商业银行和投资银行在业务性质、服务对象、风险管理等方面有显著区别。以下是两者的主要区别及相关的历史背景：

中文版

商业银行（Commercial Bank）

主要功能

• 存款业务：吸收公众存款，并为存款人提供安全的存款服务。
• 贷款业务：向个人和企业提供贷款，主要包括个人贷款、商业贷款和抵押贷款。
• 支付和结算：提供支付、转账、结算等金融服务。
• 零售银行业务：提供个人银行业务如储蓄账户、支票账户、信用卡等。

服务对象

• 主要面向个人和中小企业，提供基础的银行服务。

投资银行（Investment Bank）

主要功能

• 承销和发行：帮助企业和政府发行股票和债券，进行融资活动。
• 并购咨询：为企业提供并购、重组等方面的咨询服务。
• 证券交易：进行证券买卖、市场做市和自营交易。
• 资产管理：管理各种投资基金和机构投资者的资产。

服务对象

• 主要面向大企业、政府机构和高净值客户，提供复杂的金融服务和咨询。

法案背景：格拉斯-斯蒂格尔法案（Glass-Steagall Act）

法案内容

• 通过时间：1933年
• 主要目的：在大萧条之后，为了恢复公众对银行系统的信心，并减少系统性风险。
• 主要内容：要求商业银行和投资银行分离，禁止商业银行从事投资银行业务，反之亦然。

分离的原因

• 减少风险：商业银行的存款主要来源于公众，如果这些存款被用来进行高风险的投资银行业务，一旦投资失败，会直接威胁到公众的存款安全。
• 防止利益冲突：投资银行可能会为了自身利益，利用商业银行的存款进行自营交易或推荐有问题的投资产品，损害客户利益。
• 金融稳定性：防止银行过度投机，保持金融系统的稳定性。

通过格拉斯-斯蒂格尔法案，政府希望限制银行系统内的过度冒险行为，保护存款人的利益，并确保金融市场的稳定。然而，这一法案在1999年通过《金融服务现代化法》（Gramm-Leach-Bliley Act）被部分废除，允许商业银行、投资银行和保险公司重新结合，从而引发了后来的金融机构混业经营的趋势。

英文版

Commercial banks and investment banks have distinct functions, target different clients, and manage risks in different ways. Here are the main differences and the historical background for their separation:

Commercial Banks

Main Functions

• Deposit Services: Accept deposits from the public and provide safe deposit services.
• Loan Services: Offer loans to individuals and businesses, including personal loans, commercial loans, and mortgages.
• Payment and Settlement: Provide financial services like payments, transfers, and settlements.
• Retail Banking: Offer personal banking services such as savings accounts, checking accounts, and credit cards.

Clients

• Primarily serve individuals and small to medium-sized businesses with basic banking services.

Investment Banks

Main Functions

• Underwriting and Issuance: Help companies and governments raise funds by issuing stocks and bonds.
• Mergers and Acquisitions Advisory: Provide advice on mergers, acquisitions, and restructuring.
• Securities Trading: Engage in buying and selling securities, market making, and proprietary trading.
• Asset Management: Manage investment funds and assets for institutional investors and high-net-worth individuals.

Clients

• Primarily serve large corporations, government entities, and high-net-worth clients with complex financial services and advisory.

Historical Background: Glass-Steagall Act

Legislation Content

• Enacted: 1933
• Main Purpose: To restore public confidence in the banking system and reduce systemic risk after the Great Depression.
• Key Provisions: Mandated the separation of commercial and investment banking activities, prohibiting commercial banks from engaging in investment banking, and vice versa.

Reasons for Separation

• Risk Reduction: Public deposits in commercial banks, if used for high-risk investment banking activities, could jeopardize depositors’ funds in case of investment failures.
• Avoiding Conflicts of Interest: Investment banks might exploit commercial bank deposits for proprietary trading or push problematic investment products, harming clients.
• Financial Stability: Limiting speculative activities in banks was intended to maintain the stability of the financial system.

By enacting the Glass-Steagall Act, the government aimed to limit risky behaviors within the banking system, protect depositors, and ensure the stability of financial markets. However, this act was partially repealed in 1999 by the Gramm-Leach-Bliley Act, which allowed commercial banks, investment banks, and insurance companies to merge again, leading to a trend of financial institutions engaging in a mix of services.