Investment bank is the product of the development of securities and joint-stock company system at a specific stage, and it is an important subject of developed securities market and mature financial system. In the development of modern social economy, it plays an important role in communicating the supply and demand of funds, building a securities market, promoting enterprise mergers and acquisitions, promoting industrial concentration and economies of scale, and optimizing resource allocation.
Due to the rapid development of investment banks, it is very difficult to define investment banks. Investment bank is the name of the United States and continental Europe, Britain is called merchant bank, and Japan is called securities company. There are four main definitions of investment banks in the world:
First, any financial institution engaged in Wall Street financial business can be called an investment bank.
Second, only financial institutions that operate part or all of the capital market business are investment banks.
The third type: financial institutions engaged in securities underwriting and corporate mergers and acquisitions are called investment banks.
Fourth, financial institutions that only underwrite securities in the primary market and trade securities in the secondary market are called investment banks.
Investment bank is a concept corresponding to commercial bank, and it is a new industry formed by modern financial industry to adapt to the development of modern economy. The distinctive features that distinguish it from other related industries are as follows: firstly, it belongs to the financial service industry, which is the symbol that distinguishes general consulting from intermediary service industry; Second, it mainly serves the capital market, which is a sign that distinguishes commercial banks; Third, it is an intelligence-intensive industry, which is different from other professional financial services institutions.
Edit the origin and development of investment banks in this paragraph.
In the United States, investment banks often have two sources: one is the decomposition of commercial banks, such as Morgan Stanley; The second is from the development of securities brokers, such as Merrill Lynch. The separation of American investment banks and commercial banks occurred after the stock market crash 1929. At that time, the federal government thought that investment banking was risky and prohibited commercial banks from participating in investment banking with depositors' funds. As a result, a large number of comprehensive banks were forced to split into commercial banks and investment banks, among which Morgan Bank was divided into Morgan Stanley engaged in investment banking and JPMorgan Chase engaged in commercial banking. However, in Europe, governments have never issued such restrictions. Investment banking is generally done by commercial banks, so many so-called "universal banks" or commercial banks have been formed, such as Deutsche Bank, ABN Amro, Swiss Bank, Credit Suisse Bank and so on. Facts have proved that commercial banks and investment banks were completed by the same financial institution, which not only did not cause the financial crisis in Europe, but enhanced the financing efficiency and reduced the risk of the financial system to a certain extent.
Investment banking is very profitable. Take the most common stock issuance business as an example. Investment banks generally charge 5%- 10% commission. In other words, if a customer issues a stock with a value of 10 billion, the investment bank will eat up 5000- 10 billion. The profit of issuing bonds is relatively small, but the risk is also small. In addition, mergers and acquisitions and bankruptcy liquidation are the main profit growth points of investment banks in recent years. In recent years, large-scale mergers and acquisitions in Europe and America are often fueled by investment banks.
1after the 1990s, the pattern of world investment banks has gradually changed. On the one hand, the wave of M&A has swept the American financial community, and large financial groups such as Citigroup, JPMorgan Chase and Bank of America have emerged, all hoping to enter the lucrative investment banking field; On the other hand, the investment banks on Wall Street are too close to the securities analysis business. Many investors and media believe that it is difficult to guarantee the independence of analysts employed by investment banks, which leads to doubts about the business ethics of investment banks. However, if the investment banking and securities analysis business are really completely separated, the investment banking business will become passive water, and the securities analysis business will lose its rich profit commission, and both will be difficult to survive. In contrast, commercial banks have inherent advantages in investment banking. They can use their deposit and loan networks with major enterprises to win many customers, instead of relying on securities analysis and consultation to attract customers like traditional investment banks. Commercial banks have more capital and better reputation, but what they mainly lack is business experience in the field of investment banking.
Edit the type of investment bank in this section.
At present, there are mainly four types of investment banks in the world:
(1) Independent professional investment bank. This form of investment bank exists widely all over the world. Goldman Sachs, Merrill Lynch, Lehman Brothers, Morgan Stanley, First Boston, Nomura Securities, Daiwa Securities, Nikko Securities, Yi Shan Securities, Warburg Company and British Baoyuan Company all belong to this type and all have their own professional directions.
