FRM：投资银行与商业银行的区别

　　投资银行和商业银行是现代金融市场中两类最重要的中介机构，从本质上来讲，投资银行和商业银行都是资金盈余者与资金短缺者之间的中介，一方面使资金供给者能够充分利用多余资金以获取收益，另一方面又帮助资金需求者获得所需资金以求发展。从这个意义上来讲，二者的功能是相同的。

　　然而，在发挥金融中介作用过程中，投资银行的运作方式与商业银行有很大的不同，投资银行是直接融资的金融中介，而商业银行是间接融资的金融中介。投资银行作为直接融资的中介，仅充当中介人的角色，它为筹资者寻找合适的融资机会，为投资者寻找合适的投资机会。但在一般情况下，投资银行并不介入投资者和筹资者之间的权利和义务之中，只是收取佣金，投资者与筹资者直接拥有相应的权利和承担相应的义务。例如投资者通过认购企业股票投资于企业，这时投资者就直接与企业发生了财产权利与义务关系，但投资银行并不介入其中因此这种融资方式称作“直接融资方式”。

　　商业银行则不同，商业银行同时具有资金需求者和资金供给者的双重身份，对于存款人来说它是资金的需求方，存款人是资金的供给者；而对于贷款人而言银行是资金供给方，贷款人是资金的需求者。在这种情况下，资金存款人与贷款人之间并不直接发生权利与义务，而是通过商业银行间接发生关系，双方不存在直接的合同约束，因此这种融资方式称作“间接融资方式”。

　　除了功能上的差别外，投资银行和商业银行还有其他方面的区别。我们可以用从以下六个方面对投资银行和商业银行进行简要的比较：

　　（1）从融资的方式来看：正如我们前面所讨论的，投资银行进行的是直接融资，并侧重长期融资；而商业银行

　　（2）从基础业务来看：投资银行的基础业务是证券承销，而商业银行的基础业务是存贷款。

　　（3）从业务活动的领域来看：投资银行主要是在资本市场开展业务；而商业银行主要是在货币市场开展业务。

　　（4）从利润的来源来看：投资银行是靠收取客户支付的佣金；而商业银行靠的是存贷款之间的利率差。

　　（5）从经营的理念上来看：投资银行的经营理念是在控制风险的前提下，稳健与开拓并重；而商业银行追求的是安全性、盈利性和流动性的结合，必须坚持稳健性的原则。

　　（6）从监管机构来看：投资银行的监管机构主要是证券监督委员会之类的机构；而商业银行主要是受中央银行的监督和管理。

　　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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