资银行，进而促进我国投资银行业务的整体发展。加强投资银行业的集中度，缩小与国外大型投资银行在规模上的差距，我国投资银行在国际上的竞争力才可能会提升。（2）我国投资银行经营业务狭窄，行业创新能力不足。广义上的投资银行业务包括的内容是很广泛的，从国际证券公司的实践来看，主要可以分为证券发行、并购重组、财务顾问等，而在我国又以证券发行占绝对主导地位。我国的投资银行的收入主要有六大块组成，即手
商业银行投行业务 产品分析
商业银行投行业务的产品分析 传统的商业银行的投行业务 概括的说，传统的商业银行的投行业务就是由商业银行的投资银行部门协助企业、公司和个人客户筹集资金，并且帮助客户交易证券。 债务融资---证券承销 证券承销是投资银行最原始的业务之一，最早的投资银行的业务收益主要就来自与证券的承销。在承销的过程中，投资银行起了极为关键的媒介作用。商业银行能够承销的证券范围很广： ●本国中央政府及地方政府、政府部门所发行的债券； ●各种企业所发行的债券； ●外国政府与外国公司发行的证券； ●国际金融机构，例如世界银行、亚洲发展银行等发行的证券。 ●各种基金管理公司发行的基金 证券的承销分为公募和私募两种。商业银行承销证券由四种方式： ●包销 ●投标方式 ●代理推销 ●分销方式 投资银行承销收益主要来自差价或叫毛利差额和佣金。 目前，我国商业银行可以介入的债务融资业务有：企业债券、短期融资券和可转换债券的承销和发行担保业务，企业债券和短期融资券的分销业务。 证券交易
商业银行参与二级市场证券交易和纯粹的投资银行不同，他无须自己直接扮演经纪商、交易商的角色，而主要是在“一级半”市场与“一级市场”之间游离，为了能够顺利实现在一级市场的发行，商业银行一般会有很多相对固定的合作者充当分销商或者战略合作者； 资产管理 商业银行本身拥有大量的资产，并接受客户委托管理着大量的资产，只有通过选择、买入和管理证券组合，商业银行才能获得资产管理的收益。另外，随着资本市场各种衍生金融工具的不断创新，商业银行还应该不断在二级市场进行风险套利、无风险套利等业务活动。 兼并收购 企业兼并与收购已经成为现代投资银行业务中最重要的组成部分。我国商业银行作为投资银行受聘企业兼并与重组顾问，可以最大促使产业资本和金融资本的紧密结合，进而可以避免因为资本和货币市场信息的不完全交换和对称，导致的银行信贷资金的损失。 进入21世纪后的中国股票市场出现了前所未有的信任危机，以银广厦、东方电子、新疆德窿等事件为标志，市场披露了一系列“造假”和“掏空”的公司，其中不乏有所谓的高成长绩优股，中小股东和债权人损失惨重，银行信贷资金损失惨重。同时各类中小企业借改制、破产之际，脱逃银行债务，使债权人主要是银行的债权落空，据中国人民银行的一份报告，截止2000年底，在完成所有制转变的62656家企业中，有51.2％拖欠银行贷款。根据中国人民银行在2002年9月公布的统计，四大国有商业银行的不良贷款的比例是23.35％（以上资料来自《中国金融统计年鉴》）。各大商业银行是公司的主要债权人，要改变以上这些现象，加强商业银行在公司重组改制中的作用尤为重要。 中国商业银行的投资银行业务是与国有企业存量资产调整、改革的历史使命结合在一起的，因此角色定位是服务于国企改革。国有企业改革是中国资本市场和投资银行发展的主要动力。目前，中国国有企业改革面临的迫切问题是：企业过度负债；冗员和退休职工的安置；产权的不明晰；产业结构不合理，重复建设太多，没有能与国外跨国公司竞争的超大集团等。这需要通过资本市场，把储蓄转化为股权注入，增加企业资本金；同时，促使企业转变经营机制，提高经济效益，盘活企业现有的存量资产，这些都有赖于发挥资本市场优化资源配置，促进企业产权转换和重组的功能。对国有企业进行必要的重组，包括产权结构，企业组织结构和产业结构的重组，可望在一定程度上解决目前国有企业的问题。 在企业的购并与重组过程中，没有投资银行是很难进行的。产权交易是一项极为复杂的交易过程，它涉及到很多经济、法律、政策问题，也必须依靠投资银行的专业化工作去完成。但是，在国内已发生的国内并购案中，投资银行所起的作用并不大，由于原来券商对于企业的发展策略和评估缺少相关的经验，企业关心的并购双方的战略相关性和整合力以及并购后能否产生高于收购成本的新增利润和偿还债款的现金收入，以及兼并过程可能需要的过桥贷款
我国商业银行开展投资银行业务
吉林财经大学信息经济学院 毕业论文 我国商业银行开展投资银行业务的现状及发展的问题分析 系别金融系 专业年级保险0701 学生姓名何英 学号20201070113 指导教师郭际 职称助教 2011年04月
毕业论文原创性声明 本人郑重声明：所呈交毕业论文，是本人在指导教师的指导下，独立进行研究工作所取得的成果。除文中已经注明引用的内容外，本论文不包含任何其他人或集体已经发表或撰写过的作品成果。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律结果由本人承担。 论文作者签名： 年月日
