| 摘要(英) |
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.
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| 參考文獻 |
一、文獻部分
余芝嫻，「台灣投資銀行業務之績效分析」，銘傳大學，碩士論文，2002.
周冠男、何耕宇、翁培師、羅宏民，「日本與韓國證券商經營發展之國際化策略對台灣證券業的啟示-以三星證券與野村證券為例」，中華民國證券商同業公會，專題研究，2008.
保田隆明，投資銀行青春白皮書，經濟新潮出版社，台北，2007.
張知泰，「國際投資銀行之演進與我國金融相關產業未來發展之研究」，東華大學，碩士論文，1998.
謝明瑞，「投資銀行發展之研究」，財團法人國家政策研究基金會，國政研究報告，2002.
羅建龍，「我國綜合券商轉型投資銀行可行性分析與個案研究」，國立政治大學，碩士論文，2003.
謝劍平，現代投資銀行，智勝出版社，台北，2001
Dunning J., “Trade, Location of Economic Activity and MNE: A Search for an Eclectic Approach.” in Ohlin, Hesselborn, and Wijkman (eds), The International Allocation of Economic Activity., Macmillan , New York, 1977.
Krugman, P.,The Return of Depression Economics and the Crisis of 2008., W W Norton & Co Inc, New York, 2008.
Kuhn, R., Investment Banking: The Art and Science of High-Stakes Dealmaking., Harper J Row, New York, 1990.
Liaw, K., The Business of Investment Bank., John Wiley and Sons, New York, 1999.
Marshall, J. F. and Ellis, M. E., Investment Banking & Brokerage. , Richard D. Irwin Inc., New York, 1994.
Nakamota, M., “Nomura offers ‘Lehman-style’ contracts”, Financial Times, 5th April 2009.
Smith, R. C. and Walter, I., Global Banking, Oxford University Press, New York, 1999.
二、其他出版品部分
中國證券報，「引進合夥制仲介 強化市場自我約束機制」，2009年6月8日財經時評
高盛證券2008年年報
野村證券2008年年報
野村證券總裁2008年12月2日講說稿
野村證券總裁2009年4月30日講說稿
International Monetary Fund, “World Economic Outlook”, April 2009.
Japan Securities Dealer Association, “Fact Book”, 2008
Japan Securities Dealer Association, “Annual Report”, 2008
Securities Industry and Financial Market Association, May 2009
三、網站部分
高盛證券官網 (http://www2.goldmansachs.com/)
野村證券官網 (http://www.nomura.co.jp/)
台灣證券交易所網站 (http://www.twse.com.tw/ch/index.php)
World Federation of Exchange (http://www.world-exchanges.org/)
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