二十多年间，中国投行业从无到有，发展迅速，对推动经济发展也发挥了巨大作用。但在取得成绩的同时，对比国外百年历史的同行，国内投行业也存在着一些突出问题，只有迈过这些“坎”，中国投行业才可能走出国门，走向强大。

Twenty years,From the investment industry,Rapid development,To promote the development of economy also played a big role.But in the achievements of at the same time,Compared with a history of one hundred years of foreign counterparts,For domestic industry also has some problems,Only stridden these"candy",The investment industry might go out of the country,To strong.

　　首先，国内投行业务品种单一，缺乏经营特色。在成熟的资本市场中，投行已由单纯的中介机构转变为投资理财顾问，形成以并购咨询、资产证券化、项目融资、资产管理、风险投资等为核心的新一代业务，投行具有了更多的主动创造性。目前，虽然我国投行已经开始尝试资产证券化、直接投资等创新业务，但大部分投行业务仍然以证券承销保荐业务为主，没有形成各自特色，在创新业务上也都还处于初步阶段。

First of all,Domestic investment banking single species,Lack of management characteristic.In a mature capital market,Investment Banks have the simple intermediaries into investment financial adviser,Formation by means of consulting/Asset securitization/Project financing/Asset management/Risk investment as the core of a new generation of business,Investment Banks have more active creative.At present,Although our country's investment Banks have been trying to asset securitization/Direct investment and business innovation,But most of the investment banking is still in securities underwriting sponsor business primarily,Have not been formed their respective characteristics,In the innovation business are still in the initial stage.

　　业务范围狭窄带来的最直接的问题就是抵御市场风险的能力不足，承销业务目前仍然难以摆脱靠天吃饭的被动局面。如果新股发行放缓，投行收入将出现大幅下滑；如果市场持续低迷和交易日渐萎缩，承销业务将持续减少。业务品种单一导致投行业务和产品过度的同质化经营、低水平竞争；投行经营成本和经营风险增加，面临较大的生存压力。

The business scope narrow brings the most immediate problem is to resist the market risk ability is insufficient,The underwriting business is still difficult to get rid of rely on the passive situation.If new shares issued slowdown,There will be a sharp slowdown in investment income;If the market continued downturn and transaction is shrinking,The underwriting business will continue to decrease.Business single species leads to investment banking and product excessive homogeneity management/Low level of competition;Investment Banks operating costs and increased risk management,With the great survival pressure.

　　其次，投行风险管理及内控机制有待完善。我国投行业的创新业务已经到了厚积薄发的临界点，各项创新业务的推出也对我国投行的风险监控提出了更高的要求。创新业务本身具有与传统业务不同的风险特征，风险控制难度相对更大。加之我国投行风险意识普遍淡薄，现有的风险管理体系尚不具备处理复合型投行业务结构的能力。投行应在经营方式创新、业务创新的同时积极制定行之有效的风险控制方案，并建立各业务品种的风险隔离制度。

secondly,Investment banking risk management and internal control mechanism remains to be perfect.For the innovation of the industry in our country business has come to the whole point of no return,The innovation of the business of our country with the risk of investment Banks monitoring put forward higher request.Innovative business itself has and the traditional business of different risk characteristics,Risk control difficulty relatively larger.Together with China investment banking risk consciousness weak generally,The existing risk management system still does not have processing compound investment banking structure of ability.Investment Banks should be in innovative management style/Business innovation at the same time actively formulate effective risk control scheme,And to establish the business varieties of risk isolation system.

　　与此同时，我国各投行保荐业务的内控管理机制也有待提高。目前我国部分保荐机构的内部控制制度不完善，没有建立严格的质量把控制度和程序，内核和内控部门独立性不够、资源配备不足，业务流程各环节缺乏监督和制约，导致大量的初始申报文件质量粗糙，对拟上市公司的信息披露不充分、不完整。各投行应当根据自身业务特点，制定有效的业务管理办法、操作规程、工作细则等，并严格执行这些管理规范，加强权限和流程的内部控制，以完善内控管理机制，提高保荐质量，降低保荐风险。

meanwhile,Every Chinese investment Banks sponsor business internal control management system also needs to be enhanced.At present our country part of the sponsors of the internal control system is not perfect,Did not establish strict quality control and the degree of program,The kernel and internal control department independence is not enough/Resources shortage with,Business process each link lack of supervision and restraint,Lead to a large number of initial declaration documents quality rough,To be listed company of inadequate disclosure of information/incomplete.Banks shall, according to the characteristics of their own business,To make effective business management measures/Operating procedures/Working instruction, etc,And strictly implement the management standard,Strengthen the authority and procedures of internal control,To improve internal management mechanism,Improve sponsor quality,Reduce risk of recommendation.

