面向注册制的投资银行转型研究

发布时间：2018-03-24 22:34

本文选题：注册制　切入点：投资银行　出处：《贵州财经大学》2017年硕士论文

【摘要】：随着我国新股发行制度沿着市场化方向不断改革,以及面对注册制是否推出的疑问政府不断给出肯定答复,我们可以合理预期新股发行注册制将在不远的将来推出实行。国内投资银行在过去实行核准制的大环境下,行业中观层面经营粗放,业务链不连贯,相互之间协同性不强,收入结构失衡,业务链延伸不足。投行微观层面存在部门间缺乏合作,客户挖掘和客户关系维护模式落后,对研究支持的重视程度不够等问题。国内投行只有及时转型,才能很好地应对注册制的挑战。本文通过比较分析注册制与核准制的不同,指出注册制给投行带来的机遇和挑战,提出了注册制对国内投行的角色定位和能力要求。然后又借鉴了国外典型投行的发展模式,从组织结构,收入结构,业务模式等方面细致分析了国外典型投行的成功之处。通过广泛搜集国内外投行发展的资料再结合注册制对国内投行发展的能力要求提出了我国投行面向注册制的转型方案。该方案在组织结构上提出了按行业分工的矩阵制的组织结构,业务模式上提出了转型为大投行制的业务模式,同时在业务能力上要加强研究队伍建设,提高研究定价能力。建立投行多层次的风险控制体系,提高风险控制能力。鼓励业务模式创新,着力培养投行创新能力。国内投资银行只有积极创新,适时转型才能更好地应对注册制这一重大变革。
[Abstract]:With the continuous reform of the new issue system in China along the direction of marketization, and in the face of the doubt whether the registration system is to be introduced, the government has repeatedly given a positive reply. We can reasonably expect that the registration system for new share issues will be introduced in the near future. In the general environment in which domestic investment banks have adopted the approval system in the past, they operate extensively at the mid-level of the industry, their business chains are not coherent, and their synergy is not strong. There are some problems such as unbalanced income structure, insufficient extension of business chain, lack of inter-departmental cooperation at the micro level of investment banks, backward customer mining and customer relationship maintenance model, insufficient attention to research support, and so on. Through comparative analysis of the difference between the registration system and the approval system, this paper points out the opportunities and challenges that the registration system brings to the investment banks. This paper puts forward the role orientation and ability requirement of the registration system for the domestic investment banks, and then draws lessons from the development mode of the typical foreign investment banks, from the organizational structure, the income structure, This paper analyzes the success of the typical foreign investment banks from the aspects of business model and so on. Through collecting extensive information about the development of investment banks at home and abroad and combining with the requirements of the registration system for the development of domestic investment banks, this paper puts forward the registrable system of investment banks in China. In terms of organizational structure, it presents a matrix structure based on the division of labour in the industry, At the same time, we should strengthen the construction of research team, improve the research pricing ability and establish a multi-level risk control system for investment banks. To improve the ability of risk control, to encourage innovation of business model and to cultivate innovation ability of investment banks. Domestic investment banks can better cope with the major reform of registration system only through positive innovation and timely transformation.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.2

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