遵循“产品第一、股东价值第二,才有可能创建出可持续经营、有道德、有经济效益的企业。换做“股东价值第一、产品第二,则会重蹈覆辙,再度催生什么业务能赚快钱就涉足什么业务的自利型机构。
The outcome will inevitably be investment banks that are different in size and shape but it is premature to read the industry’s last rites. Investment banks are the mothers of reinvention and they have retained one critical advantage: their defining feature, the integrated model.
投行在规模和形态上必将发生分化,这将是不可避免的结果。但现在要为该行业举行临终祈祷为时尚早。投行特别擅长于自我改造,它们也保留了一项至关重要的优势,即令它们与众不同的混合经营模式。
Modern investment banking developed after the deregulation of Wall Street in 1975 and the City of London in 1986. Liberalisation enabled financial institutions to combine the previously discrete activities of advising corporations and trading for investors. These new, integrated investment banks were able to use this privileged position to connect issuers and investors, expand secondary trading of equities and bonds, and then develop derivatives as new markets emerged.
现代投行业是在华尔街和伦敦金融城(City of London)分别于1975年和1986年放松管制之后发展起来的。自由化使金融机构能够把两种以前不相干的业务融合为一:为企业提供咨询服务和帮助投资者进行交易。这些新型、采取混业经营模式的投行因而有能力利用这一特别地位,为证券发行主体和投资者牵线搭桥,扩展股票和债券二级市场交易,并随着新市场的出现而开发衍生品。
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