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??,?????????????????,?????

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Title: ??,?????????????????,?????


1
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2
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5
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6
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7
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8
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?????????????,???????18?????????,19?????????????,?
20????????
??,?????????????????,????????????????,??????????
????????????????????
9
??? ??????
???,????????,??????????????????????,??????????????
?,????????,?????????????????????? ????????????????
??????????????????,??????????????????
10
??? ???????
  • ????????????"Investment banking",??????

????
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11
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???? ????
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12
????????
???? ??????? ???????
???? ???(credit union) ?????? ???? ???? ???? MMMF ?????? ?????? ?????? ??????????(457plan)
MertonBodie(1989,1993) ?????????(functional
perspective)
13
??????????????
?????? ????(????) ????(????)
?????(??) ????   ?????? ?????? ??? ??????? ?????? ????????? ??????????? ??????? ???? ???? ????????   ??   ?? ?? ??   ?? ??   ???????   ?????????? ?? ??   ??????????????? ??????????? ???? ???? ?????   ????????? ????????????????????? ???????   ?????????? ????? ??????
14
?????????????
  • ????????????
  • ???????????????
  • ?????????????????
  • ??????????????????????????????

15
????????????????
Restructuring
going private (delist)
Going public
16
?????????
1
3
4
2
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???????
???????
?????????
17
1???????
  • ???????????????????????????
  • ?????????????????????????????
  • ????????????????????????
  • ?????????????????????????????????????

18
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19
2????????
??????????????????,???????????????????????????????
?????????
???????
1
3
2
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?????????
20
3??????????
???
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21
?????????
  • ???????????
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????
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22
4??????????
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23
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1?????
2???????
3?????????
4?????????
5???????
6????????????
24
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25
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26
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???? ?? ???? ???? ???? ???? ???? ?????? ????????? ?? ??????? ?????? ??? ?????? ??????? ????? ??????? ????
27
??? ????????????
  • ???????????????,??????????????????????????????????
    ????????,?????????????????????,???????????????????
    ?????????,?????????????????????????,???????????

28
1??????????
  • ????,??????????????????????

?????????
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29
?????????
?? ?? ?? ??
1 19???20??? ???? ??????(1870)
2 19201933 ???? ?????????
3 19481964 ???? ?????????????
4 19741985 ???? ???????
5 19942000 ???? ????,?????????????
30
2????????????
  • ????????? 1879-1929?
  • ??19???????????????,????????
  • ?? Morgan??25?????????????,120????,130?????
  • ??
  • 1. ??????? 1792?NYSE??
  • 2. ?? ????
  • 3. ???? ?????
  • 4. ???? ???????
  • 5. ????

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????????? 1929-1933?
  • 1929??,????,????,????,????7763?????
  • ??????????????????????????????????
  • ??????1933????,??????
  • Glass Steagall Act
  • ????1933??????16?20?21?32?
  • ?????
  • 1.MorganMorgan Stanley(1935) J.P Morgan
  • 2.?????????????????
  • 3.CitiBank??????????

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???/708833466_at_QQ.COM
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????????? 1933-1970?
  • 1963?,?????????1929????,1968???1963????3?
  • ??????????
  • ?????????
  • 1933???? 1933????
  • 1934?????? 1940??????
  • 1938?????? 1940??????
  • 1975???????

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???/708833466_at_QQ.COM
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????20??70-90??
  • ????
  • 1.1977?,?????????,????????????
  • 2.1978?,????????????????????
  • 3.1980?,?????,??????????
  • 4 .1999?,?????????,??????
  • ????1.?Glass???,?????????,?????
  • ????????
  • ????????
  • 2. 1989?,J.P Morgan ?????
  • 20?? ???
  • 415?? Shelf Registration

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????
  • ??(disintermediation)??????????????????????????
    ????????,???????????
  • ????????????????????????????,???????????????,????
    ????????????????,????????????????,???????????,????
    ????????????,????,????????,??????????????????,????
    ??????

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?? ??
1933? ??????????(Banking Act of 1933)??Glass- Steagall Act,??????????????,????????????????
1963?? ????????????????Glass- Steagall Act?????
1963?? ?????????????????????
1972? ???????1970?????????,??Fed????????????
1987?4? Fed?????????????????????,????????????????????????????
1989? ????????????
1990? ??????????
1991?2? ?????????????????-????????????????(Modernizing the Financial System Recommendations for Safer, More Competitive Banks),????????????????????????????1995?greenspan?????robin???????????????????????glass??,???????????????,????????????????????????????????,??????
1997? ????????????????????10?????25
1999? ?????????????????????????(Financial Service Act of 1999)??Glass-Steagall??????????????????,?????????????????????????????????????,???????????????????????
36
3???????????
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1
2
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3
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4
37
4???????????????????
1
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2
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4
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3
38
??? ??????????
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39
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40
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????? ???????????,??????????????????????????????
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??????? ????????,????,?????????,?????????????????
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41
??? ?????????
  • ???????????????????,??????????????????????????????
    ???????????,??????????????

42
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1
  • ?????????

2
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3
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43
1???????????
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???
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44
??????????
  • ??????????????
  • ?????????
  • 70????????????????????
  • ?????????
  • ?? ?? ?????
  • ?????????
  • ?????MMMF ?offshore??

45
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46
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47
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48
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49
??? ????????
  • 1?????(1987-1990)
  • 1987?9?????????????????????1990??,???????44?,??
    ?????????300??????1000?-5000???
  • 1990?????????????????????????????????????????
    ?????
  • ?????,??????????????????

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2???????(1990-1996)
  • 1990?12??????????
  • 1991?7?3????????????
  • (???????1?14???????,???????1?29???????)
  • 1992?10?,?????????????????,?????10???1996??,?????
    ????96?,?????????321?,?????2420??
  • 1992?,?????????????(???)????????????(???)
  • ????????????????????????????????????????????
    ????(??B??H?)

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3???????(1997?
  • 1995????????,????????
  • 1998??????,????????????
  • 1997?11?,??????,?????????????????????????
  • 2001??????,????????
  • 2002?12?,???????????????????????????????,??????Q
    FII???????
  • 2004?6??????????
  • 2004?1?31?,???????????????????????????????
  • 2005?04?29? ??????,?????????????????????????????

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?????????????
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53
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54
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