(2) Investment banks owned by commercial banks (commercial banks). This form of investment bank is mainly for commercial banks to engage in commercial banking and investment banking business through mergers, acquisitions, equity participation or the establishment of their own subsidiaries. This form of investment bank is very typical in Britain, Germany and other countries.
(3) Universal banks are directly engaged in investment banking. Such investment banks are mainly located in continental Europe. They are engaged in general commercial banking and investment banking.
(4) Financial companies established by some large multinational companies.
Edit the business of this investment bank.
After hundreds of years of development, modern investment banks have broken through the traditional business frameworks such as securities issuance and underwriting, securities trading brokerage, and securities private placement. Enterprise merger and acquisition, project financing, venture capital, enterprise financing, investment consulting, asset and fund management, asset securitization and financial innovation have all become the core business components of investment banks.
(1) Securities underwriting. Securities underwriting is the most primitive and basic business activity of investment banks. Investment banks have a wide range of underwriting rights, including bonds issued by the central government, local governments and government agencies, stocks and bonds issued by enterprises, securities issued by foreign governments and companies at home and abroad, and securities issued by international financial institutions. In the process of underwriting, investment banks generally have to weigh whether to form an underwriting syndicate and choose the underwriting method according to the underwriting amount and risk. There are four common underwriting methods:
The first type: underwriting. This means that the lead underwriter and its underwriting syndicate members agree to buy all the issued securities at the agreed price and then sell them to their customers. At this time, the issuer does not bear the risk, and the risk is passed on to the investment bank.
The second type: bidding acquisition. Usually when investment banks are in strong passive competition. Securities issued in this way are usually high-credit bonds and are welcomed by investors.
The third type: consignment. This is usually because investment banks believe that securities have low credit rating and high underwriting risk. At this time, the investment bank only accepts the entrustment of the issuer to sell securities on its behalf. If all the securities issued within the prescribed time limit plan are not sold, the remaining part shall be returned to the securities issuer, and the issuer shall bear the risk of issuance.
The fourth type: sponsorship and promotion. When an issuing company increases its capital and shares, the main target is the existing shareholders, but there is no guarantee that all existing shareholders will subscribe for its securities. In order to prevent it from being difficult to raise the required funds in time, and even lead to the company's share price falling, the issuing company will generally entrust the investment bank to issue new shares to the existing shareholders, thus transferring the risk to the investment bank.
(2) Securities brokerage transactions. Investment banks play a triple role as market makers, brokers and traders in the secondary market. As a market maker, after underwriting securities, investment banks have the obligation to create a secondary market with strong liquidity for the securities and maintain the stability of market prices. As brokers, investment banks trade on behalf of buyers or sellers and on behalf of prices provided by customers. As dealers, investment banks need to buy and sell securities by themselves, because they are entrusted by customers to manage a large number of assets, and they must ensure the preservation and appreciation of these assets. In addition, investment banks also carry out risk-free arbitrage and risk arbitrage in the secondary market.
(3) Private placement of securities. There are two ways to issue securities: public offering and private offering. The former underwriting is actually a public offering. Private placement, also known as private placement, means that issuers do not sell securities to the public, but only to a limited number of institutional investors, such as insurance companies and mutual funds. Private placement is not restricted by public offering laws and regulations, which can not only save issuing time and cost, but also bring higher yield to investment banks and investors than trading securities with the same structure in the open market. Therefore, in recent years, the scale of private placement is still expanding. But at the same time, private placement also has some shortcomings, such as poor liquidity, narrow distribution area, and difficulty in public listing to expand corporate visibility.
(4) mergers and acquisitions. Merger and acquisition has become the most important business component of modern investment banks except securities underwriting and brokerage business. Investment banks can participate in M&A activities of enterprises in various ways, such as: finding M&A goals, providing suggestions for hunter companies and prey companies on price or non-price terms, helping hunter companies to make M&A plans or helping prey companies to make anti-takeover plans against hostile takeovers, and helping to arrange financing and bridge loan. In addition, M&A often includes the issuance of "junk bonds", corporate restructuring and asset restructuring.
5] Project financing. Project financing is a technical means of package financing for a specific economic unit or project planning. The borrower can only rely on the cash flow and income of the economic unit as the source of repayment and the assets of the economic unit as the loan guarantee. Investment banks play a key role in project financing. They will closely link government agencies, financial institutions, investors and project sponsors related to the project, coordinate lawyers, accountants and engineers to jointly conduct the feasibility study of the project, and then organize the financing needed for project investment through issuing bonds, funds, stocks or loans, auctions, mortgages and other forms. The main tasks of investment banks in project financing are: project evaluation, financing scheme design, drafting of relevant legal documents, relevant credit rating, securities price determination and underwriting.
