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 USA's, 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.