[What Do Investment Banks Do… Really] 【什麼是投資銀行?】

investmentbank

[What Do Investment Banks Do… Really]

By: DUAN Yanlin, Alan (Jockey Club Academy Hall)

Image: tradinghub.co

You have all heard this term investment bank (or i-bank, IB, etc.) in movies like Wall Street or on news when big things like Alibaba’s IPO happened. You probably know there is a famous one called Goldman Sachs, and there are some more with ‘Morgan’ in their names. But eventually, the questions will come to: do you know what investment banks really do? If your answer is no, just continue reading, and I am sure that this article will help you get a sense of it!

The most traditional service that an investment bank provides is underwriting securities: to simply put, it means that the bank will raise capital from investors on behalf of its client. For example, in an Initial Public Offering (IPO), investment banks help their client to walk through this process and ensure the success issuing of new equity securities (stocks). Investment Banking Department (IBD) is the place where makes all these deals come true.

Another key function of an investment bank is offering market liquidity. Again, take stock as example. Investment banks would both buy and sell some stocks to facilitate the investments or trading needs of their clients. This is done by Sales and Trading Department (S&T), where you can see big trading floor, multiple computer screens and people talking through phone or using Bloomberg system.

Of course, what we have just discussed is a “simpler” version of the reality: there are many more things that an investment bank would cover: company research, merger and acquisition, equity derivatives and structured products… If you are interested in any of these, simply browse through internet and figure out what they are! Welcome to the world of investment bank!

【什麼是投資銀行?】

文: 段延麟(賽馬會群智堂)

圖: tradinghub.co

在電影《華爾街》或阿里巴巴上市時的新聞裡,你肯定聽過投資銀行(或投行)這幾個字。你可能知道其中有一家叫高盛,還有幾家不是「摩根什麼」,就是「什麼摩根」。但歸根結底我們總會問:投資銀行究竟是做什麼的?如果你不知道這個問題的答案,就繼續往下看吧!

投資銀行最傳統的業務就是承銷證券:簡單來說即指幫助它們的客戶籌集資本。例如,在首次公開募股的時候,投資銀行就要幫助客戶完成整個過程並保證股票的順利發行。投資銀行部就是投行裡提供這種業務的部門。

除此之外,投行的另一個重要職能就是提供市場流動性。繼續以股票舉例。投資銀行根據客戶的需要,會持續的購買、賣出某個或某些股票。完成這個任務的業務板塊是銷售交易部:在那裡,你可以看到巨大的交易場地上,每個人都在很多塊顯示屏前飛速的打著電話或者使用者彭博機的場景。

當然,我們以上所說的這些都只是投資銀行的「最簡化版」:現實情況下,投行的業務多種多樣:出具賣方研報、協調兼併收購、設計並銷售衍生品和結構性產品…如果你對它們是什麼也有興趣,去谷歌一下你就知道答案!歡迎來到投資銀行的世界!

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