摘要 积极发展投资银行业务,以实现商业银行业务和资本市场业务的相互对接,是我国商业银行为应对市场经济的挑战,培育核心竞争力,为推进经营结构调整而作出的一项战略性选择。对于我国目前尚处于探索阶段的商业银行投资银行业务,尽管开局不错,但仍有一些问题需要引起重视。介绍我国市场情况，通过借鉴国外的经验，详细地探讨了国内商业银行投资银行业务开展的必要性、可行性及其当前的业务状况和存在的业务范围受限制、专业人才缺乏、政策法规存在盲区、与传统业务的关联风险等问题，并提出了实行投资银行业务分级准入制、加强人力资源建设、完善内控体系与外部监控等相应的策略。从而做出了我国商业银行开展投资银行业务的现状和发展前景的预测。 【关键词】商业银行投资银行问题分析策略研究
Abstract To develop investment banking business actively and to achieve connection between commercial banking and capital market operations is a strategic option which Chinese commercial banks choose in order to meet the challenges,and enhance their core competitiveness,and promote the structural adjustment of operating.Now for the commercial bank's investment banking business which is still at the exploratory stage,despite a good start,However,there are some problems that need to attract attention.This article introduces the domestic market potential,To learn from the experience abroad discusses in detail the necessity,the feasibility,and how about the business in the present studies.Meeting the main problems,such as:scope of activities are limited,lack of professionals,blind policy laws and regulations,the correlated risks of traditional business,etc.and the corresponding strategy,for example:making actions about a system of rating and admitting system to investment banking business,enhancing the establishment of human resource,completing the system of risk internal control and the external monitor mechanism,etc.S o that making a study about current situation of the commercial bank’s investment banking business in china,and making a forecast on development trends. Keywords:commercial bank investment bank problems analysis strategy study
我国主要商业银行投行业务
工行 资产证券化 资产证券化是将不具流动性的资产进行风险隔离，通过对现金流的转换和组合，经过一定的方式进行信用增级，最终转化成具有流动性的资产支持证券的过程。国外实践经验表明，住房抵押贷款、商用房抵押贷款、中长期项目贷款、应收款类资产、收费类资产等具有稳定现金流收入的资产均可进行证券化操作。 近年来，随着国内资产证券化政策与市场环境的不断发展，中国工商银行在资产证券化领域进行了卓有成效的尝试。在运用资产证券化技术成功实施国内商业银行首个不良资产证券化项目之外，也在积极发展企业资产证券化业务，为客户提供资产证券化融资顾问服务,设计稳妥高效的资产证券化融资方案并提供可能的担保支持。例如，广东莞深高速公路收费权收益计划在中国工商银行广东分行的参与和支持下成功发行，实现了客户融资方式的创新。 