美国投资银行危机及其转型剖析  

A Study on Crisis and Transition of the U.S. Investment Banks

作　　者：马红霞[1] 孙国华[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《国际金融研究》2009年第3期43-51,共9页Studies of International Finance

摘　　要：本文通过分析美国投资银行经营模式的缺陷,找出2008年美国投资银行危机及其转型的深刻原因。分析结果显示,融资模式的缺陷、过度依赖高风险业务是美国投资银行危机的内因,而外部监管漏洞放任了投资银行的经营管理,是投资银行危机的重要外因。投资银行危机促使美国主要独立投资银行转型为全能银行经营模式,这是美国银行业发展一个重要的转折点。但危机仅仅是投资银行转型的诱因,全能银行经营模式的相对优势是美国独立投资银行转型的根本原因。This paper explores the causes of the U.S. investment banking crisis and its transition in 2008 by analyzing the flaws of investment banking business model in the U.S. It argues that the internal causes of U.S. investment banking crisis are the defects of their financing mode and over-reliance on highly-risky investments. And the external condition is the lack of supervision which induces investment banking laissez-faire management. The transition of the Wall Street giants from specialized investment banking to universal banking is reasonable and inevitable mainly because of the relative advantages of universal banking.

关 键 词：投资银行 金融危机 全能银行 美国银行 

分 类 号：F831[经济管理—金融学]