With the development of building a socialist market economy in an all-round way and the deepening of financial system reform in China, the capital market is developing from perfection to depth, the securities market is booming, the scale of direct financing of enterprises is increasing, mergers and acquisitions and asset restructuring of enterprises are in the ascendant, and residents' awareness of investment is constantly increasing ... All these have put forward urgent requirements for cultivating professional and standardized financial intermediaries in the capital market. As the soul of western developed capital markets, the establishment and development of investment banks in China has become a historical necessity. ?

Modern investment bank is a non-bank financial institution engaged in securities underwriting and trading, enterprise merger and reorganization, project financing, fund management, venture capital, financial consulting and other businesses. They are called investment banks in America, commercial banks in Britain and securities companies in Japan. Although investment banks are called "banks", they are different from commercial banks. Commercial banks are deposit and loan institutions, engaged in deposit, loan, exchange, liquidation and other businesses, and perform indirect financing functions. However, investment banks take securities business as their traditional business and are active in the capital market as the intermediary of direct financing. When M&A becomes one of the characteristics of modern enterprise management, it develops into the core of enterprise M&A market and plays an important role in organizational planning and financing services. ?

Investment banks are the most developed in America. As the intermediary of the movement of securities economic relations, its business scope touches every corner of the financial map, which has caused strong competitive pressure to commercial banks. The advantage of investment banks is that they have a large number of high-quality professionals, strong capital operation ability and rich and extensive information resources, thus giving full play to the role of capital intermediary in modern economic operations such as financing securitization and asset bills, and becoming the most innovative and dynamic institution in the financial market. In addition, in the developed market economy, the M&A market of private enterprises has developed into a mechanism of corporate restructuring and refinancing, and the occurrence of corporate mergers and acquisitions even exceeds that of public offering. Because of its special position in the securities market, investment banks help enterprises to carry out strategic reorganization, redistribute the proportion of resources among enterprises and readjust the scale of enterprises, so as to determine the optimal scale of enterprises according to economic laws and market efficiency and promote the flow of resources to efficient enterprises. Now M&A has become a highly specialized investment banking business. It can be said that in the western property rights market, the birth of large enterprise groups and the formation of flexible and efficient enterprise organizational structure are inseparable from the leading role of investment banks. ?

In the international financial market, investment banking business has also been greatly expanded, becoming a banner in the international capital market and cross-border mergers and acquisitions. Morgan Stanley, Merrill Lynch, salomon brothers and Goldman Sachs in the United States; First-class investment banks, such as Warburg Group and Schroeder Group, have become world-renowned multinational companies and set foot in China's overseas direct financing for many times. ?

In some emerging capital markets in Latin America, Southeast Asia and other regions, corresponding financial institutions have also been established to carry out investment banking business, which has raised a lot of funds for economic development, promoted the effective operation of the securities market and prospered the entire financial system. ?

Therefore, it has become the unshirkable responsibility of theoretical and practical circles to learn from the experience of foreign developed market economy countries, serve the construction of China's market economy and study the development of China's investment banking industry. ?

At present, a number of securities institutions have grown in China's securities market, but their business is mostly limited to securities underwriting and management, with a small scale and limited business development ability. They have not risen to the height of capital allocation and strategic consultants, and are far from the investment banks in the modern sense. Therefore, it is necessary to expand the investment banking business, cultivate a number of well-funded and competitive investment banks, and fully participate in the development of China's capital market and the reform of state-owned enterprises. ?

This book is divided into 13 chapters. Starting with the emergence, development and functions of investment banks, this paper gives readers an overview description. Then elaborate the main business of investment banks in detail, so that readers can deeply grasp the profit-making activities of investment banks; In view of the outstanding pioneering and innovative spirit and enterprising and adventurous spirit of investment banks, this paper introduces financial engineering and venture capital systematically. In this way, readers can have a clearer understanding of the whole investment banking industry. Then, from the perspective of world economic integration, the internationalization trend of investment banks is deeply analyzed, so as to grasp the broader development space of investment banks. Finally, in order to give readers a more emotional understanding, this paper introduces the investment banking in major developed countries. ?

Chapter 1 introduces the emergence and development, main business overview, industry characteristics and development in China, and outlines the overall framework of investment banks. The second chapter discusses the role of investment banks, especially the significance and role of developing investment banks in China, which is more of an exploratory study for readers' reference. The third chapter introduces the organizational structure of investment banks. It is different from the internal structure of other typical large enterprises, which makes it easy for us to understand the organizational reasons for the extensiveness and flexibility of its business development. Chapters 4, 5 and 6 introduce underwriting, brokerage and proprietary business, which further fully illustrates the important position of investment banks in the securities industry. The seventh chapter introduces the business of enterprise merger and acquisition, and shows that modern investment banks are widely involved in capital allocation and investment, and play a consulting role in technology and information advantages. Chapter 8 introduces the management of investment funds. The ninth chapter introduces the technical principles of financial derivatives such as futures, options and swaps and their applications in risk management, so as to get a glimpse of the innovation of contemporary financial industry, grasp the essence of innovative financial instruments to avoid risks and appreciate the diversified market prospects of contemporary financial derivatives. Chapter 10 introduces the concept and function of venture capital, its participants and operating procedures. Chapter 1 1 discusses the political and economic background of the internationalization trend of investment banks, a series of manifestations of internationalization at present, and some problems that should be paid attention to in the internationalization strategy of investment banks, and on this basis, discusses the internationalization strategy of investment banks in China. 12 chapter introduces the investment banking business of major developed countries. By comparing and introducing its mature operation mode and asset-liability management, it is expected to provide experience and reference for the development of investment banking in China. ?

This book was edited by Ren Huaixiu, who wrote two chapters: 1 and 2. Wen Li wrote chapter 3 and chapter 12; Travel around and write the fourth and eighth chapters; Yuan Zhicai wrote Chapter 5 (part), Chapter 6 and11; Chapters 5 (part) and 7 prepared by Li Fengyun; Ji Dongsheng wrote the ninth chapter; Hongmei wrote chapter 10. ?