What's the difference between an investment bank and a securities company?

Investment banks are non-bank financial institutions mainly engaged in securities issuance, underwriting, trading, enterprise restructuring, mergers and acquisitions, investment analysis, venture capital, project financing and other businesses, and are the main financial intermediaries in the capital market. In China, the main representatives of investment banks are China International Capital Corporation, CITIC Securities and Investment Bank Online.

? Securities company: refers to a limited liability company or a joint stock limited company with independent legal personality, which is approved by the securities regulatory authority of the State Council in accordance with the Company Law and the Securities Law.

The word investment bank is "investment bank" in English, but "investment bank" has at least four meanings:

First, the institutional level refers to financial enterprises as direct financial institutions in the capital market.

Second, the industry level refers to the entire industry of investment banks.

Third, the business level refers to the business operated by investment banks.

Fourth, the discipline level is about the theory and practice of investment banking (including securities, securities investment, etc. ).

At present, there is confusion in the understanding of the term investment bank in domestic academic and practical circles, and to a large extent, there is no clear distinction between these four levels. In fact, the four meanings of this English phrase all have corresponding Chinese words, which can be expressed by investment banking, investment banking, investment banking business and investment banking respectively.

Investment bank is a concept corresponding to commercial bank, and it is a new industry formed by modern financial industry to adapt to the development of modern economy. It is different from other related industries:

Belonging to the financial service industry, it is a sign that distinguishes general consulting from intermediary service industry.

It mainly serves the capital market, which is a sign that distinguishes commercial banks.

It is an intelligence-intensive industry, which is a sign that it is different from other professional financial services institutions.

Different countries in the world divide and call securities companies differently. The popular name in America is investment bank, while in Britain it is commercial bank. In some countries, such as Germany, banks and securities are mixed, and banks usually set up companies to engage in securities business. Like China, some countries, such as Japan, call financial institutions specializing in securities business securities companies? .

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