比较研究中美投资银行的资本结构外文翻译.doc

外文题目：Comparative Research on Capital Structure of Sino-US Investment Banks 出 处： Bank of Qingdao，P．R．Chi LIU Ruibo， ZHAI Yinjia Comparative Research on Capital Structure of Sino-US Investment Banks After more than 20 years of development, China’s investment banks have demonstrated scale economy characteristics tentatively, and the concentration ratio of capital market improves progressively．Comparing the capital structure of China’s investment banks with that of the USAs，we can see that the shareholders’equity-liabilities ratio of our investment banks is much higher than the American investment banks of the same period，which indicates that the capital structure of China’s investment banks is still unreasonable，and their financing ability is still not strong enough．The future reform is oriented to increase the financing channels of investment banks in capital and securities market。and to promote their ability in assets management and risk controlling． 1 Capital Accumulation：China’s Investment Banks Have Preliminarily Appeared After about 20 years development，the quantity of China’s securities firms have increased，and the scale of China’s investment banks have been increasingly extended。．Since 1990，the quantity of China’s securities firms and their business departments have ascended，while the total capital，net capital and retained profits of investment banks have taken on convex trend. According to the overall situation of China’s investment banks．the quantity of securities firms is large，while most of them have relatively small scale．Though some of them have taken on the scale economy characteristics，they are far from the optimum scale ,Practice has proved that large—scale securities firms can promote to share the research fruit，reduce administrative and researchdevelopment expenses by way of improving research and development capability. Especially with the business admi