國家的經濟成長除了製造業的發展外，同樣離不開金融產業的支持，資金的取得與流動是生產事業不可或缺的生存與擴展原動力，我們有幸在這個時代見證了中國式的經濟奇蹟、中國製造業的獨步全球，以及中國與美國在經濟實力上的全方位競爭，但我們也不禁思考，隨著中國實體經濟增速的放緩，中國自身身為世界工廠產能過剩的跡象與房地產泡沫化疑慮逐漸浮出，中國自身金融商品開放的不完善、市場制度的非公開透明、上市制度以及券商相關業務上的限制等制度上的缺陷，面對美國成熟金融體制的挑戰及中國企業的發展需求，中國金融業將必須進行開放與改革。
其中，投資銀行將為中國企業在全球範圍內的集資與擴張扮演非常關鍵的角色，尤其中國必須依賴投資銀行在經濟體系中調整結構與轉化過高存款的功能，整合企業規模，使其具備負擔社會責任的能力，同時透過投資銀行的產品設計做到分散風險以及轉換銀行存款為各式類型的基金，將資金導引進入股票及債券市場，擴大其市場規模及企業集資空間，方可順利維持其經濟成長與提供產業發展支持，況且如今的中國正面臨著2020年4月1日起取消證券及基金公司的外資股比限制，開放外資券商獨資後，將面對的外國投資銀行與本土券商行業的競爭，因此本研究透過以投資銀行核心能力為基礎的業務演變分析以及產業內競爭分析兩大架構，選擇美國知名投資銀行高盛集團、摩根史丹利，以及中國本土首家中外合資的投資銀行中國國際金融公司為研究主體，透過個案分析及個案間的比較，探討投資銀行業成功發展所面臨的業務演變以及需具備的核心能力，剖析成功的投資銀行如何在其業務演變過程中架構其核心能力，並指出中國在發展投資銀行業務上經營環境的欠缺以及可以改進的方向。
本研究發現，投資銀行經營成功須具備的八項核心能力，分別體現在其十四項業務演變當中，對於中國而言，若要改善中國投資銀行業在八項核心能力的架構以及競爭領域內的表現，必須放寬對投資銀行業的限制，同時引導中國本土券商走向國際化，以創造核心能力上的比較優勢。

In addition to the development of the manufacturing industry, the country’s economic growth is also inseparable from the support of the financial industry. The acquisition and flow of funds are indispensable driving forces for the survival and expansion of the production cause. We are fortunate to witness the Chinese-style economic miracle in this era. China's manufacturing industry is unique in the world, and China and the United States are all competing in economic strength, but we can't help but think that as China's real economy growth slows, China itself is a sign of overcapacity in the world's factories and the real estate bubble Doubts gradually emerged, such as imperfect opening of China’s own financial commodities, non-public transparency of the market system, listing system, and restrictions on brokerage-related businesses, facing the challenges of the mature US financial system and the development of Chinese companies Demand, the Chinese financial industry will have to open and reform.
Among them, investment banks will play a key role in raising and expanding Chinese companies’ funds globally. In particular, China must rely on investment banks to adjust the structure of the economic system and transform excessive deposits, integrate the scale of enterprises, and make them affordable The ability of social responsibility, at the same time, through the design of investment bank products to diversify risks and convert bank deposits into various types of funds, direct funds into the stock and bond market, expand its market size and corporate funding space, can be successfully maintained Its economic growth and support for industrial development, and now China is facing the abolition of foreign share restrictions on securities and fund companies from April 1, 2020. After opening up the sole proprietorship of foreign securities firms, it will face foreign investment banks and local securities firms competition. Therefore, in this study, through the two major frameworks of business evolution analysis based on investment bank core capabilities and intra-industry competition analysis, we chose the well-known US investment bank Goldman Sachs Group, Morgan Stanley, and China’s first Chinese-foreign joint venture investment bank, China International Finance Corporation. The main body of the study explores the business evolution and core competencies that the investment banking industry faces for successful development through case analysis and case-by-case comparison, analyzes how successful investment banks structure their core competencies in the evolution of their business, and points out that China The lack of operating environment in the development of investment banking business and the direction that can be improved.
This study found that the eight core competencies required for successful investment banking operations are reflected in its fourteen business evolutions. For China, if China's investment banking industry is to be improved within the eight core competencies, its structure and competition areas Performance, we must relax the restrictions on the brokerage industry, and at the same time guide Chinese local brokerages to internationalization, in order to create a comparative advantage in core capabilities.

論文審定書 i
摘要 ii
Abstract iii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 2
第三節 研究方法 3
第四節 研究流程 5
第二章 投資銀行定義、角色及業務內容 7
第一節 投資銀行的定義 7
第二節 投資銀行在金融體系中所扮演的角色 9
第三節 投資銀行的業務內容 10
第三章 文獻回顧 14
第一節 景氣循環對策相關文獻 14
第二節 核心能力相關文獻 17
第三節 跨國銀行相關文獻 18
第四節 投資銀行個案研究相關文獻 21
第四章 投資銀行經營環境及核心能力演變 27
第一節 投資銀行經營環境的演變以及應對策略 27
第二節 投資銀行應對策略背後的核心能力 42
第三節 本章小結 62
第五章 投資銀行個案分析 65
第一節 高盛集團(The Goldman Sachs Group, Inc.) 65
第二節：摩根史丹利(Morgan Stanley) 86
第三節：中國國際金融公司(China International Capital Corporation Limited) 104
第四節：個案公司比較 115
第六章：結論與建議 123
第一節 研究結論 123
第二節 建議 126
參考文獻 128

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