Investment Banking (Third Edition)

Author: Ren Yingguo
Publisher:
Publish Date: 2002-06-01
Features: Investment banks originated in Western Europe, developed in North America, and have fully flourished in Asia, Africa, and Latin America. Currently, they have become a vital type of financial institution in the international financial market, playing an indispensable positive role in the global economic system. Initially, investment banks primarily engaged in corporate securities underwriting and distribution, as well as secondary market securities trading and operations. With the continuous development of financial businesses and the globalization of corporate operations, especially the advancement of technologies such as telecommunications, computers, and data processing, the scope of investment banks has significantly expanded. Meanwhile, the emergence of emerging markets and new financial instruments has created highly favorable real-world conditions for the formation and development of modern investment banks. The development of the loan collateralized security market, the introduction of zero-coupon bonds, the emergence of the repurchase market as a financing and fund management tool, and the birth of the financial derivatives market are all examples of such favorable conditions.