混业经营对证券承销市场的影响:美国的情况The Impact of Mixed Operation on the Stock Underwriting Market -- the case of America
陈红蕾,梁笛
摘要(Abstract)：
本文首先回顾美国金融业从分业经营到混业经营模式的演变过程,分析了商业银行在经营证券业务方面的优势,以及商业银行作为新的进入者对证券承销市场的影响和可能带来的问题,最后得出对目前国内商业银行业务经营模式的若干启示。
关键词(KeyWords)： 混业经营;证券承销;商业银行;投资银行
基金项目(Foundation):
作者(Author): 陈红蕾,梁笛
参考文献(References)：
- ① 美联储对《格拉斯-斯蒂格尔法》20条做出了灵活解释,由此产生的证券子公司被称为20条证券子公司(Section 20 subsidiar-ies)。
- ② 《金融服务现代化法》出台后,从事不同金融业务的银行子公司被称为银行金融子公司(commercial bank-affliated firms)。
- ③ Federal Reserve Board's Call Reports(Consolidated Report of Condition and Income for Banks),1997。
- ④ 当前的功能观点与传统的机构观点(Institutional Perspective)相对应,参见Robert C.Merton(1995).A financial perspective of in-termediation,Financial Management 24,23-34。
- ① 企业的信息除了以财务报表表现的书面信息以外,还包括企业社会形象和企业的价值观的相关信息,这种信息属于难以量化 和传递的"软信息",当进行传递时会带来"软信息"的损失(Berger,2001)。
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