(6) corporate finance. Corporate finance is actually the consultation, planning or operation provided by investment banks as financial consultants or management consultants of customers. It is divided into two categories: the first category is to conduct in-depth research and analysis on a certain industry, a certain market, a certain product or securities according to the requirements of companies, individuals or governments, and provide comprehensive and long-term decision-making analysis data; The second category is to help enterprises make suggestions when they encounter difficulties in operation and put forward contingency measures, such as formulating development strategies, rebuilding financial systems, selling and transferring subsidiaries, etc.
(7) fund management. Fund is an important investment tool, which is organized by fund sponsors, absorbs a large number of investors' scattered funds, and hires experts with specialized knowledge and investment experience to invest and obtain income. Investment banks are closely related to funds. First of all, investment banks can initiate the establishment of funds as fund sponsors; Secondly, investment banks can manage funds as fund managers; Third, investment banks can act as underwriters of funds to help fund issuers sell beneficiary certificates to investors.
Be a financial consultant and investment consultant. The financial consulting business of investment banks is the general name of a series of securities market business planning and consulting business undertaken by investment banks, especially listed companies. Mainly refers to the professional financial advice provided by investment banks in major trading activities such as shareholding system reform, listing, secondary market refinancing, mergers and acquisitions, asset sales, etc. The investment consulting business of investment banks is the link and bridge between the primary market and the secondary market of the securities market and between investors, operators and securities issuers. Traditionally, the scope of investment consulting business is to provide investment advice and management services for investors participating in the secondary market.
(9) Asset securitization. Asset securitization refers to the issuance of securities by investment banks with certain assets of a company as collateral, which is a new financing method completely different from traditional bond financing. A company that converts assets is called an asset securities sponsor. The promoters sort out various financial assets with poor liquidity, such as housing mortgage loans and credit card accounts receivable, and sell them to specific trading institutions, that is, buyers of financial assets (mainly investment banks), and then the specific trading institutions issue asset-backed securities with the purchased financial assets as the guarantee to recover the purchase funds. This series of processes is called asset securitization. The securities of asset securitization are all kinds of debt bonds, the main forms are commercial paper, medium-term bonds, trust certificates, preferred stocks and so on. Buyers and holders of asset securities can get principal and interest when the securities expire. Securities repayment funds come from the cash flow created by the secured assets, that is, the due principal and interest repaid by the debtor of the assets. If the secured assets default and refuse to pay, the repayment of the asset securities is limited to the amount of the securitized assets, and the promoters or purchasers of financial assets have no repayment obligation exceeding the asset limit.
⑽ Financial innovation. According to different characteristics, financial innovation tools, namely derivatives, are generally divided into three categories: futures, options and swaps. There are three strategies to use derivatives, namely arbitrage, increasing income and improving securities investment management. Through the establishment and trading of financial innovation tools, investment banks have further expanded their business space and capital gains. First of all, investment banks, as brokers, buy and sell such financial instruments on behalf of customers and charge commissions; Secondly, investment banks can also get a certain spread income, because investment banks often buy and sell derivatives as counterparties of customers first, and then find another customer to carry out the opposite offset transaction; Third, these financial innovation tools can also help investment banks control risks and avoid losses. Financial innovation has also broken the boundaries between banks and non-banks, commercial banks and investment banks in the original institutions and the traditional market division, which has intensified the competition in the financial market.
⑾ Venture capital. Venture capital, also known as venture capital, refers to the financing of emerging enterprises in the initial stage and expansion period, which is characterized by high risk and high return. Emerging companies generally refer to companies that use new technologies or inventions to produce new products. Such companies have huge market potential and can obtain profits far higher than the average profit, but they are also full of huge risks. Because of the high risk, ordinary investors are often reluctant to get involved, but such companies need the support of funds most, thus providing a broad market space for investment banks. Investment banks participate in venture capital at different levels: first, raise capital for these companies through private placement; Second, some companies with great potential sometimes invest directly and become their shareholders; Third, more investment banks set up "risk funds" or "risk funds" to provide funds for these companies.
