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1、ChapterOneInvestmentBankingLectureIInvestmentBankingInspiringQuestion:ImagineyouaretheCEOofSinopecPetroleum.NowyouareplanningtobuildapipelinefromXingjingtoShengzhen,theinvestmentofwhichwillbeasmuchas10millionYuan.HowCanyougetsomuchmoneyforthepipelineproject?Thewaysoffinancing
2、aproject:-^Commercialbanking■^Investmentbanking■^InvestmentbankingTraditionalways:(1)bankloans(2)debtsecurities(3)equitysecuritiesNon-traditionalways:(4)VentureCapital(VC)(5)Privateequity(PE)(6)AngelInvestment(Al)(7)creditderivatives,suchasCDS(creditdefaultswap信息违约互换)andCDO(C
3、ollateralizedDebtObligation,担保债务凭证)PartIIntroductionSectionA—Thebasics1.investmentbanks/banking/bankers(1)Investmentbanksareintermediariesbetweenpeoplewhohavemoneyandpeoplewhoneedmoney.(Textbook)Aninvestmentbankisafinancialinstitutionthatassistsindividuals,corporations,andgov
4、ernmentsinraisingcapitalbyunderwriting/^扌口)and/oractingastheclient'sagentintheissuanceofsecurities.Aninvestmentbankmayalsoassistcompaniesinvolvedinmerggirsandacquisitions、andprovideancillary(辅助的，附加的)servicessuchasmarketmaking,tradingofderivatives,fixedincomeinstruments,foreig
5、nexchange,commodities,andequitysecurities.(Wekipedia)投资银行，简称投行，是一种以经营证券业务为主的金融机构。现代意义的投资银行基木不属于银行的范畴,而是一•种专业证券机构（大陆称为券商）。根据国家和时代，投资银行一词的具体内涵也有所不同。通常，一个完整的投资银行•包括了重组并购、企业融资、证券发行、承销、研究、投资咨询、经纪、资产管理、财富管理等一系列业务，但也有的只专精于某儿个方而的业务。在屮文语境中，较狭义的投资银行仅指证券承销和并购业务。（维基屮文）Top10banksThetenlar
6、gestinvestmentbanksasofDecember31,2011,areasfollows(bytotalfeesfromadvisory).[ll]Thelistisjustarankingoftheadvisoryarmofeachbankanddoesnotincludethegenerallymuchlargerportionofrevenuesfromsalesandtradingandassetmanagement.RankCompanyFees($m)1.2.3.4.5.6.7.&9.10.JPMorganChase$5
7、,517.62BankofAmerica$4,945.45MorganStanley$4,066.30$3,852.95$3,434.32$3,178.15$3,166.33$2,793.70$2,362.69$1,597.99GoldmanSachsCreditSuisseDeutscheBankCitigroupBarclaysUBSWellsFargo富国银行(1)investmentbankingInvestmentbankingistheprocessofgettingandmanagingmoney.(2)investmentbank
8、ersInvestmentbankersarcthepeople,theexperts,whoworkforinvestmentbank
