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诺贝尔经济学奖获得者莫尔顿·米勒认为衍生品的发明是过去20年中商业界最伟大的发明。作为一种高度市场化的风险管理工具和资源配置手段,衍生品(也称衍生金融工具)能够在实现经济发展方式转变的过程中发挥极为重要的作用。然而,其“双刃剑”的特性使得其如被不恰当运用,很有可能酿成巨大的风险。
Nobel Laureate in Economics, Milton Miller, believes that the invention of derivatives is the greatest business invention of the past 20 years. As a highly marketized risk management tool and resource allocation method, derivatives (also called derivative financial instruments) can play an extremely important role in the transformation of the mode of economic development. However, its “double-edged sword” features make it inappropriate to use it, which is likely to pose a huge risk.