Edit the organizational structure of this investment bank.
Generally speaking, the organizational structure adopted by investment banks is closely related to its internal formation mode and management ideas. Modern investment banks have three main organizational structures.
(1) partnership system. A partner company refers to an organizational form in which two or more partners own the company and share its profits. Partners are the owners or shareholders of the company. Its main features are: the partner * * * enjoys the operating income of the enterprise and bears unlimited responsibility for the operating loss * * *; It can be run by all partners * * *, or by some partners, and the other partners only contribute and are responsible for their own profits and losses; The composition of partners can be large or small.
(2) Mixed company system. A mixed company is usually a larger capital or company formed by the merger of functionally unrelated capitals or companies. After 1960s, in the process of diversified production and operation of large companies, investment banks are the important targets of being acquired or merged into mixed companies. The main motivation of these M&A activities is to expand the business scale of the parent company. In this process, investment banks gradually began to change from partner system to modern company system.
(3) Modern company system. The modern company system endows the company with independent personality, and its establishment is based on the property rights of enterprise legal persons as the core and important symbol. Legal person property right is the right that an enterprise legal person enjoys over all enterprise property, including investment and investment appreciation. The existence of corporate property rights shows that the rights of corporate bodies are no longer manifested as individual rights. Modern company system makes investment banks have incomparable advantages in fund raising, financial risk control and management modernization compared with traditional partner system.
Edit the origin and development of investment banks in this paragraph.
Investment banks in the modern sense originated in Europe and America, and mainly evolved from many financial institutions that sold government bonds and discounted corporate bills in 18 and 19 centuries. The early development of investment banks mainly benefited from the following four factors.
(1) Trade activities are increasingly active. With the expansion of trade scope and amount, financing credit is required objectively, so some big businessmen with excellent reputation use their accumulated wealth to become merchant bankers, specializing in financing and bill acceptance and discount business, which is the fundamental reason for the emergence of investment banks.
(2) The rise and development of the securities industry. The rapid development of securities industry and securities trading is the catalyst for the rapid development of investment banking, which provides a broad development world for it. As securities underwriters and brokers, investment banks have gradually established their core position in the securities market.
(3) The climax of infrastructure construction. The rapid development of capitalist economy has caused great pressure on infrastructure such as transportation and energy. In order to alleviate this contradiction, Europe and America set off the climax of infrastructure construction in 18 and 19 centuries. In this process, the huge capital demand makes investment banks develop rapidly in the process of financing and financing.
(4) The development of the joint-stock company system. The emergence and development of the shareholding system not only brought a profound revolution to the western economic system, but also established the role of investment banks as capital intermediaries between enterprises and the public.
At the beginning of the 20th century, the sustained prosperity of the western economy brought the upsurge of the securities industry, and the bustling transactions in the securities market turned into fanatical currency speculation. Commercial banks frequently set foot in the securities market with strong financial strength, and even participate in securities speculation; At the same time, governments all over the world lack effective legal and administrative institutions to regulate the development of the securities industry, which has laid a curse for the economic crisis of 1929- 1933.
The economic crisis directly led to the closure of a large number of investment banks and the extremely depressed securities industry. This makes governments clearly realize that the blind expansion of bank credit and the direct or indirect involvement of commercial banks in the risky stock market are major hidden dangers of economic security. After 1933, the United States, Britain and other countries separated investment banking from commercial banking and operated separately. Since then, a brand-new independent investment bank has risen in the depression of the economic crisis.
After nearly 30 years of adjustment after the economic crisis, the investment banking business has once again ushered in rapid development. Since 1970s, the continuous innovation of financial derivatives such as mortgage bonds, financial management services, leveraged buyout (LBO), futures, options, swaps and asset securitization has made the financial industry, especially the securities industry, one of the fastest changing, most revolutionary and challenging industries. On the other hand, this innovation also reflects that investment banks, commercial banks, insurance companies and trust and investment companies are bypassing the constraints of the management system and eating into each other's business. The mixed operation of investment banks and commercial banks and its global development trend have been very strong.
Edit the development trend of investment banks in this section.
In the past two decades, under the trend of international economic globalization and increasingly fierce market competition, investment banking has completely jumped out of the narrow business framework of traditional securities underwriting and securities brokerage, and entered the internationalization, diversification, specialization and centralization of financial business, striving to open up various market spaces. These changes are constantly changing investment banks and investment banking business, and have a far-reaching impact on the world economy and financial system, forming a distinct and powerful development trend.
