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雷曼兄弟破产原因分析.pptx

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Big,butStillFailed—TheCollapseofLehmanBrothersLEHMANBROTHERSOutline>AboutLehmanBrothersFoundedin1850Investmentbanking,equityandfixed-incomesalesandtrading,research,investmentmanagement,privateequity,andprivatebankingSpecializedinfixed-incomesecurities:LehmanAggregateBondIndexAbout40%revenuefrom2000to2007AggressivelyexpandedbusinessBackgroundLEHMANBROTHERS>TheSoil:theU.S.financialmarketLiberalizationLiberalizationofinterestrateandbusinessesBreaktheboundarybetweenbankingandsecuritiesindustryMixedoperationasatrendSecuritizationTheprocesstosecuritizethepoor-liquidityassetthroughFESolvedtherootvulnerabilityofthebanks>TheSeed:theU.S.MBSmarketMBS(MortgageBackedSecurities):StructuredfinancialproductswithprimarysecuritizationThehousingmortgagesastheunderlyingassetsMBSmarketFannieMaeandFreddieMacGinnieMaePrivateMBSmarket>TheCatalyst:theU.S.housingbubble>TheCatalyst:theU.S.housingbubble>TheCatalyst:theU.S.housingbubbleLEHMANBROTHERSLEHMANBROTHERSLEHMANBROTHERS>DefinitionofFinancialLeverageLeverageRatio=totalassets/shareholder’equity>RisksofLeverageRatio:leverageratiomultipliesgainsorlosses.>Investmentbanks,Lehmaninparticular,allkepthighlyleveragedbusinessstrategy>StucktohighlyleveragedbusinessstrategyaftercrisissignalemergedinsubprimemortgagemarketLehmanBrothersrelaxeditsriskcontrolcriteriaandtookmoreleveragedacquisitionsinrealestateDecember,2006toJune,2007:11leveragedacquisitionseachwithmorethan5billiondollars.InOctober,2007,acquiredArchstone-Smithwiththefinalsettlementpriceupto22.2billiondollarsReliedonbondmarketandinterbanklendingmarkettosupporttheseacquisitions>StucktohighlyleveragedbusinessstrategyaftercrisissignalemergedinsubprimemortgagemarketLehmanincreaseditsholdingpositionsinmortgagesandmortgage-backedsecurities>Lehman’sfinalleverageratiolevelLehman’sleverageratio:from27.67inMay,2007to30.65inMarch,2008(GoldmanSachs:26.16attheendof2007and13.74attheendof2008.)Financialleverageratioof30:30%roewhenpriceincreasedfor1%;bankruptcywhenpricedeclinefor3%-4%>ConsequenceofLehman