随着利率市场化改革的不断推进，面对客户日益多元化、复杂化的金融业务 需求，商业银行面临着净利息收入不断收窄的局面。为拓宽收入来源，商业银行 纷纷进行经营转型，表现在对公业务方面，即为公司业务投行化转型。和德国、 美国等发达国家商业银行相比，国外商业银行起步早，理论及实践经验丰富，其 商业银行公司业务投行化发展转型思路及战略制定为国内商业银行转型提供了 现实借鉴意义。 从外部因素分析，面对外资银行的竞争、客户需求多元化、资本市场、直接 融资市场快速发展迫使商业银行进行转型；从内部因素分析，商业银行为拓宽业 务收入来源、提高市场竞争力，需要通过转型来实现。内外部因素同时作用的情 况下，商业银行公司业务投行化转型是大势所趋。而商业银行公司业务投行化转 型，并非只是简单的关注非利息收入占当年净利润的占比。更多的体现在商业银 行以客户为中心，综合利用信托、资管等非银金融子公司协同为客户提供服务的 能力；能够借助资本市场、直接融资市场降低客户融资成本，体现“媒介”作用； 能够为客户提供高效、全面、精细化金融服务方案的能力。 本文以为农业银行公司业务投行化转型战略制定提供可参考建议为研究目 的，一是采用案例分析法对美国、德国具有代表性的商业银行发展转型案例进行 研究；二是采用比较分析法将农业银行与国外具有代表性商业银行、国内大型国 有银行、国内股份制上市银行进行对比；三是通过文献研究法对以往研究成果进 行总结归纳。通过采用上述研究，得出农业银行公司业务投行化转型的主要影响 因素是国家金融政策变动、精细化管理及专业人才团队配置、风险把控定位、非 银金融子公司协同发展与员工学历构成。基于主要影响因素，进一步分析得出农 业银行在公司业务投行化转型过程中存在的优劣势及存在的问题。在优劣势、影 响因素明确的前提下，再通过对农业银行现有竞争者及潜在竞争者 SWOT 分析， 得出在现有竞争环境下农业银行公司业务投行化转型应采取的主要措施有，一是 积极转变经营理念；二是建立完善符合精细化管理要求的人才培养机制；三是借 助直融市场发挥“媒介”作用；四是建立与投行化转型发展相匹配的风险管理理 念；五是完善简化内部控制运行机制。 关键字，商业银行;公司业务投行化;影响因素;转型新疆大学硕士研究生学位论文 II Abstract With the deepening of interest rate marketization, commercial banks are in face with the constantly narrowing situation of net interest income because of the increasingly diversified and complicated financial business customers needs. To broaden the income source, commercial banks have implemented operational transformations. This mainly can be reflected in the corporate business which is about the transformation to the investment banking business. Compared with other commercial banks in developed countries such as Germany and the United States, foreign commercial banks have started early and possess rich theoretical and practical experience. Due to this, the development and transformation of their investment banking business strategies are of momentous current significance. In terms of the analysis of external factors, the pressure comes from the competition of foreign banks, the diversification of customer demand, and direct financing market leads to the transformation of commercial banks. From the angle of internal factors, commercial banks are able to realize the goal of broadening income source and enhancing market competitiveness through transformation. Considering the external and internal factors, the business transformation to investment banking is a general trend. However, the business transformation to investment banking should not simply focus on the proportion of non-interest income to net profit for the year. This should be embodied more in:(i) the ability of the comprehensive application of trust, asset management and other non-banking financial subsidiaries to provide customer-centric service;(ii) the ability to be the role of “media” to reduce customer financing costs through capital markets and direct financing markets;(iii) the ability to provide clients with high-efficient, comprehensive and refined financial services. The research purpose of this work is to provide referable suggestions of the business transformation to investment banking for the Agricultural Bank of China. Firstly, the case analysis method will be applied to the study of representative transformation of commercial banks in the United States and Germany. Secondly, this study is going to compare the Agricultural Bank of China with representative foreign commercial banks,domestic large state-owned banks, and domestic joint-stock listed banks.Thirdly, the previous research results will be summarized by the literature research method. Through the above research, the primary influencing factors of the新疆大学硕士研究生学位论文 III business transformation to investment banking for the Agricultural Bank of China are the changes in national financial policies, refined management and professional talent team allocation, risk control positioning, coordinated development of non-bank financial subsidiaries and employee education background. Based on these primary influencing factors, this study further analyses the advantages, disadvantages and problems in the progress of the investment banking transformation of the Agricultural Bank. Under the premise of the explicit advantages, disadvantages and the influencing factors, this paper continues to analysis the existing and potential competitors of the Agricultural Bank through the SWOT analysis. From the analysis, the main measures that should be involved in the investment banking transformation of the Agricultural Bank in the current competitive market environment are listed as follows: firstly, the company should transform the business philosophy positively; the second point is to establish and improve the talent training mechanism that meets the demand of the refined management; the third suggestion is to play full role of “media” in the direct financing market; the fourth view is about the establishment of the risk management concept that matches the development of the investment banking business; the last point is to simplify the internal control operational mechanism. Key words:commercial bank;transformation to the investment banking business;influencing factors;Transformation.新疆大学硕士研究生学位论文 IV 目 录 1 绪论.............................................................................................................................1 1.1 选题背景与研究意义......................................................................................1 1.1.1 选题背景...............................................................................................1 1.1.2 研究问题...............................................................................................4 1.1.3 研究意义...............................................................................................4 1.1.4 商业银行转型理论依据.......................................................................4 1.2 文献综述..........................................................................................................7 1.2.1 国外相关研究.......................................................................................7 1.2.2 国内相关研究.......................................................................................8 1.3 研究方法及思路............................................................................................12 1.3.1 研究方法.............................................................................................12 1.3.2 研究思路及论文框架.........................................................................12 1.4 商业银行公司业务投行化转型模式分析....................................................14 1.4.1 商业银行与投资银行的定义.............................................................14 1.4.2 商业银行与投资银行的异同.............................................................15 1.4.3 商业银行公司业务投行化转型模式分析.........................................15 2 国内外商业银行投欧亿·体育（中国）有限公司务发展现状.......................................................................19 2.1 农业银行公司业务投欧亿·体育（中国）有限公司务发展现状........................................................19 2.1.1 农业银行公司业务投行化转型战略定位.........................................19 2.1.2 农业银行公司