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20世纪末 ,我国券商经历了四个发展阶段 ,呈现强制性的制度变迁特征。从世界各国来看 ,投资银行在资本市场上发挥着重要作用。与发达国家现代投资银行相比 ,我国券商就是现代投资银行的机构载体 ,但在资本实力、业务开拓、资产管理等方面存在明显差距。本文根据我国实际 ,提出了在 2 1世纪我国投资银行发展的路径 :扩大资本规模——拓展业务范围——完善自身功能——参与国际竞争——有效控制风险。
At the end of the 20th century, China’s brokerages have experienced four stages of development, showing the characteristics of mandatory institutional changes. From all over the world, investment banks play an important role in the capital market. Compared with the modern investment banks in developed countries, China’s brokerage firms are the institutional carriers of modern investment banks, but there is a clear gap in capital strength, business development and asset management. Based on China’s reality, this paper puts forward the path of investment bank development in China in the 21st century: to expand the scale of capital - to expand its business scope - to improve its own functions - to participate in international competition - to effectively control risks.