美国投资银行业的演变

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 1《格拉斯—斯蒂格尔法》以前的投资银行。
 第一次世界大战后,美国公司融资的方式发生了根本性变化,公司融资更多地通过股票与债券市场进行,间接融资量逐步下降。1929年以前,美国政府规定发行新证券的公司必须有中介人,而银行当时不能直接从事证券发行与承销,这种业务只能通过银行控股的证券业附属机构来进行。因此,许多新行业的公司在投资银行的帮助下进入市场,投资银行控制了这些公司的债券和股票的发行和承销,被称为可左右市场的“货币托拉斯”。商业银行通过下设证券附属机构来进入这个市场,并向其客户提供保证金贷款。这一时期,几乎所有商业银行和投资银行都从事证券(主要是公司债券)业务,业务的交叉和融合使两者密不可分。承销和分销证券给20年代的投资银行带来了巨额利润。

 1  "Douglas - Sidigeer law," the former investment bank.
 After World War I, U.S. companies financing the manner in which a fundamental change, corporate finance through more equity and bond markets, the indirect financing of steady decline. Before 1929, the U.S. government issued new regulations of the securities companies must have intermediaries, and the bank was not directly involved in securities issuance and underwriting, the business only through the bank holding the securities industry for the subsidiary bodies. Therefore, many new companies in the industry with the help of investment banks to enter the market, investment banks controlled by these companies issued bonds and equities underwriting and, as the market may be about "money trust." Through commercial banks under the securities subsidiary body to enter this market and its customers with margin loans. During this period, almost all commercial banks and investment banks are engaged in securities (mainly corporate bonds) business, business-so that the two are inseparable and integration. Securities underwriting and distribution to the 20 investment banks has brought huge profits.

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