　　第三，投行的资本约束环境限制了创新业务的发展。国内投行业务长期受制于证券公司净资本规模约束，在设立并购基金、另类投资基金、证券承销包销准备金等方面，存在一定限制。这不利于投行业务由承销保荐为主的被动性卖方业务向主动性的买方业务进行转变，也不利于国内投行业务扩大收入范围，夯实发展基础。另外，较强的资本约束政策，也使证券公司更愿意发展非资本消耗性的中介通道类卖方业务，而不是根据各自不同的主体优势为客户提供差别性的投行服务，并在此基础上打造各自投行业务的核心竞争力。

The third,Investment banking capital constraint environment limits the development of innovative business.Domestic investment banking by long-term securities company net capital scale constraint,Established in merger and acquisition of funds/Alternative investment funds/Securities underwriting underwriting reserve, etc,Has some limit.This does not favor the investment banking by underwriting sponsor primarily passive the seller to the buyer's business initiative business transformation,But also to the domestic investment banking expanding income range,Tamp development foundation.In addition,Strong capital constraint policies,Also make the securities companies are more willing to development is not capital consumptive intermediary channel kind of seller's business,Not according to the different main advantage for the customer provides the disparate investment bank service,And on this basis makes their investment banking business core competitiveness.

　　第四，投行人才结构单一，专业服务水平有待提高。目前我国投行以提供通道性质的服务为主，人才结构单一，创新能力、专业服务水平明显不足，服务的广度和深度难以满足我国实体经济多样化的投融资需求和投行业务多样性的要求。

The fourth,Investment Banks talent structure single,To improve the level of professional services.At present our country investment Banks to provide channel property service is given priority to,Talent structure single,Innovation ability/Professional service level obviously insufficient,Service scope and depth of the real economy in China to meet diversified investment and financing demand and investment banking diversity requirements.

　　投行是知识密集、人才集聚的行业。我国投行业缺乏长期性的激励约束机制，令投行业经营行为、激励行为短期化，不注重战略投入，难以吸引和留住高端人才，这也直接导致国内投行人均创收低于国际整体水平。根据中国证券业协会统计，在投行部门人均创收情况上，2011年中国证券公司投行部门总收入排名前五位的券商中，人均创收情况为平安证券103万美元、国信证券40万美元、招商证券(600999,股吧)53万美元、中信证券(600030,股吧)19万美元及海通证券(600837,股吧)49万美元。但2010年全球投资银行的投行部门总收入排名前五位中，人均创收情况为高盛集团212万美元、摩根大通61万美元、美银美林49万美元、摩根士丹利94万美元、德意志银行60万美元。

Investment banking is knowledge intensive/Talents converging industry.Our country industry for the lack of long-term mechanism of incentive and constraint,To cast industry management behavior/A lot of motivation behavior,Don't pay attention to strategic investment,Difficult to attract and retain high-end talent,It also led directly to the domestic investment income per capita is lower than the overall level of international.According to China's securities industry association,In the investment banking department per capita income situation,In 2011, China securities company investment banking department gross income ranked in the top five in securities,Per capita income of $1.03 million peace securities/Securities held us $400000/China merchants securities(600999,guba)530000 dollars/Citic securities(600030,guba)190000 dollars and haitong securities(600837,guba)490000 dollars.But in 2010 global investment bank's investment banking department gross income in the top five,Per capita income situation for Goldman sachs group 2.12 million dollars/Jpmorgan chase 610000 dollars/Bank of America merrill lynch $490000/Morgan Stanley $940000/Deutsche bank $600000.