When a company decides it needs long-term funds by marketing stocks and bonds, it must find people to buy them. This would be very difficult were it not for investment banking companies, whose main function is to market long-term securities for corporations. The investment banker is the middleman between company and investor. Once an investment banking company agrees to market a bond or a stock issue, it takes full responsibility for selling the issue.
當(dāng)一家公司決定通過銷售股票和債券來籌措長期資金，它必須找到買主。要是沒有投資銀行，做這件事就非常困難。投資銀行的主要功能就是為公司銷售長期證券。投資銀行是公司與投資者之間的中介人，他一旦同意承銷一家公司的債券或股票，它就要承擔(dān)包銷的責(zé)任。
Briefly, the procedure for raising new long-term funds is as follows. The company seeking funds approaches the investment banker, who in turn investigates the company to find out about its financial and technical prospects. An investment banker who underwrites a security guarantees the corporation a certain price for the securities. For example, if it is believed that a bond issue of $ 20 million can be sold at par, the investment banker may offer to underwrite the issue at $19 million. The corporation is guaranteed this amount, and the investment banker takes the risk of selling the issue. If the issue is indeed sold at par, the banker will make a gross profit of $1 million.
簡言之，籌措長期資金的步驟如下：籌措資金的公司與投資銀行接洽，投資銀行又反過來對該公司基本面及財(cái)務(wù)狀況進(jìn)行調(diào)查。承銷證券的投資銀行為公司發(fā)行的證券承諾一定的發(fā)行金額。例如，如果他們認(rèn)為，2000萬的債券發(fā)行額可以按照票面價(jià)格出售，投資銀行將以1900萬的金額包銷。發(fā)債公司被確保得到這筆金額，投資銀行承擔(dān)了包銷的風(fēng)險(xiǎn)。如果發(fā)行的債券確實(shí)按照票面價(jià)格出售了，該投資銀行將獲得100萬的毛利。
If a particular issue is so large that the banker cannot handle it all or does not want to assume all the risk, other investment bankers may be asked to participate in the offering by forming a syndicate. Sometimes as many as a hundred investment bankers form a syndicate to handle a single large securities offering.
如果某種證券發(fā)行額很大，投資銀行不能包銷，或不愿承擔(dān)全部風(fēng)險(xiǎn)，它就可以邀請另外一些投資銀行組成辛迪加，參與證券發(fā)行。有些時候，會有一百家之多的銀行組成一個辛迪加來共同包銷一筆金額巨大的證券發(fā)行。
當(dāng)一家公司決定通過銷售股票和債券來籌措長期資金，它必須找到買主。要是沒有投資銀行，做這件事就非常困難。投資銀行的主要功能就是為公司銷售長期證券。投資銀行是公司與投資者之間的中介人，他一旦同意承銷一家公司的債券或股票，它就要承擔(dān)包銷的責(zé)任。
Briefly, the procedure for raising new long-term funds is as follows. The company seeking funds approaches the investment banker, who in turn investigates the company to find out about its financial and technical prospects. An investment banker who underwrites a security guarantees the corporation a certain price for the securities. For example, if it is believed that a bond issue of $ 20 million can be sold at par, the investment banker may offer to underwrite the issue at $19 million. The corporation is guaranteed this amount, and the investment banker takes the risk of selling the issue. If the issue is indeed sold at par, the banker will make a gross profit of $1 million.
簡言之，籌措長期資金的步驟如下：籌措資金的公司與投資銀行接洽，投資銀行又反過來對該公司基本面及財(cái)務(wù)狀況進(jìn)行調(diào)查。承銷證券的投資銀行為公司發(fā)行的證券承諾一定的發(fā)行金額。例如，如果他們認(rèn)為，2000萬的債券發(fā)行額可以按照票面價(jià)格出售，投資銀行將以1900萬的金額包銷。發(fā)債公司被確保得到這筆金額，投資銀行承擔(dān)了包銷的風(fēng)險(xiǎn)。如果發(fā)行的債券確實(shí)按照票面價(jià)格出售了，該投資銀行將獲得100萬的毛利。
If a particular issue is so large that the banker cannot handle it all or does not want to assume all the risk, other investment bankers may be asked to participate in the offering by forming a syndicate. Sometimes as many as a hundred investment bankers form a syndicate to handle a single large securities offering.
如果某種證券發(fā)行額很大，投資銀行不能包銷，或不愿承擔(dān)全部風(fēng)險(xiǎn)，它就可以邀請另外一些投資銀行組成辛迪加，參與證券發(fā)行。有些時候，會有一百家之多的銀行組成一個辛迪加來共同包銷一筆金額巨大的證券發(fā)行。