Let's talk about your topic.
为什么企业要找投行?它们自己去联系不行吗?
Stock is also a kind of product.
In order to sell your stock at a higher price, you need to find a group of investors wiling to buy your "promising future".
Normally speaking,
entity is not good at the upper business.
They don't know enough accredited investors.
Banker and brokers know those investors.
They know how to help you to attract those investors.
Another reason,
there are a lot of professional issues:
Legal issue;
issuer registration;
stock evaluation issue;
timing issue
prospectus issue etc.
The business owner may do it several times in his / her whole life.
However, investment banker keeps doing it all the time until his retirement.
That's why entity does need somebody's help.
投行在利益链中处于什么角色?
Investment banker is at the high end of the food chain.
Their unique resource guarantees their high profit.
The entry obstacle is high, the successful players are not so many.
投行的核心竞争力在哪里?
Investor network;
high value information;
close relationship with policy makers;
professional analysis capability;
strong legal resource etc
Other practitioners may buy low sell high.
Here business is also a kind of product.
After systematic upgrading, the business could sell at a better price to the public or other business buyer.
Since the environment is becoming more and more complex,
there are more and more legal issue inside the business.
Although bankers may make big money,
it not as simple as you think.
Just my shallow understanding,
hope it helps.
Thank you buddy.
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