宁波不良贷款证券化项目 项目以26亿元不良贷款为基础资产，共设立信托受益权8.18亿元，其中A级2亿元，B级4亿元，均面向投资者发售，C级2.18亿元由工商银行自行持有，以强化对市场投资者的保护。 该项目是国内商业银行的首例不良资产证券化项目，也是国内首次部分实现无担保、无回购承诺的证券化产品发行项目。 联系人：卢伟林琳 电话： 银团贷款 业务简述： 银团贷款是指获准经营信贷业务的多家银行或其他金融机构组成银团，基于相同的贷款条件，采用同一贷款协议，向同一借款人提供的贷款或其他授信。 适用对象： 项目融资、债务重组、兼并收购等大型融资活动 特色优势： 作为国内最具影响力的商业银行，工商银行分销能力强，承贷金额大，擅长筹组结构复杂、技术难度高的大型项目，在业界具有举足轻重的龙头地位。 业务示例： 牵头组织的海力士－意法半导体超大规模集成电路7.5亿美元银团贷款，获《欧洲货币》杂志“2006年度制造业项目融资年奖”。 牵头组织的中海壳牌南海石化项目26亿美元银团贷款，获英国《新兴市场》杂志“2004年最佳项目融资”奖、新加坡《亚洲金融》杂志“2003年最佳项目融资”奖。 牵头组织的上海赛科石化BP项目18亿美元银团贷款，获《项目融资》杂志“2002年亚洲最佳项目融资”奖。 开办条件： 满足商业贷款条件的大型项目 服务渠道与时间：
商业银行新的利润增长点—投资银行业务
商业银行新的利润增长点—投资银行业务
商业银行新的利润增长点—投资银行业务 投资银行业务（简称投行业务）相对于传统的商业银行信贷业务而言，业务范围广并且在不断开拓新的领域。按照国际惯例，投行业务主要包含八类核心业务：证券承销、证券交易、资产管理、企业并购、理财顾问、风险投资、项目融资、资产证券化。投行业务发展离不开直接融资的发展，2010年以来，随着我国直接融资规模在社会融资总额中的占比逐渐超过50%，商业银行的投资银行业务也日渐发展起来。 商业银行的投行业务最初是以非金融企业债务融资工具的承销发行为核心内容。所谓债务融资工具，是指通过交易商协会注册发行的非金融企业债务融资工具，包括短融、超短融、中票、定向工具、资产支持票据和中小企业集合票据等信用债产品。自2007年9月人民银行下属的交易商协会成立以来，以市场化的注册制管理方式，推出了一系列创新产品。截至2013年年底，非金融企业债务存量规模超过5万亿元，在中国信用债券市场的占比接近70%，远远超过了发改委主管的企业债存量和证监会主管的公司债存
量。在交易商协会批准的主承销商中，A类主承销商有32家，包括了20家全国性商业银行和12家券商，B类为11家城商行。商业银行不仅可以通过主承销商资格为企业发债获取中间业务收入，还可以为银行带来巨大的综合效益。 我国投资银行业务发展概况 我国投资银行业务发展现状。自2010年起货币政策调整所引致的信贷规模收缩，使得包括投行业务在内的中间业务，愈加成为国内商业银行寄予厚望的新兴利润增长点。2013年，多家上市银行的投行业务扩张。金融脱媒给商业银行带来挑战的同时，也带来了新的业务增长机会。随着债券市场的快速发展，上市银行在债务融资工具和债券承销与发行等投行业务方面发展迅速，而在产业结构调整中，企业并购重组的需求激增，也促进了商业银行的投行业务发展。 目前我国商业银行投行业务的主要内容。一是企业直接融资业务的发行承销商，如：短期融资券、中期票据、企业债发行等。业务侧重为发行方案的设计、顾问咨询、撰写报告、报送审批、
投资银行期末考试答案
一、投资银行与商业银行的区别和联系 2．许多商业银行为商业票据和国债进行承销，与投资银行的承销业务存在竞争。 3．商业银行的许多咨询业务，尤其是针对企业并购的财务顾问服务，是投资银行强劲的竞争对手。 4．在许多金融市场上，尤其在国际金融市场上，商业银行与投资银行业务活动已看不出差别。 5．在实行全能银行制的国家中，商业银行和投资银行合为一体。 6．许多商业银行设立了从事投资银行业务的子公司，而投资银行也收购了一些陷入财务困难的储蓄机构。 二、投资银行的经济功能 1、资金供需的媒介者：沟通互不相识的资金盈余者和资金短缺者的桥梁。如：期限中介；风险中介；信息中介；流动性中介。 2、证券市场的构造者：证券市场由证券发行者、证券投资者、管理组织者和投资银行四个主体构成，其中，投资银行起了穿针引线、联系不同主体、构建证券市场的重要作用。 3、资源配置的优化者：（1）通过其资金媒介作用，使能企业通过发行股票和债券等方式来获得资金，同时为投资者提供了获取更高收益的渠道，从而使国家整体的经济效益和福利得到提高,促进了资源的合理配置；（2）投资银行便利了政府债券的发行，使政府可以获得足够的资金用于提供公共产品，加强基础建设。同时，政府还可以通过买卖政府债券等方式，调节货币供应量，借以保障经济的稳定发展。（3）投资银行帮助企业发行股票和债券，将企业的经营管理置于广大股东和债权人的监督之下，有益于建立科学的激励机制与约束机制，以及产权明晰的企业制度，推动企业的发展。