Research On The Institutional Vicissitude And Innovation Of Investment Bank In China

As nucleus of stock market,investment bank has collected massive funds for the national economic construction and made tremendous contribution to the reform of state-owned enterprise from forming to development in more than 10 years in china,but because of imperfect of Interior controlling and exterior supervising,there are serious illegal company behavior and high management risk.As opening time we pledged when joined WTO is close,there is steep competition between investment bank overseas and our stock company.This article mainly take securities company,investment bank main body organization,as the research object,under the system economics theory frame,using comparison and historical and present dharmadhatu union analysis method,this article systematically analyzes our country investment bank system vicissitude from Interior controlling and exterior supervising,organization and service etc.And puts forward our country investment bank system innovation proposals.First, this article has outlined our country investment bank development course.Including the investment bank connotation,investment bank development course in our country and the existing questions.American renowned finance investor Robert kuhn and some scholar in our country has limited to the investment bank connotation from the different angle,the writer approval kuhn's second definition,he thought the investment bank acted as the medium in capital market,it provided long-term loan(a year or above a year)for demander,Its service included the securities release,corpration finances,purchasing annexation,merchant bank service,fund management,risk capital operation,privately solicits release,advisory service etc.But securitiy customer retail,real estate broker,mortgage,insurance and all that similar services not included;This chapter Inspected our country investment bank development course from investment bank organization and service;And divided our country investment bank development course into three stage: Seeding, fast development and standard development;And proposed the existing question in our country,which mainly included imperfect risk management mechanism,the business scope narrow and lacking innovation,the capital scale smaller,the driving mechanism soften and the specialized talented person is deficient.Next,this article has outlined the west investment bank developmentcourse and the tendency.This chapter first narrated US investment bank development course, and outlined the evolution in each development phase;Then inspected England investment bank development course,and outlined the main service which it is engaged;Finally outlined the development tendency of west investment bank.Through analysis to this chapter,we saw investment bank development have close correlation with government's supervising policy and mutually affects in finance market.Once more,this article has analyzed our country investment bank system vicissitude,the core of this article.It outlined the system, the investment bank system definition and the system vicissitude.About the investment bank system connotation,one viewpoint believed that the investment bank system was the total principle sum of investment bank system, the organizational structure which determined with the legal form in this country.Also another viewpoint thought that the investment bank system is a series of behaviors rules which restrained the people who engaged in the investment bank activity.This article thought that the investment bank system refers the investment bank organization, function, status,service,reciprocity,Interior controlling and exterior supervising in the system;This chapter outlines vicissitude on Interior controlling and exterior supervising of our country's investment bank;Then it outlines service vicissitude;Finally it outlines system vicissitude of mixing operation.From system vicissitude process of our country's investment bank, we know it also affected by system environment ,such as the domestic politics and economic system, the stock market development etc. Finally,this article proposed system innovation proposal from Interior controlling and exterior supervising,the investment bank service,the investment bank integrated etc several aspects.1.Our country's investment bank should establish perfect investment bank interior controlling mechanism as soon as possible, including risk management system, securities company's interior controlling and operation flow, optimizing asset management.2.Investment bank's supervising and managing mechanism should comply with the world finance development tendency, adjust the supervising and managing idea as soon as possible, perfect stock market supervising and managing system and legal frame, standard investment bank's service development and reasonable competition. The supervising and managing mechanism innovation include the promotion unification of securities supervising and managing organization and function,speeding up the legislative work and consummation legal frame, consummation profession autonomy organization, formulating reasonable and effective supervising and managing goal.3.Our country investment bank should carry on service innovation unceasingly, it includes positively participates in buying, managing consultant as customer financial consultant, providing asset management service, carring on a series of innovation to the growing finances tool and so on.4.Our country investment bank must carry on the integrated system innovation,we should set up financial group under the major development tendency of the international investment bank.