(1) Diversification trend of investment banking. Since the 1960s and 1970s, western developed countries have gradually relaxed financial control and allowed different financial institutions to cross business appropriately, thus creating conditions for the diversified development of investment banking. In 1980s, with the increasingly fierce market competition and the continuous development and perfection of financial innovation tools, this trend was further strengthened. Nowadays, investment banks have completely jumped out of the narrow business framework of traditional securities underwriting and brokerage, and formed diversified business structures such as securities underwriting and brokerage, private placement, mergers and acquisitions, project financing, corporate wealth management, fund management, investment consulting, asset securitization and venture capital.
⑵ The internationalization trend of investment banks. There are profound reasons for the globalization of investment banking. First, the speed of economic development and the speed of securities market development in different countries in the world make investment banks regard it as a new competitive field and profit growth point, which is the inherent requirement for investment banks to expand abroad. Secondly, the improvement of international financial environment and financial conditions objectively prepares the conditions for investment banks to realize global operation. As early as 1960s, investment banks cooperated with foreign correspondent banks to help domestic companies sell securities overseas or enter foreign markets as an investor intermediary. In 1970s, in order to participate in the international market competition more effectively, major investment banks set up their own branches overseas. After 1980s, with the integration of world economy and capital market and the rapid development of information and communication industry, the previous distance restriction can no longer be a barrier for financial institutions, and business globalization has become an important issue for investment banks to occupy the commanding heights in the fierce market competition.
(3) The specialization trend of investment banks. Specialized division of labor and cooperation is the inevitable requirement of socialized mass production. In the process of diversified development of the whole financial system, the specialization of investment banking business has become inevitable, and major investment banks have their own strengths while expanding their business diversification. For example, Merrill Lynch enjoys a high reputation in infrastructure financing and securities management, Goldman Sachs is famous for its research ability and underwriting, salomon brothers is good at commercial paper issuance and corporate mergers and acquisitions, and First Boston is in a leading position in organizing syndicates and arranging private placements.
(4) The concentration trend of investment banks. In 1950s and 1960s, with the recovery and growth of post-war economy and finance, the competition and cooperation of big consortia made financial capital more and more concentrated, and investment banks were no exception. In recent years, due to business competition from commercial banks, insurance companies and other financial institutions, such as income bond distribution, Eurodollar syndication, etc. The concentration of investment banks has intensified. In this situation, major investment banks have expanded their scale through mergers and acquisitions, restructuring, listing and other means. For example, the merger of Merrill Lynch and whitehead Company, and the acquisition of Warburg by Swiss Banking Company. Large-scale mergers and acquisitions have made the business of investment banks highly concentrated. 1987 among the 25 large investment banks in the United States, the largest three, five and 10 companies account for 4 1.82%, 64.98% and 87.96% of the market securities issuance respectively.
Edit this paragraph. The investment bank is in China.
China's investment banking business is constantly developing to meet the needs of securities issuance and trading. From the practice of our country, the investment banking business was originally completed by commercial banks, which are not only the main issuers of financial instruments, but also the financial institutions with the most financial assets. In the middle and late 1980s, with the opening of China's securities circulation market, the securities business of the original commercial banks was gradually separated, and a large number of securities companies were established in various regions, forming a securities market intermediary system dominated by securities companies. In the following ten years, brokers gradually became the main body of investment banking in China. However, in addition to professional securities companies, there are a large number of trust and investment companies, financial investment companies, property rights trading and brokerage institutions, asset management companies and financial consulting companies engaged in other businesses of investment banks.
Investment banks in China can be divided into three types: the first is national, the second is regional and the third is private. National investment banks are divided into two categories: one is securities companies with the banking system as the background; The second is a trust and investment company with the background of ministries directly under the State Council or the State Council. Regional investment banks are mainly professional securities companies and trust companies at the provincial and municipal levels. Relying on the state monopoly in securities business, the above two types of investment banks occupy a dominant position in the investment banking industry in China. The third kind of private investment banks are mainly some investment management companies, financial consulting companies and asset management companies. Most of them have developed from providing management consulting and investment consulting services to customers in the past. They have certain capital strength and strong flexibility in enterprise mergers and acquisitions, project financing and financial innovation, and are gradually becoming another backbone in the field of investment banking in China.
