商业银行投资银行业务对传统信贷业务而言，具有非常强大的替代、促进和
补充作用，低资本占用、低信用风险、高综合收益的业务特性决定了大力发展
商业银行投资银行业务在当前不可逆转的金融脱媒大趋势下具有重要的战略意
义，尤其在当前货币政策趋紧、信贷资源紧张将成为常态的背景下，更加具有
现实意义。通过大力推进投资银行业务的发展，不仅可以扩大中间业务规模，
同时可以推动企业金融核心负债的快速增长，进一步做大做强商业银行的客户
基础，不断扩大商业银行客户数量，提高客户质量，优化商业银行的客户结构，
是推动我国商业银行业务发展模式和盈利模式转变的重要手段。
现阶段，投资银行业务的核心功能是运用各种直接融资工具和结构化产品设
计满足企业资金融通需求，具体包括：通过帮助企业客户发行短期融资券、中
期票据等非金融企业债务融资工具进行融资；通过财务顾问等服务帮助企业以
私募股权基金或股票市场进行 IPO、再融资等进行各种股权性质融资；通过结构
化安排和资产支持票据等创新工具帮助企业进行股权或债权的各种融资；通过
银团贷款、并购贷款等结构化信贷工具帮助企业进行融资。
建设银行 M 分行投资银行业务已经形成了以非金融企业债务融资工具为核
心产品，以 IPO 财务顾问、结构化融资、PE 财务顾问、并购贷款及并购财务顾
问等新兴业务为有益补充的业务模式。本文从全国经济形式和全国宏观政策出
发，分析研究建设银行 M 分行投资银行业务开展情况，为有效推进全行投资银
行业务的开展，拓展和培育一大批优质投资银行业务客户，顺应融资市场新形
势，提升全行的多元化融资服务能力，满足客户的多元化融资需求，提出作者
自身的认识和想法。
关键词：
商业银行，投资银行业务，金融监管，分业经营
Abstract
The Study of Investment Banking Business lanched by M
branch of China Construction Bank
As China&39;s financial market, integration,internationalization of the deepening,
financial disintermediation tendency development, through the integration of party
funds, capital (enterprise) and capital,capital into the Party (investors) to provide
comprehensive financing arrangements, consulting, asset management services of
commercial bank investment banking business is rapidly becoming the focus for
banks.In the current and future period of time, the investment banking business of
commercial banks as expand the intermediate business scale, fast Tuo Kuan fei
interest income, instead of the traditional credit financing core gripper, is not only an
important means to promote the trans formation of commercial bank development
and profit patterns of the strategy, also will open up new space for development for
the commercial bank, its importance and urgency increasingly prominent.
Banking business of commercial bank investment on traditional credit business,
has the substitution, very powerful to promote and complement, the business
characteristics of low capital, low risk, high comprehensive income determines the
development of commercial bank investment banking business has important
strategic significance in the financial disintermediation trend irreversible, especially
in the current currency policy tightening, credit resources will become the norm in the
background, even more practical significance. Through vigorously promote the
development of the investment banking business, can not only expand the
intermediate business scale, rapid growth can also promote enterprise core financial
liabilities, further customer foundation for bigger and stronger commercial banks,
expanding commercial bank customers, improve customer quality, optimize the
customer structure of commercial banks, is an important means to promote the
transformation of China&39;s commercial banks business development and profit
patterns.
At present, the core function of investment banking business is the use of
various financing tools and structured products designed to meet the needs of
enterprise financing, including: financing through the help enterprise customers the
issuance of short-term financing bonds, medium-term notes and other non-financial
corporate debt financing instruments; through financial advisory services to help
enterprises IPO, the private equity stock market or fund financing and other various
nature of equity financing; financing to help enterprises equity or debt through
structured arrangement and asset-backed bills innovative tools; help enterprises
financing through the silver clusters, the acquisition of loans and other loans
structured credit instruments.
At present, the core function of investment banking business is the use of
various financing tools and structured products designed to meet the needs of
enterprise financing, including: financing through the help enterprise customers the
issuance of short-term financing bonds, medium-term notes and other non-financial
corporate debt financing instruments; through financial advisory services to help
enterprises IPO, the private equity stock market or fund financing and other various
nature of equity financing; financing to help enterprises equity or debt through
structured arrangement and asset-backed bills innovative tools; help enterprises
financing through the silver clusters, the acquisition of loans and other loans
structured credit instruments.
Keywords:
Commercial Bank; investment banking; financial supervision;
financialmanagement
第 1 章 绪论
1.1 研究背景
投资银行是欧洲各个大陆及美国自有的称谓，英国人称投行为商人银行，
日本人和中国人则称投行为证券公司。投资银行的概念与传统商业银行概念是
相对应的，属于为适应当代经济发展而形成的现代金融业。
投资银行为什么有别于其他金融服务行业？笔者认为主要由于几下几个方
面原因：第一，它属于金融类；第二，业务范围主要在资本市场；第三，高度
密智力型行业，故投资银行有别于其他金融服务行业。
目前阶段，投资银行可以划分为以下几类：专业性投资银行、隶属于传统
商业银行旗下的投资银行、跨国大型公司创办的金融公司或财务公司以及自主
经营的全能性的投资银行。
1.2 研究意义
我国传统商业银行正在积极探索投资银行业务，是现阶段我国商业银行的
一项战略性布局。目的是拓宽新的业务渠道和改善收入结构，寻找新的利润价
值增长点，以便更好地满足客户全方位金融需求，中国建设银行股份有限公司
于 2006 年 6 月举行董事会议，会议决定，于总行层面成立投资银行部，迈出了
探索的第一步。建行 M 分行于 2010 年初组建了投资银行部筹备组，并于次年 2
月正式成立。成立至今，投资银行业务运营稳健，发展迅速，但由于多方面原
因，仍存在滞后性和需要反省自查的问题。这一系列问题严重影响了 M 分行投
行业务的持续有效的发展。本文重点针对如何持续发展建行 M 分行投行业务做
出思考及建议。
投资银行业务对传统信贷业务而言，具有非常强大的替代、促进和补充作
用，低资本占用、低信用风险、高综合收益的业务特性决定了大力发展投资银
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