投資銀行和商業(yè)銀行是現(xiàn)代金融市場(chǎng)中兩類最重要的中介機(jī)構(gòu)，從本質(zhì)上來(lái)講，投資銀行和商業(yè)銀行都是資金盈余者與資金短缺者之間的中介，一方面使資金供給者能夠充分利用多余資金以獲取收益，另一方面又幫助資金需求者獲得所需資金以求發(fā)展。從這個(gè)意義上來(lái)講，二者的功能是相同的。
　　然而，在發(fā)揮金融中介作用過(guò)程中，投資銀行的運(yùn)作方式與商業(yè)銀行有很大的不同，投資銀行是直接融資的金融中介，而商業(yè)銀行是間接融資的金融中介。投資銀行作為直接融資的中介，僅充當(dāng)中介人的角色，它為籌資者尋找合適的融資機(jī)會(huì)，為投資者尋找合適的投資機(jī)會(huì)。但在一般情況下，投資銀行并不介入投資者和籌資者之間的權(quán)利和義務(wù)之中，只是收取傭金，投資者與籌資者直接擁有相應(yīng)的權(quán)利和承擔(dān)相應(yīng)的義務(wù)。例如投資者通過(guò)認(rèn)購(gòu)企業(yè)股票投資于企業(yè)，這時(shí)投資者就直接與企業(yè)發(fā)生了財(cái)產(chǎn)權(quán)利與義務(wù)關(guān)系，但投資銀行并不介入其中因此這種融資方式稱作“直接融資方式”。
　　商業(yè)銀行則不同，商業(yè)銀行同時(shí)具有資金需求者和資金供給者的雙重身份，對(duì)于存款人來(lái)說(shuō)它是資金的需求方，存款人是資金的供給者；而對(duì)于貸款人而言銀行是資金供給方，貸款人是資金的需求者。在這種情況下，資金存款人與貸款人之間并不直接發(fā)生權(quán)利與義務(wù)，而是通過(guò)商業(yè)銀行間接發(fā)生關(guān)系，雙方不存在直接的合同約束，因此這種融資方式稱作“間接融資方式”。
　　除了功能上的差別外，投資銀行和商業(yè)銀行還有其他方面的區(qū)別。我們可以用從以下六個(gè)方面對(duì)投資銀行和商業(yè)銀行進(jìn)行簡(jiǎn)要的比較：
　　（1）從融資的方式來(lái)看：正如我們前面所討論的，投資銀行進(jìn)行的是直接融資，并側(cè)重長(zhǎng)期融資；而商業(yè)銀行
　?。?）從基礎(chǔ)業(yè)務(wù)來(lái)看：投資銀行的基礎(chǔ)業(yè)務(wù)是證券承銷，而商業(yè)銀行的基礎(chǔ)業(yè)務(wù)是存貸款。
　?。?）從業(yè)務(wù)活動(dòng)的領(lǐng)域來(lái)看：投資銀行主要是在資本市場(chǎng)開(kāi)展業(yè)務(wù)；而商業(yè)銀行主要是在貨幣市場(chǎng)開(kāi)展業(yè)務(wù)。
　　（4）從利潤(rùn)的來(lái)源來(lái)看：投資銀行是靠收取客戶支付的傭金；而商業(yè)銀行靠的是存貸款之間的利率差。
　?。?）從經(jīng)營(yíng)的理念上來(lái)看：投資銀行的經(jīng)營(yíng)理念是在控制風(fēng)險(xiǎn)的前提下，穩(wěn)健與開(kāi)拓并重；而商業(yè)銀行追求的是安全性、盈利性和流動(dòng)性的結(jié)合，必須堅(jiān)持穩(wěn)健性的原則。
　?。?）從監(jiān)管機(jī)構(gòu)來(lái)看：投資銀行的監(jiān)管機(jī)構(gòu)主要是證券監(jiān)督委員會(huì)之類的機(jī)構(gòu)；而商業(yè)銀行主要是受中央銀行的監(jiān)督和管理。
　　英文原文：
　　Investment banks and commercial banks in modern financial markets two of the most important intermediaries, in essence, investment banks and commercial banks are short of funds and capital surplus were intermediate between the one hand, suppliers of funds to fully use of surplus funds for income, on the other hand those who help the financial needs in order to develop the necessary funds. In this sense, the two functions are the same.
　　However, in the process of financial intermediation, investment banks and commercial banks operate are very different, the investment banks are financial intermediaries direct financing, indirect financing commercial banks are financial intermediaries. Investment banks as financial intermediaries directly, only as an intermediary, it is those who find the right financing funding opportunities for investors to find suitable investment opportunities. However, in general, investment banks do not intervene between investors and fund-raising among the rights and obligations, only a commission, the direct investor and fund-raisers have the appropriate rights and undertake corresponding obligations. For example, investors in companies through equity investments in the enterprise subscription, when investors place on the property directly with the companies the rights and obligations, but the investment bank does not intervene so the financing method known as "direct financing."
　　Different commercial banks, commercial banks also have financial needs and funding provider of the dual role for the depositors of funds it is the demand side, deposits are suppliers of funds; the people, for bank loans, capital supply side, the needs of lenders who are funding. In this case, the funds of depositors and borrowers are not directly occur between the rights and obligations, but a relationship indirectly through commercial banks, they have no direct contractual constraints, so this financing method known as "indirect financing . "
　　In addition to functional differences, the investment banks and commercial banks, there are other differences. We can use the following six investment banks and commercial banks on a brief comparison:
　　(1) the way from the financing perspective: As we discussed earlier, the investment bank is the direct financing, and focus on long-term financing; while commercial banks
　　(2) from the basic business terms: the basis for investment banking business is securities underwriting, and commercial banks deposit and lending business is based.
　　(3) from business activities in the field of view: the major investment banks operating in the capital markets; and commercial banks, primarily in money market operations.
　　(4) view from the source of profit: Investment banks are charging customers to pay by commission; by commercial banks is the interest rate differential between deposits and loans.
　　(5) from the point of view the concept of business: investment banking business philosophy is the premise of risk control, sound and open up both; and commercial banks to pursue the security, profitability and liquidity of the combination, you must adhere to the robustness of principle.
　　(6) from the regulatory agencies of view: the major investment banks, regulators like the Securities Commission is the body; while commercial banks are mainly due to central bank supervision and management.
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