美國投資銀行的業務及發展結構一直是台灣及全世界金融機構稱羨及學習的模型，不過經過金融海嘯之後情況產生了變化，許多的華爾街大型的投資銀行紛紛倒下或失去了獨立的地位，不禁令人反思，投資銀行的業務及發展結構真的是我們所該仿效的標準模型嗎？當然，投資銀行未來的經營將面對更多前所未有的挑戰，但在這一波金融海嘯下，依舊有投資銀行表現傑出，就像本研究所提到的高盛證券及野村證券，而在本文中將簡介投資銀行的業務、投資銀行在後海嘯時代的經營環境分析及投資銀行的經營策略分析，並嘗試由風險管理、人力資源、公司治理、財務構面、國際化、金融創新及多元產品的角度出發來討論高盛及野村經營的優勢、在金融海嘯中存活的關鍵及未來發展的展望。 The business structure and model of the investment bank have long been discussed and copied by the other financial intuitions around the world. However, the global financial crisis has turned the table and those severely hit Wall Street titans all of a sudden lost their independent role or worse, collapsed. The rapid fading of investment banks’ aura has lead people to reconsider whether we should continue pursuing the business model and operation of the major investment banks in Wall Street. Of course, an ever challenging market condition stills awaits the investment banks, nonetheless there are survivors like Goldman Sachs and Nomura. The former has proven its ability to meet rapidly shifting market conditions while the latter has taken dramatic steps to transform itself from an Asia-based investment firm into a global group with a strong base in Europe. In my article, I will introduce the core business items, the post-crisis financial market conditions and the business strategies for investment banks. In addition, I will attempt to analyze the strength of Goldman Sachs and Nomura from several perspectives. Also I’ll try my best to answer the following questions including what makes Goldman Sachs and Nomura outperform others? What are the outlooks of Goldman Sachs and Nomura? What can we learn from the cases of Goldman Sachs and Nomura.
