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中航油事件发生后,我们一直在寻找这一事件的最深层原因。我们一直在思考这样一些问题:是不是企业从事衍生产品交易,就无法控制风险?是不是国有企业参与衍生产品交易的风险就更大?陈久霖的失败仅仅是因为他一味地赌?几经周折,我们采访到了长江商学院副院长黄明教授。他多年来在美国芝加哥商学院和斯坦福大学做金融衍生产品的研究与教学,对金融衍生品和行为金融学方面有很深的造诣。此次采访进行之前,他即被中航油公司聘为顾问。当我们坐下来开始交谈,黄明首先表明了他的态度:“我不想对中航油事件及陈久霖给予很多的评价,有些人说陈久霖根本不懂衍生品,我不知道他是否不懂衍生品,但我可以说他不懂风险管理。”
After the CAO incident, we are always looking for the deepest reason for this incident. We have been pondering some questions like this: Is it impossible for enterprises to control the risk when they are involved in derivatives trading? Is the risk of state-owned enterprises participating in derivatives trading greater? The failure of Chen Jiulin simply because he blindly bet Interviewed Professor Huang Ming, vice president of Cheung Kong Graduate School of Business. He has done research and teaching of financial derivatives for many years at Chicago Business School and Stanford University, and has deep knowledge of financial derivatives and behavioral finance. Prior to this interview, he was employed as a consultant by CAO. When we sat down and started talking, Huang Ming first showed his attitude: “I do not want to give a lot of comments on the CAO incident and Chen Jiu-lin. Some people say that Chen Jiu-lin does not understand derivatives at all, and I do not know whether he understands derivatives or not. But I can say that he does not understand risk management. ”