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1、Chapter6InvestmentBanking第六章投资银行（简易讲义）Section6.1TextnBackgroundsInvestmentbanksarefinancialinstitutionsengagedininvestmentbankingactivities.Investmentbankingarebankingactivitiesassociatedwithsecuritiesunderwriting,makingamarketinsecurities,andarrangingmergers,acquisitionsand
2、restructuring.Investmentbankingisahighlyspecializedsegmentoffinanceindustry.Itsbasicfunctionistobringtogether,directlythroughthemechanismoffinancialmarkets,ultimatesaversandsaving-collectinginstitutionswiththosewishingtoraiseadditionalfundsforinvestmentorconsumption.Italsofa
3、cilitatesholdersofaccumulatedwealth,heldintheformoffinancialinstruments,tore-allocatetheirassetsusingfinancialmarketsinaccordancewiththeirchangingevaluationoftheattractionofthecombinationofrisk/reward/liquidityattributesofindividualfinancialassets,comparedwitheachotherandwit
4、hrealassets.Inperformingthesetwobasicfunctionsthoseinvolvedininvestmentbankingactasmarketintermediaries.Investmentbanksmustbedistinguishedfromcommercialbanksandothersavings-collectinginstitutionswhogatheranddecidethemselvesontheallocationofsavingsandwhoactasfinancialintermed
5、iaries.Theuseoffinancialmarketsisthusattheheartofinvestmentbanking.Itsdevelopmentandevolutionhavebeencloselylinkedtothegrowthandexpansionoffinancialmarkets(andaboveallcapitalmarkets),theinstrumentstheyemployandthemechanismstheyuse.Thereisanimportantdistinctionbetweentheactiv
6、ityofinvestmentbankingandtheinstitutionsthatperformit.Investmentbankingactivitycanbe,andisalsoundertakenby,banks(whoarefinancialintermediaries),providedthattherespectiveregulatoryframeworkallowitandanindividualbank’s(i,e.universalbanks)wishtoengageinit.Indeed,thehistoryofthe
7、developmentofinvestmentbankingisthehistoryofdepositandcommercialbanksmovingintothisfield,subjecttoregulatoryconstraints.Investmentbankingactivitiesareundertakenbyspecializedandindependentinvestmentbankinginstitutionsofferingallorsomeoftheservicesdescribedabove,orbyuniversal7
8、JasmineChapter6InvestmentBanking第六章投资银行（简易讲义）banksalongsidetheirtraditional
