중국 투자은행업의 발전모델과 성장요인

Abstract

This paper mainly focuses on draw the development trend of investment banking in China by reviewing the model of the development of investment banking industry in China. The banks of European continental countries including france and Germany have generally developed bank-oriented investment banking because they had no constraint against traditional investment banking, for example, underwriting, principal investment, brokerage etc. Given that the financial market of China is based on fragmented management and the investment banking business of commercial banks is conducted under certain restriction, it is difficult to say that the model of European continental banks is suitable for China. It can be said that the development of American securities-based investment banking is more desirable for China rather than European-style investment banking. But capital market is not integrated unlike the U.S.A., therefore it is also hard that securities companies develop into great investment banking through the M&A of financial institutions including securities investment fund companies and futures companies. It is expected that securities companies develop into the unintegrated model of capital market for the time being. We can say that the model of financial stock-holding company or the internalization of investment banking business of commercial bank in China is similar to that of Korea. The reasons of the rapid growth of investment banking business in China are as follows: First, it results from the rapid growth of stock market. Second, in recent years, securities companies of China have had many opportunities to conduct IPO because many Chinese companies intended to list securities market at home and abroad. Third, many foreign investment banking institutions rushed to enter financial market of China.