合伙制、激励机制与投资银行业创新路径探讨

本文从国际投资银行的产权结构比较入手,分析了各自的优缺点和变迁的原因.在分析我国券商现有产权结构的基础上,探讨了实行合伙制的可能性.本文认为,基于合伙制的投资银行激励机制的重构,不仅可以推动券商产权改革,还可以透过制度创新,实现投资银行专业化,重塑投资银行的使命和目标,化解券商风险,提高核心竞争力.

Partnership, Incentives and Innovation of Investment Banks

This paper starts at a shareholding comparison of international investment bankers to locate their advantages and disadvantages and reasons behind their evolution. It discusses the possibility of partnership system in Chinese securities companies. The author believes that incentive system based on partnership system can facilitate the revolution of ownership of securities companies. What is more, it can realize specialization of investment banking through system innovation and reestablish its mission and goal, eliminate risks and enhance core competitiveness.