The development of modern investment banking in China is less than fifteen years, and there are still some problems such as too small scale, too narrow business scope, lack of high-quality professionals and excessive competition. However, the investment banking industry in China is facing the biggest market demand in history. With the rapid development and deepening of China's economic system reform, the demand for investment and financing in social and economic life will be increasingly strong, and large and medium-sized state-owned enterprises will increasingly rely on the role of the capital market in changing their operating mechanisms and private enterprises seeking future development, which will lay a solid foundation for the long-term development of investment banking in China.
Investment bank: It is an industry that manages funds. Its main function is to provide intermediary services for the allocation and combination of idle resources in the hands of users and providers of funds, so as to provide resources for both parties and enjoy the created benefits. (It is the combination and operation of capital ownership, management right and use right)
Significance: The market intermediary function of investment banks is the full embodiment of market economy.
With the derivative of financial products, the business scope of investment banks tends to expand, especially the small investment banking institutions derived from large investment banks. In developed countries, the market has always been at the core.
Main products: financial ability (based on economic and business financial analysis)
Financial advice (including appropriate interest rate level, subscription price and investor's demand expectation)
Main income: commission
Effective use of funds is the core of investment bank thinking.
Investment banking courses:
1.65438+ "bank acceptance bill" was invented by Italian businessmen in the 4th century.
2./kloc-London became an international financial center in the 0/8th century, and investment bankers came into being.
3. The competition in manufacturing industry urges a group of acceptance banks and merchants, also known as merchant banks, to bear the financial risks of overseas trade and export business.
4. Government bonds and railway bonds that appeared during the American Civil War became the origin of American investment banks. (1933 "glass-steagall act" makes the business of commercial banks and investment banks strictly separate. )
After World War II, investment banks still have advantages in fund raising and enterprise investment, but they are no longer pure securities underwriters.
Five mergers and acquisitions:
I. 65438+60-70 years were mainly horizontal mergers and acquisitions based on scale operation.
2. In the 1920s and 1930s, it was mainly to integrate the product chains of the main business and related industries, and form an integrated system of raw material procurement, processing, manufacturing and marketing, that is, vertical mergers and acquisitions.
Three. Hybrid and cross-industry mergers and acquisitions in 1950s.
4. Leveraged buyouts prevailed in the 1980s, and junk bonds provided financial support for corporate mergers and acquisitions.
In the mid-1990s, with its venture capital and public financing, the application of new technologies was rapidly popularized.
Business models: separated (China-US) and all-round (Germany, Switzerland, Netherlands)
Four definitions:
1. Any bank or financial institution engaged in Wall Street business (banking business, underwriting business and trading business) (in a broad sense).
2. Banks or financial institutions that operate part or all of the capital market business (securities underwriting, fund management, corporate financing, mergers and acquisitions, project financing, venture capital, corporate wealth management and financial consultants, excluding selling securities to retail investors and providing real estate agents and mortgage and insurance products to consumers) (best)
3. Only refers to some capital market businesses, namely securities underwriting and mergers and acquisitions (narrow sense).
4. Underwriting securities in the primary market and trading securities in the secondary market (inappropriate)
(Large investment banks can use the second option, while small investment banks are limited to securities underwriting, corporate financing, and mergers and acquisitions related to the capital market.)
American investment banks-investment banks or securities companies-separate operations
Classification: national and traditional customs
British investment banks-commercial banks-money market deposits and loans and securities underwriting
German investment bank-comprehensive bank-has no special investment bank.
Scale and business capacity: international super-large investment banks, national and regional investment banks and professional investment banks.
Independent investment banks and investment banks controlled by commercial banks (Goldman Sachs, Merrill Lynch, Morgan Stanley, First Boston, Nomura, Nikko, Warburg)
Comprehensive investment banks and finance companies of large multinational companies
Functions: financial intermediary, creating liquidity in securities market, optimizing resource allocation, promoting industrial agglomeration, financial innovation, promoting the combination of industry and finance, and cultivating entrepreneurs.
Business classification: traditional-securities issuance and underwriting, securities brokerage, market making and private placement of securities.
Modern-M&A, project financing, venture capital, financial consultant
Others-investment consultant, investment consulting, asset securitization.