（4）投资银行的兼并和收购业务促进了经营管理不善的企业被兼并或收购，经营状况良好的企业得以迅速发展壮大，实现规模经济，从而促进了产业结构的调整和生产的社会化。 4、产业集中及整合的促进者。企业兼并与收购是一个技术性很强的工作，这是一般企业所难以胜任的。没有投资银行作为顾问和代理人，兼并收购已几乎不可能进行。从这一意义上来说，投资银行促进了企业实力的增加，社会资本的集中和生产的社会化，成为企业并购和产业集中过程中不可替代的重要力量。 三、投资银行的经营模式及优缺点评价 （一）分离型或分业经营型模式：是指法律规定投资银行与商业银行在组织体制、业务经营和监管制度等方面相互分离、不得混合的管理与发展模式。典型的国家是20世纪90年代以前的美国、英国、日本和现阶段的中国。 优点：1、降低金融体系运行风险；2、维护证券市场公正、公开、公平；3、促进行业内专业化分工；4、有助于金融体系稳定。 缺点：限制了银行的业务活动，从而制约了本国银行的发展壮大，严重影响和削弱了本国金融机构的国际竞争力。 （二）综合型经营模式亦称混业经营模式：是指在法律上允许同一家金融机构通过资源整合，同时经营商业银行、投资银行、保险公司、信托投资公司等金融业务。欧洲大陆国家的投资银行大多数采用综合型经营模式，亚洲的泰国也采用这种模式。其中最典型的是德国。 优点：1.有利于银行业实现规模经营；2.有利于降低银行自身风险；3.有利于银行间的竞争 缺点：可能给整个金融体系带来很大的风险，一家银行的倒闭可以引起多家银行的连锁反应，进而导致信用危机。如果信用危机严重，接踵而至的就是金融危机。 四、证券发行的方式及优缺点 按不同的标准划分，可以有多种分类： （一）从股票发行对象（即招募对象）选择的角度进行分类，有公开发行和私募发行； 1、公开发行，是指发行人通过中介机构面向市场上广泛的不特定的投资公众发售股票的行为。 优点：①发行范围大、投资者众多，因此筹集资金的潜力大，适合于股票发行数量较多、筹集额较大的发行人。 ②公开发行以众多的投资者为发行对象，可避免或减少因股票集中于少数人手中而对发行人（企业）经营管理的干预，即发行公司可避免少数人囤积股票或被操纵。③只有公开发行的股票方可申请在证券交易所上市，因此这种发行方式可增强股票的流动性，有利于提高发行人的社会信誉。 缺点：如发行的手续比较繁杂，登记或核准所需时间较长，筹资速度较慢，发行费用也较高。 2、私募发行（Private Placement）又称非公开发行、内部发行或私下发行，是指通过非公众渠道，直接向特定的股票投资者发行的行为。
投资银行与商业银行的区别
投资银行与商业银行的区别 尽管在名称上都冠有“银行”字样，但实质上投资银行与商业银行之间存在着明显差异：从市场定位上看，银行是货币市场的核心，而投资银行是资本市场的核心；从服务功能上看，商业银行服务于间接融资，而投资银行服务于直接融资；从业务内容上看，商业银行的业务重心是吸收存款和发放贷款，而投资银行既不吸收各种存款，也不向企业发放贷款，业务重心是证券承销、公司并购与资产重组；从收益来源上看，商业银行的收益主要来源于存贷利差，而投资银行的收益主要来源于证券承销、公司并购与资产重组业务中的手续费或佣金。 项目投资银行商业银行 本源业务证券承销存贷款 功能直接融资，并侧重长期融资间接融资，并侧重短期融资 业务概貌无法用资产负债反映表内与表外业务 主要利润 来源 佣金存贷款利差 经营方针与原则在控制风险前提下更注重开拓 追求收益性、安全性、流动性三者结合， 坚持稳健原则 监管部门主要是证券管理机构中央银行 风险特征一般情况下，投资人面临的风险较大， 投资银行风险较小。 一般情况下，存款人面临的风险较小， 商业银行风险较大 商业银行是以盈利为目的的金融机构，按照世界范围内比较普遍的银行法规，银行业必须实行“分业经营”原则，即除了吸收储蓄存款、发放商业或消费贷款及相关衍生业务外，商业银行不得对外进行任何形式的其它金融业务，比如公开发行证券等，即商业银行不得进入投资银行业务经营领域。但商业银行可以成为投资银行发行或销售债券、基金等的代理，从中收取一定的费用。投资银行没有准确的定义，但一般的投资银行主要从事证券市场业务，不经营传统的商业银行业务，也不直接面向居民个人开展业务。像证券、基金的承销、风险企业的首次公开发行、企业的再发行、参与企业并购筹划等等，是常见的投资银行业务。在我国，投资银行就是证券公司，宋国良的《投资银行学》上是这么说的，这本书不错，对了解投资银行很有帮助。银行的分类总的来说分为中央银行（一国的法定货币发行单位，“银行的银行”），商业银行，政策性银行（一国政府借以间接支持本国外贸或基建的机构）；投资银行总的说来不算是银行，但随着金融业改革的进程，出现了很多金融控股公司，有点像是商业银行和投资银行的混合体，由商业银行参股设立一个参与投资银行业务的公司，算是规避“分业经营”原则的一种盈利方式。